Deputy Public Relations Officer of the GPRTU, Samuel Amoah, said the directive follows complaints received from commuters in several parts of the country about drivers charging higher fares despite an agreement to suspend the planned 30% increase.

“We started receiving complaints from yesterday [Monday] in some areas that some of the drivers are increasing the transport fare. So we started doing some follow-up and getting more calls to cross these complaints,” he said in an interview on JoyNews’ The Pulse on Tuesday, August 11.

Mr Amoah explained that the GPRTU contacted its executives and leaders at various branches after receiving specific information about the affected routes.

He said some increases had been reported around the Madina area, prompting the union to deploy personnel to verify the complaints and engage local transport leaders.

“We sent some of our men just to verify. And we started [engaging] the leaders to a meeting, making sure that they will comply.

“This is the agreement that we all have; we have all agreed upon that we are to hold on with the increment,” Mr Amoah stated.

The GPRTU says it is also taking disciplinary action against members who violate the agreement.

Mr Amoah explained that the union operates through branches across the country, with branch executives responsible for addressing complaints involving drivers under their jurisdiction.

“If we find out that our members… belong to the union, we straight away call their leaders,” he said.

He added that where a branch confirms that its drivers are increasing fares without authorisation, the union can sanction the drivers or order them to revert to the agreed fares.

“We sanction them or we order them to make sure that the drivers comply,” he said.

Mr Amoah cited a recent complaint involving drivers operating on the Ashaiman route as an example of the union’s enforcement efforts.

“We called their leadership and we made sure that they reverted. And we also sent our men there to ensure that… they comply,” he said.

He acknowledged, however, that enforcement remains challenging because not all commercial drivers belong to the GPRTU or other recognised transport unions.

The GPRTU says it will continue monitoring transport terminals and routes to identify drivers who breach the agreement and ensure that unauthorised fare increases are reversed.

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According to him, the country has spent the past three decades moving between periods of economic instability and painful recovery processes aimed at restoring confidence in the economy.

Prof Bokpin said successive governments had repeatedly worked to stabilise the economy, only for the country to return to a period of economic difficulty.

He described the cost of restoring economic stability over the years as enormous and increasingly unbearable for the country.

“People of Ghana, since 1992, this economy has not moved beyond macroeconomic stability. We have been struggling with instability, and we go through a painful process to restore macroeconomic stability, only for us to undo that again.

“The cost of correcting economic destruction is becoming enormous and unbearable for us and beyond what our tax potential can handle. That tells us why, quite recently, we have had to go beyond the traditional fiscal consolidation based on expenditure restraint and revenue enhancement as a way of restoring macroeconomic stability,” he said at a public lecture organised by the Office of the Head of the Civil Service on Tuesday, August 11.

“But, colleagues, Ghana has reached a stage where fiscal consolidation alone is no longer enough to restore macroeconomic stability,” he added.

He said Ghana needed to break the cycle of instability and move beyond efforts merely aimed at restoring macroeconomic stability towards achieving sustainable economic development.

Prof. Bokpin was speaking on the topic “The Resetting Agenda for Sustainable Development in Ghana: The Civil Service’s Responsibilities.”

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According to trading activity, investor activity remained concentrated in the belly of the curve.

The 2031-2034 maturities accounted for 72.70% of total turnover at a weighted-average yield of 14.50%.

Trading in the 2027-2030 segment was comparatively subdued, contributing 26.69% of turnover at an average yield of 13.35%.

Activity at the long end remained thin, with maturities beyond 2035 representing just 0.61% of trades at an average yield of 15.44%.

Databank Research expects secondary-market activity to remain firm, supported by improving real returns and anticipated reinvestment flows, which should underpin demand across the curve.  

The figures are contained in the Ghana Statistical Service’s (GSS) latest 21-year merchandise trade report covering the period from 2004 to 2025.

Presenting the report, the Government Statistician, Dr. Alhassan Iddrisu, said Ghana’s total trade had expanded significantly over the period, increasing from US$6 billion in 2004 to US$52.5 billion in 2025.

According to the report, exports accounted for 61% of Ghana’s total merchandise trade in 2025, resulting in a trade surplus of GH¢148.3 billion.

However, the GSS cautioned that the increasing dominance of gold in the country’s export earnings exposes the economy to external shocks, particularly fluctuations in global gold prices.

A significant decline in international gold prices, the report warned, could have a major impact on Ghana’s export earnings and broader economic performance.

While gold has increased its dominance, cocoa continues to make a significant contribution to Ghana’s export earnings.

The report indicated that cocoa’s share of total exports has declined over the years, but the commodity recorded its highest export earnings of US$4.2 billion in 2025.

The development highlights the need for Ghana to diversify its export base and reduce its dependence on a limited number of commodities.

The GSS report also revealed a significant shift in Ghana’s trading relationships, with Asia emerging as the country’s dominant trading region.

Asian countries accounted for about half of Ghana’s exports in 2025 and also supplied a significant proportion of the country’s imports.

In contrast, Europe’s share of Ghana’s trade has declined to about one-quarter.

On the import side, fuel, machinery and vehicles accounted for a substantial portion of Ghana’s import bill, with fuel alone representing 26% of total imports.

The report also highlighted what the GSS described as a structural challenge in Ghana’s energy trade, where the country exports crude oil but imports refined petroleum products.

Dr. Iddrisu stressed the importance of using reliable data to guide economic and trade policy decisions.

He called for increased investment in systems used to collect and analyse trade data to help policymakers better understand emerging trends and respond to economic risks.

He also urged Ghana to focus on adding value to commodities before exporting them, diversifying the range of products sold on international markets and supporting small businesses to access foreign markets.

Additionally, he called for increased domestic production of goods currently imported into the country as part of efforts to reduce import dependence and strengthen Ghana’s economic resilience.

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GoldBod generated GH¢970m in non-tax revenue in 2025 – CEO

‎The sector shortfall declined to US$1.4 billion in 2025 from US$1.6 billion in 2024, but remained a significant pressure on public finances.‎

‎The IMF said in its 2026 Article IV Consultation and Sixth Review under the Extended Credit Facility (ECF) that sustained reforms were needed to consolidate the gains and improve the sector’s financial sustainability.‎

‎“Despite progress, challenges remain in transforming the sector from a source of fiscal risks to a driver of inclusive growth,” the IMF said.‎

‎The Fund attributed the improvement to tariff adjustments, enhanced revenue collection by the Electricity Company of Ghana (ECG), reduced use of liquid fuels in power generation, cedi appreciation and increased payments to energy suppliers through the Cash Waterfall Mechanism.‎

‎It said the sector’s shortfall was projected at about US$1.1 billion in 2026, driven largely by high collection and distribution losses and costly generation contracts.‎

‎The report noted that the Public Utilities Regulatory Commission (PURC) reduced electricity tariffs by 4.81 per cent in April 2026 before increasing them by 3.49 per cent in July 2026 under the quarterly tariff adjustment mechanism.‎

‎The IMF said maintaining the tariff adjustment framework was critical to narrowing the energy sector financing gap, improving cost recovery and ensuring the sector’s ability to meet obligations to independent power producers (IPPs) and fuel suppliers.‎

‎It also acknowledged government’s efforts to reduce legacy debts in the sector.‎

‎Net payables owed to IPPs and fuel suppliers declined to US$1.7 billion by March 2026 from US$2.1 billion at the end of 2024, following debt renegotiations and payments made through government interventions.‎

‎The Fund said the government secured savings through the renegotiation of power purchase agreements and legacy debt obligations, while making substantial payments to energy suppliers, including those linked to the Sankofa gas project.‎

‎It recommended strict adherence to quarterly tariff reviews, regular publication of audit reports on ECG’s revenue collection accounts and full implementation of the Cash Waterfall Mechanism.‎

‎The report also identified increased private-sector participation in electricity distribution as a key reform.‎

‎It said a transaction adviser had been appointed to facilitate the procurement of concessionaires, with the concessions expected to be awarded by June 2027.‎

‎The IMF said private-sector participation was expected to reduce technical and commercial losses, improve revenue mobilisation and strengthen operational efficiency within the power distribution system.‎

‎It stressed that achieving a financially sustainable energy sector would require continued policy discipline and reforms beyond the current IMF-supported programme.‎

‎The Fund said a more efficient and financially sound energy sector was necessary to support economic growth, attract investment and reduce pressure on public finances.‎

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GoldBod generated GH¢970m in non-tax revenue in 2025 – CEO

According to him, the revenue was generated from fees paid for the assaying of gold, including transactions involving the Bank of Ghana and licensed gold-buying companies.

Mr Gyamfi said the figure demonstrates GoldBod’s direct contribution to state revenue beyond its broader mandate of regulating and formalising Ghana’s gold trading sector.

“GoldBod’s non-tax revenue was GH¢970 million in 2025,” he said.

He explained that the revenue came from “the assay fees GoldBod charges the Bank of Ghana and other licensed gold-buying companies.”

Assaying involves testing gold to determine its purity and other characteristics necessary for accurately establishing its value.

Mr Gyamfi said the fees are therefore part of GoldBod’s operations and are paid by institutions and licensed operators that use its assaying services.

He maintained that the GH¢970 million generated in 2025 highlights the potential of Ghana’s gold industry to provide the state with additional sources of revenue when activities within the sector are properly regulated and accounted for.

Beyond the assay fees, Mr Gyamfi said GoldBod’s operations are aimed at formalising the domestic gold trade, improving foreign exchange mobilisation and supporting the accumulation of Ghana’s gold reserves.

He added that the institution’s reforms are intended to ensure that Ghana retains a greater share of the value generated from its gold resources rather than allowing significant economic benefits to accrue outside the country.

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The initiative follows the enactment of the Virtual Asset Service Providers Act, 2025 (Act 1154), which provides a regulatory framework for virtual asset activities in Ghana.

NaVALI is a collaborative initiative led by the BoG in partnership with the SEC, academia and key industry stakeholders.

It is focused on strengthening institutional capacity to regulate and supervise virtual assets and enabling technologies such as blockchain, while also increasing public awareness of the risks and implications of virtual assets.

The Ashanti Regional launch, held at the University of Skills Training and Entrepreneurial Development (USTED) under the theme “Understand Before You Undertake,” brought together regulators, industry players, consumer advocates and members of the media.

Speaking on the sidelines of the event, the Head of the Fintech and Innovation Department at the BoG, Elhanan Owureku Asare, said regulators were putting in place the necessary structures, systems and processes to ensure the timely and orderly implementation of the new law.

He said NaVALI was designed to place education and public awareness at the centre of Ghana’s digital finance regulatory framework.

According to him, the initiative seeks to equip consumers, industry players and public institutions with the knowledge needed to make informed decisions and avoid risky or uninformed participation in the virtual asset sector.

“Effective regulation and enforcement cannot be achieved by regulators alone without a clear understanding of how virtual assets work and the risks they carry,” he said.

Mr Owureku Asare said the initiative represented a proactive and collaborative approach to ensuring that innovation in virtual assets developed responsibly.

“NaVALI is a collaborative initiative being implemented by the Bank of Ghana and the Securities and Exchange Commission to intensify awareness around crypto and digital asset operations. Given that this is the new financial system in the modern world, we cannot do away with it,” he said.

He added that the initiative was necessary to prevent unscrupulous operators from taking advantage of and defrauding Ghanaians.

SEC cautions crypto investors

The Deputy Director-General for Finance at the SEC, Mensah Thompson, has cautioned Ghanaians interested in crypto and other digital assets to exercise vigilance before investing.

He urged prospective investors to verify the legitimacy of service providers before committing their funds.

“Individuals interested in investing in crypto or digital assets must be vigilant. You must ensure that any Virtual Asset Service Provider you deal with is licensed by the appropriate regulatory authorities,” he said.

Mr Thompson said licensing was critical to protecting consumers from fraud and safeguarding market integrity.

“We don’t want a situation where unlicensed operators take advantage of Ghanaians. That is why it is important for the public to check and confirm that any platform they use has approval from the Bank of Ghana or the SEC,” he added.

He said regulation and public education must go hand in hand to create a safe and well-informed digital finance ecosystem.

Mr Thompson described the Virtual Asset Service Providers Act as a significant milestone that would reshape Ghana’s financial ecosystem, including banking, capital markets and emerging digital finance activities.

He said the legislation represented a fundamental shift in how financial services would be delivered and regulated as virtual assets and blockchain technology increasingly influence traditional financial systems.

He also expressed the SEC’s commitment to working closely with the BoG to support industry players and market operators as they adapt to the new regulatory environment.

Promoting financial inclusion

Mr Thompson said virtual assets and emerging financial technologies offered significant opportunities for financial inclusion, efficiency and economic growth but also posed risks to investor protection, market integrity and financial stability.

He therefore called for a comprehensive and coordinated national approach to balance innovation with effective safeguards.

Prof. Joseph Antwi Baafi, Lead Knowledge Partner for NaVALI and Head of the Department of Economics at USTED, said the awareness campaign would be decentralised to ensure that Ghanaians across the country were reached.

“We will be carrying out this exercise in our various schools, marketplaces, churches and other gathering places. The idea is to take the conversation directly to the people, because digital finance is no longer limited to offices and banks,” he said.

Prof. Antwi Baafi said Ghana could not afford to ignore digital assets because they were becoming part of the global financial system.

“We cannot ignore digital assets. They are part of the new financial world. Our job is to make sure Ghanaians are not left behind, and that they are protected as they engage,” he said.

He urged citizens to actively participate in the awareness programmes, stressing that knowledge was the first line of defence against fraud.

“This, I believe, will help them to understand digital money, virtual assets, the opportunities available, the risks involved, and the safety practices they need to adopt,” he added.

Prof. Antwi Baafi, who co-authored the National Virtual Assets Education Manual, said the manual would serve as the primary resource for trainers and facilitators during the nationwide outreach.

The Dean of the School of Graduate Studies at USTED, Prof. Humphrey Danso, said the manual would also serve as a structured tool for public education, policy engagement and stakeholder dialogue.

He cautioned against fraudulent investment schemes and said education remained the best defence against financial deception.

“Many of us still recall the damage done by fraudulent investment schemes that impacted thousands of Ghanaian households. Today’s fraudster does not necessarily knock on your front door. They enter your mobile phone, appear on your social media timeline, create convincing websites, and impersonate respected institutions,” he said.

He noted that fraudsters often lure victims with promises of huge returns, exploit trust and prey on fear and hope.

“The greatest weapon against such deception is not fear. It is education,” he concluded.

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Dr Boako said economic performance should ultimately be judged by the experiences of unemployed graduates, traders, farmers, contractors and households rather than solely by figures such as inflation, fiscal balances and economic growth.

He argued that citizens are more concerned about access to jobs, functioning businesses, good roads and the ability to meet their daily needs than positive statistics presented in government reports.

“Ultimately, citizens do not vote for economic statistics. They vote for better lives,” he said.

Dr Boako added that the real verdict on the economy would be determined by “the unemployed graduate searching for work, the trader trying to keep her business alive, the contractor waiting to be paid, the farmer transporting produce over poor roads and every Ghanaian family still waiting for the promise of economic recovery to arrive at their doorstep.”

He said Ghana needed to move beyond headline economic improvements towards broad-based and inclusive growth that creates opportunities and raises living standards.

According to him, sustainable economic stability should provide the foundation for stronger productivity, employment and improved livelihoods rather than become an achievement in itself.

“Until that happens, growth without visible progress will remain an incomplete success,” Dr Boako said, stressing that Ghana could not achieve broad-based, shared and inclusive growth without strong and sustainable economic stability.

Dr Boako said although government statistics show declining inflation and improved fiscal performance, households continue to grapple with high food prices, rising fuel and transport costs, unemployment and difficult economic conditions.

He argued that economic growth should be assessed not only by headline figures but also by whether citizens are finding jobs, businesses are expanding and communities are receiving essential infrastructure and services.

He said the disconnect between official economic indicators and the experiences of ordinary Ghanaians raises questions about the quality of the recovery being reported by the government.

According to him, lower inflation or a positive primary balance cannot, by themselves, demonstrate economic progress if young graduates remain unemployed, contractors are not paid and communities continue to wait for critical development projects.

“Economic growth should not only be measured in percentages. It should be measured by the number of young people finding decent jobs, the number of roads completed, the number of nurses who have received financial clearance to be recruited, the number of factories expanding production, the number of communities gaining access to quality healthcare, the number of teachers employed, and whether households can confidently plan for tomorrow,” he said.

Dr Boako said the ultimate measure of the economy should be whether citizens experience tangible improvements in their daily lives, warning that macroeconomic stability must serve as a foundation for broader economic transformation rather than become an end in itself.

“Ultimately, citizens do not vote for economic statistics. They vote for better lives,” he said.

Gov’t cannot claim fiscal prudence by cancelling development projects – Gideon…

Dr Boako said while the government has highlighted improvements in its fiscal position, reported underspending against amounts approved by Parliament raises concerns about whether the gains reflect greater efficiency or simply a failure to implement planned projects.

He cited an International Monetary Fund report which, according to him, indicates that about 1,800 ongoing projects had been cancelled, while roughly 2,000 others had been rephased.

He said the affected projects included roads, drainage systems, schools, hospitals, teacher and health-worker accommodation, agricultural warehouses and electricity infrastructure, all of which have direct implications for communities and households.

“Is Government genuinely becoming more efficient, or are projects simply not being implemented as planned?” Dr Boako asked, arguing that the government should not sacrifice development expenditure merely to achieve favourable fiscal indicators.

He compared the approach to a household that improves its finances by postponing essential repairs and obligations.

“A family can appear financially healthy by postponing roof repairs, delaying children’s school needs or refusing to fix a leaking pipe. The monthly budget may look impressive, but the underlying problems continue to grow,” he said.

Dr Boako maintained that genuine fiscal prudence must strike a balance between controlling expenditure and investing in projects that expand economic opportunities and improve living standards.

“Fiscal discipline should never become an excuse for development paralysis,” he said.

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While these laws addressed the policy and economic challenges of their respective periods, they have collectively resulted in a fragmented and increasingly outdated legal framework.

The existence of multiple, overlapping statutes has contributed to regulatory inconsistencies and legal gaps. These lapses have also created administrative inefficiencies, making it more difficult for COCOBOD and its partner institutions to effectively coordinate and manage the cocoa sector.

The resulting challenges have included declining cocoa production, cocoa smuggling, rising debt and limited value addition, while also making it more difficult for Ghana’s cocoa sector to keep pace with evolving international sustainability standards.

It is against this backdrop that the proposed COCOBOD Bill, 2026 seeks to consolidate the existing laws into a single, modern legal framework for Ghana’s more than 800,000 cocoa-farming households.

The Bill seeks to replace outdated legislation with a comprehensive framework to strengthen governance, improve financial oversight, enhance transparency and position Ghana’s cocoa sector to compete more effectively in the demanding global market.

Here are 10 of the most significant economic and financial reforms contained in the Bill and why they matter:

1.70% FOB Price

One of the proposed reforms is a statutory guarantee that cocoa farmers will receive at least 70% of the Gross Free on Board (FOB) price earned by COCOBOD in every crop season. If enacted, the provision would give farmers a legal floor for producer prices, moving the arrangement beyond what has largely been a policy decision under previous pricing frameworks.

More importantly, it seeks to strengthen the link between international cocoa prices and the incomes of farmers who produce the commodity.

2. COCOBOD returns to Finance Ministry

The Bill also formally places COCOBOD under the oversight of the Ministry of Finance, following a policy directive in 2025. Oversight of the cocoa regulator had previously been moved to the Ministry of Food and Agriculture as part of reforms introduced in 2017 and formalised in 2020.

The proposed return to the Finance Ministry highlights the significant fiscal role of COCOBOD, which has relied extensively on borrowing, syndicated financing and other debt instruments to support cocoa purchases and operations.

3. Fund targeting cocoa debt

A major financial reform under the Bill is the establishment of a Cocoa Sector Debt Sinking Fund dedicated to settling verified historical liabilities accumulated within the cocoa sector.

The proposed fund would draw financing from parliamentary appropriations, proceeds from asset recovery, surcharges and negotiated settlements, with the account operating within the Treasury Single Account.

4. Ring-Fencing legacy cocoa debts 

The Bill requires all debts incurred before the Act comes into force to be separated from COCOBOD’s ongoing operations. The Finance Minister would have powers to resolve these liabilities through debt restructuring, special purpose vehicles, negotiated settlements or debt set-offs.

Simply, efforts to clean up COCOBOD’s balance sheet do not come at the expense of farmer payments or the ability of the Authority to finance cocoa purchases.

5. Stricter sanctions on borrowing

The proposed legislation also seeks to significantly tighten COCOBOD’s borrowing powers. Borrowing would now be restricted to activities directly related to cocoa production, marketing, price stabilisation and value addition.

The Bill proposes severe sanctions for officials who authorise borrowing outside these permitted purposes, including fines ranging from 15,000 to 30,000 penalty units, imprisonment of between five and ten years, and a potential 10-year ban from holding public office.

6. 50% local processing target

Beyond financial restructuring, the Bill places significant emphasis on adding more value to Ghana’s cocoa before it is exported. It proposes regulations establishing a minimum threshold for 50% of Ghana’s cocoa production to be processed locally over a transitional period.

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To make that target achievable, COCOBOD would be required to improve access to cocoa beans, provide financing support, introduce appropriate pricing mechanisms and offer incentives to local processors.

7. No speculative transactions

Per the proposed Bill, COCOBOD would be prohibited from engaging in speculative or highly leveraged financial transactions that expose public funds to excessive risk. Instead, hedging activities would be governed by a formal Cocoa Price Risk and Hedging Policy.

Directors and officers responsible for unauthorised transactions resulting in financial losses could also face personal liability through surcharge and recovery proceedings.

8. Producer pricing gets legal backing

The Bill would also give statutory recognition to the Producer Price Review Committee, which has historically advised on cocoa producer prices without an explicit legal foundation.

It is expected to give the Committee a formal legal mandate to strengthen transparency and accountability in the producer-pricing process and improve confidence among farmers and other stakeholders.

9. New cocoa stabilisation fund

Another proposed reform is the creation of a Cocoa Stabilisation and Diversification Fund, financed through a percentage of cocoa export proceeds. The Fund would support farmer income protection, productivity-enhancing investments, climate-resilience measures and interventions during periods of significant volatility in international cocoa prices.

This mechanism provides a more structured response to future market shocks while supporting longer-term investments in productivity and resilience.

10. Access for small processors

The Bill also seeks to reduce barriers facing small-scale cocoa processors, chocolatiers and businesses producing cocoa by-products. More flexible licensing and regulatory requirements are proposed for smaller operators, potentially allowing more businesses to participate in cocoa processing and value addition.

The broader objective is to stimulate entrepreneurship, encourage innovation and widen participation in an industry that has traditionally been dominated by larger players.

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The exercise, which began about two months ago, is expected to help GoldBod determine where gold purchased across the country is produced and establish the proportion supplied by artisanal miners compared with licensed small-scale operators. The data is also expected to support efforts to formalise the sector and improve monitoring of gold production.

GoldBod’s Chief Executive Officer, Sammy Gyamfi, said the initiative was being undertaken through the Board’s licensing, gold-buying and receipting systems, which enable it to track the source and category of gold entering the formal market.

Speaking during a Space conversation on X on Sunday, August 9, 2026, Mr Gyamfi said, “We started that exercise, we started it about two months ago because our trading, gold trading industry has now been formalised by the Gold Board.”

He explained that the Board’s receipting system would allow it to determine the geographical distribution of gold production.

“So through our receipting system, we believe that we should be able to know the gold we are buying, which percentage comes from Upper East, which percentage comes from Savannah, which percentage comes from Central, and how is that distributed in those regions,” he said.

Mr Gyamfi said the exercise would also establish how much gold was being supplied by small-scale miners and how much came from artisanal operators.

“And of those that are bringing the gold as miners, how many of them are small-scale, how many of them are artisanal? This is something that will be done in the next two, three months,” he said.

He noted that Ghana currently lacked comprehensive and up-to-date data on the artisanal mining sector, with existing records largely covering small-scale mining licences issued by the Minerals Commission.

“With you, we do not yet have the data, but we are putting the data together because the Minerals Commission is the only organisation that has the data. But they only have records of small-scale mining licences they have issued,” he said.

According to Mr Gyamfi, the situation is further complicated by expired licences and applications awaiting renewal, making it difficult to establish the current size and distribution of the sector.

He said GoldBod was well positioned to fill the data gap because its licensing and gold-purchasing systems provide information on traders and the sources of gold entering the formal market.

Mr Gyamfi said all gold buyers operating under the new regulatory framework were required to obtain licences and undergo due diligence, including Know Your Customer (KYC), anti-money laundering and counter-terrorism financing checks before they could operate.

“They all go through KYC, they all go through AML checks, counter terrorism financing checks, and so on, before licences are issued,” he said.

He added that GoldBod had deployed inspectors and a task force across the country to monitor gold trading activities and enforce compliance with its licensing requirements.

The GoldBod CEO said the data would provide policymakers with a clearer picture of Ghana’s artisanal and small-scale mining industry and help shape future interventions aimed at formalising the sector.

He, however, said preliminary indications suggested that the artisanal sector could be larger than the licensed small-scale mining sector, although GoldBod was yet to establish its exact size.

“I have the feeling that the artisanal sector is far bigger than the small-scale sector,” he said.

Mr Gyamfi said the Board would be willing to share the findings once the exercise was completed, noting that the information could help address a longstanding gap in Ghana’s mining sector.

“Ghana has never cared to build such data. But we believe that we are better placed as the Gold Board to support this very important need,” he said.

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 According to auction results by the Bank of Ghana, most investors once again bought more of the 364-day bill due to its high interest rate.

The government got GH¢10.7 billion of the bids tendered but accepted GH¢9.4 billion.

The 364-day bill was once again the most subscribed bill, with a little over GH¢6.0 billion of the bids tendered, representing 55.8% of the total bids. The uptake was, however, GH¢5.8 billion.

The 182-day bill received bids of GH¢1.9 billion. A little above GH¢1.1 billion was accepted.

For the 91-day bill, GH¢6.0 billion of the bids were tendered. A little above GH¢5.8 billion of the bids were accepted.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill dropped by 14 basis points to 5.62%.

That of the 182-day bill also declined to 7.52% from the previous week’s 7.64%.

However, the yield on the 364-day surged by 2.0 basis points to 12.98%.

The party says the Bill was passed hastily without adequate engagement with cocoa farmers, landowners and other key stakeholders in the cocoa industry.

Ranking Member on Parliament’s Agriculture Committee and Co-Chairman of the NPP Policy Committee on Agriculture, Dr Isaac Yaw Opoku, made the call at a press conference at the party’s headquarters on Sunday, August 9, 2026.

According to him, the Bill, which seeks to repeal the Ghana Cocoa Board Law, 1984 (PNDC Law 81), introduces major changes to the governance and regulation of the cocoa sector.

He noted that the proposed legislation includes new governance arrangements, the establishment of a tribunal and the creation of new offences.

Dr Opoku said the Bill was laid before Parliament on July 28 and passed within the same week, leaving little opportunity for meaningful consultation with farmers and other stakeholders.

“We urge His Excellency the President to withhold his assent to the Ghana Cocoa Board Bill, 2026, and return the same to Parliament for broader stakeholder consultation,” he said.

The NPP also expressed concern over provisions in the Bill that restrict the destruction or uprooting of cocoa trees without prior authorisation.

Dr Opoku argued that the requirement could place unnecessary restrictions on farmers seeking to manage their farms, particularly when removing diseased, unproductive or old cocoa trees.

He questioned why farmers should be required to obtain prior approval from the Ghana Cocoa Board before removing trees they consider no longer productive or suitable for cultivation.

The NPP maintained that legislation with significant implications for cocoa farmers and the operations of the industry must undergo extensive consultation before it becomes law.

The party further warned that the proposed legislation could have consequences not only for current cocoa farmers but also for the future sustainability of Ghana’s cocoa industry, which remains a major contributor to the national economy.

It is therefore calling on President Mahama to return the Bill to Parliament to allow for further scrutiny and broader engagement with cocoa farmers, landowners and other industry stakeholders before it is reconsidered.

Additionally, the Bretton Woods institution said easing would risk shifting the monetary policy stance from neutral to accommodative, which would not be warranted.

The Fund added that the BoG is near the end of a monetary easing cycle that brought the policy stance to neutral.

In March 2026, the BoG’s monetary policy committee (MPC) decreased its policy rate by 400 basis points to 14%, bringing cumulative cuts to 1,400 basis points since July 2025.

The MPC kept the policy rate unchanged in May 2026. With inflation projected to return to the BoG’s 8±2% target by end-2026 and the estimated real neutral rate around 5.0%, the ex-ante real policy rate is broadly consistent with a neutral policy stance.

Meanwhile, the IMF says the BoG is reforming its monetary policy operations.

In December 2025, the BoG replaced its 56-day bills with 14-day bills to strengthen liquidity management.

Following this operational change, the BoG bill supply became limited, reducing liquidity absorption and boosting the use of the standing deposit facility. This pushed BoG bill and interbank rates towards the bottom of the interest rate corridor, effectively loosening monetary conditions by approximately 350 basis points relative to the policy rate.

In line with the IMF Staff advice, in June 2026, the BoG unified the cash reserve ratio (CRR) at 20%, eliminating the previous tiered structure (with 15% and 25% rates linked to loan-to-deposit ratio thresholds).

The BoG also required Cash Reserve Ratio (CRR) fulfillment in cedis, reversing the May 2025 decision that allowed fulfillment in the currency of deposits. These changes modestly increased unremunerated liquidity absorption through the CRR.

Parliament recently approved the Fiscal Electronic Device Act requiring businesses to install certified electronic fiscal devices (EFDs) at their points of sale.

These devices will record every transaction, calculate VAT automatically, and report directly to the GRA in real-time, aimed at closing the compliance gap in VAT performance, which stands at approximately 40% currently.

The Board of the Ghana Revenue Authority paid their first courtesy visit to the Asantehene at the Manhyia Palace, after nearly a year of their inauguration, to introduce and update Otumfuo Osei Tutu II on their mandates and achievements in the last year.

Through strategic effort, the GRA mobilised over 80 million cedis in the first half of the year, with an end-of-year target of over 170 million cedis.

Commending the board, the Asantehene, Otumfuo Osei Tutu II, urged the expansion of the tax net to include the informal sector while charging the board to avoid revenue leakages.

“Do well to collect taxes from the areas we haven’t focused much on. We have a lot of people who have money but fail to pay their taxes. If we make them understand the importance of taxes, they will pay,” he noted.

“Also, do not be selfish with your work. Think and work collaboratively for Ghana. If you have workers or managers who pocket some taxes, let’s be watchful of them,” he added.

The GRA is set to roll out the reformed Value Added Tax (VAT) system, which would see shops install fiscal electronic devices for all taxable transactions.

The new system is expected to kickstart in the coming months in the mid-size shops and supermarkets across the country.

Commissioner-General of the GRA, Anthony Sarpong, is optimistic of increased revenue mobilisation through the yet-to-be rolled out initiative.

“For every 10 businesses that exist, only 4 pay VAT. Within the remainder, some of them are not charging, and also those businesses charging aren’t paying remittances. The new VAT reform will be a game changer. We believe that when this is successful, it will rake in more revenue,” he said.

Meanwhile, Board Chair of GRA, George Kweku Ricketts-Hagan, highlighted the benefits of new taxation systems, including the Publican AI, despite pushbacks from the business community.

“Earlier there were noises from people who couldn’t comprehend the system. But now that has subsided. People are now beginning to understand the system. This would help with revenue collection for national development,” he noted.

The Asantehene commended the current leadership of the GRA for the progress made in revenue collection but called for stronger measures to tackle tax leakages and innovative approaches to mobilising revenue.

He stressed that Ghana must strengthen domestic revenue generation through taxation if the country is to finance its development without relying heavily on external funding.

Otumfuo Osei Tutu II made the call when the Board and Management of the GRA paid a courtesy call on him at the Manhyia Palace.

He said a significant amount of revenue remained untapped in the informal sector and urged the Authority to step up efforts to bring more individuals and businesses into the formal tax system.

“The focus has always been on workers in the formal sector, while there are many others in the informal sector who can be educated on the need to pay taxes to support national development,” he said.

The Asantehene proposed that groups such as hairdressers, mechanics and drivers could be encouraged to form cooperatives, making it easier for them to be identified and incorporated into the tax system.

He also encouraged the GRA to consider unconventional approaches to tax collection while improving existing systems.

“I have observed an improvement in revenue collection since the current Board and Management took over. This is due to the policies you have put in place. Despite these gains, some leakages still exist, and I urge you to work at addressing them,” he said.

Otumfuo further called on GRA officials to support the Authority’s leadership as it works to fulfil its mandate of mobilising revenue for national development.

The GRA is currently implementing several tax reforms aimed at improving revenue collection and strengthening tax administration in the country.

However, some members of the business community have raised concerns about aspects of the reforms, leading to calls for broader stakeholder engagement.

The Board Chairman of the GRA, Ricketts Hagan, said the Authority was engaging stakeholders to promote a smooth and effective implementation of the reforms.

He pointed to the introduction of new systems, including Publican AI, as part of efforts to improve revenue mobilisation and tax administration.

“There are new systems, including the Publican AI, which have been helping our efforts. I’m sure you heard noise about not being able to comprehend, but people are beginning to understand the system,” he said.

The Commissioner-General of the GRA also outlined some of the reforms being introduced by the Authority and appealed to the public to support their implementation.

Speaking on The KSM Show on Friday, August 7, Prof. Opoku-Agyemang said the government is “dead serious” about creating the bank and is hopeful it will be launched before the end of the year.

“We said we’ll do the Women’s Development Bank. We are dead serious about it. I’m hoping that before this year ends, we’d have launched it,” she stated.

She explained that the bank will primarily target women in the informal sector, including petty traders, hawkers and small-scale entrepreneurs who often struggle to secure loans due to a lack of collateral and formal financial documentation.

The Vice President questioned whether existing financial institutions adequately serve low-income women who operate outside the formal economy.

“Does it include this lady who went to get somebody’s doughnuts to hawk? Where will this woman get her capital? She’s also a woman,” she said.

According to her, the Women’s Development Bank is designed to close the financing gap by creating opportunities for women who are often excluded from conventional banking systems to access capital and grow their businesses.

Prof. Opoku-Agyemang added that the government’s key priorities also include economic recovery, strengthening security and expanding skills development opportunities to enable citizens to contribute meaningfully to the economy.

“You must start with the things that affect everyone, like the economy, like security. We must all feel safe. We must all get proper training to be able to contribute to that same economy,” she said.

She further praised President John Dramani Mahama’s efforts in addressing economic challenges and removing barriers that hinder growth and improved livelihoods for Ghanaians.

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Officials of the GSA, the Customs Division of the Ghana Revenue Authority (GRA), and ICUMS have toured the country to explain how the electronic system will ease cargo clearance and support the collection of data for policy formulation and adjustments.

On Wednesday, 5th August 2026, a sensitisation program was organised for executives of Freight Forwarding Associations at the Ghana Shippers’ House.

The engagement was aimed at promoting compliance with Section 26(1) of Act 1122, which requires all importers and exporters to register with the Authority before processing shipment transactions through the ICUMS platform.

Opening the programme, the Deputy Chief Executive Officer in charge of Technical Services, Mrs. Sylvia Asana Dauda Owu, underscored the importance of the mandatory registration and urged freight forwarders to support the process by ensuring that their clients registered to avoid disruptions to cargo clearance.

Officials of the GSA and Ghana Link Network Services Ltd. subsequently demonstrated the ICUMS registration process and responded to stakeholders’ questions to facilitate a smooth implementation.

During the discussions, freight forwarders appealed for the implementation deadline to be extended to Monday to 31st August 2026, to allow additional time for stakeholder sensitisation and compliance. Mrs. Dauda Owu acknowledged the request and assured participants that Management would consider the appeal and communicate its decision.

The meeting also addressed the implementation of the Container Administrative Charge (CAC). The President of the Ghana Institute of Freight Forwarders (GIFF), Mr. Stephen Adjokatcher, and the Chairman of the GIFF Tema Chapter, Mr. Johnny Mantey, encouraged freight forwarders to ensure that importers complied with the approved GH¢720 Container Administrative Charge, emphasising the need for industry-wide support.

Also addressing the meeting, the Deputy Commissioner of the Customs Division of the Ghana Revenue Authority, Mr. Divine Agbeko, called for continued collaboration among stakeholders to facilitate seamless cargo clearance and improve trade efficiency.

The engagement forms part of the Authority’s ongoing efforts to strengthen regulatory compliance, enhance stakeholder collaboration, and promote efficient trade through the effective implementation of Act 1122 (2024).

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According to its Country Report on Ghana, domestic debt vulnerabilities remain elevated, given the heavy reliance on treasury bills and large rollover needs in 2027-28.

It added that the heavy reliance on short-term domestic instruments and  financial institutions’ large exposure to government securities further amplify risks, as the domestic market’s capacity to absorb additional issuance may be limited.

“A carefully calibrated debt management strategy aimed at a lengthening of maturities through a gradual scaling up of Treasury-bond issuance would help mitigate rollover risks. With IMF TA [technical advice] support, a strategy has been adopted to manage the 2027-28 maturity concentration, combining partial redemptions via sinking funds (funded by earmarking 7.0% of non-oil tax revenue and T‑bond issuance), buybacks, and rollover through T‑bills [treasury bills)”, it stated.

Monitor Consistency with DSA Parameters

It continued that non-resident participation in the domestic treasury bond market should be closely monitored to ensure consistency with DSA parameters.

“Non-resident participation in the bond market is not directly restricted. While non-resident participation can help deepen the market and support financing, it also introduces risks, given secondary-market flows’ potential impact on debt sustainability and financial stability through potential capital flow volatility and exchange rate pressures”.

It added that a close and continuous monitoring of non-resident participation in primary and secondary domestic debt markets will be essential, with readiness to adjust external borrowing plans if inflows exceed prudent levels.

It also called for the strengthening of public debt reporting standards, adding, expanding debt coverage to capture quasi-fiscal activities and improving inter-agency coordination will strengthen risk monitoring and support more informed borrowing decisions.

Public debt reporting standards should be strengthened by aligning compilation and dissemination with GFSM 2014 and broadening coverage to capture quasi-fiscal activities.

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The Authority generated revenue of US$145.9 million during the year, with total energy output reaching 1,438GWh, exceeding its projected target of 1,350GWh by 6.5%.

Chief Executive Officer of BPA, Ing. Kow Eduakwa Sam, announced the figures at the Authority’s 2025 Annual Stakeholders Meeting held at BPA Heights in Accra.

He said the Bui Hydroelectric Plant maintained an average availability rate of 95%, reflecting the reliability of the Authority’s main generation asset.

According to him, despite leadership changes at the Ministry of Energy, the BPA Board and Executive Management during the year, the Authority maintained operational stability and continued implementing its strategic plans.

Mr Sam said BPA increased its installed Solar Photovoltaic (PV) capacity from 55MWp to 105MWp in 2025, strengthening its renewable energy portfolio alongside its 404MW hydropower capacity.

Hydropower remained the Authority’s dominant source of generation, producing 1,339GWh, representing 97% of total energy generated during the period.

He added that feasibility studies for proposed hydropower projects on the Tano, Pra and Ankobra rivers also made significant progress.

The Authority continued investments in infrastructure projects to support future expansion.

At the Bui Generating Station, Phase One of the Staff Accommodation Project reached 97% completion, while Phase Two achieved 51% completion.

The staff accommodation and five-kilometre access road project linked to the Yendi Solar PV Project also reached 75% completion.

BPA also advanced its digital transformation efforts through cybersecurity risk assessments, development of a Cybersecurity Solutions Roadmap, rollout of the BPA WorkPoint corporate intranet, and completion of its Corporate Data Centre and Disaster Recovery Infrastructure Project.

Despite the positive financial results, the BPA Chief Executive highlighted challenges affecting the Authority’s expansion plans.

He said cash flow remains constrained due to high outstanding receivables owed by the Authority’s major off-taker.

“This challenge,” he noted, affects BPA’s ability to fully finance its growth agenda and support critical operational activities.

The Authority also maintained its social investment programmes in communities affected by and hosting its operations.

Among the interventions were the award of 29 new tertiary scholarships and the organisation of the “TechQueens” Summer Camp, which trained 50 girls in foundational skills in information and communication technology, artificial intelligence and robotics.

Looking ahead, Ing. Sam said BPA will focus on plant maintenance, improving operational efficiency and expanding its renewable energy projects.

The Authority expects to add about 100MWp of Solar PV capacity, increasing its operationalised solar capacity to approximately 205MWp.

As part of Ghana’s Green Transition agenda, BPA also plans to develop 300MWp of dispatchable Solar PV Plants integrated with large-scale Battery Energy Storage Systems (BESS), targeted for completion by the end of 2028.

“Guided by its Vision, Mission and Core Values, BPA remains committed to innovation, operational efficiency, financial sustainability and the continued delivery of long-term value to its stakeholders,” Mr Sam said.

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At the fifth review under the Economic Credit Facility (ECF), the IMF Staff applied judgement to retain a high-risk rating despite all debt indicators falling below their respective thresholds. This was due to uncertainty around the exchange rate and gold prices.

With continuing macroeconomic and exchange rate stability, and a clearer fiscal outlook, the IMF said in its Country Report on Ghana that the Staff now proposes to remove this judgement and upgrade Ghana to moderate risk of debt distress, consistent with the mechanical signal.

Despite this improvement, it pointed out that the space under the external debt-service-to-revenue ratio remains limited.

Debt Vulnerabilities Remains

Despite progress, the IMF said the debt vulnerabilities remain elevated and require continued vigilance. “The DSA highlights that debt dynamics remain sensitive to external shocks given Ghana’s reliance on gold and other commodity exports”.

It added that stress tests show that adverse export and commodity price shocks could push both solvency and liquidity indicators above their thresholds for a prolonged period. “The exchange rate remains a key transmission channel, given the substantial share of FX-denominated external debt and non-resident holdings of domestic debt. Contingent liabilities represent another key source of downside risk: fiscal risks from the energy sector,  financial sector recapitalization needs, and quasi-fiscal activities remain particularly salient”.

According to the Fund, these risks underscore the importance of fiscal and sectoral reforms, adequate external buffers, exchange rate flexibility, and efforts to diversify exports.

“Completing restructuring negotiations with residual external commercial creditors and signing the remaining bilateral agreements also remain a priority”, it added.

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The move follows the bank’s successful transition from Atwima Mponua Rural Bank to a community bank, in line with the Bank of Ghana’s reforms aimed at strengthening the microfinance and community banking sector.

According to the bank’s 2025 Annual Report, Board Chairman John Yaw Gyedu Gyamerah said achieving the GH¢10 million capital target would position the bank to secure regulatory approval to operate in more urban communities and diversify its services.

“To better serve you and tap into new growth opportunities, our next strategic goal is to achieve a stated capital of GHS 10 million. This will qualify us to be registered as an Urban Community Bank, granting us the regulatory license to extend our footprint into more urban communities and diversify our offerings,” he said.

Mr Gyamerah added that the bank is currently in a strong position regarding capitalization.

The bank’s stated capital currently stands at GH¢5.6 million, up from GH¢2.5 million, exceeding the Bank of Ghana’s minimum requirement for existing community banks by GH¢603,354.

The bank is therefore encouraging shareholders and potential investors to acquire additional shares to support the recapitalisation drive.

Mr Gyamerah explained that regulations require shareholders of community banks to be Ghanaian, with local community participation accounting for between 20% and 30% of total shares to maintain local ownership.

“By increasing your stake in Atwima Mponua Community Bank PLC, you are not only helping us meet these regulatory requirements but also positioning yourselves to benefit from the higher returns that our expansion into urban markets will bring,” he said.

The reforms introduced by the Bank of Ghana have increased minimum capital requirements for existing community banks, expanded their operational reach and introduced stricter governance standards.

The ARB Apex Bank Ltd. has also been restructured to serve as a central service and supervisory institution for the community banking sector.

Meanwhile, Atwima Mponua Community Bank recorded strong financial performance in 2025, posting a profit after tax of GH¢17.3 million.

The bank’s total income increased by 39% to GH¢54.1 million, supported by a 43% rise in net interest income to GH¢47.8 million.

Its total assets grew to GH¢356.1 million, while customer deposits increased by 26.5%.

Loans and advances also more than doubled, rising by 104.1% to GH¢107 million, as the bank continued to support businesses in agriculture, trading and transport sectors.

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Speaking to Adom News at Goaso in the Ahafo Region, Mr. Owusu said the fertiliser programme should benefit all cocoa farmers regardless of their political affiliation, stressing that politicising the initiative could undermine cocoa production.

He made the remarks during a meeting attended by cocoa farmers from the Ashanti, Ahafo, Eastern and other cocoa-growing regions.

According to him, government interventions in the agricultural sector are often perceived to favour supporters of the ruling party, a situation he believes discourages some farmers and affects productivity.

Mr. Owusu urged the government to implement the fertiliser distribution programme in a transparent and equitable manner to ensure that all eligible cocoa farmers benefit.

He also appealed to the government to intensify public education on the new cocoa laws expected to be introduced soon.

According to him, creating awareness among cocoa farmers about the new legal framework would help them better understand the reforms and enable them to fully benefit from the measures aimed at improving the cocoa sector.

Mr. Owusu expressed the hope that effective implementation of the fertiliser programme and the new cocoa policies would contribute to increased cocoa production and improve the livelihoods of farmers across the country.

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The exercise, being carried out in collaboration with the Customs Division of the Ghana Revenue Authority (GRA) and Ghana Link Network Services Ltd., seeks to help stakeholders understand the registration process and how the electronic system will improve cargo clearance and support data collection for policy planning.

As part of the initiative, the GSA on Wednesday, August 5, 2026, organised a sensitisation programme for executives of freight forwarding associations at the Ghana Shippers’ House.

The engagement focused on promoting compliance with Section 26(1) of Act 1122, which requires all importers and exporters to register with the Authority before processing shipment transactions through the ICUMS platform.

Opening the programme, the Deputy Chief Executive Officer in charge of Technical Services at the GSA, Mrs Sylvia Asana Dauda Owu, highlighted the importance of the mandatory registration and urged freight forwarders to support the process by encouraging their clients to complete the registration to prevent disruptions in cargo clearance.

Officials from the GSA and Ghana Link Network Services Ltd. demonstrated the ICUMS registration process and addressed concerns raised by stakeholders to ensure a smooth implementation.

During the discussions, freight forwarders appealed for an extension of the implementation deadline to Monday, August 31, 2026, to allow more time for stakeholder engagement and compliance.

Mrs Dauda Owu acknowledged the request and assured participants that management would consider the appeal and communicate its decision.

The meeting also addressed the implementation of the Container Administrative Charge (CAC), with the President of the Ghana Institute of Freight Forwarders (GIFF), Mr Stephen Adjokatcher, and the Chairman of the GIFF Tema Chapter, Mr Johnny Mantey, urging freight forwarders to ensure importers comply with the approved GH¢720 charge.

They stressed the need for industry-wide cooperation to ensure the smooth implementation of the charge.

The Deputy Commissioner of the Customs Division of the Ghana Revenue Authority, Mr Divine Agbeko, also called for continued collaboration among stakeholders to facilitate seamless cargo clearance and improve trade efficiency.

The sensitisation exercise forms part of the GSA’s efforts to strengthen regulatory compliance, improve stakeholder collaboration and promote efficient trade through the effective implementation of Act 1122 (2024).

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His comments come as the government rolls out a ¢ 2-per-litre cushioning on diesel after another round of increases in petroleum prices, aimed at easing the burden on consumers and businesses.

Speaking on JoyNews’ PM Express Business Edition on Thursday, Dr Oppong said recent developments in the global oil market, triggered by the conflict involving the United States and Iran, have disrupted the normal fuel pricing pattern.

“Let me say we are seeing the changes in the market. Things are not easy, and my members are really adhering to it.”

He recalled that when the conflict began, OMCs initially resisted increasing pump prices even as bulk distribution companies faced rising costs.

“When this US-Iran war started, I gave this analysis. The first time we started, we were just three days in a pricing window. No single OMC added a pesewa, even though some BDCs were increasing prices. No single OMC added prices.”https://www.youtube.com/embed/nhEGoMT9TaY?si=NPbDdo_xBre6m-Q3

According to him, the market has since behaved in a way not witnessed for a long time.

“This is the first time in a long time that we’ve seen OMCs changing prices when we are within a window, and it tells you how probably tight first of all, and how radically volatile the market has been.”

Dr Oppong pointed to the sharp swings in global crude oil prices as evidence of the uncertainty confronting the industry.

“See how we jumped to $100 per barrel, and now we are back to the $70s.”

He questioned why consumers have not seen pump prices fall at the same pace as international oil prices.

“So you ask a very simple and smart question that why is it that when everything else is now coming down, we’re not seeing that in the market just as we saw it going up?”

The COMAC CEO also raised concerns about whether Ghana’s current pricing framework remains suitable under such volatile conditions.

“This is more reason why I am asking NPA a very simple question. Going to spot pricing daily changes is that an option that we want to go, or that two weeks window…”

He said the cost of importing fuel remains elevated despite the drop in crude oil prices because traders continue to face high premiums and rising logistics costs.

“As Dr. Kweku Ofori said, the premiums are high, they are doubled in the market today due to freight costs and even insurance.

“I don’t talk about the demurrage because that’s not part of my business. That’s the BDC side. But I know that the insurance globally, as we all know, because of this war, has increased.”

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The assurance comes as fears grow over the impact of possible conflict involving major oil-producing countries on global petroleum prices and supplies.

It also comes days after the government announced a ¢ 2-per-litre cushioning for diesel following another round of petroleum price increases.

Speaking on JoyNews’ PM Express Business Edition, the Director of Economic Regulation and Planning at the NPA, Abass Tasunti, said ensuring the availability of petroleum products remains the regulator’s highest priority.

“We keep saying at NPA that our topmost priority as a regulator is to ensure availability of petroleum products at all times, because trust me, if the fuel was not available in the first place, I’m not sure people would be more concerned about the price you are paying at the pump.

“Your interest would be to ensure that you get the product, and you can imagine the chaos and the impact non-availability of petroleum products will have on the economy that we have today.”

He said the authority continuously plans its supply chain to avoid shortages by balancing domestic production with imports.

“Our priority has always been to ensure that petroleum products are always available, so we always keep. That’s why we plan, and so we always have a plan that ensures that we balance domestic production with imports to ensure there’s adequate stock.”

Providing an update on current stock levels, Mr Tasunti said Ghana has sufficient supplies of the two main transport fuels.

“In terms of actual stocks, we have a little over five weeks average for both petrol and diesel today.”

Responding to a request for a breakdown of the figures, he explained that the stock levels are constantly replenished and should not be viewed as a fixed quantity that is simply being depleted.

“Whenever we say we have a little over five weeks or a little over four weeks, as an example, it doesn’t mean that we are consuming that and nothing else is adding up.”

He said fuel imports continue without interruption.

“As we speak right now, the vessel is discharging products. We never actually have free time at the facilities that discharge the petroleum products, so almost every time products have been discharged to add up to what we have, and that’s why we have what we call the Line-up Programme to plan our imports.”

Mr Tasunti also pointed to local refining as another source of supply resilience.

“As Dr Kwaku Ofori earlier said, we also have the refinery… refining consistently and has not stopped production since last year July.”

He said the combination of planned imports, continuous fuel discharge and local refining is designed to keep petroleum products available even as global uncertainty persists.

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The governor maintained that the Bank of Ghana’s gross international reserves, which currently stand at US$12.9 billion, are sufficient to cover the country’s import needs for about five months.

He added that “these reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market.”

Dr. Asiama made the remarks during a stakeholder engagement programme at Eusbett Hotel in Sunyani.

The Governor further assured participants that “this is why the Bank of Ghana will continue to take decisions that protect the value of the cedi, keep inflation low, preserve financial stability, and support sustainable economic growth.”

He noted that “our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy.”

Dr. Asiama also explained that the recent pressure on the cedi was largely due to global developments, particularly the conflict in the Middle East, but said the currency has since recovered.

Despite those challenges, the governor was quick to assure that “we remain committed to maintaining an orderly and well-functioning foreign exchange market.”

He, however, noted that while the situation has improved marginally in recent weeks, “we must not be complacent. This is because the global economy remains uncertain, and events beyond our borders can still affect us.”

He reiterated that, “We remain committed to maintaining an orderly and well-functioning foreign exchange market.”

Policy Rate Held at 14 Percent

The Monetary Policy Committee of the Bank of Ghana maintained the policy rate at 14 percent, explaining that it needed more time to assess the impact of developments in the Middle East on the Ghanaian economy.

Speaking at the stakeholder engagement in Sunyani, Dr. Asiama noted that although uncertainty persists in the global economy, particularly because of the conflict in the Middle East and rising oil prices, Ghana’s economy has continued to perform strongly.

He stated that, “We took this decision because we believe it is the right balance. It will help keep inflation under control while supporting businesses, investment, and economic growth. At the same time, it gives us the flexibility to respond to changes in the global economy if necessary.”

On the economy, the governor argued that the recent growth figures for the first three months of the year showed that “we are seeing increased activity across many parts of the economy, including stronger bank lending to businesses, increased trade, higher industrial production, and a recovery in tourism.”

He added that another encouraging development is that “businesses and consumers are becoming more confident about the future.”

Banking Sector Remains Strong

In the banking sector, Dr. Asiama said commercial banks remain well capitalised, deposits continue to grow, and the quality of bank loans has improved.

He also maintained that they are encouraged that “banks are lending more to the private sector, while credit to businesses and households grew by more than 41 percent in June this year, compared with about 9 percent a year earlier.”

“This means more businesses have access to financing to expand, create jobs, and contribute to economic growth,” the governor stated.

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Bank of Ghana’s gold purchase programme recorded $1.7bn loss in 2025 – IMF

The Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), the scheme now folded into the Ghana Gold Board (GoldBod), lost US$1.7 billion, or 1.5 percent of Ghana’s GDP, in 2025 alone.

That is 17 cents lost for every dollar of doré gold the state sold on the international market.

This is not a rounding error. It is money that belonged to the Ghanaian people, generated from Ghanaian gold, and it disappeared into fees, discounts to exporters, and, overwhelmingly, the exchange-rate spread between what the state paid to buy gold and what it recorded on its own books.

THE NUMBERS THE IMF CONFIRMS

• 2024 losses: US$400 million (0.5% of GDP)
• 2025 losses: US$1.7 billion (1.5% of GDP), more than a four-fold increase in a single year
• Losses were “almost entirely related to G4R doré purchases”, the channel through which the state buys gold from small-scale and artisanal miners
• The cost of running the programme stood at 14.5 percent of the value of gold purchased in 2025, nearly three times the 5 percent ceiling the government itself says is acceptable.
• The Bank of Ghana’s shareholders’ equity collapsed from +GH₵6.2 billion at the end of 2021 to -GH₵93.8 billion at the end of 2025, a negative position equal to 6.7 percent of GDP

WHO IS RESPONSIBLE? THE HONEST ANSWER

IERPP will not pretend this problem was invented by the current administration. The DGPP was launched in 2021 under the previous NPP government, at the height of Ghana’s debt crisis, as an emergency tool to rebuild reserves and secure fuel imports when the country had lost access to international capital markets.

That origin is a matter of record, and IERPP has said so consistently.

But the IMF’s own data draws a hard line between then and now.

The programme’s massive scale-up, the point at which it went from a modest reserve-building tool to becoming, in the Fund’s words, the intermediary in “virtually all ASGM gold exports”, happened from 2024 into 2025, and the entirety of the $1.7 billion loss reported for 2025 was incurred under the current NDC administration.

Losses did not shrink as the country’s macroeconomic position stabilized, they quadrupled.

A government that inherited a wartime tool kept it running at wartime scale long after the emergency that justified it had passed, and the bill for that choice is $1.7 billion.

IERPP also notes that it took until November 2025, eleven months into this administration, and only with direct IMF technical assistance, for the Bank of Ghana to even adopt a transparent, pre-announced FX auction framework.

For most of 2025, the losses accumulated under the old, less transparent, ad hoc system.

THE RISK AHEAD IS BIGGER, NOT SMALLER

This is where IERPP’s concern turns from the past to the future. Under the government’s own Ghana Accelerated National Reserve Accumulation Policy (GANRAP), the authorities plan to double the volume of large-scale mine gold purchased by the state and push reserves to 15 months of import cover by 2028, more than double the six months the IMF itself assesses as adequate.

The Fund’s own estimate is that sterilising reserves at that scale will cost roughly 3 percent of GDP, up from 1 percent in 2025.

In plain terms: government is proposing to expand a programme that just lost $1.7 billion to a scale the IMF has not endorsed as necessary, at triple the sterilisation cost. Ghanaians deserve to know why.

IERPP’S DEMANDS

1. A full public accounting of the 2025 DGPP losses, broken down by fee, discount, and exchange-rate component, published by the Bank of Ghana and Ministry of Finance, not left to an IMF staff paper to surface eight months later.
2. Parliamentary scrutiny of the GANRAP reserve target and its projected sterilisation costs before any further scale-up of domestic gold purchases proceeds.
3. An independent value-for-money audit of GoldBod’s assumption of the DGPP, to confirm the promised reduction in operating costs to 5 percent of gold purchased is actually delivered and not simply relabelled.
4. Quarterly public disclosure of the spread between the forex bureau rate and the Bank of Ghana’s reference rate, given that this spread is now identified as the single largest driver of losses.
5. A clear timeline and funding commitment from government for the “transparent” absorption of DGPP costs it has promised, given the Bank of Ghana can no longer absorb losses of this size without further eroding its already deeply negative equity position.

Conclusion

Ghana’s gold wealth should be building the country’s reserves, not funding avoidable losses on gold Ghana already produces. IERPP will continue to track this issue and expects government to respond with data, not dismissal.

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The 2025 Annual International Merchandise Trade Statistics Report shows that diesel imported for the Tema Oil Refinery (TOR) was the single largest import, valued at GH¢28.46 billion and representing 11.2 per cent of total imports.

Light oils, including motor spirit (super), ranked second with imports worth GH¢23.24 billion, accounting for 9.2 per cent of the country’s import expenditure.

Combined, diesel and petrol imports amounted to GH¢51.7 billion, highlighting Ghana’s continued dependence on imported petroleum products despite efforts to expand domestic refining capacity and reduce pressure on foreign exchange reserves.

The figures underscore the strategic importance of strengthening local refining capacity and improving Ghana’s external trade position.

Beyond petroleum products, used vehicles with engine capacities between 1,500cc and 3,000cc ranked as the third-largest import category, with a value of GH¢9.33 billion.

Crude petroleum followed in fourth place with imports valued at GH¢5.78 billion, while cement clinkers, a key raw material for cement production, completed the top five with imports worth GH¢4.76 billion.

Other commodities among Ghana’s top ten imports included off-highway dumpers, used vehicles with engine capacities between 1,000cc and 1,500cc, self-propelled bulldozers, processed cereal grains and frozen chicken.

The report indicated that the top ten imported commodities accounted for 34.3 per cent of Ghana’s total imports, while all other imported goods made up the remaining 65.7 per cent.

Overall, Ghana’s total import bill stood at GH¢253.23 billion in 2025.

The composition of the import basket reflects the continued dominance of energy products, transport equipment and industrial inputs in Ghana’s external trade.

However, the data also point to persistent structural challenges, including the country’s reliance on imported refined petroleum products and capital goods, despite ongoing investments in local refining, industrialisation and import substitution efforts.

Yellow Card secures $40 million to accelerate global stablecoin expansion

BoG insist banks cut NPLs to 10%

The investment round attracted backing from SC Ventures by Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital and several other strategic investors, bringing Yellow Card’s total funding to more than $120 million.

The company said the new capital will be used to scale its Global USD Accounts platform, which enables businesses to hold US dollars, manage treasury operations, transact with stablecoins and send or receive payments in local currencies across more than 50 countries.

Chief Executive Officer and Co-Founder of Yellow Card, Chris Maurice, described the investment as a strong endorsement of the company’s mission to modernise cross-border payments through stablecoin technology.

“This investment is a vote of confidence in what we’ve spent years building: the infrastructure that lets global businesses move money without traditional correspondent banking. The bigger opportunity now is connecting banks themselves to stablecoin rails,” he said.

According to him, the company aims to bridge the gap between traditional finance and digital assets by providing institutions with faster and more efficient ways to move money across international markets.

Chief Executive Officer of SC Ventures, Alex Manson, said the investment reflects confidence in Yellow Card’s ability to expand stablecoin adoption by building infrastructure that delivers practical solutions for businesses across Africa and beyond.

Meanwhile, Managing Director of Sony Ventures-US, Austin Noronha, said the investment aligns with Sony Innovation Fund’s commitment to supporting technologies that enhance global digital payments and financial inclusion in emerging markets.

Yellow Card said the funding will also strengthen its expansion into Latin America and the Asia-Pacific region while broadening its payment rails and currency coverage to support global business transactions.

The company has processed more than $10 billion in transactions and currently supports over 50 currencies across North America, Europe and Africa. It also holds licences, authorisations and registrations in 22 jurisdictions and maintains strategic partnerships with major global payment companies, including Visa, Mastercard, PayPal, Coinbase and Western Union.

The Central Bank said the reduction was necessary to strengthen financial stability, improve credit growth and support sustainable financing of businesses.

Dr Johnson Pandit Asiama, BoG Governor, reiterated the directive at a high-level forum organised by the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), Ghana, in Accra.

The forum, supported by the BoG, was on the theme: “Financing distressed companies: The impact of NPLs, IFRS nine standards and prudential regulations on post-commencement financing for distressed companies under rescue and possible interventions.”

In June 2025, the Central Bank directed all RFIs to keep NPL ratios at or below 10 per cent, noting that RFIs that would breach the directive after December 2026 must notify the regulator within 10 days and submit a board-approved reduction plan.

Dr Asiama said NPL ratios had declined to 16.1 per cent by June 2026 from more than 23 per cent in 2025 following regulatory measures introduced by the Central Bank.

“That is progress and not sufficiency, and 16.1 per cent remains too high, even if it is fully provisioned. Our regulatory measures require each regulated institution to reduce its ratio to no more than 10 percent by the end of December this year,” he said.

Dr Asiama said high levels of non-performing loans constrained banks’ ability to extend new credit, increased recovery costs and absorbed capital, particularly affecting smaller and higher-risk borrowers.

He said reducing NPLs was therefore not only a supervisory requirement but also part of efforts to support Ghana’s broader economic development objectives.

On financing distressed companies, the Governor said Ghana’s Insolvency and Restructuring Act provided a framework for restructuring viable businesses instead of liquidating them.

“Rescue must begin with a credible test of viability; banks must distinguish between firms facing temporary cash flow shocks and those postponing inevitable failure,” he said.

He cautioned that without proper viability assessments, lenders risked concealing losses and weakening credit discipline.

Dr Asiama encouraged banks to ring-fence and monitor new financing provided to distressed companies and ensure that such funds were directed towards productive activities, including retaining employees, securing inputs and completing contracts.

“Legal priority alone does not make a transaction prudent or bankable. Post-commencement financing must be structured with clear milestones, security arrangements, and transparent reporting,” he said.

Dr Asiama called for a predictable and risk-sensitive framework for rescue financing, urging collaboration among insolvency practitioners, bankers, accountants and regulators to establish clear rules, roles and accountability mechanisms.

“Ghana does not have to choose between liquidating every distressed business, or relaxing standard to keep businesses alive. A disciplined rescue framework can preserve viable businesses while protecting financial stability,” he noted.

Dr Ishmael Yamson, Chairman of the occasion and Board Chair of Scancom PLC (MTN Ghana), acknowledged the decline in NPLs but cautioned that some regulatory measures could discourage banks from providing rescue financing.

He said current requirements, including restrictions on dividends, bonuses and lending for banks with high NPL ratios, could affect institutions that provide post-commencement financing to distressed companies.

“Carve out commencement financing from the NPL ratio calculation and from the January 2027 loan portfolio growth restriction, for a defined rescue period. So, a bank financing a sanctioned rescue plan is not penalised by a directive meant to fix the problem PCF is trying to solve,” he said.

Dr Yamson said rescue financing after insolvency should remain a fallback option and urged policymakers to focus on strengthening businesses’ capacity to manage risks and avoid distress.

He called for prudential regulations that protect financial stability while allowing financing needed to preserve jobs, sustain enterprises and support economic growth.

Bank of Ghana’s gold purchase programme recorded $1.7bn loss in 2025…

According to the IMF’s 2026 Article IV Consultation and proposed Policy Coordination Instrument (PCI) report, the programme became the main driver of the central bank’s foreign exchange inflows and reserve accumulation during the period.

The Fund said the large-scale expansion of the DGPP resulted in losses of more than $1.7 billion, representing about 1.5% of Ghana’s Gross Domestic Product (GDP). It noted that nearly all the losses were associated with the purchase of doré gold under the Gold for Reserves (G4R) initiative.

“The significant scaling up of DGPP operations led to losses of over $1.7 billion (1.5% of GDP), almost entirely related to G4R doré purchases; this amounted to a loss of 17% of the value of doré gold sold by the BoG,” the IMF stated.

The report attributed the losses to several factors, including service and assay fees paid to the Ghana Gold Board (GoldBod), discounts applied to gold sold to off-takers, and exchange rate differences between the forex bureau rate used for gold purchases and the Bank of Ghana’s reference rate for accounting purposes.

The IMF explained that while some of the losses were linked to accounting valuation effects rather than direct financial costs, they still weakened the central bank’s balance sheet and contributed to transfers to foreign exchange buyers who purchased dollars at the official reference rate.

The Fund further noted that the losses did not include the cost of sterilising the reserves accumulated through the gold programme, adding that the Bank of Ghana’s negative equity reached 6.7% of GDP by the end of 2025.

Despite the financial impact, the IMF acknowledged the important role played by the DGPP in improving Ghana’s external financial position.

It said gold-related inflows increased significantly from $1.7 billion in 2023 to $12.7 billion in 2025, including $1.1 billion in net gains from bullion sales, largely driven by increased purchases from the artisanal and small-scale mining sector.

The Fund described the DGPP as “operationally central” to Ghana’s reserve accumulation efforts under the IMF-supported programme, contributing to an eightfold increase in gross international reserves.

By the end of 2025, Ghana’s reserves had risen to $11.9 billion, equivalent to about four months of import cover and above programme targets.

The IMF added that the stronger reserve position allowed the Bank of Ghana to increase foreign exchange interventions from $1 billion in 2023 to $10.6 billion in 2025, improving liquidity in the forex market and supporting a 41% nominal appreciation of the Cedi against the US dollar during the period.

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Government cancels 1,800 public projects after nationwide review – IMF

Gideon Boako cites IMF report, questions GoldBod over $1.7bn gold programme loss

In a joint press statement issued on Tuesday, August 5, the Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC) welcomed the government’s decision to reduce the fuel regulatory margin by GH¢2.00 per litre, describing it as a positive step towards easing the burden on commercial drivers.

The reduction, which took effect on Tuesday, August 4, 2026, is expected to remain in force for one month.

According to the transport operators, the decision follows a series of engagements with the government during which they highlighted the challenges drivers were facing due to rising fuel prices and appealed for urgent intervention.

“We are happy that those engagements yielded results. We welcome these measures and urge Government to extend the current window beyond one month should oil prices continue to rise,” the statement said.

Following consultations with their national executives and other stakeholders, the transport unions announced that public transport fares would remain unchanged until further notice.

The GPRTU and GRTCC also directed all drivers, station masters and branch executives to strictly comply with the approved fare structure.

They warned that no additional charges beyond the officially approved fares would be tolerated and urged commuters to report any driver or transport operator demanding unapproved fares to the nearest union office for immediate action.

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According to the IMF, the exercise forms part of ongoing public financial management reforms under Ghana’s economic programme and is intended to eliminate low-priority and non-performing projects while redirecting limited public resources to more viable investments.

In its latest Article IV Consultation and proposed Policy Coordination Instrument (PCI) report, the Fund said the government carried out a comprehensive assessment of the country’s public investment portfolio, leading to the cancellation of approximately 1,800 projects deemed unfeasible or no longer consistent with national development priorities.

The review also resulted in about 2,000 additional projects being rephased or rescoped to better reflect available financing and the government’s implementation capacity.

“The authorities have undertaken a comprehensive review of the public investment portfolio, resulting in the cancellation of about 1,800 projects and the rephasing or rescoping of around 2,000 others,” the IMF stated.

The Fund noted that the rationalisation exercise is expected to improve the quality of public investment by ensuring that scarce fiscal resources are directed towards projects with greater economic and social impact.

According to the report, the review is designed to align the country’s project pipeline with available fiscal resources while enhancing the efficiency of public investment management.

The IMF said the initiative forms part of broader reforms aimed at restoring fiscal sustainability following Ghana’s debt restructuring programme.

It added that the government is also introducing measures to strengthen procurement processes, improve commitment controls and tighten oversight of public expenditure to prevent the accumulation of arrears and enhance budget execution.

The Fund believes these reforms will promote more efficient capital spending, create fiscal space for priority infrastructure and development projects under the proposed PCI programme, and reinforce broader efforts to improve governance, strengthen public financial management and safeguard Ghana’s long-term debt sustainability.

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COCOBOD to introduce law to protect cocoa farms from destruction

Ghana to meet its debt anchor by 2034 – IMF

Speaking at the 2026 Ghana AI Summit and Awards, Edward Aikins, Senior Manager, Technology and Transformation, Deloitte, said while many organisations have embraced AI to improve efficiency and reduce operational costs, only a few are leveraging the technology to fundamentally transform their business models and create lasting value.

“Our research shows that most companies are using AI to reduce costs, improve efficiency, cut down delivery times and achieve some savings. However, organisations should leverage AI as a core strategic capability rather than simply as a cost reduction tool. Use AI to create sustainable competitive differentiation”, he noted, continuing that “since everyone has access to the technology, creativity will be the real differentiator.”  Stressing the importance of tailored enterprise solutions to drive growth.

His comments come months after the Ministry of Communication, Digital Technology and Innovation launched Ghana AI Policy, a framework aimed at shaping Ghana’s AI and technological advancement as well as adoption.

Appropriate Infrastructure and Quality Data

Mr Aikins also emphasised that successful AI adoption depends on an organisation’s ability to harness quality data across traditionally siloed institutions.

According to him, centralising data that sits silos is essential to unlocking AI’s full potential, enabling organisations to generate more accurate insights, improve decision making and deliver greater business value, which fits the local market.

He further urged organisations to invest in future ready digital infrastructure capable of supporting the rapid pace of AI innovation.

He added that AI technologies evolve so quickly that systems can become outdated within months, making scalability and adaptability critical considerations in infrastructure planning.

“Design infrastructure that will support future AI capabilities. Your infrastructure strategy should enable you to scale because the technology is changing so fast. You need a long-term construction strategy that can keep pace with continuous innovation in AI,” he concluded.

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Abossey Okai dealers keep citing demand and supply for high spare…

COCOBOD to introduce law to protect cocoa farms from destruction

According to him, the increasing prices of spare parts have become a major challenge for commercial vehicle operators, as many struggle to maintain their vehicles.

Speaking in an interview on Adom FM’s Dwaso Nsem, Mr Amoah explained that spare parts dealers have attributed the high prices to difficulties in sourcing parts for some vehicles currently used by drivers.

“We are really in talks with the leadership of the Abossey Okai Spare Parts Dealers Association because the way things are going, our vehicles are becoming difficult to maintain,” he said.

“They have told us that the parts for some of the cars we are using now are difficult to get, and because of the limited supply, they cannot reduce the prices. They always talk about demand and supply,” he added.

Mr Amoah noted that although prices of some spare parts have reduced, those items are not commonly used for repairing the vehicles operated by commercial drivers.

“There are some parts whose prices have come down, but unfortunately, those are not the parts we normally use to fix our vehicles,” he explained.

He said the GPRTU is seeking the intervention of the Transport and Trade Ministries to engage the spare parts dealers and find ways to reduce the burden on drivers.

“We are trying to speak with the Transport Minister and the Trade Minister so they can engage the Abossey Okai dealers and see how best they can help reduce the prices of spare parts for us,” he stated.

Mr Amoah said addressing the high cost of vehicle maintenance is crucial to improving public transport operations and reducing pressure on commercial drivers.

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The announcement was made at Goaso in the Ahafo Region during the 4th Annual General Meeting of Adom Cocoa Buying Company Limited, which brought together cocoa farmers from Ashanti, Ahafo, Eastern and other regions, as well as stakeholders in the industry.

Speaking on behalf of the Chief Executive Officer of COCOBOD, the Deputy Director in charge of Monitoring and Evaluation at COCOBOD, Eric Amendo, said the increasing destruction of cocoa farms through illegal mining, popularly known as galamsey, poses a major threat to the future of the sector.

He explained that the proposed law would provide a stronger legal framework to deal with individuals who destroy cocoa farms for mining activities.

Mr Amendo said that once the law is passed, individuals would not be allowed to sell their cocoa farms for illegal mining activities, while illegal miners would also not be permitted to invade cocoa farms without approval from the government.

He noted that the move has become necessary due to the alarming rate at which cocoa farms are being destroyed and converted into illegal mining sites.

Meanwhile, the Managing Director of Adom Cocoa Buying Company Limited, Patrick Owusu, has appealed to the government and COCOBOD to ensure that cocoa farmers and licensed buying companies do not experience the challenges they faced last year, particularly delays in payments to farmers who sold their cocoa to COCOBOD.

He urged authorities to take steps to strengthen the cocoa value chain and ensure timely payments to farmers and stakeholders to sustain confidence in the sector.

He mentioned that the government must initiate effective measures to ensure that farmers who sell their cocoa to COCOBOD get their money on time.

However, the Nifahene of Goaso, Nana Ata Asumadu, stated that cocoa farmers go through a lot of challenges to produce for the country; the government must prioritise them and support them all the time.

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Ghana must diversify beyond gold to reduce economic risks – Gideon Boako

Ghana processes less than 6% of cashew output as farmers face price plunge

In his latest commentary, “The Boako Economic Digest – #001/26,” Dr Boako noted that the IMF observed that more than half of Ghana’s exports are now derived from gold, with recent improvements in the external sector being driven largely by exceptionally high global gold prices rather than broad-based economic diversification.

He said the Fund cautioned that this leaves Ghana increasingly vulnerable to future fluctuations in international commodity markets.

Dr Boako further stated that although Ghana remains Africa’s largest gold producer, the IMF questioned why fiscal revenues from the mining sector remain relatively modest.

According to him, the Fund also highlighted weaknesses in transparency and fiscal reporting, suggesting that the country is yet to maximise the benefits of its mineral wealth for national development.

He said the IMF’s findings reinforce the need for government to accelerate economic diversification, strengthen governance, and improve domestic revenue mobilisation to reduce the country’s exposure to commodity price shocks and build a more resilient economy.

Gideon Boako cites IMF report, questions GoldBod over $1.7bn gold programme…

Stability is not development – Gideon Boako cites IMF report to…

In his latest economic commentary, “The Boako Economic Digest – #001/26”, the Tano North Member of Parliament said the IMF acknowledged that the Domestic Gold Purchase Programme had helped strengthen Ghana’s foreign reserves and supported exchange-rate stability.

However, he noted that the Fund estimated the programme also generated financial losses of about $1.7 billion, equivalent to 1.5 per cent of Ghana’s Gross Domestic Product (GDP).

According to Dr Boako, the losses weakened the Bank of Ghana’s balance sheet through assay costs, fees paid to the Ghana Gold Board (GoldBod), and discounts on gold sold to exporters.

He further stated that, according to the IMF assessment, responsibility for these losses had been transferred to GoldBod for onward absorption by government from July 2026.

Dr Boako said the development raised important questions about fiscal risk management, transparency, and accountability in the management of the gold programme.

He also highlighted concerns raised by the IMF regarding illegal mining, which he said continues to deprive Ghana of billions of dollars in export earnings through gold smuggling while causing severe environmental damage, including the destruction of agricultural land, pollution of water bodies, and threats to cocoa production.

The Finance Committee’s Deputy Ranking Member added that the IMF believes the Bank of Ghana continues to carry significant losses and negative equity resulting from quasi-fiscal operations and the domestic debt restructuring programme.

He said restoring the central bank’s financial health, alongside comprehensive reforms in the energy sector and broader institutional improvements, would be critical to securing Ghana’s long-term economic resilience.

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BoG to sell up to $1bn in August as cedi faces…

In an economic commentary titled “The Boako Economic Digest – #001/26”, Dr Boako said although the IMF acknowledged Ghana’s progress in restoring macroeconomic stability, it cautioned that stabilisation alone should not be mistaken for economic transformation.

He argued that while improvements in inflation, fiscal balance, and exchange-rate stability were important achievements, the real measure of economic success lay in creating opportunities, protecting livelihoods, and improving the living standards of ordinary Ghanaians.

According to Dr Boako, the IMF identified several structural vulnerabilities that could threaten the sustainability of Ghana’s recovery if left unaddressed.

These include the country’s growing dependence on gold exports, modest fiscal returns from the mining sector despite Ghana being Africa’s largest gold producer, widespread illegal mining, continued financial weaknesses at the Bank of Ghana, fiscal risks within the energy sector, and the need to carefully balance international reserve accumulation with productive domestic investment.

He said the IMF’s assessment should serve as a call for policymakers to prioritise economic diversification, stronger institutions, improved governance, sustainable domestic revenue mobilisation, and productivity-enhancing reforms.

“Macroeconomic stability is the foundation of development, but it is not development itself,” Dr Boako stated.

He added that Ghana’s next challenge was to transform its recent gains into a resilient, diversified, and inclusive economy capable of creating jobs and improving the everyday lives of citizens.

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Diesel reduction offers no real relief to Ghanaians – Dennis Miracles…

Information gathered by JOYBUSINESS indicates that the planned auctions will be conducted under the Bank of Ghana’s Foreign Exchange Operations Framework.

The central bank has informed market participants that the move forms part of measures to operationalise the FX Operations Framework and will support the objectives of its reserve accumulation programme.

The FX Intermediation Programme, according to the Bank of Ghana, is designed to help reduce excessive volatility in the foreign exchange market when necessary, particularly through activities linked to the Domestic Gold Purchase Programme.

JOYBUSINESS understands that the dollar auctions will be conducted every two weeks and will be open to licensed commercial banks.

Cedi faces renewed pressure

The latest move comes as the Ghana cedi experiences fresh depreciation pressures, with demand for foreign exchange currently exceeding supply in parts of the market.

Data reported by JOYBUSINESS from some commercial banks suggest that businesses have been demanding more dollars than the market has been able to provide.

Some market participants have attributed the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products and payments to power producers.

Others believe the challenge is linked to a limited supply of dollars relative to business demand.

Recent Bank of Ghana data indicate that the country’s international reserves have declined to a little over $12 billion.

However, the central bank has maintained that businesses should not panic, describing the recent pressure as temporary market movements.

Officials have insisted that the Bank remains capable of supporting the market when necessary and ensuring that critical imports are not affected.

July FX support

The planned August auction follows the Bank of Ghana’s FX support programme in July 2026.

The central bank told commercial banks that the July operations were conducted in a “market neutral manner” on a spot basis through twice-weekly open auctions accessible to all licensed commercial banks.

The Bank of Ghana also disclosed that as of the end of July 2026, the cedi had cumulatively depreciated by 10.61%.

During the same period, average daily trading volume in the interbank market stood at $22.64 million, contributing to a total monthly interbank volume of $498 million.

The central bank has reiterated its commitment to transparency, saying it will continue to disclose relevant information on its foreign exchange market operations, including activities under the FX Intermediation Programme.

The Bank has also maintained that there was no direct market intervention in July 2026.

History of FX Intermediation Programme

The Bank of Ghana began its revised FX Intermediation Programme in September 2025, with an initial $1.1 billion auction.

The amount increased to $1.3 billion in October 2025, while in November 2025, the central bank announced a $1 billion target and sold the full amount.

For December 2025, the target was reduced to $800 million.

The auctions have continued on a spot basis through twice-weekly, price-competitive sales open to all licensed banks.

Market watchers have linked the programme to the cedi’s strong performance in 2025.

In June 2026, the Bank of Ghana injected $2.01 billion into the foreign exchange market to meet demand and support the local currency.

JOYBUSINESS reported that $1.2 billion of that amount was sold through the Forex Intermediation Programme, while commercial banks submitted bids totalling $3.42 billion, reflecting strong demand for foreign exchange.

The amount was reduced to $1 billion in July and remains at the same level for August 2026.

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This is provided that consolidation remains supported by credible reforms.

According to the International Monetary Fund (IMF), this relaxation is supported by substantial in-built safeguards in staff’s fiscal space framework.

This includes a prudently calibrated debt anchor, set below the respective Debt Sustainability Analysis (DSA) thresholds to ensure a high probability that debt remains within safe bounds based on Ghana‑specific debt dynamics and allowing for volatility in interest‑growth differentials, primary balances, and sizeable stock‑flow adjustments.

In its country report on Ghana, the Fund also said Ghana’s large development needs and considerable debt sustainability gains warrant a reassessment of the appropriate medium-term fiscal stance.

In 2025, it pointed out that the authorities adopted Public Financial Management (PFM) Act amendments, including a 45% of GDP legislative debt anchor to be achieved by 2034, and an operational target of 1.5% of GDP primary surplus on a commitment basis.

“Recent debt reduction gains and large development needs have raised concerns about the excessively tight medium-term fiscal stance under the current operational target”, it explained.

It added that the lowering of the fiscal primary surplus will be supported by an ambitious package of fiscal structural reforms to contain quasi‑fiscal pressures and safeguard debt sustainability.

“Closing revenue administration gaps and improving tax compliance will help strengthen domestic revenue mobilisation.

On the expenditure side, the Fund said the strong PFM measures will help contain stock-flow adjustments. In addition, enhancing SOE oversight and advancing sectoral structural reforms will limit contingent liability risks, particularly in the cocoa and energy sectors.

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The intervention follows a directive by President John Dramani Mahama aimed at cushioning consumers against rising fuel prices and reducing the cost of living.

In a social media post, Dr Jinapor said the meeting focused on the modalities for rolling out the temporary relief measure across the downstream petroleum sector.

“Following the directive of H.E. President John Dramani Mahama to cushion consumers of diesel through a reduction of GHS2.00 per litre, I engaged the National Petroleum Authority (NPA) and relevant stakeholders to discuss the implementation of this intervention,” he stated.

According to the minister, the reduction will take effect for one month throughout August 2026 and will be reviewed based on prevailing market conditions and other relevant factors.

“The relief measure is for a period of one month (August 2026) and will be subject to review within that period, taking into account prevailing market conditions and other relevant factors,” he said.

Dr Jinapor noted that the temporary intervention demonstrates government’s commitment to easing the financial burden on consumers while maintaining stability in the downstream petroleum industry.

“This intervention reflects government’s commitment to easing the burden on consumers while ensuring stability within the downstream petroleum sector,” he added.

He assured the public that the Ministry of Energy and Green Transition would continue to monitor developments in the petroleum market and adopt practical measures to safeguard the interests of Ghanaians.

“We will continue to monitor developments closely and take pragmatic decisions that protect the interests of Ghanaians,” the minister stated.

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The Bank of Ghana (BoG) interbank exchange rate data showed all three major currencies appreciated against the cedi between July 27 and July 31.

The US dollar buying rate rose to GHc11.6801 on July 31 from GHc11.6292 on July 27, while the selling rate increased to GHc 11.6917 from GHc 11.6408.

Based on the buying rate, the cedi depreciated by about 0.44 per cent against the dollar over the period.

The euro recorded the strongest weekly gain.

Its buying rate climbed to GHc13.45 on July 31 from GHc13.24 at the start of the week, while the selling rate rose to GHc 13.48 from GHS 13.25.

The cedi consequently lost about 1.7 per cent against the single European currency.

The British pound also strengthened against the cedi.

The buying rate increased to GHc 15.73 on July 31 from GHc 15.5180 on July 27, while the selling rate rose to GHc 15.74 from GHc 15.53.

The cedi depreciated by about 1.38 per cent against the pound during the week.

The dollar recorded steady gains throughout the period, while the euro and the pound registered sharper increases toward the end of the week.

On July 31, the euro buying rate rose to GHc 13.45 from GHc 13.26 the previous day, while the pound buying rate increased to GHc 15.73 from GHc 15.48.

By the close of trading on July 31, the pound remained the highest-valued of the three currencies, with a selling rate of GHc 15.74, followed by the euro at GHc 13.48 and the US dollar at GHc 11.6917.

Overall, the cedi recorded its steepest weekly depreciation against the euro, followed by the pound, while its decline against the US dollar was comparatively modest.

Ghana processes less than 6% of cashew output as farmers face…

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Although Ghana produces hundreds of thousands of tonnes of cashew nuts annually, the country continues to capture only a small share of the value generated from the crop, as more than 94 percent of locally produced raw cashew nuts are exported or traded without being processed domestically.

A new independent study on Ghana’s cashew industry has revealed that the country processed only about 15,000 metric tonnes of raw cashew nuts in 2025, representing less than six percent of its estimated annual production of 262,000 metric tonnes.

The findings have renewed calls for urgent government intervention to transform the cashew industry from a largely raw-export business into a competitive agro-processing sector capable of creating jobs, generating tax revenue, stabilising markets for farmers and retaining more value within the country.

The report, Ghana Cashew Processing Sector and Roadmap for a Supportive Cashew Public Policy, was conducted by international agricultural economics consultancy Nitidae, with support from the Association of Cashew Processors of Ghana (ACPG), GIZ and the European Union Delegation to Ghana.

2025 price decline raises concerns

One of the major concerns highlighted by the study is the volatility of cashew prices and its impact on farming households.

In 2025, farm-gate prices reportedly started at about GH¢16 per kilogramme in January and rose to approximately GH¢20 per kilogramme in February. However, prices later declined sharply to around GH¢7 per kilogramme by May.

The significant drop has raised concerns about the vulnerability of farmers, particularly because many depend heavily on cashew sales as a major source of income.

The decline also reflects the risks associated with Ghana’s dependence on the export of raw cashew nuts. Without a strong local processing industry to provide an alternative and more structured market, farmers remain highly exposed to changes in international demand and fluctuations in the global raw-nut trade.

The price volatility was not limited to 2025. In 2023, farm-gate prices reportedly dropped from GH¢11 per kilogramme in March to GH¢2.80 per kilogramme in May.

The study noted that such sharp fluctuations create uncertainty for farmers and could discourage investment in the expansion and maintenance of cashew farms.

A stronger domestic processing industry, the report argued, could help create more stable and predictable markets for farmers while reducing the sector’s dependence on international buyers of raw nuts.

Ghana exports more raw cashews than it produces

Despite producing an estimated 262,000 tonnes of raw cashew nuts annually, Ghana exported approximately 444,000 tonnes of raw cashew nuts in 2025, mainly to Vietnam and India, the world’s two dominant cashew-processing countries.

The figures highlight a major paradox in Ghana’s cashew economy: the country exports significantly more raw cashew nuts than it produces.

According to Nitidae, the difference is largely explained by an estimated 165,000 tonnes of raw cashew nuts imported informally from Côte d’Ivoire, Mali and Burkina Faso and subsequently exported through Ghana’s Tema Port.

The study said Ghana’s relatively liberal raw cashew export regime, coupled with the absence of strong measures to promote domestic processing, has made the country an important trading route for raw cashew nuts while doing little to expand its own processing capacity.

As a result, Ghana participates significantly in the global cashew trade but captures only a small portion of the economic value generated through processing.

Jobs and revenue lost through raw exports

The consequences of limited local processing go beyond the export of an agricultural commodity.

According to the study, a modern cashew-processing factory with a capacity of 20,000 metric tonnes could employ at least 120 full-time workers and approximately 500 daily workers.

With Ghana’s current production levels, the report estimates that the country could potentially support more than 10 factories of a similar scale.

Such investments could create thousands of direct and indirect jobs across farming, transportation, logistics, packaging, engineering, manufacturing, finance and other related services.

Instead, much of the processing and associated economic activity takes place outside Ghana.

“Most of the added value is generated outside of Ghana,” the study observed, warning that the country’s continued focus on raw exports is limiting job creation and the development of businesses within the national economy.

The President of the Association of Cashew Processors of Ghana, Mr Antonio Manuel Caramelo Raposo, said the country was losing significant economic opportunities by exporting raw cashew nuts.

“Every tonne we export raw is a factory job, a tax cedi and a unit of foreign exchange we are choosing to send to Vietnam and India instead of keeping in Ghana,” he said.

He added that the study provides policymakers with a clear, data-driven roadmap for closing the gap between Ghana’s industrialisation ambitions and the investment conditions needed to achieve them.

High costs discourage investment

The study also identified high investment and operating costs as major obstacles to the growth of Ghana’s cashew-processing industry.

It estimated that establishing a modern 20,000-metric-tonne processing factory would cost approximately US$9.2 million in Ghana, compared with about US$5.3 million in Vietnam.

The cost of setting up an equivalent processing facility in Ghana is therefore almost twice that of Vietnam.

Ghanaian processors also face high electricity costs, expensive imported machinery and production inputs, limited industrial support systems and high borrowing costs.

The report noted that interest rates for businesses in Ghana could be around 20 percent, compared with approximately nine percent in Vietnam.

These conditions significantly weaken the financial attractiveness of investing in Ghana’s cashew-processing industry and make it difficult for local processors to compete with their counterparts in major processing countries.

Production grows, but processing remains weak

Ghana has recorded consistent growth in cashew production since 2016, with the Bono and Bono East regions forming the heart of the country’s cashew belt.

The study said Ghana has several advantages that could support the development of a competitive processing industry, including a growing supply of raw cashew nuts, access to quality nuts from neighbouring countries, the Tema Port and incentives available to industries operating under the Free Zones regime. However, the processing sector remains small.

The report identified only one major industrial processing facility currently operating, alongside a handful of smaller semi-automated and artisanal processors.

The result is a cashew value chain that remains largely centred on the trading and export of raw nuts rather than domestic industrialisation.

Call for stronger government intervention

The ACPG is calling on the government to treat cashew as an urgent, near-term priority under the 24-Hour Economy and Accelerated Export Development agenda rather than relegating it to a future phase.

The association argued that the government already has the evidence, policy tools and stated commitment to address the challenges confronting the sector and should act without further delay.

The ACPG said the findings reflect concerns President John Dramani Mahama and Senior Presidential Advisor and Coordinator of the 24-Hour Economy and Accelerated Export Development Secretariat, Augustus Goosie Tanoh, have raised about the economic cost of exporting raw materials instead of processing them locally.

President Mahama has previously stated that every shipment of unprocessed raw materials represents jobs exported to other countries, while Mr Tanoh has argued that Ghana cannot continue exporting raw materials and importing finished goods at the expense of domestic industry.

According to the ACPG, cashew presents a clear and immediate example of the challenge government has identified.

“Cashew is not a hypothetical case of the problem the President and Mr Tanoh have been describing all year it is that problem, with a name and a number attached,” the association said.

The ACPG argued that there is no longer a policy gap to debate, but rather a decision to be made on how quickly government will act to support local processing.

The association warned that every cashew season that passes without a supportive policy framework leaves farmers exposed to severe price fluctuations and allows more of Ghana’s raw materials to be processed into jobs, tax revenue and industrial value in Vietnam and India rather than in the Bono and Bono East regions.

It also cautioned that continued delays could cause Ghana to fall further behind regional competitors, including Côte d’Ivoire, Benin, Nigeria and Togo, which have already introduced policies to support local processing.

The ACPG is therefore urging the government to apply the same urgency and industrial policy tools used in other sectors to the cashew industry.

The Nitidae study identified Ghana as one of the few cashew-producing countries without a comprehensive policy framework specifically designed to support domestic processing.

Meanwhile, competing countries, including Côte d’Ivoire, Benin, Nigeria and Togo, have introduced different combinations of export levies, subsidies, incentives and industrial zones to support their processing industries whiles Ghana has not yet started.

The study, however, cautioned against imposing a blanket ban on raw cashew exports, arguing that such a policy could reduce farm-gate prices, encourage informal cross-border trade and discourage farmers from expanding production.

Instead, it recommended a balanced policy package that supports processors while protecting farmers.

Among the recommendations is a two-component levy on raw cashew exports, comprising a fixed tax and a floating component linked to international prices.

The report also proposed the establishment of a Cashew Development Fund to support farmers and promote processing, as well as tax and VAT exemptions for inputs used by cashew processors.

Other recommendations include improved access to working capital through Collateral Management Agreements and the development of dedicated agro-industrial parks in the Bono and Bono East cashew-producing areas.

A major opportunity at risk

The potential of Ghana’s cashew industry extends beyond the production of cashew kernels.

Cashew shells, which account for about 70 percent of the weight of raw cashew nuts, can be processed into Cashew Nut Shell Liquid, biofuel, briquettes, biochar and other industrial products.

Countries such as Vietnam and India have developed industries that generate additional income from these by-products, while Ghana’s processors continue to struggle to capture comparable value.

The study’s findings therefore raise a broader question about Ghana’s industrialisation agenda: Can the country continue exporting raw agricultural commodities and still achieve its ambition of building a strong manufacturing economy?

For Ghana’s cashew sector, the concern is no longer whether the country has enough raw materials.

The sharp decline in farm-gate prices in 2025, coupled with low domestic processing and continued dependence on raw exports, has exposed deeper structural weaknesses that require urgent attention.

Stakeholders are therefore urging the government to introduce evidence-based policies that make local processing competitive, provide more stable markets for farmers and unlock the jobs, revenue and industrial opportunities currently being created outside Ghana.

The future of Ghana’s cashew industry may depend not only on increasing production but also on the country’s ability to process more of what it produces.

The question is whether Ghana is ready to turn its cashew production into lasting industrial and economic value.

Government’s GH¢2 diesel subsidy not a long-term solution – IES

Speaking on Joy FM’s Top Story on Monday, August 3, Senior Research and Policy Analyst at IES, Derek Emmanuel Xatse, said the announcement aligns with the institute’s earlier recommendation that government step in to protect consumers from the impact of surging global oil prices.

“That is good news for all Ghanaians because IES earlier this morning also put out a press release suggesting that government should act immediately to cushion consumers. Having this response is good news for all Ghanaians and stakeholders in the energy sector,” he said.

He noted that rising fuel prices affect every segment of the economy, whether commercial operators, private businesses or individual consumers.

“One way or the other, we are all affected, whether for commercial activities, private businesses or other things,” he added.

While welcoming the intervention, Mr Emmanuel Xatse said he would have preferred the subsidy to also cover petrol consumers.

“Who would have thought that it could be extended to cover petrol consumers? That would have been another good news for us. But be that as it may, what we have right now is a measure that the government has implemented, and in a nutshell, it’s to cushion consumers.”

He cautioned, however, that the subsidy is unlikely to be sustainable over an extended period because of the significant financial cost involved.

“If we want to look at the quantum of money that the government is going to spend for this period, just look at what government spent when the war started. That was a huge amount of money, running into millions of cedis,” he said.

According to him, the uncertainty surrounding global crude oil prices makes it impossible to predict how long government may need to maintain the intervention.

“This is something that is volatile. Nobody can guarantee whether it will last for a week, two weeks, three weeks or four weeks,” he said.

Mr Emmanuel Xatse stressed that subsidies are temporary measures and should not be viewed as a permanent solution to fuel price volatility.

“What we know is that these are not long-term measures.”

He expressed hope that geopolitical tensions driving global oil prices would ease through diplomatic efforts, allowing crude prices to return to levels seen before the current conflict.

“What is also happening is that we always know there will be a roundtable discussion where probably there can be a ceasefire, and then prices will restore or come back to where they were before the war started,” he said.

The energy analyst further argued that the government’s intervention could help contain inflation by preventing transport operators from increasing fares.

“As you can hear, the transport unions are agitating for an increase in transport fares. When they increase their prices, there is no way that within the next two weeks or the second pricing window for August, they will be willing to reduce transport fares,” he explained.

He warned that higher transport fares would feed into broader inflation and reduce consumers’ purchasing power.

“That will definitely erode our purchasing power,” he said.

Looking ahead, Mr Emmanuel Xatse said government must pursue longer-term measures to protect consumers, including strengthening the cedi, which has recently come under pressure.

“The cedi for the past weeks has also been depreciating, which is not good for Ghanaians because rather than that, we would have been having more reductions at the pumps,” he noted.

He concluded that while the GH¢2 diesel subsidy is a welcome intervention, sustaining such relief will ultimately depend on government’s fiscal capacity and broader macroeconomic conditions.

“The taxes and margins that have been suspended are for consumers’ respite, and what we have today is good for all Ghanaians,” he said.

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NPA announces new fuel price floors effective August 4

According to the bank’s 2025 financial statement, it increased agricultural lending by more than 28 per cent compared to 2024, when it granted GH₵1.2 million in loans to the sector.

Chief Executive Officer of the bank, Abraham Coffie, said the institution remains committed to supporting agriculture as well as Small and Medium Enterprises (SMEs) to boost local economies.

“If you study our customer base, you will find that a significant portion of them are engaged in economic activities in the agriculture sector. So, if you fail as a bank to develop products for them, then you will be losing a very serious business opportunity,” he said.

Ghana’s agricultural sector continues to face challenges in accessing credit, with many financial institutions considering lending to the sector risky despite government interventions.

Research has shown that agricultural financing remains below expected levels, even among institutions specifically mandated to support the sector.

According to the management of Odotobri Community Bank, supporting agriculture is part of its mandate to promote food security and financial inclusion.

Mr Coffie explained that the bank has adopted strategies to minimise the risks associated with agricultural lending.

“We have carefully studied the needs of our farmers and our catchment areas. As a result of that study, the Bank, for the past five years, developed a policy to grant loans to our cherished farmers. And for the past five years, we have been experiencing 100 per cent loan recovery,” he said.

Apart from agriculture, small-scale industries, transport, trading and other sectors also contributed significantly to the bank’s lending operations.

In 2025, total loans and overdrafts granted by the bank increased to GH₵156.5 million, from GH₵89 million in 2024.

Operating performance and dividend

Odotobri Community Bank recorded a profit of GH₵24.2 million in 2025, which management attributed to increased revenue generation and effective expenditure control.

The bank’s total assets also grew by 28 per cent from GH₵583 million recorded in the previous year.

Share capital increased to GH₵6.6 million from GH₵5 million in 2024.

With shareholders’ funds growing by 46 per cent, the bank paid a dividend of GH₵3.6 million, representing 15 per cent of profit, to shareholders.

Board Chairman of Odotobri Community Bank, Benedict Boadi, urged shareholders to increase their investments to help sustain the bank’s growth and profitability.

“With more investment in shares, we can improve the services we render and our profit margins,” he added.

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In a public notice issued on August 3, the central bank said it had identified several digital credit service providers offering loans through online platforms despite not obtaining authorisation from the regulator.

The notice follows an earlier advisory on unlicensed Digital Credit Service Providers (DCSPs), referenced as Notice No. BG/GOV/SEC/2026/22, as the BoG continues efforts to strengthen oversight of Ghana’s rapidly expanding digital lending sector.

According to the Bank of Ghana, the activities of the unlicensed operators violate the Directive for Digital Credit Service Providers in Ghana, issued in September 2025 under Notice No. BG/GOV/SEC/2025/30, as well as other relevant laws.

The regulator urged the public to verify the licensing status of digital lending platforms before accessing their services to avoid potential financial and data-related risks.

The Bank of Ghana also reiterated its commitment to protecting consumers and ensuring that digital credit providers operate within the approved regulatory framework.

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Below is the full statement:

List of unlicensed loan apps

The Bank of Ghana identified the following 20 mobile loan applications as operating without the required licence or authorisation:

• Adamfo Loan
• Agyapacredit
• Amanfi Loan
• Arco Cash
• Aya Lend
• Bucks Now
• CediGo
• CGrab
• DumboCash
• FCash
• Gh Loans
• Gh Loans Pro
• Hasty Credit
• Newgry Money Tree
• Omanpesa
• PoPoCedi
• Ready Money
• Sika Tap
• Sikapa Loan
• Zigwe Loan

The central bank warned that the operations of these applications constitute significant breaches of customer data privacy, consumer protection requirements and established regulatory standards.

The Bank said it would continue working with relevant state institutions to identify, investigate and take enforcement action against operators of unlicensed digital lending platforms.

According to the BoG, the move is intended to protect consumers while preserving the integrity and stability of Ghana’s financial sector.

“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity and stability of the financial sector,” the notice stated.

The Bank has urged members of the public not to transact with unlicensed digital loan providers, warning that doing so could expose them to financial and privacy risks.

It also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers.

The regulator noted that financial institutions are expected to comply with Ghana’s regulatory framework and refrain from supporting entities operating outside the law.

The Bank of Ghana has encouraged members of the public who become aware of the activities of unlicensed loan providers to report them to its Fintech and Innovation Department at its headquarters in Ridge, Accra.

Reports can also be submitted via telephone on +233 30 273 9650 or by email through fintech@bog.gov.gh or digitalcredit@bog.gov.gh.

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Star Oil to reduce diesel price following Mahama’s GH¢2 intervention

In a statement issued on Monday, August 3, the authority said the new minimum prices were determined in line with the Petroleum Product Pricing Guidelines (PPPG) and are to be observed by all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs).

Under the revised price floors, petrol will sell at a minimum of GH¢14.53 per litre, diesel at GH¢14.97 per litre, liquefied petroleum gas (LPG) at GH¢11.06 per kilogramme, marine gas oil (MGO Local) at GH¢16.08 per litre and kerosene at GH¢14.46 per litre.

The NPA directed all OMCs and LPGMCs to comply with the approved price floors throughout the pricing window.

The authority, however, clarified that the price floors do not include premiums charged by International Oil Trading Companies (IOTCs), the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), or the marketers’ and dealers’ margins of OMCs and LPGMCs.

It explained that these additional cost components would be determined independently by the respective companies in accordance with the Petroleum Product Pricing Guidelines.

Meanwhile, the Presidency has announced a temporary reduction in the regulatory margin on diesel by GH¢2 per litre for one month, following a directive by President John Dramani Mahama.

The intervention, which takes effect during the same pricing window, is expected to cushion consumers against rising fuel prices, ease transportation costs and help contain inflationary pressures. The reduction is expected to moderate the impact of the revised diesel price floor on consumers at the pumps.

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