He said the country was moving in the right direction, with the foundation now in place to support economic take-off.

“Today we have turned the tide. We are moving the right direction. And I can assure you that based on the foundation that we have laid, this country is ready to take off,” Dr. Forson said.

The Finance Minister, however, stressed that the turnaround was not a reason to abandon caution. He said the stability underpinning the recovery must remain central to the country’s next steps.

“And we will take off cautiously. Bear in mind that all the gains we have made is dependent on us maintaining the macroeconomic stability,” he cautioned.

Dr. Forson said building on the progress achieved must go hand in hand with preserving its foundations.

“And so the gains that we will build on, we should not forget the foundation that we have laid,” he added.

He also reminded those entrusted with the country’s leadership that their mandate was to respond to a national crisis and work to the satisfaction of Ghanaians.

“We were elected to come and save a country in crisis. Don’t forget that. President Mahama and his members of parliament were elected to save this country because Ghana was in a crisis. Let us not forget that,” he said.

The Finance Minister emphasised that delivering on that mandate remained a shared responsibility, even as the country’s circumstances improved.

“Together, we have a responsibility. A responsibility to work to the satisfaction of the people of Ghana,” he said.

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GoldBod refines up to 90% of gold locally before export – Sammy Gyamfi

IMF raises Ghana’s 2026 growth forecast to 5.7%, sees inflation falling to 4.8%

The new growth forecast is 1.1 percentage points above the Fund’s April projection of 4.6% and exceeds the government’s 4.8% estimate in the 2026 Budget. The inflation forecast has been lowered from 7.9%.

The revised projections appear in the IMF’s latest economic outlook, released during the IMF–World Bank Annual Meetings in Bangkok, Thailand.

Fiscal discipline and gold earnings support outlook

The improved outlook has been linked to fiscal discipline, growth-focused public spending and strong commodity export earnings, particularly from gold.

Higher gold earnings have strengthened Ghana’s trade balance and helped build buffers against external shocks. The country’s commitment to targets under the Policy Coordination Instrument (PCI) has also been cited as a factor supporting the revision.

The upgrade follows a strong first-half performance. According to the Ghana Statistical Service, the economy grew by 6.0% in the second quarter of 2026, bringing growth for the first half to 6.2%.

However, sources close to the Fund have cautioned against excessive reliance on gold, urging the government to diversify export earnings to sustain growth and strengthen resilience.

The IMF expects growth to ease to 5.2% in 2027.

Inflation forecast to fall below 5%

The revised inflation forecast points to a further easing of price pressures, with the year-end rate projected to decline to 4.8% from September’s 5.2%.

That would put inflation below the lower limit of the government and the Bank of Ghana’s medium-term target range of 6% to 10%.

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GoldBod refines up to 90% of gold locally before export – Sammy Gyamfi

IMF raises Ghana’s 2026 growth forecast to 5.7%, sees inflation falling to 4.8%

He said the shift towards local refining was helping the country retain more economic benefits from its gold resources through job creation, refining fees and the use of silver, a by-product of the process, to support the local fabrication industry.

Speaking before the Public Accounts Committee (PAC) on Tuesday, October 13, Mr Gyamfi said GoldBod was on course to achieve, and potentially exceed, its gold purchase and export targets for 2025. He added that the institution was also expected to surpass its foreign exchange generation performance for the year.

He described the increase in domestic refining as a major change in how Ghana adds value to its mineral resources, noting that gold was not routinely refined locally before GoldBod was established.

“I’m happy to report to this Honourable Committee that, as we speak, about 80 to 90 per cent of the gold we purchase and export is refined here locally,” he said.

Mr Gyamfi said the development was creating employment opportunities for young Ghanaians, with local refineries operating around the clock to process the gold.

“That means jobs for the teeming unemployed youth, because these refineries are operating 24/7, employing Ghanaians,” he added.

He further explained that local refining was keeping more money in the domestic economy, as fees previously paid to refineries abroad were now going to operators in Ghana.

According to him, the arrangement allows the country to benefit beyond the extraction and export of raw gold by retaining a greater share of the value generated throughout the gold supply chain.

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IMF raises Ghana’s 2026 growth forecast to 5.7%, sees inflation falling to 4.8%

Labour Minister signs MoU to create 5,000 overseas jobs for Ghanaians

The growth forecast represents an increase of 1.1 percentage points from the 4.6% projected in April.

The projections are contained in the IMF’s latest economic outlook report, released on the sidelines of the Annual IMF/World Bank Meetings in Bangkok, Thailand.

Joy Business understands that the upward revision reflects Ghana’s commitment to fiscal discipline, spending targeted at stimulating growth, and strong commodity export earnings, particularly from gold.

Higher gold export earnings have supported the country’s trade balance and helped build economic buffers.

Ghana’s commitment to targets under the Policy Coordination Instrument (PCI) programme also contributed to the revised outlook, according to information available to Joy Business.

However, sources close to the Fund have expressed concern about Ghana’s reliance on gold exports and urged the government to diversify its export earnings.

The IMF expects growth to moderate to 5.2% in 2027.

Its 2026 forecast exceeds the government’s estimate of 4.8% outlined in the 2026 Budget, indicating a more optimistic assessment of Ghana’s growth prospects.

According to the Ghana Statistical Service, the economy expanded by 6.0% in the second quarter of 2026, bringing the first-half growth to 6.2%.

Inflation outlook

The IMF projects that Ghana will end 2026 with inflation of 4.8%, down from its April forecast of 7.9%.

The revised projection is also below the government’s and the Bank of Ghana’s target band of 8% ± 2 percentage points. That band ranges from 6% to 10%.

With September inflation at 5.2%, the IMF’s forecast suggests a further easing in price pressures by the end of the year.

Bank of Ghana internal projections cited by Joy Business had anticipated an increase in inflation in September, while expecting the year-end rate to remain within the target band.

If the IMF’s forecast materialises, Ghana would record single-digit year-end inflation for a second consecutive year, following a similar outcome in 2025.

World Bank on Ghana’s growth and inflation estimates

The World Bank, in its Africa economic update released in October 2026, maintained its growth forecast of 4.8% for Ghana, unchanged from April. It projects 4.9% growth in 2027.

The Bank expects growth to be supported by the services sector, a recovery in oil and gas activity, and continued progress with structural and fiscal reforms under national programmes.

It described economic activity in the second quarter of 2026 as robust, although growth moderated slightly, with real GDP expanding by 6.0% year-on-year.

On the expenditure side, the Bank said growth was supported by strong domestic demand. Investment increased by 53.0%, while domestic demand rose by 11.2%, reflecting continued strength in private and public spending.

Impact

The IMF’s improved outlook could strengthen investor confidence in Ghana’s economy and support efforts to attract foreign direct investment and additional assistance from development partners.

For investors, stronger growth and lower inflation could improve perceptions of economic stability and the prospects for returns.

Ghana’s participation in the PCI programme could also provide further reassurance to development partners about the government’s commitment to fiscal discipline.

The outlook comes alongside recent upgrades to Ghana’s credit ratings by Moody’s and Standard & Poor’s.

Together, these developments could improve Ghana’s borrowing conditions and potentially lower the cost of future financing, including any eventual return to the international capital market.

Global economic outlook

The IMF said global economic activity had remained resilient, with the technology upturn, existing buffers and economic adjustments helping to cushion the effects of geopolitical disruptions.

Nevertheless, it projects global growth to slow to 3.1% in 2026, then recover to 3.4% in 2027.

Global headline inflation is expected to rise to 4.7% in 2026, then ease to 4.1% in 2027. Energy-importing economies outside the technology value chain face the most challenging outlook.

The Fund warned that the factors supporting resilience have limits, with growth risks tilted to the downside.

Further escalation of conflicts, a reassessment of expectations surrounding artificial intelligence, renewed trade tensions and fiscal vulnerabilities could weaken economic activity.

Conversely, stronger investment in artificial intelligence, associated productivity gains, and a sustained easing of geopolitical and trade tensions could support faster growth.

The IMF also called for stronger fiscal frameworks to respond to disruptive shocks and rebuild room for policy action through revenue measures.

The agreement with Masa Depan Building Maintenance L.L.C. will cover jobs in construction, building maintenance and facilities management, with recruitment expected to begin with an initial batch of 500 workers.

The initiative is intended to expand employment opportunities for Ghanaians abroad while ensuring that recruitment is transparent and protects the rights and welfare of workers.

Under the agreement, the Ministry responsible for Labour, Jobs and Employment will coordinate recruitment in Ghana, verify job demands and employment contracts, and facilitate trade testing and skills certification.

The Ministry will also organise pre-departure orientation for successful applicants on UAE labour laws, workplace safety and workers’ rights.

These measures are expected to help prevent irregular recruitment practices, curb the charging of abusive recruitment fees and promote safe and orderly labour migration.

Masa Depan Building Maintenance L.L.C., represented by its Managing Director, Junhong Deng, will directly employ the recruited workers and assume responsibility for their wages, accommodation, insurance and other employer obligations.

The company will also cover specified recruitment-related expenses in the UAE, including visa and work permit fees, medical examinations, health insurance and air tickets from Ghana to the UAE.

To safeguard workers during their employment, the agreement provides for occupational safety training, the provision of protective equipment, the appointment of a worker welfare officer and a grievance mechanism through which employees can report concerns without charge or fear of retaliation.

A Joint Working Committee will also be established to monitor recruitment procedures, employment conditions, workers’ welfare and the implementation of the agreement.

The partnership forms part of the Ministry’s efforts to connect Ghanaians to job opportunities beyond the country while strengthening protections against exploitation and unfair recruitment practices.

It is also expected to support skills transfer and help returning workers reintegrate into Ghana’s labour market.

The agreement will operate within the applicable labour laws of Ghana and the UAE, as well as existing bilateral cooperation arrangements on labour mobility.

Recruitment and deployment will take place in phases, depending on the company’s specific workforce requirements and the procedures outlined in the MoU.

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The proposal is contained in the Liquidity Coverage Ratio (LCR) Directive, 2026, an exposure draft published by the central bank on October 9, 2026, to solicit comments from the banking industry and the general public.

In a notice on its website, the BoG said the consultation is being conducted in accordance with its Procedures for Issuance of Directives, 2020. Stakeholders have until November 30, 2026, to submit their comments.

Under the proposed framework, banks would be required to maintain a Liquidity Coverage Ratio of at least 100 per cent. This means their stock of eligible, unencumbered high-quality liquid assets must be sufficient to cover their total net cash outflows projected over the next 30 calendar days under prescribed stress conditions.

The measure is intended to strengthen banks’ ability to withstand sudden funding pressures and meet financial obligations during periods of significant market or institution-specific stress.

According to the draft directive, the framework is designed to improve the banking sector’s capacity to absorb financial and economic shocks while reducing the risk that liquidity problems in individual banks spill over into the wider economy.

How the proposed liquidity requirement would work

The LCR would be calculated by dividing a bank’s stock of eligible high-quality liquid assets by its total net cash outflows over the next 30 calendar days.

The qualifying assets must be capable of being converted into cash quickly, with little or no loss of value, and must be free from restrictions that would prevent their use during a period of stress.

The directive identifies cash, qualifying balances held with the Bank of Ghana and eligible government securities among the assets that may qualify as high-quality liquid assets. Other eligible securities may also be included, subject to specified conditions and regulatory discounts, known as haircuts.

The proposed framework places limits on the composition of the liquidity buffer. Level 2 assets would be capped at 40 per cent of the total stock of high-quality liquid assets, while Level 2B assets would be limited to 15 per cent.

Banks would also be required to assess potential cash outflows arising from deposit withdrawals, reduced access to wholesale funding, maturing financing obligations and customers drawing on previously committed credit facilities.

The draft further requires banks to conduct their own liquidity stress tests, including scenarios that are more severe and extend beyond the minimum 30-day supervisory requirement.

Implementation timeline

The BoG has proposed September 1, 2027, as the effective date of the directive. Banks would be required to align their internal policies, processes and systems with its provisions by August 31, 2027.

The draft also provides for a one-year pilot period following publication, during which banks would submit quarterly reports to the central bank using prescribed templates. Monthly reporting would be required after the pilot period.

The arrangements are intended to support the monitoring of banks’ liquidity positions and their compliance with the new regulatory framework.

Consultation and stakeholder submissions

The central bank is inviting banks and other interested stakeholders to examine the proposed requirements and submit comments before the directive is finalised.

Submissions should be sent by email to bsdletters@bog.gov.gh no later than November 30, 2026.

The BoG says it will consider all material comments received and provide written explanations addressing how they were treated in the final directive, including whether they were incorporated.

The consultation offers banks and other stakeholders an opportunity to raise concerns about the proposed framework and recommend changes ahead of implementation.

Part of broader banking-sector reforms

The proposed LCR requirement forms part of the BoG’s broader regulatory framework for strengthening liquidity risk management in the banking sector.

The exposure draft states that the directive is intended to complement the Liquidity Risk Management Directive, 2026, and the Liquidity Monitoring Tools Directive, 2026, providing both quantitative requirements and supporting liquidity-risk monitoring measures.

While the LCR would establish a minimum benchmark for banks’ short-term liquidity buffers, its implementation could require adjustments to treasury operations, asset allocation, liquidity forecasting and regulatory reporting.

The extent of these adjustments will depend on the final provisions adopted by the central bank following the consultation process.

The proposal is therefore a significant development in the regulation of bank liquidity in Ghana, with the final requirements expected to shape how banks prepare for and respond to periods of financial stress.

Brent crude futures fell $1.54, or 1.47%, to $103.18 a barrel by 0154 GMT, while US West Texas Intermediate crude fell $ 1.54, or 1.68%, to $ 90.31 a barrel.

ICE gasoil futures fell 3% to $1,436 per barrel ​after President Trump said on Friday that Russia will immediately supply more than 300,000 metric tons (2.25 million barrels) of diesel to US ​and global markets.

Russia would supply another 500,000 tons in November and a further 1 million tons “immediately thereafter”, Trump ⁠added. The daily diesel consumption globally is forecast at close to 29 million barrels, according to the International Energy Agency.

Trump also unexpectedly announced ​on Sunday that Ukraine and Russia had agreed to an energy ceasefire, but Ukrainian leader Volodymyr Zelenskiy said he was still waiting to see details ​of the energy ceasefire while Russia did not comment.

The announcements eased some of the immediate supply pressure, Tim Waterer, KCM Trade chief analyst, said.

“Questions remain over the validity and longevity of any such ceasefire, and without clearer evidence that it will actually hold, the extent of the pullback is likely to stay limited,” he added.

IEA’s ​Executive Director Fatih Birol said on Sunday that all members should assess whether additional diesel releases are necessary and that countries which have not yet fully delivered ​pledged volumes accelerate their remaining releases prioritising diesel.

CRUDE SUPPORTED BY MIDDLE EAST CONFLICT

However, the Middle East conflict continued to support Brent crude at above $100 a barrel.

The Houthis claimed ‌responsibility ⁠for a Saturday strike on Riyadh’s international airport that killed 13 people and wounded more than 300, while Saudi authorities reported that people were injured in a new attack on the airport on Sunday.

US President Donald Trump said on Saturday the United States was considering joining Saudi strikes on the Houthis in the conflict, a spillover from the wider war with Iran that the US and Israel launched in February.

In addition, more attacks on ​tankers sailing through the Strait of ​Hormuz have been reported so far ⁠this month, threatening to dampen a recovery in Middle East crude exports seen in September.

A tanker was struck by a drone in the vicinity of Sohar anchorage, Oman, while another was damaged by an unknown projectile while ​transiting the Strait of Hormuz, the United Kingdom Maritime Trade Operations reported over the weekend.

Goldman Sachs raised its Brent crude price forecast for December to $90 a barrel, up from $85 previously, its analysts, led by Daan Struyven, said in a note.

“We maintain our base case that continued adaptation of Mideast supply will eventually reduce crude oil prices, while potential renewed escalation still poses significant net upside risk,” the analysts said, estimating a ⁠risk premium ​of just over $20 a barrel.

“We forecast WTI prices, which are unusually low vs Brent ​because of high US-Europe shipping costs, to average $81 in December 2026 and $73 in 2027,” they added.

In the Gulf of Mexico, energy majors Shell, Chevron and BP were seeking to redeploy personnel ​and restore production at their platforms after Hurricane Isaias made landfall early on Saturday.

The institution sold US$130 million last Thursday at a rate of GH¢11.77 to the dollar, following a US$125 million sale on Tuesday.

The two transactions bring sales to participating banks to US$255 million since the platform began operating at the start of October 2026.

JoyBusiness understands that the transactions are direct foreign exchange sales rather than auctions. Participating banks do not bid competing exchange rates; GoldBod sells dollars at a uniform rate for each sale.

Sources say the sales are intended to complement the Bank of Ghana’s efforts to improve the availability of foreign exchange for commercial banks.

JoyBusiness understands that the sales were structured to promote transparency, fair access and equitable allocation.

Impact

The additional dollar supply could help ease pressure on the Ghana cedi as businesses seek foreign exchange to finance imports ahead of the Christmas festivities.

GoldBod earlier announced plans to sell US$1 billion to commercial banks in October to support stability in the foreign exchange market.

US$1 billion sale to banks in October

GoldBod’s programme is expected to generate about US$1.5 billion in total. Of this amount, US$1 billion will be sold to commercial banks, while US$500 million will be transferred to the Bank of Ghana to support the accumulation of foreign exchange reserves.

In a notice to commercial banks last month, the Bank of Ghana indicated that it did not anticipate undertaking a foreign exchange intermediation programme in October 2026.

JoyBusiness understands that the decision is linked to revised arrangements for foreign exchange receipts from gold exports in the artisanal and small-scale mining sector.

Although the central bank has not officially explained the decision, some market participants have linked it to GoldBod’s planned supply of dollars from gold export proceeds.

The Bank of Ghana said it remained prepared to intervene when necessary to maintain orderly market conditions while preserving exchange rate flexibility.

Twice-weekly FX sales

Under the new framework, GoldBod will sell foreign exchange twice a week, on Tuesdays and Thursdays, with participating banks submitting requests during a designated sales window.

Where demand exceeds availability, allocations will be made on a pro-rata basis to ensure transparent and equitable distribution.

Transactions will be settled on the same day, with the US dollar leg completed by 3pm and the Ghana cedi leg by 4pm.

Participating banks must declare that their requests are backed by actual unmet foreign exchange demand or evidence of a short position. They must also comply with Bank of Ghana regulations and directives.

GoldBod said these requirements are intended to ensure that the facility meets genuine market demand and is not used for speculative purposes.

The programme will operate under the Bank of Ghana’s regulatory oversight. The central bank will have real-time access to the GoFX platform, and GoldBod will submit transaction reports after each sale.

The platform supports electronic submission and allocation processing, time-stamping, transaction histories and audit trails. GoldBod said these features would strengthen transparency, accountability and post-trade verification.

The details were outlined at a meeting between GoldBod and commercial banks ahead of the rollout of the Spot FX Sales and Intermediation Framework.

The framework is designed to provide authorised commercial banks with predictable, transparent access to US dollars through the GoFX platform.

The meetings, scheduled for October 12 to 18, come ahead of the 2027 budget, in which Dr. Forson is expected to unveil the New Economy, the government’s blueprint for Ghana’s next phase of economic development.

In Bangkok, the Finance Minister is expected to engage world leaders, senior representatives of international financial institutions, and fellow finance ministers in a series of bilateral meetings and multilateral discussions.

His programme includes talks with the IMF’s leadership, senior World Bank officials, and other multilateral institutions, alongside engagements with development and financial partners.

This year’s gathering is the first to be held outside Washington, D.C., since Dr. Forson assumed office as Finance Minister in 2025.

Ghana heads into the discussions amid positive assessments from the Bretton Woods institutions for its progress in restoring economic stability following the 2022 crisis.

That recovery provides the backdrop to the government’s next major policy undertaking: moving beyond stabilisation to build an economy capable of sustaining growth and delivering lasting development.

The forthcoming New Economy blueprint is expected to set out that direction, with the 2027 Budget providing details of how the government intends to translate its development ambitions into policy and action.

Dr. Forson signalled this shift during his presentation of the 2026 Mid-Year Fiscal Policy Review.

“Stabilisation was never the destination. It was the price of entry,” he stated.

The Bangkok engagements therefore come at a significant moment for Ghana, with international recognition of its recovery coinciding with preparations to set out what comes next.

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The auction results show that investors tendered bids across the 91-day, 182-day and 364-day instruments, with the Treasury accepting more than its target despite offering lower returns than in the previous auction.

The 91-day bill attracted GH¢3.29 billion in bids, of which GH¢3.01 billion was accepted.

The 182-day instrument received GH¢1.31 billion in tenders, with GH¢1.26 billion accepted, while the 364-day bill attracted GH¢468 million in bids, of which GH¢136 million was taken up.

The acceptance pattern indicates that the Treasury relied mainly on the shorter-dated instruments to meet its financing needs, accepting less than a third of the bids submitted for the one-year bill.

Yields declined across all three maturities. The rate on the 91-day bill fell to 4.60% from 4.64%, while the 182-day yield eased to 6.28% from 6.32%. The 364-day rate also dropped to 9.75% from 9.80%.

Although the reductions were modest, the lower rates suggest investors were willing to accept slightly reduced returns on government securities.

The difference between the 91-day and 364-day yields remained significant, with the longer-dated instrument offering a higher return in exchange for a longer commitment of funds.

The strong uptake could support government’s efforts to manage short-term borrowing costs if demand persists in subsequent auctions.

However, future results will be important in determining whether yields continue to decline and how much flexibility the Treasury has to reduce its financing costs.

Speaking at the University for Development Studies (UDS), Nyankpala Campus, Dr Forson said Ghana’s challenge was not simply to grow its economy, but to transform how it produces, trades and creates opportunities for its citizens.

“Ghana has had moments of growth. But growth alone has not been enough,” he said.

“We have grown, but not transformed enough. We have exported too much in raw form and imported too much in finished form.”

The Finance Minister said the country’s experience showed that periods of economic stability had not sufficiently addressed the weaknesses that repeatedly exposed it to financial difficulties.

“We have celebrated stability, only to return later to pressure, debt, inflation and adjustment,” he noted.

For young Ghanaians, he said, the consequences were evident in the gap between the education and training they received and the employment opportunities available to them.

“We have trained young people, but the economy has not created enough decent jobs to absorb their energy and talent,” Dr Forson said.

He identified these challenges as the central reason for the New Economy agenda, which seeks to strengthen local production, add value to Ghana’s agricultural and mineral resources, and create jobs within the country.

“That is the problem the New Economy is coming to solve,” he stated.

Dr Forson explained that the agenda would focus on building an economy capable of producing more of the goods Ghanaians consume, while moving beyond the export of raw commodities.

“It is about building an economy that produces more of what we consume. It is about adding value to what we grow and what we mine,” he said.

He stressed that the intended outcome was for economic progress to translate into employment and tangible benefits for citizens, rather than remain detached from their everyday circumstances.

“It is about creating jobs here at home. It is about making sure that stability shows up in people’s lives.”

 Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana, said AI had the potential to improve credit assessment, fraud detection, customer service, risk management and operational efficiency in financial services.

However, he cautioned that technology also introduced risks relating to data quality, model risk, cybersecurity and consumer protection.

“Our approach will seek to promote responsible experimentation and innovation while ensuring appropriate governance throughout the AI lifecycle,” he said.

Dr Asiama announced this at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra on Thursday.

The proposed directive forms part of the bank’s broader efforts to strengthen regulatory and supervisory frameworks as digitalisation transforms financial services.

Dr Asiama said digitalisation had improved efficiency, convenience and financial inclusion but had also created new channels through which risks could emerge.

He identified cybersecurity, digital fraud, data protection, third-party dependencies and cloud computing among the areas receiving increasing supervisory attention.

The Governor said the bank continued to work with the Ghana Association of Banks and industry players to facilitate the implementation of its revised Cyber and Information Security Directive.

The bank also intended to undertake thematic reviews focusing on the implementation of the revised directive.

Dr Asiama urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than merely technology issues.

He said regulatory and supervisory frameworks must continue to evolve in response to technological change and increasingly interconnected financial risks.

The Governor called on banks to build strong risk-management cultures and sustainable business models to ensure that innovation supported the development of a resilient financial sector.

He said the country could no longer accept a situation in which education fails to lead to employment, talent remains unsupported and productive effort yields little opportunity.

“Unemployment is personal. It is the graduate who has finished school but cannot find work. It is the young person with talent but no capital,” he said.

Dr Forson’s message places jobs and economic opportunity at the centre of the New Economy, drawing attention to the everyday struggles behind unemployment figures.

He highlighted the plight of farmers who produce without reliable markets and small business owners whose ambitions to expand are frustrated by the cost of credit. His remarks underscored the need to address both the search for work and the obstacles facing those capable of creating it.

For families, he said, the burden is particularly painful after years of sacrifice to finance a child’s education.

“It is the family that sacrifices to educate a child, only to watch that child sit at home.”

The Finance Minister rejected the idea that such experiences should become an accepted feature of national life.

“No serious nation can accept this as normal. The New Economy says Ghana must no longer accept it.”

He made these remarks in an engagement with students and faculty of the university of development studies at their Nyankpala Campus

In a statement issued on October 9, 2026, the Authority said preliminary investigations into the incident involving Gifty Osei Bonsu established that a temporary failure of its payment system prevented officers from immediately issuing an official receipt.

According to the GRA, Ms Bonsu arrived in Ghana aboard an Egypt Air flight on October 3 and was referred for further checks after her luggage was selected for inspection at the Red Channel in the airport’s Arrivals Hall.

The examination reportedly uncovered 20 pairs of new women’s shoes, nine new women’s dresses, 18 new men’s shirts and four new wigs.

Customs officers subsequently assessed a duty of GH¢807.68 on the 20 pairs of shoes.

However, the Authority said the Integrated Customs Management System (ICUMS) was temporarily unavailable, disrupting the payment process and delaying the issuance of an official receipt.

The GRA explained that Ms Bonsu, who indicated that she needed to catch a flight, initially paid GH¢600 towards the duty. A friend later paid another GH¢200, bringing the amount collected to GH¢800.

The system was restored after the passenger had left the airport, allowing the full duty to be paid into the GRA’s revenue account at Ecobank Ghana Limited on the same day. An official receipt was subsequently issued in Ms Bonsu’s name.

The Authority added that the Customs officers involved used their personal funds to cover the outstanding GH¢7.68 difference between the amount collected and the assessed duty.

“The Authority wishes to assure the public that the transaction was undertaken in good faith and that the assessed duty was duly accounted for,” the statement said.

Despite defending the transaction, the GRA acknowledged the delay in providing the service and apologised to Ms Bonsu for the inconvenience.

It said alternative arrangements had been introduced to support passenger services whenever the customs system experiences interruptions.

The Authority has also begun reviewing its standard operating procedures for Customs officers dealing with travellers at the country’s entry points.

The review will focus on professional communication, transparency in duty assessment and collection, and the proper documentation of transactions.

In addition, the GRA said it was developing an improved passenger information process to provide clearer guidance on customs requirements, how duties are calculated and paid, and the channels available for passengers to seek clarification, dispute assessments or lodge complaints.

Second Deputy Governor Mrs Matilda Asante-Asiedu announced this on Wednesday, October 7, at the commissioning of Advans Ghana Savings and Loans’ new head office in Dzorwulu, Accra. She said the directive would require Regulated Financial Institutions (RFIs) to establish robust credit risk management frameworks covering credit underwriting, loan administration, risk measurement, monitoring, and recovery.

“This directive aims to ensure that Regulated Financial Institutions (RFIs) develop and implement appropriate frameworks for managing their credit risk by establishing a robust credit risk environment; a sound credit-underwriting process; and maintaining appropriate credit administration, measurement, monitoring, and recovery processes and functions.”

The directive will also set clear requirements for how institutions assess borrowers, manage credit risk and monitor loans, to reduce the accumulation of bad debts.

Savings and loans NPLs rising against the industry trend

The announcement comes as the savings and loan sub-sector faces growing pressure to improve its loan portfolios. The BoG expects RFIs to bring their NPL ratios down to no more than 10% by the end of December 2026. Even as the industry-wide ratio improved, the sub-sector’s deteriorated.

“The banking industry’s ratio stood at 16.1 per cent at end-June 2026, down from over 23 per cent a year earlier. However, for the Savings and Loans sub-sector, the NPL deteriorated from 15.35% in June 2025 to 19.44% for the same period in 2026. So, there is real work ahead of us in this last quarter to bring this in line with the regulatory expectation,” she said.

The Deputy Governor noted that the BoG’s 2025 Notice on Non-Performing Loans had already set supervisory expectations for credit risk governance, prudential limits for NPL ratios and remedial measures for willful defaulters. The new directive reinforces these measures by requiring stronger credit risk management systems and more effective oversight of lending across the loan cycle. It complements existing regulatory measures to improve asset quality and strengthen the financial system.

Broader reforms of the savings and loans and microfinance sub-sectors

MMrsAsante-Asiedu said the directive is part of wider reforms to the savings and loans and microfinance sub-sectors. These sub-sectors, she said, have extended financial services to young people, women and micro, small and medium-sized enterprises (MSMEs), and have supported employment and financed businesses often overlooked by conventional banks. She stressed that a sector carrying that responsibility must be strong enough to bear it, which is why the BoG is reforming it.

Under the reforms, the former Tier 1 to Tier 4 classification will be replaced by four categories, each with a defined mandate:

• Microfinance Banks
• Community Banks
• Credit Unions
• Last Mile Providers

Existing savings and loans companies may transition into Microfinance Banks, which will be deposit-taking institutions serving MSMEs, groups and individuals.

The reforms are to improve regulatory consistency, reduce opportunities for regulatory arbitrage and strengthen governance. Institutions in the same category will be held to the same standards, and boards and management teams will be required to demonstrate the necessary skills, expertise, and ethical standards. The Second Deputy Governor said the reforms should rebuild public confidence, deepen financial inclusion, attract investment, and strengthen local participation and ownership.

December capital deadline

Mrs Asante-Asiedu reminded existing institutions seeking to become Microfinance Banks that they have until December 31, 2026, to meet the minimum capital requirement of GH¢50 million. New entrants must meet GH¢100 million. Institutions may meet the requirement independently; merge with, or be acquired by, another institution; transfer their assets and liabilities to a qualified institution through an orderly process; or exit voluntarily.

She commended Advans Ghana for its commitment to meeting the new capital requirements and praised the Advans Group for supporting its Ghanaian subsidiary.

“We encourage other foreign shareholders to show a similar level of commitment to support their Ghanaian subsidiaries as all institutions work towards the end-of-year deadlines, for capital and for non-performing loans alike.”

She called on financial institutions, government agencies, development partners, and customers to support the reform process, stressing that success depends on collective commitment to compliance, transparency, innovation, and professionalism.

“The aim is a sector in which every institution is strong enough to protect its depositors and keep serving its clients.”

READ ALSO:

Mahama congratulates Kasapreko PLC on successful GSE listing

We must properly account for every cedi of public money – Finance Minister

The fresh capital injection pushes Prudential Bank’s capital levels comfortably above the central bank’s minimum requirement. More importantly, it gives one of Ghana’s oldest indigenous banks the financial muscle to step up lending and grow its operations.

According to the bank, the funds will focus on three main areas:

• Better Customer Experience: Upgrading technology and improving overall service across branches and digital channels.
• Business Financing: Expanding lending capacity for small and medium enterprises (SMEs) as well as larger corporate clients.
• Digital Transformation: Speeding up the launch of new digital tools and online banking services.

Commenting on the deal, Acting Managing Director of Prudential Bank, Ebow Quayson, said the investment gives the bank the runway it needs to execute its long-term goals.

“This investment significantly strengthens Prudential Bank and enhances our capacity to deliver on the priorities we have set for the Bank,” Quayson said.

“It gives us greater capacity to invest in technology and service delivery, support the growth of our customers and their businesses, accelerate our digital transformation and position the Bank for its next phase of sustainable growth,” he added.

Broader Expansion Plans

Board Chairman of Bloom Africa Holdings, Gabriel Edgal, explained that the investment is part of a broader vision to build a connected regional banking network.

“Prudential Bank has a strong legacy in Ghana, built on a deep understanding of its customers, businesses and the market it serves,” Edgal noted. “We want to build on that foundation as part of a truly Pan-African financial institution that understands local markets and the businesses that drive them, while connecting those businesses to capital and opportunities across the continent.”

Bloom Africa Holdings Ghana Limited is the Ghanaian subsidiary of Mauritius-based Bloom Africa Holdings Limited, an investment firm actively building a footprint across West Africa. The parent company already holds banking assets in The Gambia, Sierra Leone, and Liberia.

With regulatory hurdles now cleared, Prudential Bank management expressed gratitude to the Bank of Ghana, shareholders, and customers for their support throughout the approval process.

Kasapreko PLC on June 15, 2026, officially entered a new chapter in its 38-year journey following its successful listing on the GSE, cementing its position as one of Ghana’s most significant indigenous business success stories. 

The listing follows a landmark Initial Public Offering (IPO) that attracted approximately GH¢1.72 billion in investor demand, representing a subscription rate of 246 per cent and making it one of the most successful public offers in the recent history of Ghana’s capital market.  

President Mahama said many Ghanaian companies are afraid to list on the Stock Exchange because they fear that if they do, and others invest in the company, they will lose control of it.  

“That is not true. Kasapreko has invested, listed on the Ghana Stock Exchange, which is performing very well, and has raised GHC700 million, which it is investing in its new factory at Adeiso,” the President said. 

“Congratulations on your successful listing, and I am sure that Kasapreko, after the Adeiso factory, will open many more factories, so that is what it is all about, creating jobs for our young people.” 

President Mahama said it gladdened his heart to visit factories such as Kasapreko and see young people gainfully employed. 

He said the government would continue to encourage businesses to invest and expand their operations to create more employment opportunities for Ghanaians. 

He recalled visiting Kasapreko 11 years ago, when the company was relatively smaller, to inaugurate its Production Line Three. 

“Today, in this factory alone, they have expanded to Production Line 8, producing all kinds of products, both for the Ghanaian market and for the foreign market,” he said. 

The President described Kasapreko as a proud Ghanaian brand and a model that other indigenous enterprises could emulate. 

He said Ghanaian entrepreneurs had the capacity to build successful manufacturing businesses and compete effectively with foreign-owned companies. 

He said in the past, the assumption was that industry and manufacturing were for Lebanese, Indians and Chinese, and theirs was trade.  

“We can also invest and do the same thing that everybody else is doing. I always feel proud when I come and see Kasapreko growing in leaps and bounds,” the President said. 

“We have just seen the new factory that is coming up in Adeiso. I am looking forward to sometime next year when we will have the opportunity to come and commission it, and that is going to add more jobs for our young people.” 

President Mahama said new industries were emerging under the Government’s 24-Hour Economy initiative, while some existing businesses were expanding production because of what he described as an improved enabling economic environment. 

“We are exercising fiscal discipline. We are making sure that Government is living within its means and we are creating space for the private sector to grow.” 

The President said the Government had introduced two key initiatives under its Resetting Ghana Agenda to support industrialisation: the 24-Hour Economy initiative and the Accelerated Export Development Programme, which he chairs. 

He said the Ministry of Trade had also been redesignated as the Ministry of Trade, Agribusiness and Industry to broaden its mandate and give greater attention to industrial development. 

President Mahama said the reorientation of the Ministry had helped to bring industry into focus and given businesses a stronger voice in Government. 

He commended Mrs Elizabeth Ofosu-Adjare, Minister of Trade, Agribusiness and Industry, for working to bring industry’s concerns and challenges to the Government’s attention for redress. 

Speaking in Tamale at an engagement on the 2025 Auditor-General’s Report with Regional Ministers, Metropolitan, Municipal and District Chief Executives, Dr. Forson said Ghana could no longer afford waste in the management of public resources.

The engagement, held under the theme “Recovering Every Cedi,” brought together key regional and local government leaders to strengthen financial accountability, improve compliance, and ensure that public funds are used strictly for their intended purposes.

“Ladies and gentlemen, Ghana does not have the luxury of wasting public resources. Every cedi already has a job waiting for it,” Dr. Forson said.

“It can buy medicine, repair a classroom, desilt a drain, improve a market, or maintain a feeder road. So, when a cedi is wasted, left uncollected, or poorly spent, somebody, somewhere, loses a service.”

The Finance Minister said the theme must go beyond a conference slogan and become a practical discipline across all levels of government.

“That is why ‘Recovering Every Cedi’ cannot remain just a slogan on today’s banner. It must become a way of working: collect what is due; protect what is collected; spend what is approved; account for what is spent; recover what is owed; and prevent it from happening again,” he stated.

Dr. Forson stressed that financial accountability is not only about compliance with audit rules, but about protecting services that directly affect the lives of citizens.

He said public funds must translate into visible improvements in communities, including better schools, roads, health facilities, markets, drainage systems, and local infrastructure.

He urged Regional Ministers, MMDCEs and Coordinating Directors to take audit findings seriously, recover funds where necessary, close loopholes, and strengthen internal controls to prevent future losses.

The meeting was attended by several Regional Ministers, including the Northern Regional Minister, Ali Adolf John; Savannah Regional Minister, Salisu Be-Awuribe Issifu; North East Regional Minister, Ibrahim Tia; Upper West Regional Minister, Puozuing Charles Lwanga; Oti Regional Minister, John Kwadwo Gyapong; and Upper East Regional Minister, Akamugri Donatus Atanga.

He said mutual respect, teamwork and accountability were critical to improving institutional performance and achieving the government’s energy sector objectives.

Dr Jinapor gave the warning at the 2026 Energy Sector Performance Review Retreat, organised by the Ministry of Energy and Green Transition at Volta Seren Hotel in Ho from October 7 to 10.

Addressing board chairpersons and chief executives, the Minister reminded them that their appointments were temporary and that no official was above accountability.

He urged all appointees to support President John Dramani Mahama’s development agenda and work collaboratively to improve the performance of their respective institutions.

“Anybody who thinks he’s untouchable, please, you are making a big mistake,” Dr Jinapor cautioned.

He explained that executive authority rested with the President, who appoints ministers and, through the appropriate processes, board members and chief executives to implement government policies.

The Minister warned that disagreements between board chairpersons and chief executives, as well as tensions between executives and their deputies, could undermine institutional performance.

He urged chief executives to respect their boards and seek approval before making major financial commitments, while board members were expected to provide effective oversight and ensure that government policies were properly implemented.

He also advised deputies to support their superiors rather than undermine their authority, stressing that teamwork was essential to achieving institutional goals.

Dr Jinapor said he hoped the government would not have to dissolve any more boards during his tenure, urging appointees to improve their working relationships and remain focused on delivering results.

Power sector challenges

Touching on electricity supply, Dr Jinapor commended the Ghana Grid Company Limited (GRIDCo) and the Volta River Authority (VRA) for restoring power in record time following the August 1 incident, which resulted in the loss of approximately 1,000 megawatts of electricity.

He said the incident exposed weaknesses in the transmission system and highlighted the need for investment in modern infrastructure to prevent similar disruptions.

According to him, work is underway to establish an interim containerised substation while plans progress for an ultra-modern transmission infrastructure and control centre.

The Minister also disclosed that the Electricity Company of Ghana (ECG) had faced a shortage of about 600 transformers, contributing to electricity distribution challenges.

He said the government had facilitated the procurement of approximately 3,000 transformers, some of which had already been deployed to improve power distribution.

Dr Jinapor further revealed that the government was working with the Ministry of Finance to mobilise US$500 million for investment in the transmission network.

On electricity generation, he cautioned against excessive investment that could place unnecessary financial pressure on the country, insisting that future decisions must be guided by actual demand, available capacity and affordability.

He said the government was also collaborating with the VRA to restore idle power plants to service to strengthen electricity supply.

Jinapor urges ECG to improve revenue collection

The Minister highlighted improvements in payments to Independent Power Producers (IPPs), saying most were now receiving nearly 100 per cent of their bills, compared with about 40 per cent when the current administration assumed office.

He argued that greater investment in locally owned power generation companies could help retain more revenue within Ghana and reduce pressure on the cedi.

Dr Jinapor also urged ECG to improve its billing and revenue collection efficiency.

He welcomed plans to engage private sector operators in meter reading and billing, with payments made electronically, as part of efforts to improve revenue mobilisation and strengthen the financial position of the electricity distribution company.

TOR commended for turnaround

The Minister singled out the Tema Oil Refinery (TOR) as an example of the results effective leadership and teamwork could deliver, commending its management for reviving the facility without seeking financial support from the government.

He said TOR’s turnaround demonstrated that state-owned enterprises could overcome significant challenges through commitment, innovation and cooperation.

Dr Jinapor also expressed optimism about the petroleum sector, saying the decline in production recorded in previous years had been halted.

He attributed the improved outlook to renewed investor interest and agreements with companies expected to undertake further exploration and drilling activities.

The Minister urged stakeholders to sustain the momentum and work together to build an energy sector that delivers reliable, affordable, sustainable and resilient power to support Ghana’s economic transformation.

During the operation on Wednesday, October 7, 2026, the management of the showroom denied officials of the authority entry into the premises. The ensuing confrontation, after the officials attempted to gain access, resulted in one of the officers being assaulted.

The incident also resulted in the phone of one of the officials being damaged when security personnel of the showroom attempted to prevent him from recording the confrontation.

The Assistant Commissioner in charge of Accra Area Enforcement at the authority, Mr Joseph Adjeikwei Annan, who led officers to the showroom on Thursday, October 8, 2026, said the incident followed an intelligence-led compliance check initiated by the authority.

He said the officers had been dispatched from the authority’s headquarters after information received prompted the compliance exercise, but they encountered resistance when they attempted to enter the premises.

“The information we got at the office was that they were refused entry and were assaulted. In fact, one of our officers lost their ID. It was broken,” Mr Annan said.

He said the officers involved had already given their statements to the authority, while the Criminal Investigations Department would take statements from the management of the showroom as part of efforts to establish what transpired.

He said the authority had also taken records from the business premises for examination and would determine whether further compliance checks or a tax audit would be necessary.

He stressed that assaulting an officer of the authority constituted a criminal offence and warned members of the public against attacking revenue officers in the course of their duties.

“Assault is a crime, section 85 of the Revenue Administration Act prescribed a maximum prison term of 20 years for certain offences involving obstruction or assault of revenue officials,” he said.

He added that the police would determine the next steps after taking statements from both sides and conducting investigations.

Jamila Home’s account

The Economic Advisor to Jamila Home, Mr Hillarius McCash, who explained what led to the confrontation, said the showroom operated differently from conventional showrooms because it dealt in expensive luxury antiques and did not allow unrestricted walk-in access.

According to him, clients were normally educated at the entrance before being allowed into the showroom, while prospective buyers were required to book appointments for private viewings.

He said the officer who visited the premises on Wednesday arrived when the particular official responsible for the relevant documents was unavailable.

“We asked the officer to wait, reschedule the visit, or allow the documents to be brought to the GRA office but the request was not accepted,” he narrated. He said the situation escalated when the officers entered the premises, leading security personnel to intervene.

Tax compliance

On tax compliance, Mr McCash said Jamila Home had been filing and paying its taxes in accordance with its business operations. He said the company’s records were available for inspection and that its Value Added Tax payments were up to date, with the latest payment made about a month earlier.

He explained that the company’s business model involved customers paying for antiques over an extended period, with the items sometimes remaining with suppliers until customers completed payment.

He said the business did not operate on frequent sales, with periods of two to five months sometimes passing without a sale.

Mr McCash said the company was prepared to work with the authority to resolve any concerns arising from the compliance exercise.

Also read:

• GRA warns public against attacking officers

• GRA warns public against fake recruitment advert

The advert claims to offer employment opportunities to qualified and motivated Ghanaians in areas including music, fashion design, art, driving, catering and woodwork.

However, in a Facebook post, GRA shared a graphic carrying a “SCAM” warning that urges applicants to be cautious and verify recruitment information through the GRA’s official channels.

The notice advises interested applicants to visit the Authority’s official website, www.gra.gov.gh, for recruitment details and instructions on how to apply when vacancies are available.

It also encourages job seekers to rely on the official recruitment portal rather than unverified adverts when seeking employment opportunities with the Authority.

The warning comes as a reminder to applicants to verify the authenticity of recruitment announcements before submitting personal information or acting on claims of available jobs.

Also read:

• MoH announces mop-up recruitment for 465 nursing and pharmacy vacancies

• AMA opens recruitment for revenue collectors, public health officers

The call was made by the Commissioner of Insurance, Dr. Abiba Zakaria, during the 2026 Insurance Debate, which seeks to deepen insurance awareness among young people and encourage a better understanding of the industry’s role in national development.

The event, organised by the Insurance Awareness Coordinators Group in collaboration with industry bodies, including the Ghana Insurers Association (GIA) and the National Insurance Commission (NIC), is being held under the theme “Think Future, Think Insurance.”

Eight tertiary institutions are participating in the debate: Ada College of Education, the University of Cape Coast (UCC), Mt. Mary College of Education, Komenda College of Education, St. Francis College of Education, the University of Ghana Business School (UGBS), Accra Technical University and Ho Technical University.

Speaking at the event, Dr. Zakaria identified limited public awareness as one of the key reasons many Ghanaians fail to turn to insurance when disasters strike.

She stressed that greater public education was necessary to help people understand how insurance works and the financial relief it can provide when unforeseen events threaten their livelihoods.

To illustrate the importance of insurance, she cited the example of a cocoa farmer whose farm is destroyed by fire. Such an incident could result in significant financial losses, leaving the farmer struggling to recover and support the family.

However, with appropriate insurance coverage, the farmer could receive financial assistance to recover from the loss and rebuild the business.

Dr. Zakaria explained that such real-life situations demonstrate why insurance should be viewed not simply as an expense, but as an important means of managing risk and securing the future.

She noted that the insurance industry had made public awareness a key priority and urged the participating students to take the message beyond the debate platform by educating their peers, families, and communities about the benefits of insurance.

According to her, empowering young people with the right knowledge could help address misconceptions about insurance and encourage more Ghanaians to make informed decisions about protecting their assets and livelihoods.

Meanwhile, the General Secretary of the Insurance Brokers Association of Ghana (IBAG), Kofi Okoampah Akoto, has called on participants to pay greater attention to the practical roles of insurance brokers and agents in the industry.

He emphasised that insurance professionals possess the technical knowledge and hands-on experience needed to help students develop a deeper understanding of insurance and present arguments that reflect real-world challenges.

The association believes that greater interaction between students and industry practitioners would make the debates more practical and relevant, while helping participants appreciate how brokers and agents guide clients in identifying risks, choosing suitable policies, and navigating the insurance process.

The participation of the eight institutions provides an opportunity for students from different academic backgrounds to examine insurance-related issues, challenge misconceptions, and explore how insurance can contribute to financial security and economic resilience.

Beyond the competition, the debate is expected to encourage a new generation of insurance advocates who can help spread awareness and promote a stronger culture of risk management in Ghana.

As individuals, farmers and businesses continue to face uncertainties, the message from the NIC remains clear: understanding insurance today can make a significant difference when disaster strikes tomorrow.

Through the 2026 Insurance Debate, organisers and industry stakeholders are reinforcing the importance of education, preparedness, and informed decision-making in building a financially secure society.

President Mahama said Tema was a city where Ghana’s founding President, Dr Kwame Nkrumah, planted the industrial ambitions of a young republic, and it remains the place where that ambition was most visibly at work. 

The President noted that investment that was being commissioned retired a production line that served the factory faithfully for more than 30 years but had reached the limits of its capacity. 

It is being replaced with an expanded factory production line capable of producing nearly 30,000 tons per year. 

Using the newly commissioned line, President Mahama explained the government’s flagship 24-Hour Economy programme to mean “a factory that never sleeps, it works 24-7, and it supports approximately 1,200 full-time workers and about another 1,300 third-party workers.” 

The President said he was happy to announce that 94.4 per cent of the employees of Nestlé were Ghanaian, saying, “this figure is most important because it shows whether a company is creating opportunities for Ghanaians as it grows its business, and to its credit, Nestlé has done that.” 

“Kwame Nkrumah planned Tema as Ghana’s industrial city, and I am pleased to say that Tema is regaining its glory days. The Port of Tema has expanded. Tema Oil Refinery is back, at work again. We are working on reviving VALCO,” he said. 

President Mahama said the Arise Industrial Enclave was progressing, and many industries like Nestlé existing in the Tema enclave were expanding their production. 

This, he said, was because the investment climate was good; adding that foreign direct investment had risen from 624 million Ghana cedis in 2024 to 2.62 billion dollars in 2025.  

“Interest rates are falling, with spreads between nine per cent and 13 per cent. Inflation, which stood at 23.8 per cent, is down to about 5.2 per cent, and our long-suffering local currency, the cedi, has regained its strength and is relatively performing very well,” he said. 

To the management and staff of Nestlé Ghana Limited, President Mahama said the plant was a monument to what partnership, purpose and patriotism could achieve together.  

“You belong to an institution with a proud heritage in this country and the courage to continue investing in this country’s future,” he said. 

“So, keep pushing the frontiers of growth, deepen your bonds with Ghanaian farmers and suppliers, and keep creating opportunities for young people and for this nation, Ghana,” he urged. 

President Mahama commended the Nestle Ghana Ltd for supporting the President’s Independence Day Award for schoolchildren for almost 30 years. 

He called for continual partnership with the government as the nation and Nestle both prepared to celebrate their 70th anniversary, saying, “let today be our shared dedication, our shared declaration to the world: we are not finished, we are only starting”. 

Madam Salomé Azevedo, the Managing Director of Nestlé Ghana Ltd, said the milestone the company had achieved reflected its commitment to local production and their confidence in Ghana’s very bright future. 

Speaking on Joy News’ PM Express Business Edition, he said the markets would help authorities regulate trading spaces and enforce restrictions on non-Ghanaians.

Informal retail, he stressed, is reserved for Ghanaians. A foreign trader’s financial resources do not change that restriction.

“The law reserves it for Ghanaians. So regardless of whatever amount of money you bring in, you are not expected to be there.”

For Mr Madjie, the challenge is enforcement. He called for coordination among the relevant agencies, particularly those responsible for managing markets.

“It’s just a question of enforcement, and how do we get all the agencies together, especially those who control the markets?”

He said the model markets being built under President John Mahama would give authorities greater control over these spaces. Their value, he explained, goes beyond providing structures where people can sell.

“It’s well regulated. You have your fire service. You have everything there, and so I see that as the solution to these major issues that we’ve had for a very long time.”

Mr Madjie also linked confusion over foreign participation to a failure to distinguish trade from investment.

Trading, he explained, involves exchanging goods and services. Investment involves committing resources, establishing an entity and creating value, with the investor taking a risk.

“So these are completely two different things. We tend to confuse the two.”

He rejected suggestions that Ghana relaxes its rules to attract foreign investors.

“Ghana is not bending the rules for investors.”

He said domestic and foreign investors must comply with the country’s rules. Internationally listed companies, he added, face accountability systems that can make breaches in Ghana consequential for their shares abroad.

For businesses facing VAT or tax collection challenges, he said GIPA seeks solutions through its aftercare system.

“Ghana has just levelled the playing field to bring in more people to partner with our businesses.”

Speaking on Joy News’ PM Express Business Edition, he highlighted the commitments as evidence of activity in the sector. He also pointed to interest from other international oil companies.

The combined figure comprises a $2 billion investment announced by the Jubilee partners and a separate $1.5 billion announcement by ENI and its partners.

Mr Madjie said the Jubilee commitment would fund the drilling of 20 wells in the field.

“The announcements by the Jubilee partners through Cosmos and Co. that they were going to invest $2 billion to drill 20 wells in the Jubilee field.”

He also cited the ENI commitment, although he did not give details of the work it would finance.

“We saw the $1.5 billion announcement by ENI and their partners and co., and so there’s a lot of activity within that space.”

Beyond those announcements, Mr Madjie said Chevron and Shell had signed a memorandum of understanding to explore work in the Eastern Keta Basin.

“But what we all know is that at Africa Oil Week, Chevron and Shell signed an MOU to look at work in the Eastern Keta Basin. So that’s ongoing.”

He also pointed to Petrobras’ interest in Ghana’s available oil acreages and blocks. He said that interest had been reported in newspapers.

Mr Madjie directed questions about the technical details of these developments to the Petroleum Commission and the Ministry of Energy.

“I’m sure folks at the Petroleum Commission will give you a lot more technical details.”

Asked about ExxonMobil, he acknowledged that talks had taken place over a possible return. He declined to disclose further information.

“I knew that there were some talks for them to come back. It’s not something that can be disclosed now.”

He said further disclosure should be left to the sector authorities.

“So I, I think you leave that entirely to the Minister of Energy and Petroleum Commission.”

Speaking on Joy News’ PM Express Business Edition on Thursday, he said the sector is reserved for Ghanaians. The challenge, he stressed, is enforcing that restriction.

“The law reserves it for Ghanaians. So regardless of whatever amount of money you bring in, you are not expected to be there.”

Mr Madjie said that confusion between trade and investment has blurred the public’s understanding of the rules.

“There’s a whole world of confusion between trade and investment.”

He explained that trade involves exchanging goods and services. Investment involves committing resources, establishing an entity and creating value, with the prospect of earning and repatriating profits.

For informal retail, however, he said the restriction remains clear. The task is to bring enforcement agencies together, particularly those responsible for controlling markets.

“It’s just a question of enforcement, and how do we get all the agencies together, especially those who control the markets?”

Mr Madjie pointed to model markets being built by the government under President John Mahama as a way to address the problem.

He said organised, regulated markets would give authorities greater control over trading spaces. He also highlighted facilities such as fire services as part of that approach.

“And so I see that as the solution to these major issues that we’ve had for a very long time.”

He rejected suggestions that Ghana relaxes its rules to accommodate investors.

“Look, the state of Ghana is not bending the rules for investors to come in.”

Mr Madjie said domestic and foreign investors are expected to comply with the country’s regulations.

He noted that some international investors are listed on foreign stock exchanges. Their conduct in Ghana could affect their shares, making compliance critical.

He also acknowledged that growing local businesses can make mistakes. Problems involving VAT and tax collection, he said, are addressed through the aftercare system.

“Ghana is not bending the rules for investors. Ghana has just levelled the playing field to bring in more people to partner with our businesses,” he said.

The warning comes after an alleged assault involving GRA officers at Jamila Home in Westlands, Accra, on Wednesday, October 7, 2026.

The officers were at the premises as part of a VAT compliance exercise when the incident reportedly occurred.

Following the incident, the GRA has invited a staff member of Jamila Home to assist with investigations.

Speaking to the media after visiting the facility, Accra Central Area Enforcement Officer of the GRA, Joseph Annang, said the Authority would take all necessary measures to protect its officers while carrying out their statutory duties.

He stressed that GRA officers operate under the authority of the Commissioner-General and cautioned against any attempt to intimidate or assault them.

“When we go out there, we go on the strength of the Commissioner General so when you attack or assault any of our officers, you should know that you are attacking the Commissioner General and we will never sit aloof and allow this to happen.

“We will come at you with equal measure, so that should be a warning to the public. We say we are customer-centric. We try to be friendly to our taxpayers but when we come to you and you try to go against the law to the extent that you attack us, then obviously we will also come at you with the full force of the law.”

Mr Annang said while the GRA remains committed to maintaining a cordial relationship with taxpayers, compliance with tax laws is mandatory and should not be resisted through violence or obstruction.

READ ALSO:

New Economy must create jobs at scale for Ghana’s youth – Ato Forson

GRA sets up committee to probe alleged missing containers at Tema Port

He said job creation must be placed at the centre of efforts to build a more productive economy and ensure that the benefits of economic growth are widely shared.

Dr Ato Forson made the remarks following a New Economy engagement with academics, researchers and students of the University for Development Studies (UDS), Nyankpala Campus.

Describing the engagement as successful and inspiring, the Minister said the discussions highlighted the need for an economy that responds to the aspirations and needs of young Ghanaians.

According to him, the New Economy agenda is intended to move the country beyond economic stabilisation and place productivity, job creation and shared prosperity at the heart of national development.

“The NEW ECONOMY must create jobs at scale: decent, productive jobs that give young people a real stake in Ghana’s future,” he said.

Dr Ato Forson said the interaction with the UDS community reinforced the importance of creating an environment that supports entrepreneurship, expands economic opportunities and provides young people with pathways into meaningful employment.

He noted that the New Economy agenda goes beyond economic policy and is also about shaping a future in which young people can actively participate in and benefit from Ghana’s economic growth.

He said creating sustainable employment opportunities would therefore remain a key component of the country’s economic transformation agenda.

READ ALSO:

GRA sets up committee to probe alleged missing containers at Tema Port

BRICS membership won’t transform Ghana’s economy without domestic reforms – Bokpin

The decision follows a petition submitted on September 29 by importers and their representatives to GRA Commissioner-General, Anthony Kwasi Sarpong, demanding answers on the whereabouts of the affected consignments.

The petition alleges that while the containers were at different stages of the customs clearance process, some were discovered empty, others were reportedly transferred to private warehouses, while some were allegedly removed from the port without the knowledge of their owners.

The consignments reportedly contained items including cyanide, condensed milk, sardines, alcohol, textiles, pharmaceuticals, black pepper and tomato paste.

According to the report, some of the containers were moved to private warehouses located near the GHACEM enclave, while others were allegedly taken out of the port without authorisation from the importers.

The case has also been reported to the Tema Regional Police Command. Some arrests have reportedly been made, with the suspects later granted police enquiry bail.

To establish the facts, Mr Sarpong has constituted a nine-member fact-finding and investigative committee headed by Commissioner of Customs, Aaron Kanor.

The panel comprises senior GRA officials drawn from the Authority’s legal, customs operations, post-clearance audit, preventive, investigations and information technology divisions.

The committee has been directed to verify the allegations and establish the current status and whereabouts of all 28 containers.

As part of its work, it will review electronic records on the Integrated Customs Management System (ICUMS), including customs declarations, gazetting records and gate-out logs associated with the affected bills of lading.

The panel will also determine whether any customs procedures were violated and establish whether GRA officers or other external actors were involved.

It is further expected to assess any revenue losses resulting from the alleged incidents and make recommendations on possible recovery.

The committee will also examine claims of potential cartel activity and allegations that the names of senior officials were used in connection with the movement of the containers.

Mr Sarpong has directed the committee to commence its work immediately and submit its findings within 14 days.

All relevant departments and stakeholders at the Tema Collection have been instructed to cooperate fully with the investigation.

He said that while joining BRICS could provide Ghana with new economic opportunities and strengthen its engagement with emerging global economies, membership alone would not automatically improve the country’s economic fortunes.

Speaking on the Joy FM Super Morning Show on Thursday, October 8, during a discussion on Ghana’s quest to join BRICS, Prof Bokpin said the country must continue to focus on managing its economy competitively regardless of its international affiliations.

“I think we should just bear in mind that BRICS is still evolving, even within the original founding members, in terms of the framework, where exactly this is heading towards, and all of that. And so there are quite a lot of nuances that would have to be ironed out of that,” he said.

He said that Ghana should not expect BRICS membership to deliver an immediate economic transformation.

“But it is good to also say that merely joining BRICS necessarily does not transform your economy overnight, or even over a 15-year period,” Prof Bokpin said.

“It is not a substitute for what you have to do in managing your own economy competitively, and all of that.”

Despite the caution, Prof Bokpin said he supported the government’s intention to join the bloc, arguing that the global economic balance was shifting and Ghana needed to position itself accordingly.

“If I look at it from an economic perspective, it’s a good move that the government plans to join BRICS. That is where the world is heading towards, and that is a fact,” he said.

He pointed to the growing economic influence of BRICS, saying the combined economic output of its member countries had become significant enough to rival or exceed that of traditional Western-led economic groupings.

“If you look at the commanding position of BRICS within the global economy today, the combined GDP of BRICS, especially across the 11 founding members, and then also the 10 partner countries today, actually exceeds the GDP of the G7 that we used to know,” he said.

According to Prof Bokpin, the bloc now accounts for a substantial share of the global economy and its members have strong growth prospects.

“It accounts for almost 40 percent of the global GDP. The BRICS member countries have higher growth potential today than literally any other economic bloc you can think about,” he said.

Prof Bokpin said long-term economic projections also pointed to a growing role for BRICS countries in the global economy.

He noted that China was projected to remain the world’s largest economy by 2050, while the United States was expected to rank second.

“It may interest you to know that by 2050, three out of the top five big economies globally will all be BRICS members,” he said.

“Three out of the top five by 2050.”

He said the projected shift in the global economic order also helped explain some of the growing tensions between the United States and China.

“In fact, by 2050, China will be number one, and the U.S. will be number two in terms of the global economic order,” Prof Bokpin said.

“You can understand this also gives you a perspective as to the tension between the U.S. and China and all of that. It’s all playing out carefully within the global geopolitics, and how the global order, some want it to be rewritten in a certain way, and all of that.”

Looking further ahead, Prof Bokpin said economic projections for 2075 showed an even stronger presence of BRICS countries among the world’s largest economies.

He said four of the five largest economies by then were projected to be BRICS members.

“And that said, it’s also important to look at the world economic projections. By 2075, the top five economies in the world measured in USD, actually there will only be one that will not be a BRICS member,” he said.

“So four out of the top five big economies by 2075, four of them will be BRICS members.”

He also highlighted Nigeria’s projected position among the world’s largest economies, saying the country’s growth could be driven by its private sector and major entrepreneurs.

“In fact, the projection is that by 2075, Nigeria will be in the top five. And this may surprise a lot of people,” he said.

Prof Bokpin, however, cautioned against treating such projections as certainties.

“I’m not asking people to put on faith to believe in this,” he said, explaining that the projection was based partly on the potential of Nigeria’s large entrepreneurs and the transformation of its private sector.

He said that the country’s economic transformation would not depend solely on government but could also be driven by major Nigerian entrepreneurs.

“The understanding is that if you look at what Nigeria is doing, the transformation is going to come from big Nigerian entrepreneurs, billionaires, who have decided, and it’s not just Aliko Dangote,” he said.

Prof Bokpin said Ghana was already experiencing the growing influence of emerging economies through its expanding economic relationship with China, even without being a member of BRICS.

He said Ghana needed to recognise the changing patterns of global trade and position itself accordingly.

“So if you put all of that together, and we have no joint business, actually, but today, China has literally taken over our markets, whether you like it or not, right?” he said.

“So the traffic today is within the Ghana-China corridor as compared to our traditional import-oriented countries and all of that. So we need to just look at all of that.”

He said these developments provided an economic basis for Ghana to consider closer engagement with BRICS, although other considerations would also have to be examined.

“So in terms of where the world is moving towards and all of that, it will look to me that it’s a good decision. Of course, I’m looking at it purely from an economics perspective,” Prof Bokpin said.

“There may be geopolitical, there may be other considerations that would also have to come to the table and all of that.”

Prof Bokpin, however, cautioned that Ghana should not expect BRICS membership to resolve its economic challenges.

“So specifically for Ghana, I think that merely joining BRICS would not necessarily transform our economy,” he said.

He said Ghana should approach its BRICS application as part of a broader foreign and economic policy strategy that allows the country to engage with different global economic powers while protecting its interests.

Speaking on the Joy FM Super Morning Show during a discussion on Ghana’s quest to join BRICS, Prof Bokpin said the country needed to be clear about what it wanted to achieve from membership.

“Joining BRICS necessarily should not be pursued as a substitution strategy for exiting other blocs or within other political leanings that we have,” he said.

He said Ghana should recognise that although BRICS has become an important force in the global economy, the country still has other strategic partners whose interests must be considered.

“We need to situate all of this within the broader foreign policy and economic policy that allows us to recognise that yes, BRICS is a dominant force, but there are other players also, and remember that there will also be a pushback from our traditional partners as well. They are equally watching,” he said.

Prof Bokpin said the government should have a clear strategy covering the country’s objectives, limitations and the period within which it expected to achieve its goals from BRICS membership.

“We need to be quite clear on what we allow, what we will not allow, what is the strategy within what transition period and all of that that we are working at and all of that,” he said.

“So we need to engage with our eyes open. We need to make this application to join BRICS with our eyes open.”

He cautioned that BRICS membership should not be viewed as a quick solution to Ghana’s economic challenges.

“Remember that BRICS wasn’t just designed to transform our economy. The motives are quite clear, just like any other economic bloc that you want to join. It’s the same way,” he said.

Prof Bokpin drew comparisons with Ghana’s participation in the African Continental Free Trade Area (AfCFTA), saying membership of a regional or international economic bloc did not automatically translate into economic benefits.

He said Ghana’s ratification of the AfCFTA agreement did not, by itself, guarantee that Ghanaian businesses would become competitive across the continent.

“In fact, when we started talking about African Continental Free Trade and all of that, it was quite clear to us that the fact that we are a member, we signed, we submitted our instrument of ratification, necessarily doesn’t mean that automatically we’ll benefit from the African Continental Free Trade,” he said.

“There’s a lot that we have to do to make it even worse.”

He said Ghana must first create an environment in which local businesses could compete successfully at home before expecting them to compete in international markets.

“The fact that we are hosting the secretariat necessarily doesn’t mean we’ll host the gains emanating from the African Continental Free Trade. This is not a host win. You have to work hard. You have to create the enabling environment for your businesses to be able to compete even within Ghana,” he said.

“You are talking about competing and winning within Ghana, then you can talk about competing and winning outside Ghana.”

Prof Bokpin said one of the biggest challenges was that many Ghanaian businesses were struggling to compete with imported goods in the domestic market.

“Even within Ghana, we are not able to compete and win against foreign imports,” he said.

He pointed to Ghana’s inflation figures as an indication of the challenges facing local producers.

“Look at our inflation dynamics today. Inflation is a domestic issue, okay? Inflation on locally produced is more higher than inflation on imported items,” he said.

He said the situation sent the wrong signal to businesses considering whether to invest in local production.

“What signal does this send to entrepreneurs?” he asked.

“You are much better off actually importing and putting a local logo on it than setting up a production function in Ghana.”

Prof Bokpin said that Ghana could not expect its businesses to compete successfully in international markets if they were unable to compete effectively within the domestic economy.

“So even within Ghana here, we have not been able to enable our own firms to be able to compete and win in Ghana, let alone to win outside Ghana,” he said.

“To win outside Ghana, you first have to win within Ghana. The Chinese are winning outside China because they have won in China.”

He said Ghana therefore needed to build a strong domestic productive base before expecting local companies to take advantage of international trade opportunities.

“So without creating that kind of backbone for your own firms to compete and win within, you cannot win without. It doesn’t happen that way,” he said.

Prof Bokpin acknowledged the government’s efforts to stabilise the economy and said the next phase should focus more strongly on growth and productive investment.

“I know that government is putting in a lot of measures and all of that in terms of recalibrating the economic framework,” he said.

Prof Bokpin encouraged the Minister of Finance to use the expected fiscal space to tackle Ghana’s development challenges with greater urgency and scale.

“And I want to encourage the Minister of Finance that this is the time for Ghana because we’ve created some fiscal space, and I believe that we need to act at scale and on time to be able to respond to the developmental challenges for us to be able to compete and win within and then we can think about winning without and all of that,” he said.

“So I believe that there’s a lot that we have to do, and then we also have to explore collaboration with others as well,” Prof Bokpin added.

His comments followed Foreign Affairs Minister Samuel Okudzeto Ablakwa’s indication that Ghana intends to submit an application to join BRICS as the government explores ways to diversify its international partnerships, expand economic opportunities and deepen cooperation with countries in the Global South.

JOYBUSINESS reported that the auction was conducted on Tuesday as part of efforts to strengthen transparency, fairness and regulatory compliance in the foreign exchange market.

The auction forms part of GoldBod’s plan to provide commercial banks with more predictable and transparent access to US dollars through its GoldBod GoFX platform.

$1bn FX Sales to Banks

GoldBod earlier announced plans to sell US$1 billion to commercial banks during the month to support stability in the foreign exchange market.

The GoldBod programme is expected to generate about US$1.5 billion in total.

Of this amount, US$1 billion will be sold to commercial banks, while the remaining US$500 million will be advanced to the Bank of Ghana to support the accumulation of foreign exchange reserves.

Twice-Weekly FX Sales

Under the new framework, GoldBod will conduct foreign exchange sales twice a week, on Tuesdays and Thursdays.

Participating banks will submit their requests during a designated sales window.

Where demand exceeds the available FX tranche, GoldBod said allocations will be made on a pro-rata basis to ensure a transparent and equitable distribution of the available foreign exchange.

Transactions will be settled on the same day.

The US dollar leg will be completed by 3:00pm, while the Ghana cedi leg will be completed by 4:00pm.

Measures to Prevent Speculation

GoldBod said participating banks will be required to declare that their requests are backed by actual unmet foreign exchange demand or evidence of a short position.

The banks will also be required to comply with Bank of Ghana regulations and directives.

The measures are intended to ensure that the facility responds to genuine market demand and is not used for speculative purposes.

BoG to Provide Regulatory Oversight

The programme will operate under the regulatory oversight of the Bank of Ghana.

GoldBod said the central bank will have real-time access to the GoldBod GoFX platform.

GoldBod will also submit transaction reports to the Bank of Ghana after each sale.

The GoFX platform provides electronic submission and allocation processing, as well as time-stamping, transaction histories and audit trails.

According to GoldBod, these features are designed to strengthen transparency, accountability and post-trade verification.

The details were provided at a meeting between GoldBod and commercial banks ahead of the rollout of the new Spot FX Sales and Intermediation Framework.

The framework is expected to provide authorised commercial banks with predictable and transparent access to US dollars through the GoldBod GoFX platform.

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• BoG signals no FX intermediation for October as GoldBod plans $1bn support for banks

• Afenyo-Markin raises GoldBod losses, galamsey and rule of law concerns at Christian Council meeting

The latest figures from the Ghana Statistical Service (GSS) show that despite the increase, inflation remains significantly lower than the 9.4% recorded in September 2025.

Month-on-month inflation stood at 1.1%, indicating that prices increased by that rate between August and September.

The rise was largely driven by non-food items, which recorded inflation of 6.2%, compared with food inflation of 4.0%.

Non-food items accounted for 63.3% of total inflation, while food contributed 36.7%.

A key pressure point remains the services sector, where inflation stood at 8.3%, almost twice the 4.2% recorded for goods.

Housing, water and energy recorded inflation of 10.3%, while restaurants and hotels recorded 9.2%.

The data also show that inflation is increasingly being driven by domestic factors. Inflation for locally produced items stood at 6.4%, compared with just 2.4% for imported items.

The GSS estimates that locally produced items accounted for 85.7% of total inflation.

Regionally, Ashanti recorded the highest inflation at 9.8%, followed by Eastern at 7.8%. Greater Accra recorded 3.4%, while Western recorded the lowest rate at -0.5%.

Some food items recorded sharp price increases, with fresh tomatoes rising by 153.4% year-on-year and ginger by 100.4%. In contrast, lime prices fell by 29.9% and maize by 26.4%.

Overall, the GSS says inflation has fallen by 4.2 percentage points over the past year, from 9.4% to 5.2%, but the latest increase highlights continued domestic price pressures, particularly in the services sector.

Brent futures rose 93 cents, or 0.92%, to $101.51 a barrel by 0022 GMT. ‌US West Texas Intermediate (WTI) crude rose 82 cents, or 0.92%, to $90.25.

US forecasters said on Tuesday a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and would likely hit oil and gas producing facilities.

The offshore ​areas in the Gulf in the storm’s path produce 15% of US crude oil and 5% ​of the country’s natural gas.

KCM Trade chief analyst Tim Waterer said the storm was an “unwelcome ⁠complication for crude, raising the prospect of production and refining disruptions at a time when the market ​already has enough supply-side headaches”.

The storm could affect six refineries.

Refineries in US Gulf states account for about 50% of ​the national capacity of 18.2 million barrels per day (bpd).

US crude oil and gasoline inventories fell, while distillate stocks rose marginally last week, market sources said on Tuesday, citing data from the American Petroleum Institute.

Crude stocks fell by 2.09 million barrels in the week ended ​October 2.

Supply had been rising as the East-West pipeline hit 5.8 million barrels a day, according to Saudi ​Energy Minister Prince Abdulaziz bin Salman on Tuesday.

Around 12 million barrels per day of crude oil and 2 million bpd of ‌refined products ⁠were leaving the Middle East on tankers in the last 7 to 10 days, the head of Vitol said.

However, Saudi Arabia’s airports in Jazan and Najran were targeted in two attacks on Monday evening, the Saudi aviation authority said, as hostilities between the kingdom and Yemen’s Iran-backed Houthis escalated.

The attacks occurred as Saudi-backed Yemeni government forces pressed a ​major offensive to retake territory ​from the Houthis, after ⁠weeks of rebel advances, with Riyadh stepping up airstrikes in support of the campaign.

Attacks and refinery outages are “likely to keep the cracks elevated and scarcity will transmit to ​crude. Prices will stay elevated near a $100 level without any material de-escalation emerging,” ​said Mukesh Sahdev, ⁠chief oil analyst at X Analysts in Sydney.

US-Iran relations are no closer to repair with US President Donald Trump saying on Tuesday that nobody knew who was running Iran during the eight-month US-Israeli war with Iran.

“Their leaders are gone, their ⁠second group ​of leaders are gone, and the biggest problem I have is ​nobody knows who the hell is running the country,” Trump said.

Iran’s foreign ministry spokesman said on Sunday Washington knows very well who their ​counterpart is in Iran and how the decision-making system in Iran works.

The company says the first cargo was sold earlier this year to Sentuo Oil Refinery.

Tullow Chief Financial Officer Richard Miller disclosed this during a virtual meeting with investors on the company’s half-year results.

He was responding to a question on efforts to encourage more Jubilee crude to be refined locally.

Mr Miller described the development as a significant achievement for Ghana’s oil sector.

“This is a fantastic achievement looking at what has happened in Ghana’s oil sector over the years,” he said.

He explained that the sale was conducted purely on a commercial basis.

Mr Miller also said mechanisms had been put in place to ensure a favourable refinancing package to support the initiative.

He praised the government for initiatives to improve refinery operations in Ghana, describing the development as “a fantastic achievement.”

Mr Miller also highlighted the growing role of Sentuo Oil Refinery in Ghana’s crude market.

“Sentuo Oil has become one of the prolific buyers of crude not only from Tullow Oil alone but also from other partners on Ghana’s oil fields,” he said.

The development comes as Tullow expects to increase its crude liftings for the year.

Tullow Targets 14 Cargoes in 2026

In its half-year results, Tullow said it expects to lift 14 cargoes in 2026.

Eleven of the cargoes are expected from the Jubilee field, while three will come from the TEN fields.

The revised outlook represents an increase of two Jubilee cargoes compared with the company’s initial guidance issued in November 2025.

Tullow delivered six cargoes during the first half of the year and plans to lift a further eight cargoes in the second half.

The company also expects the measures currently being implemented to improve its performance and support a stronger turnaround by the end of the year.

The sale of Jubilee crude to a local refinery provides another commercial channel for Ghana’s domestically produced crude and strengthens the link between upstream production and domestic refining.

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• Give credit where it is due – Patrick Boamah hails Godfred Dame’s role in…

The licence, granted at the NPA’s Governing Board Meeting held in September 2026, authorises Lattice Energy to import, distribute and export refined petroleum products, including diesel (AGO), petrol (PMS), aviation turbine kerosene (ATK), residual fuel oil (RFO) and liquefied petroleum gas (LPG), as well as crude oil, subject to applicable regulatory requirements.

The licence also provides Lattice Energy with the platform to serve markets beyond Ghana and participate in the growing petroleum trade across the West African sub-region.

For Abagona Legacy Holdings, the development represents the completion of an important part of a value chain that the Group has been building progressively over the past several years.

From Haulage to an Integrated Petroleum Business

The Group’s journey in the petroleum sector began in 2017 with its involvement in petroleum haulage through Translogies Ghana Ltd.

That experience provided the foundation for a deeper understanding of the movement, distribution and logistics requirements of petroleum products across Ghana.

The Group subsequently expanded into downstream petroleum marketing through Sotei Energy Ltd, which received its Oil Marketing Company licence from the NPA in 2019.

Today, Sotei Energy operates a growing network of service stations and supplies petroleum products to mining companies, road construction firms and other industrial and commercial customers.

With the addition of Lattice Energy’s BIDEC licence, Abagona Legacy Holdings now has businesses positioned across critical stages of the petroleum value chain.

“We have built this business one link at a time,” said David Azupio, Group Chief Executive of Abagona Legacy Holdings. “We started with transportation, learned how petroleum products move across the country, moved into retail and commercial supply through Sotei Energy, and now, through Lattice Energy, we are entering the bulk import and distribution space. This is an important step in our evolution as a Group.”

One Group, Multiple Capabilities

Abagona Legacy Holdings’ petroleum-related businesses are positioned to complement one another.

Lattice Energy Ltd focuses on bulk petroleum importation, distribution and export.

Sotei Energy Ltd operates in retail and commercial petroleum marketing, with a growing network of service stations and industrial customers.

Translogies Ghana Ltd provides petroleum haulage and logistics services to Sotei Energy, other Oil Marketing Companies and major industry participants.

The wider Group also includes Zupoil Ltd, which operates in waste oil management, and Mataros Engineering, which provides engineering and upstream oil and gas services.

The combination gives Abagona Legacy Holdings capabilities spanning bulk supply, logistics, retail, industrial distribution, waste oil management and engineering services.

More Reliable Supply

The BIDEC licence will allow Lattice Energy to source petroleum products directly from international suppliers and develop supply arrangements around the requirements of the Group’s retail and commercial operations, as well as third-party customers.

This is expected to strengthen the Group’s ability to plan inventories, manage supply schedules and respond more efficiently to customer demand.

For Sotei Energy, the development provides an additional source of supply and enables the group to better coordinate the movement of products from the bulk market through transportation and ultimately to the customer.

“The licence gives us direct access to international supply at the source of the supply chain,” Mr. Azupio said. “When we combine that with our haulage capacity and our retail and commercial network, we can plan better, respond faster and serve customers with greater confidence. Our objective is not simply to own more parts of the value chain. It is to use those capabilities to create a stronger and more reliable customer proposition.

Building a Stronger Indigenous Petroleum Business

The development comes at a time when Ghana’s downstream petroleum industry continues to evolve, with indigenous companies increasingly seeking greater participation across the petroleum value chain.

Abagona Legacy Holdings believes its experience in haulage, retail and commercial petroleum supply provides a strong foundation for Lattice Energy’s entry into the bulk market.

The Group’s existing footprint, including its growing presence in northern Ghana, also provides opportunities to connect bulk supply with areas where reliable petroleum distribution is critical to economic activity.

The Group intends to continue investing in infrastructure, logistics, people and partnerships as it expands its participation in Ghana’s petroleum industry.

From Ghana to the West African Market

While Ghana remains the Group’s primary market, the export component of Lattice Energy’s BIDEC licence creates an opportunity to participate in regional petroleum trade.

Ghana’s ports, road networks and established petroleum distribution corridors provide a strategic platform for supplying neighbouring markets, particularly landlocked countries that rely on regional ports and transportation networks for petroleum products.

“We believe Ghana has an important role to play as a petroleum trading and distribution hub in West Africa,” Mr. Azupio said. “Our immediate priority is to build a strong and dependable business in Ghana. Over time, however, we see opportunities to take our capabilities beyond our borders and participate more actively in the regional market.”

A New Chapter for Abagona Legacy Holdings

The BIDEC licence represents more than the expansion of Lattice Energy. It is a significant step in the evolution of Abagona Legacy Holdings as a diversified Ghanaian business group with growing interests across the energy and industrial value chain.

In April 2026, David Azupio was named Outstanding Personality of the Year at the 11th Corporate Ghana Hall of Fame Awards, in recognition of his contribution to Ghana’s downstream petroleum sector.

With Lattice Energy now positioned in the bulk petroleum market, Abagona Legacy Holdings is entering its next phase with a clear ambition: to build a strong indigenous energy business capable of competing in Ghana and participating in the wider West African market.

ENDS

About Abagona Legacy Holdings

Abagona Legacy Holdings is a Ghanaian business group with interests across the energy, petroleum, logistics, engineering and related sectors.

The Group’s businesses include Lattice Energy Ltd, Sotei Energy Ltd, Translogies Ghana Ltd, Zupoil Ltd and Mataros Engineering.

Through its portfolio of companies, Abagona Legacy Holdings participates in petroleum bulk supply, distribution, retail marketing, haulage and logistics, waste oil management, engineering and upstream oil and gas services.

The Group’s vision is to build enduring businesses that create value across Ghana and the wider West African market.

According to Fitch Solutions, higher cocoa prices will partly offset lower production volumes in nominal export terms.

El Niño’s adverse weather conditions is expected to place downward pressure on the 2026/27 cocoa output, forecasting cocoa production of 1.7 million tonnes in Côte d’Ivoire and 670,000 tonnes in Ghana.

This implies greater near-term supply pressure in Côte d’Ivoire, where output is forecast to decline by 17.5% year-on-year, while Ghana’s production is expected to remain flat, the UK-based firm said.

“Our Agribusiness team now forecasts cocoa prices to average US$4,990/tonne in 2026 and USD5,670/tonne in 2027 which, while below the levels seen in 2024 and 2025, are well above the 2014-2023 average of US$2,642/tonne”.

According to Fitch Solutions, the benefit will be most pronounced in Nigeria and Cameroon, where liberalised pricing mechanisms allow domestic prices to move more closely with global cocoa prices.

By contrast, gains will be more muted in Côte d’Ivoire and Ghana, where government-operated pricing mechanisms determine domestic cocoa prices. Both Côte d’Ivoire and Ghana also forward sell their cocoa crop, usually three-to-six months ahead, which means there will be a lag before higher prices are reflected.

Elevated Cocoa Prices Will Aid Nominal Exports Somewhat

It continued that higher cocoa prices also increase the incentive for farmers in Ghana and Côte d’Ivoire to sell outside official channels, which could amplify export losses in both markets.

“When global prices rise well above domestic farmgate prices, farmers have a stronger incentive to move cocoa into neighbouring countries where they can capture higher returns. In both 2024 and 2025, when global cocoa prices reached record highs, neighbouring economies such as Guinea and Togo saw steep increases in cocoa exports despite not possessing large domestic cocoa industries. A renewed rise in smuggling would therefore further reduce officially recorded cocoa exports from Ghana and Côte d’Ivoire”, it mentioned.

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BoG warns banks: Compliance with FX rules is non-negotiable

Secondary market turnover jumps 77% to GH¢2.76bn as 2027–2030 bonds dominate trading

Governor Dr Johnson Asiama said the central bank was taking steps to consolidate its various operational notices and guidelines issued under the Foreign Exchange Act into a single comprehensive compendium.

He said the initiative was intended to make the rules clearer for banks and strengthen compliance in areas including foreign currency accounts, international transfers and trade-related payments.

Addressing heads of banks, Dr Asiama stressed the need for financial institutions to maintain proper documentation and effective internal controls when undertaking foreign exchange transactions.

He also cautioned banks against using funds obtained or held for designated purposes for any other activities.

“Let me emphasise that compliance with the bank’s FX requirements remains non-negotiable,” he said.

The Governor reiterated that banks are expected to ensure full compliance with the central bank’s foreign exchange rules as part of efforts to promote discipline and transparency in the FX market.

The BoG said the consolidated guidelines would provide banks with clearer direction on their obligations while helping to strengthen regulatory compliance across the foreign exchange market.

READ ALSO:

Secondary market turnover jumps 77% to GH¢2.76bn as 2027–2030 bonds dominate trading

New Economy: Gov’t to prioritise creation of decent jobs – Finance Minister

Trading remained concentrated in the 2027-2030 segment, which accounted for 70.08% of turnover at an average yield of 12.37%.

The 2031-2034 segment contributed 25.83% at an average yield of 14.09%.

The post-2035 maturities remained thin, accounting for 4.08% of turnover at an average yield of 14.79%. The September 2030 bond recorded limited activity, with turnover of GH¢1.12 millionn at a weighted-average yield of 11.75%.

Databank Research expects the bond market activity to remain subdued as investors stay cautious ahead of the Wednesday, 7th October inflation print.

The inflation data would provide fresh direction for treasury yields.

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New Economy: Gov’t to prioritise creation of decent jobs – Finance Minister

Government exceeds T-bills target by 30.5% as demand softens to GH¢2.93bn

The Chamber said the suspension would provide government and stakeholders with an opportunity to address outstanding concerns surrounding the implementation of the National Vehicle Homologation and Conformity Assessment Programme before it takes effect.

In a statement signed by its Executive Secretary, George Dumenu, the Chamber expressed appreciation to President John Dramani Mahama, relevant government ministries, Parliament and the Ghana Standards Authority (GSA) for considering its petition against the initial implementation timeline.

The GSA announced the suspension on Monday, October 5, 2026, in Notice No. GSA/DGS/PN/26/11, stating that a new implementation date would be communicated in due course.

The Chamber said the decision demonstrated the value of constructive engagement between government and industry, noting that it had chosen to channel its concerns through a formal petition rather than confrontation.

It petitioned the Presidency on August 10 after the GSA announced in early August that the National Vehicle Homologation and Conformity Assessment Programme (GS 4510:2022) would be strictly enforced from October 1, 2026.

According to the Chamber, the announcement left importers with less than eight weeks to adjust sourcing and shipping arrangements that were already underway.

The petition raised concerns about the implementation timeline, associated costs and the treatment of commercial haulage vehicles.

The Office of the President subsequently forwarded the petition to the Ministry of Transport on August 18, after which it was referred to the Ministry of Trade, Agribusiness and Industry for consideration.

The Chamber stressed that it does not oppose the safety and quality objectives of the vehicle homologation programme but remains concerned about the timing and manner of its implementation.

It said the suspension should now provide an opportunity for all parties to resolve outstanding issues, including the treatment of vehicles already purchased or in transit.

The Chamber is also calling for a published and itemised fee schedule for conformity assessment of used vehicles, together with details of accredited inspection bodies.

It wants distinct arrangements for commercial haulage vehicles transporting foodstuffs and other essential goods, as well as written clarification on any proposed annual licence fees or import volume limits for vehicle importers.

The Chamber urged its members and other vehicle importers to continue complying with existing regulations while using the suspension period to prepare for the eventual implementation of the programme.

It said it remains committed to working with government and the GSA to ensure that the policy achieves its road safety objectives without imposing undue pressure on businesses or consumers.

The Chamber said its ultimate interest is to support road safety, promote a fair business environment and protect affordable mobility for Ghanaians.

Read the full statement below:

He made the statement during a meeting with the leadership and members of the Trades Union Congress (TUC), where he outlined the government’s economic priorities.

According to Dr Forson, the NDC government’s manifesto identified economic stabilisation as its initial priority, with a transition to broader economic transformation to follow.

“If you look at the NDC manifesto, you will notice that we said we will spend half of our time to stabilise the economy, and after we lock in the economy and stabilise it, we move towards the microeconomic,” he said.

He explained that the government had now reached the stage where it could focus more directly on the microeconomy, particularly job creation and support for businesses.

“That is where we are going now, and so you will see us moving towards the microeconomy, where jobs, decent jobs are created,” the Finance Minister added.

Dr Forson said the next phase of the government’s economic programme would place workers, businesses, and employment at the centre of the country’s transformation agenda.

The General Secretary of the TUC, Joshua Ansah, welcomed the New Economy initiative and expressed hope that it would succeed in creating opportunities and improving wages for Ghanaian workers.

Also read:

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• New economy to create jobs and build prosperity for Ghanaians – Ato Forson

According to Dr Ayariga, the central bank must distinguish between the deliberate destruction or mutilation of currency and the legitimate practice of arranging cedi notes as gifts for loved ones during celebrations.

He argued that Ghanaians should be allowed to give their legitimately earned money as gifts at weddings, birthdays, graduations and other occasions, provided the currency is not damaged.

“If currency notes are not torn, defaced, destroyed, or permanently altered, the Bank of Ghana must explain precisely which provision of the law has been violated,” he said.

Dr Ayariga maintained that the BoG, although responsible for regulating the country’s currency, must operate within the confines of the law and respect the constitutional rights of citizens.

“The Bank of Ghana is a regulatory institution, not a law unto itself. Any arrest must have a clear legal foundation, follow due process and respect the constitutional rights of citizens,” he stated.

He said while protecting the integrity of the national currency was important, enforcement measures should not undermine the rights and legitimate businesses of Ghanaians.

“We must protect our national currency, but we must equally protect the rights, freedoms and legitimate businesses of Ghanaians,” he added.

Dr Ayariga called for a reasonable approach to regulation and enforcement, insisting that citizens must be treated with dignity.

He therefore urged the Bank of Ghana to provide clarity on the legal provisions underpinning the arrests and draw a clear distinction between harmless gift packaging and conduct that genuinely damages or defaces the currency.

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• BoG arrests seven for using Cedi notes to make money bouquets, cakes

• Importers can now pay for Chinese goods in cedis – BoG Governor

Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, disclosed the initiative at the 132nd Monetary Policy Committee press briefing, saying Ghana Commercial Bank (GCB) was also preparing a similar service.

The arrangement offers businesses a more direct route to settle payments to Chinese suppliers in yuan without first having to source US dollars, potentially easing one of the foreign exchange hurdles associated with importing from China.

Responding to a question about bilateral trade with China, Dr Asiama said the central bank was taking developments in the payment system seriously as commercial ties between the two countries expanded.https://www.facebook.com/plugins/video.php?height=314&href=https%3A%2F%2Fweb.facebook.com%2Freel%2F1132969339686209%2F&show_text=true&width=560&t=0

“As a central bank, we’re doing a number of things. You might have heard about one of the banks. What’s the name? Stanbic.

“They are piloting a programme whereby our exporters, our importers, no longer have to carry US dollars on them to go and pay for their imports. They can actually pay in Ghana Cedis right from here. And so, as we speak, if you want to buy anything from China, just go to Stanbic Bank with your Cedis,” he explained.

How the payment arrangement works

Stanbic’s service uses China’s Cross-Border Interbank Payment System (CIPS), a network designed to facilitate cross-border payments in Chinese yuan.

Under the arrangement, eligible customers can initiate yuan payments from their existing Ghana cedi accounts, subject to the bank’s requirements and applicable regulations. The Chinese supplier receives payment in yuan.

Businesses seeking to use the service must hold an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency and submit the required supporting documents.

According to the bank’s published guidance, eligible payments submitted with complete documentation by 2 p.m. GMT can be processed for settlement by the next business day, subject to regulatory and compliance requirements.

The payment route is intended to reduce the need for multiple foreign exchange conversions and make transactions between Ghanaian businesses and Chinese suppliers more straightforward. It does not, however, remove the need to meet documentation, compliance and other applicable payment requirements.

GCB prepares a similar service

The planned participation of GCB could broaden access to the arrangement if the bank introduces its own service as indicated by the BoG Governor.

It presents importers with the immediate possibility of settling eligible invoices without first obtaining US dollars. Businesses that regularly purchase machinery, electronics, industrial inputs, textiles and other merchandise from China could benefit from a more direct payment channel.

The actual savings will depend on exchange rates, transaction fees, the nature of the payment and the terms offered by individual banks.

 The new arrangement should therefore be seen as an alternative payment route, rather than a guarantee that every transaction will be cheaper.

It also does not mean that the US dollar has been removed from Ghana-China trade. Dollar payments and other established international payment channels remain available, while the yuan route applies to eligible transactions.

A wider push to deepen Ghana-China trade

The initiative comes as Ghana and China seek to expand economic ties and improve access to each other’s markets.

China’s zero-tariff initiative for African countries with which it has diplomatic relations took effect on May 1, 2026. The policy extends preferential zero-tariff treatment to eligible African exports entering the Chinese market, with the arrangements for countries that are not classified as least developed applying for an initial two-year period.

The measure could create opportunities to reach Chinese buyers, subject to the relevant product and customs requirements.

The two developments could complement each other as businesses explore opportunities to increase exports and imports, although neither guarantees that trade will grow without improvements in competitiveness, logistics, product standards and access to finance.

Also read:

• BoG arrests seven for using Cedi notes to make money bouquets, cakes

• Cedi remains under pressure due to Christmas demand, going for GH¢11.90 at forex bureaus

In a congratulatory message to the management and staff of Fidelity Bank, the Multimedia Group said the bank’s two-decade journey had been marked by efforts to build trust, create opportunities and serve customers while contributing to Ghana’s economic and social development.

“Twenty years is a significant milestone — two decades of building trust, creating opportunities, serving customers, and contributing meaningfully to Ghana’s economic and social development,” the Group said.

The Multimedia Group also commended the leadership, dedication and hard work of Fidelity Bank’s management and staff, both past and present, for helping shape the institution’s growth over the years.

It said the bank’s achievements were a source of pride and expressed confidence that its strongest chapters were still ahead.

The Group further wished Fidelity Bank continued growth, innovation, impact and success as it begins its next chapter.

“Congratulations to Fidelity Bank Ghana on 20 remarkable years. Here’s to the journey so far, the partnership we cherish, and the many milestones yet to come,” the message said.

The anniversary marks two decades of Fidelity Bank’s operations and its contribution to Ghana’s banking and broader economic landscape.

Ahmed Dasana Nantogmah, Chief Operating Officer of the Ghana Chamber of Mines, made the call while opening the 2026 PR, Environment and Sustainability Seminar in Kumasi.

Mr. Nantogmah said today’s better-informed and more skeptical public is unlikely to accept corporate assertions without proof, particularly as misinformation and disinformation circulate quickly.

“People want evidence. Our task is not simply to tell people what mining creates; our task is to show it,” he said, calling on industry communicators to move “from publicity to proof.”

He pointed to the industry’s significant contribution to Ghana’s economy in 2025: over GH¢24.2 billion in fiscal revenue; roughly US$7 billion spent domestically, including about US$4.2 billion paid to local suppliers; and US$88.6 million invested directly in communities by Chamber member companies.

However, he said the critical issue was whether these numbers translated into visible improvements in mining communities.

“If we go into the mining communities, are we going to see that impact?” he asked.

According to Mr. Nantogmah, the sector’s real contribution should be evident in stronger local enterprises, improved livelihoods and infrastructure, sustainable employment, and opportunities communities can experience firsthand.

He further tied lasting impact to predictable policies, increased investment and stronger domestic value retention. In his view, high gold prices should enable Ghana to draw more exploration funding, increase output and prolong the operating lives of existing mines, instead of focusing chiefly on securing more revenue from current operations.

Mr. Nantogmah again called for Ghana to progress from local procurement to domestic manufacturing, observing that little value remains in the country when goods bought locally still rely heavily on imported components.

Donald Gwira, Vice President of the Institute of Public Relations Ghana and guest speaker at the Seminar, supported the emphasis on evidence and credibility by distinguishing reputation from trust.

“Reputation is communicated, but trust is earned,” Mr. Gwira said, explaining that trust grows when an organization’s statements, conduct and stakeholder experiences align consistently.

He therefore called for public relations to extend beyond publicity and function as a core part of strategic management.

Mr. Gwira said communications professionals should participate early in organizational decisions so they can detect emerging issues, understand stakeholder expectations and help shape responses, rather than being brought in only after controversy develops.

The Seminar delivered a clear message: under growing public scrutiny, the mining industry’s credibility will rest not only on the size of its contribution, but also on its capacity to demonstrate concrete, measurable results.

READ ALSO:

Government exceeds T-bills target by 30.5% as demand softens to GH¢2.93bn

BoG arrests seven for using Cedi notes to make money bouquets, cakes

This is despite demand softening further last week.

The Treasury accepted GH¢1.77 billion of the total bids as against a target of GH¢2.24 billion.

The 91-day bill led the pack with GH¢2.2 billion of the bids tendered, representing 98% of the total bids.

The uptake was, however, GH¢1.39 billion.

The 182-day bill received bids of about GH¢235.19 million. A little above GH¢153 million was accepted.

For the 364-day bill, about GH¢474.85 million of the bids were tendered. A little above GH¢224 million of the bids were accepted.

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

The yield on the 91-day bill declined by 4.0 basis points to 4.64%.

That of the 182-day bill also went down to 6.31% from the preceding 6.67%.

Similarly, the yield on the 364-day bill dropped by 3.0 basis points to 9.80%.

Looking ahead, Databank Research expects demand to remain relatively soft at the next auction as the Treasury’s modest funding requirement should keep the auction comfortably covered and yields broadly stable.

READ ALSO:

BoG arrests seven for using Cedi notes to make money bouquets, cakes

COCOBOD raises GH¢3.39bn at 11% in first commercial paper tranche

The arrests form part of the central bank’s enforcement action against the misuse, abuse, and illegal handling of Ghana cedi notes and coins.

Head of the Statistics Office at the Currency Management Department of the Bank of Ghana, Dinah Bonzi, said the exercise is intended to send a strong warning to individuals and businesses involved in the practice.

“The Bank of Ghana wishes to issue a warning to the general public for using banknotes and coins to create money bouquets, money cakes for weddings, for birthdays, for graduations, and other similar events, which constitutes the misuse and abuse of the currency and is illegal and unlawful,” she said.

According to the Bank of Ghana, the seven individuals were arrested at various locations in Accra.

Ms. Bonzi explained that those arrested had used Ghana cedi banknotes to create bouquets and cakes, which were being produced for commercial purposes.

“Following today’s arrest on the alleged abuse of the Ghana currency, the bank wants to clearly state that persons found engaging in, aiding, promoting or facilitating such acts will be arrested and prosecuted by the appropriate law enforcement agencies,” she said.

“The Ghana cedi is a legal tender of the Republic of Ghana and must be treated with respect. The misuse or abuse of the currency is an offence and may attract sanctions under the law,” Diana Bonzi added.

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Possible prosecution and sanctions

The Bank of Ghana said the individuals arrested will be prosecuted, with Ms. Bonzi indicating that the possible sanctions include fines or imprisonment.

“From here they will be prosecuted,” she said. “Fines or even imprisonment according to the Act.”

The central bank has previously warned the public against practices including spraying money at events, creating money bouquets and decorations from banknotes, scattering or stepping on currency, writing on or altering notes, and other forms of physical damage or unconventional use of the currency.

Ms. Bonzi said the latest arrests should serve as a warning to the public to desist from such practices.

“Today’s arrest should serve as a clear warning to the public. Let us all handle the Ghana cedi with dignity,” she said.

The campaign, being promoted through the company’s MomoFest activities, seeks to shift customers from simply sending and receiving money to accessing a wider range of digital financial services designed to support savings, investment, borrowing and long-term financial planning.

Manager for Brands and Communication at MTN Ghana, Isaac Agyenim Boateng, said the initiative forms part of MTN’s broader digital transformation agenda to make financial services more accessible, convenient, and relevant to customers.

He explained that although many customers still rely on the *170# short code for basic MoMo transactions, the MoMo App has evolved into a one-stop digital financial platform offering services beyond traditional money transfers.

“For us as a business now, we are moving from wallet to financial well-being,” he said.

Mr Boateng said MTN had, over the past two weeks, undertaken activations across the Volta Region, including Ho and surrounding communities, with teams engaging customers in homes, offices and other locations to help them download and understand how to use the application.

He said the goal was not simply to increase app downloads but to empower customers to use digital financial services to make better financial decisions and improve their economic well-being.

“Customers should not only use their wallets to send and receive money. They should also be able to use those wallets to grow their finances and improve their financial stability,” he said.

Strengthening customer confidence
Mr Boateng also sought to reassure customers about the security of the MoMo platform, saying MTN has put in place measures to protect users and their transactions.

He, however, stressed that customers have an equally important role to play in safeguarding their accounts.

He cautioned customers against sharing their MoMo PINs and one-time passwords with anyone, regardless of who they claim to represent.

“Your PIN is your key. It is a key to your wallet,” he cautioned.

According to him, MTN is combining its technological security measures with sustained customer education through social media campaigns, SMS alerts, weekly fraud-prevention tips and educational content on its YouTube platforms.

Vendors embrace cashless transactions
Some vendors participating in the MomoFest activities also highlighted the growing importance of cashless transactions to their businesses.

Abandoned Grace Oma Mefut, a vendor, said digital payments had reduced the risks associated with handling and transporting large amounts of cash after sales.

For Millicent, popularly known as MG of MG Scoreset, cashless payments have become an essential part of running her online business, making it easier and more convenient to receive payments from customers.

The growing adoption of digital payments, she noted, demonstrates how technology is increasingly changing the way businesses and customers transact.

MTN Ghana says the broader objective of the MoMo campaign is to ensure that digital financial services become not only a means of transaction but also a practical tool for financial inclusion, security, convenience, and financial growth

Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel at 0240 GMT, while US West Texas Intermediate crude was at $90.12 a barrel, down 95 ​cents, or 1.03%.

Brent gave up most of its gains last week while WTI was 1.6% lower ​after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from ⁠emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.

The ​release will add to Middle Eastern crude exports which rose above pre-war levels in four of the seven days of ​the final week of September, shipping data showed on Monday, despite attacks on vessels passing through the Strait of Hormuz.

“The G7 decision to tap strategic reserves is taking some of the immediate supply anxiety out of the price, while there’s a growing view ​that Saudi export volumes are moving back toward pre-war levels, even if those barrels are still moving at ​higher cost and via less efficient routes,” said Tim Waterer, chief analyst at KCM Trade.

“That combination is enough to subdue prices ‌for now ⁠even though the risks of further damage to energy infrastructure around the Gulf region haven’t gone away.”

The Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia in response to 50 Saudi-led air and missile strikes in Yemen in the past 12 hours. There was no ​confirmation from Saudi Arabia.

On Sunday, ​Yemen’s Saudi-backed, internationally recognised ⁠government said it was launching a major military campaign to recapture all areas of the country controlled by the Iran-backed Houthis. Meanwhile, Aramco has unexpectedly cut November crude oil prices ​for Asia to six-year lows.

Brent prices continue to stay above $100 per barrel on ​persistent geopolitical tensions ⁠and an increase in attacks on commercial vessels in the Gulf, ING analysts said in a note.

Meanwhile, OPEC+ delayed a review that would determine 2027 oil output quotas for its members after the Iran war disrupted projects to expand capacity ⁠across the ​Middle East, throwing estimates of future production potential into uncertainty, said ​two sources close to the matter.

In Europe, Ukraine will double down on attacking Russian oil refineries, Ukrainian President Volodymyr Zelenskiy told Reuters in an ​interview published on Saturday.

JOYBUSINESS understands that the funds were raised last week, according to persons familiar with the outcome of the offer.

The amount falls short of the GH¢4 billion initially targeted for the first tranche.

It is unclear at this stage whether COCOBOD or Cocoa Capital PLC has any arrangements in place to secure additional funding to bridge the gap.

Sources say investors who participated in the offer will receive an interest rate of 11%, with the Commercial Paper having a tenor of 266 days.

GH¢16.3bn Cocoa Financing Programme

Cocoa Capital PLC is seeking to raise up to GH¢16.3 billion through the Domestic Cocoa Notes Programme to support cocoa purchases and strengthen the cocoa sector’s financial position.

Of the total financing target, GH¢14 billion will be raised through Commercial Papers to meet short-term liquidity requirements for cocoa purchases during the 2026/27 crop season.

The remaining GH¢2.3 billion will be raised through medium- to long-term bond issuances to refinance existing COCOBOD legacy debt.

The Commercial Paper component will be issued in tranches.

The first tranche was targeted at GH¢4 billion, followed by a second tranche of GH¢4 billion and a final tranche of GH¢6 billion.

The timing and actual amounts to be raised will depend on COCOBOD’s funding requirements, market conditions and the applicable programme terms.

How the Funds Will Be Secured

Repayment obligations under the programme will be supported by receivables from selected executed cocoa forward sales contracts assigned to Cocoa Capital PLC.

Proceeds from these contracts will flow through designated ring-fenced accounts held with appointed account banks.

The funds will then be applied in accordance with the programme’s payment waterfall.

The arrangement is also intended to provide additional assurance to investors that funds raised will be managed and deployed prudently.

About 14% of the funds raised will also be used to finance COCOBOD’s legacy debts.

Bookrunners for the programme are Absa Bank Ghana Ltd, CalBank PLC, Fincap Securities Ltd, GCB Bank PLC, One Africa Securities Ltd and Stanbic Bank Ghana Ltd.

Cocoa Capital PLC

Cocoa Capital PLC was incorporated on August 7, 2026, under the Companies Act, 2019, to lead the fundraising programme.

The company is wholly owned by COCOBOD and has an initial paid-up capital of GH¢5 million.

Its principal purpose is to raise funds and apply the proceeds to approved cocoa-sector financing and refinancing activities.

The move gives COCOBOD a dedicated vehicle for accessing the domestic capital market and raising funds under the Cocoa Notes Programme.

Domestic Cocoa Fund-Raising Programme

The programme forms part of the government’s broader restructuring of the cocoa sector.

It is intended to introduce a more sustainable financing model to support timely cocoa purchases, address legacy obligations and strengthen the sector.

Cocoa Capital PLC has secured approval from the Securities and Exchange Commission (SEC) to raise funds through the domestic debt capital market.

COCOBOD officials have described the programme as a new chapter for the cocoa sector as ongoing reforms seek to strengthen financial discipline and build a more sustainable value chain.

“This turnaround signals a cocoa sector that is more resilient, disciplined, and built to deliver value at every level,” COCOBOD told investors.

COCOBOD has maintained that the reforms are aimed at reshaping the sector and positioning cocoa as a long-term engine of shared prosperity for stakeholders.

Also read:

• COCOBOD asks investors to fund cocoa purchases, but proceeds may also repay old debt

• COCOBOD sets up Cocoa Capital PLC to raise GH¢16.3bn for cocoa sector