Trading remained concentrated in the belly of the curve, with the 2031-2034 maturities accounting for 49.83% of total turnover at an average yield of 14.14%.

The 2027-2030 segment followed closely, contributing 46.26% of trades at a weighted-average yield of 11.75%.

Activity beyond 2035 remained limited, accounting for just 3.91% of turnover at an average yield of 14.64%.

“We attribute the moderation in bond market activity in part to the recent upward repricing of Treasury bill yields, which has improved the relative appeal of shorter-duration instruments”, said Databank Research.

However, it expects secondary market activity to recover this week as portfolio managers rebalance positions ahead of the close of first-half of 2026.

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The presentation formed part of a meeting led by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, who disclosed in a Facebook post on Tuesday, June 30, that the engagement was aimed at establishing a coordinated approach to addressing challenges within the petroleum, electricity, and renewable energy sectors.

Dr Jinapor explained that each agency outlined its ongoing programmes, strategic priorities, and areas where additional government support would be required to fast-track implementation.

He said the discussions reflected government’s determination to build a stronger and more resilient energy sector capable of meeting the country’s growing development needs.

The Minister indicated that the engagement aligns with President John Dramani Mahama’s vision of resetting Ghana’s energy sector through effective planning, stronger institutional collaboration, and targeted investments.

“Each agency presented its strategic roadmap, outlining ongoing reforms, key priorities and the support required from government to accelerate delivery across the petroleum, power and renewable energy sectors,” he said.

Dr Jinapor expressed confidence that the strengthened partnership between the Ministries of Energy and Finance would help deliver improved energy infrastructure, expand access to electricity, promote clean energy development, and create lasting benefits for businesses and households across the country.

NPA issues mandatory safety measures for flooded fuel stations

GRA urges Businesses to prioritise safety amid floods, assures continuous services

The directive follows heavy rains that caused widespread flooding across parts of the country, raising concerns over possible fuel contamination, fire outbreaks, explosions and environmental pollution.

In a public notice, the NPA instructed operators of flooded fuel stations to immediately suspend all fuel dispensing, loading and offloading activities where floodwaters have reached forecourts, tank areas or underground storage facilities.

The Authority further directed operators to disconnect electrical power to pumps, dispensers and other equipment where safe to do so, evacuate staff, customers and vehicles, and establish a safety exclusion zone of at least 100 metres around affected facilities.

It also prohibited smoking, naked flames, welding or any spark-generating activities within the exclusion zone.

The NPA stressed that affected stations will not be allowed to resume operations until floodwaters fully recede, a joint inspection is conducted by the NPA and the Ghana National Fire Service, and the facility is certified safe.

The Authority also warned against the sale or distribution of contaminated fuel.

The NPA urged the general public to stay away from flooded fuel stations, warning motorists and residents not to enter, drive through or gather around such areas, as floodwaters may contain hazardous petroleum products.

It encouraged the public to immediately report any fuel leaks, unusual petroleum smells or fuel sheens on floodwaters to the Ghana National Fire Service or the nearest NPA office.

Authorities advised the public to remain vigilant and comply with instructions from emergency responders as the situation continues to unfold.

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Read the full directive below:

According to the latest industry pricing notice, the minimum price for petrol has been reduced from GH¢13.39 per litre during the second pricing window of June to GH¢12.79 per litre for the first pricing window of July.

The GH¢0.60 reduction represents a 4.5 per cent decrease and could translate into lower prices at the pumps if Oil Marketing Companies (OMCs) adjust their retail prices accordingly.

Diesel recorded the largest reduction among liquid fuels, with its price floor dropping by GH¢1.57 per litre—from GH¢15.11 to GH¢13.54 per litre—representing a 10.4 per cent decline.

Liquefied petroleum gas also saw a substantial cut, with the minimum selling price falling from GH¢13.23 per kilogram to GH¢10.11 per kilogram, a decrease of GH¢3.12 or 23.6 per cent.

The NPA explained that the published price floors represent the minimum prices at which OMCs and LPG Marketing Companies (LPGMCs) are permitted to sell petroleum products during the pricing window, in line with the Petroleum Products Pricing Guidelines (PPPG).

However, the Authority noted that the price floors exclude charges such as premiums imposed by International Oil Trading Companies (IOTCs), the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and marketers’ and dealers’ margins. As a result, actual retail prices may vary depending on individual companies’ pricing decisions.

The latest downward adjustments come on the back of declining international crude oil prices, which have retreated to about US$70 per barrel following easing supply concerns linked to recent geopolitical tensions in the Middle East.

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In a press release issued on Monday, June 29, 2026, the GRA acknowledged that the severe weather could disrupt transportation, delay the movement of goods, affect business operations and place additional pressure on businesses striving to meet customer and regulatory obligations.

The Authority, however, said measures have been put in place to ensure service continuity across the country’s ports, border posts and Taxpayer Service Centres (TSCs).

According to the GRA, its priority is to keep legitimate trade moving, minimise avoidable disruptions and continue serving taxpayers efficiently throughout the period of adverse weather.

The Commissioner-General of the Authority encouraged businesses to plan ahead, make use of the GRA’s digital platforms where possible, and factor in potential transportation delays as the rains persist.

The GRA also urged employers to prioritise the safety of their workers, stressing that no business activity is more important than protecting lives.

“The GRA is committed to supporting businesses during this period by maintaining service continuity and protecting the revenue that supports national development,” the statement said.

The Authority wished taxpayers a safe week and advised the public to follow guidance issued by the relevant emergency response and weather authorities as forecasts indicate that further rainfall is expected in the coming days.

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The exercise brought together staff from various branches and units of the bank, officials of the Forestry Commission, and media representatives to support ongoing efforts to restore degraded and deforested landscapes across the country.

Speaking at the event, the Executive Head of Operations, Felix Apau Awuku, said the initiative goes beyond symbolic tree planting and reflects the bank’s broader commitment to environmental stewardship.

“For us, it is not just a tree planting exercise, but a reflection of who we are as a bank. Prudential Bank is not only dedicated to financial growth, but we are also very much interested in environmental sustainability,” he said.

He disclosed that the bank has maintained two planting sites over the past six years — the Achimota Forest Reserve and another at Chipa in the Eastern Region — as part of its long-term sustainability programme.

“We came here this morning with our colleagues, and several of them are already in the forest planting trees. It shows our commitment, unity of purpose, and the responsibility we share as a corporate entity,” he added.

The Range Manager at the Achimota Forest Reserve, Emelia Oduro, welcomed the bank’s continued partnership and encouraged other institutions to emulate Prudential Bank’s example.

She noted that the Achimota Forest Reserve, which spans about 144 hectares, is the only remaining forest reserve in the Greater Accra Region and plays a key role in reducing erosion and moderating weather conditions.

“Today, we are planting mahogany, melicia and melina to restore degraded areas. This helps reduce the harsh effects of climate change,” she said.

Also speaking at the event, the Unit Head of Public Relations at Prudential Bank, Benett Frimpong, said the bank’s sustainability agenda extends beyond tree planting to include internal environmental practices.

“Our sustainability agenda goes beyond tree planting. It is reflected in our internal operations, waste management practices, energy conservation efforts, even the food we consume and what we use in eating them. We have an entire sustainability unit ensuring our practices are up to standard,” he said.

He called on corporate institutions to support environmental initiatives to help combat climate change.

“Climate change affects us all. We entreat corporate Ghana to come together to support initiatives like this so that collectively, we can make Ghana and the world a safer and more sustainable place,” he added.

The “Tree for Life Restoration” initiative forms a key part of Prudential Bank’s Environmental, Social and Governance (ESG) agenda, with continued collaboration with the Forestry Commission and staff participation.

The rain began on Sunday evening, easing later in the night before resuming at dawn on Monday, June 29 and continuing intermittently into the day.

The downpour has significantly affected movement and commercial activity, with traders and buyers staying away from the central business area as conditions remain unfavourable for trade.

“The rain started very early, so those who will travel from the nearby communities to come and make sales or buy things will surely be affected due to the nature of the roads and the heaviness of the rain,” the Ho Municipal Director of the National Disaster Management Organisation (NADMO), Christian Youngs, said.

“Today is a market day, and it is still raining. Earlier this morning, it was just drizzling, so I prepared my child for school, but upon reaching the school complex, it started raining heavily again. I am supposed to be in the market too, but I can’t,” Gifty Dzansi, a trader at the Ho Central Market, said.

Despite the disruption, there have been no reported incidents of flooding within the city. Residents say rainwater has largely drained away through existing channels, preventing the accumulation of floodwaters.

Mr Youngs said the city remains safe as there are no issues of flooding despite the ongoing downpour.

Meanwhile, the rainwater has rendered some untarred roads in the capital unmotorable, as motorists struggle to navigate the routes.

Market activity, which was expected to peak on Mondays in the city, has therefore been subdued, with businesses awaiting improved weather conditions to resume normal operations.

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The affected passengers were booked on KLM Flight KL059, which was scheduled to arrive in Accra on Saturday, June 27, 2026.

In a statement issued on Sunday, June 28, the GCAA said it had taken note of the circulating videos and was treating the matter with urgency.

“The Ghana Civil Aviation Authority has noted with concern videos circulating on social media showing stranded passengers expressing dissatisfaction over their alleged treatment by KLM in Amsterdam in connection with Flight KL059,” the statement said.

The Authority confirmed it has commenced a formal investigation into the reported tarmac delay and claims of poor treatment.

“As Ghana’s aviation regulator, with safety, security and consumer protection as our top priorities, the GCAA has commenced an investigation into the circumstances surrounding the reported tarmac delay and the alleged mistreatment of some passengers,” the statement added.

According to the GCAA, it will engage KLM and other relevant stakeholders as part of the investigation before determining the next course of action.

“The Authority will engage all relevant stakeholders and communicate the outcome of the investigation, where appropriate, in accordance with established regulatory procedures,” the statement noted.

The regulator reaffirmed its commitment to protecting air travellers and upholding high service standards within the aviation sector.

“The GCAA remains committed to ensuring the safety and security of passengers and maintaining high standards of service within the aviation sector,” it stated.

The videos, which captured passengers expressing frustration over delays and alleged poor handling, have sparked calls for accountability in the aviation industry.

The GCAA has yet to provide a timeline for the completion of its investigation.

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However, the slowdown from the 6.0% growth rate in 2025 echoes the shift from a post-crisis recovery to a more sustainable medium-term growth path.

The country’s growth rate in 2026 will be higher than the sub-Saharan Africa average of 4.0%.

The Bretton Woods institution is also increasing its 2027 growth rate for Ghana to 4.9% from the January 2026 forecast of 4.8% and 5.0% GDP growth in 2028.

The World Bank continued that growth in Sub-Saharan Africa (SSA) is forecast to edge down to 4.0% in 2026 and then recover to 4.4% on average in 2027–28.

“The growth forecast for 2026 has been revised down by 0.3 percentage point since January [2026], with the negative impact of the conflict in the Middle East expected to outweigh existing growth drivers—including structural reforms and recent trade agreements that support investment and exports.”

It said the outlook assumes that the geopolitical environment stabilises in the near term and that security improves in economies in the region.

The World Bank also stated that real per capita GDP growth in SSA is projected to remain at 1.6% in 2026, before firming to an average of 2% per year in 2027–28.

Nonetheless, this pace is still insufficient to deliver substantial reductions in extreme poverty.

Job creation in SSA is also expected to lag behind its growing labour force, projected to be the world’s fastest-growing by 2030 (World Bank 2025b).

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In a customer notice issued on Saturday, June 27, the telecommunications giant explained the cause of the widespread disruption.

“MTN Ghana would like to inform our customers that undersea cable cuts off the coast of Abidjan, Côte d’Ivoire are affecting connectivity and internet services in Ghana and some countries in the subregion,” part of the statement read.

The outage is expected to impact a wide range of users, from everyday consumers to businesses that depend heavily on reliable internet, including banks, e-commerce platforms, and companies using cloud services.

MTN Ghana assured customers that it is working hard to restore services.

“We are actively engaging our international partners to resolve the issue as soon as possible,” the company added.

Subsea cable damages are not uncommon in the region and often cause temporary slowdowns or complete outages. Customers are advised to stay updated through MTN’s official channels as restoration efforts continue.

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Speaking during his tour of the Central Region on Saturday, June 27, the President explained that efforts to restart the factory actually began before his administration assumed office, building on initial engagements by the previous government.

He noted that the Ministry of Trade has since held meetings with the prospective investor to review their proposal for resuming operations at the facility.

According to President Mahama, the investor has requested a ban on imported refined sugar to guarantee a ready local market for the factory’s products. However, the President said such a measure would only be considered after a thorough assessment.

“What he wanted was a ban on imported sugar so that he would have the local market. But we also need to assess his capability before we issue a ban. Otherwise, supply may not be able to meet demand,” the President said.

He added that conversations with the investor are still ongoing, and the government may gradually reduce sugar imports in the future to support local production while ensuring the country’s demand is adequately met.

“We are still engaging the investor and we may gradually reduce imports to create space for local production while ensuring that the country’s demand is adequately met,” President Mahama added.

The Komenda Sugar Factory has remained largely inactive since its commissioning in 2016, despite several previous revival attempts.

Many residents in the Central Region are hopeful that this latest effort will finally bring the factory back to life and create much-needed jobs.

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The agreement, signed on Wednesday, June 17, 2026, at the residence of the Italian Ambassador to Ghana, forms part of the government’s plan to build a fully integrated aluminium industry and create value from the country’s bauxite resources.

Under the deal, Danieli will invest in a state-of-the-art Aluminium Foil Rolling Plant at the Tema Integrated Industrial Park.

The facility is expected to produce between 40,000 and 45,000 tonnes of high-quality aluminium foil annually for packaging, pharmaceuticals, food service, and industrial use.

In addition, the project includes the establishment of a Centre of Excellence for training, innovation, and technology transfer, which is expected to serve as a regional hub for skills development in advanced aluminium processing.

Speaking at the signing ceremony, Mr. Danilo Dreolini of the Danieli Group described the project as a significant opportunity for Ghana to move beyond raw material exports into high-value manufacturing.

The CEO of GIADEC, Reindorf Twumasi Ankrah, welcomed the partnership, saying it marks a strategic shift in Ghana’s aluminium sector.

“GIADEC will continue to partner with credible global firms to position Ghana as an emerging hub for advanced aluminium manufacturing in West Africa,” he stated.

The project will be located within the Tema Heavy Industrial Zone, developed in collaboration with ARISE Integrated Industrial Platforms and the Tema Development Corporation.

Its proximity to VALCO and the Tema Port is expected to give it strong logistical advantages for export-orientated production.

The investment is projected to create direct and indirect jobs, stimulate upstream and downstream industries, enhance skills development, and increase Ghana’s foreign exchange earnings through value-added exports.

The signing was witnessed by officials from GIADEC, the Danieli Group, the Italian Embassy, and the Ministry of Lands and Natural Resources.

This partnership is being hailed as another concrete step under President John Dramani Mahama’s administration toward transforming Ghana into a competitive industrial economy.

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The award, valued at US$100,000, was presented in recognition of AkoFresh’s innovative efforts to address post-harvest losses and strengthen food security among rural farming communities in Ghana through sustainable agricultural solutions.

The company provides solar-powered cold storage, refrigerated transport, farmer training and market access to help rural farmers reduce post-harvest losses, improve incomes and enhance food security.

The initiative highlights how youth-led entrepreneurship is advancing climate resilience and inclusive rural development.

Accepting the award in Vienna, Austria, Mathias Charles Yabe encouraged young innovators to remain committed to their aspirations despite challenges.

“To every young person with a dream that feels too big, too difficult or too early: keep going. The world needs your ideas, your energy and your determination,” he said.

Mr. Yabe expressed appreciation to the OPEC Fund for empowering youth-driven innovation and creating opportunities for young entrepreneurs to contribute to sustainable development.

“Thank you to the OPEC Fund for believing in youth-led innovation and for creating this platform to empower the next generation to build a more inclusive and sustainable future,” he added.

Mathias was among three young innovators from various parts of the world to be recognised at the OPEC Fund Annual Award for Development.

Revamped for the OPEC Fund’s 50th anniversary, the award now recognises excellence across three categories: Transformational Impact, Innovation for Development and Youth Entrepreneurship.

The Transformational Impact Award, valued at US$450,000, was presented to Fundación Plan International España for DESFERS, an initiative supporting women in the Sahel through renewable energy, skills training and access to financing.

The Innovation for Development Award, valued at US$250,000, was received by iFarmer Limited for its work with smallholder farmers in Bangladesh.

The programme is designed to improve governance in the pharmaceutical sector, enhance collaboration between government and industry players, attract foreign direct investment, and promote transparency in investment and regulatory processes.

Speaking at a stakeholder meeting in Accra on Thursday, June 25, 2026, the Director of Administration at the Ministry, Yaw Sakyi, who represented the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, reaffirmed the government’s commitment to developing a competitive pharmaceutical manufacturing sector.

He said the government’s pharmaceutical policy will provide the necessary implementation framework to drive industry growth and improve the country’s capacity for local drug production.

Mr. Sakyi expressed appreciation to the European Union and the German Federal Ministry for Economic Cooperation and Development for providing the €415,437.78 grant to support the implementation of the PharmaVax Programme.

Head of the Pharmaceutical Manufacturing Development Unit at the Ministry, Godfred Gobah, said the Ministry will work closely with the private sector and participate in both local and international events to increase the visibility of Ghana’s pharmaceutical industry and create new market opportunities for local manufacturers.

According to him, the programme is expected to lay the foundation for achieving key targets by 2030, including doubling the value of Ghana’s pharmaceutical exports within the ECOWAS market and increasing the share of locally manufactured pharmaceutical products from 30 percent to 60 percent.

The Ministry, in collaboration with GIZ Ghana, the European Union and other development partners, says it remains committed to building a strong ecosystem that will support sustainable growth and competitiveness in Ghana’s pharmaceutical sector.

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• Central banks are increasingly stockpiling bullion as high prices bolster its ​appeal as a reserve asset.
• Ghana, Africa’s biggest gold producer, launched ​its purchase programme in 2022.
• It agreed with the miners, via the Ghana Chamber of Mines, that they would supply 20% of their annual output to the central bank.
• Holdings rose to 19.2 metric tons in February, according to Bank of Ghana data.
• The government revamped the programme in February, targeting up to 157 tons (15 months of import cover) by 2028, and launched negotiations with miners, including Newmont, Gold Fields,  ​and China’s Zijin (601899.SS), to increase purchases.
• Under the agreement, large miners will sell ‌30% ⁠of their gold output to the state entity Gold Board, known as GoldBod, in dore form.
• Purchases will be discounted at 0.55% of the central bank’s reference rate and settled in Ghanaian ​cedis.
• The arrangement is also designed to help Ghana secure London Bullion Market Association accreditation for at least one domestic refinery by 2030, the statement said.
• Gold from the scheme will ​be ⁠refined locally before being shipped to a LBMA refinery for melting and stamping before being added to central bank reserves.
• GoldBod already ⁠purchases the ​entire output of Ghana’s artisanal gold ​miners.
• Increased gold reserves protect the country against external shocks and can be sold abroad ​to generate dollar income.

Earlier in the year, before tensions between Iran, Israel and the United States escalated, Ghanaian consumers were briefly seeing relief.

Petrol was selling at about GH¢10 per litre, while diesel hovered between GH¢11 and GH¢12, among the lowest levels in months.

That stability tracked global oil prices, which were trading in a relatively narrow band of about $60 to $70 per barrel.

The situation shifted quickly when geopolitical tensions escalated. At the peak of the disruption, crude prices surged sharply, at one point approaching $120 per barrel. The impact filtered through to Ghana’s fuel market. Diesel prices rose above GH¢17 per litre at some stations, with petrol also moving higher across the country.

Now the direction has reversed again. With a ceasefire and easing tensions, crude oil has fallen back to around $72 per barrel.

In theory, that should bring relief to consumers at the pump. In practice, it has not yet done so.

The reason lies in how Ghana’s petroleum pricing system is structured.

The National Petroleum Authority operates a two week pricing window for fuel pricing.

Within each window, oil marketing companies are bound by a price floor that cannot be undercut, even if international prices fall in the meantime.

The current pricing window runs until next Tuesday, June 30. That means the recent decline in crude prices is not yet reflected in domestic pricing decisions. The adjustment only takes effect once the window expires.

At that point, the NPA reviews global oil prices, exchange rate movements and other cost factors before setting new price floors for the next cycle.

That is when consumers are more likely to see changes at the pump, potentially from Wednesday, July 1.

There is also a timing lag driven by inventories.

Most oil marketing companies are not selling fuel at current international prices. Instead, much of the fuel at stations today was imported and stocked days or weeks earlier, when crude prices were higher.

As a result, firms need to recover the cost of existing stock before lower global prices can fully pass through to retail prices.

The adjustment process is already shifting, however.

Companies currently restocking are doing so at lower international prices, which means the next pricing window is more likely to reflect the recent decline in crude. The relative strength of the cedi is adding further support to potential price declines.

Taken together, the signal from global markets is already clear. Oil prices have eased, and cost pressures are declining. But Ghana’s pricing system transmits those changes with a delay.

The result is a familiar one for consumers.

Relief tends to arrive, but not immediately. It is absorbed first through pricing windows and inventory cycles before it reaches the pump.

For now, the key point is timing rather than direction. Prices are moving lower in the global market. Ghana’s pump prices are likely to follow, but only from the next pricing cycle, rather than immediately.

In other words, the adjustment is coming. It is just not here yet.

The measures, contained in a notice issued on June 24, 2026, take immediate effect and supersede all previous directives on the matter.

The central bank said it had acted due to “grave concern” over the high incidence of dud cheques and their damaging effect on the acceptance of cheques for transactions.

The new framework introduces escalating sanctions based on the number of offences within one year:

A first-time offender will be levied 10 percent of the cheque’s face value, issued a warning, reported to Credit Reference Bureaus and the Bank of Ghana, and placed under surveillance for a minimum of one year.

A second offence within one year attracts a 15 percent levy, another warning, and further reporting to credit bureaus and the central bank.

A third offence within one year carries the harshest consequences, a 20 percent levy, a minimum three-year ban on cheque issuance nationwide, and a one-year prohibition on accessing new credit facilities from the banking system. The Bank of Ghana may also publish the names of third-time offenders and add them to a Directory of High-Risk Cheque Issuers.

Banks and Specialised Deposit-Taking Institutions (SDIs) are required to recall all unused cheque books from banned customers and stop issuing new ones until sanctions are lifted. Customers who fail to return unused cheque books within ten working days of notification will be reported to the Bank of Ghana, which may impose a ban on operating any current account.

Banks and SDIs must also display the notice in all banking halls and on their official websites, continue submitting data on dud cheque issuers to Credit Reference Bureaus, and file monthly returns to the Bank of Ghana by the 10th of each month. Failure to comply will attract sanctions under Section 92(8) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana said the measures were intended to discourage the issuance of dud cheques and restore public confidence in cheque-based transactions.

The tree-planting exercise forms part of Ecobank Ghana’s corporate social responsibility and environmental stewardship initiatives, while also supporting the Government of Ghana’s Tree for Life programme.

Speaking at the event, the Head of Corporate Communications at Ecobank Ghana, Kasser Tee, said the bank remains committed to efforts aimed at restoring degraded forest reserves and promoting environmental sustainability.

“Today, we have planted 2,000 trees here at the Chipa Forest. Last year, we planted about 1,800 trees in the same forest, bringing the total number of trees planted by Ecobank Ghana in this forest to 3,800,” he stated.

He explained that the initiative aligns with the government’s Tree for Life programme, which seeks to restore degraded forests and improve environmental health.

“This exercise forms part of the Government of Ghana’s Tree for Life initiative, which is aimed at greening degraded forests, restoring and sustaining the environment. As a responsible corporate institution, Ecobank is proud to support this initiative and is replicating similar tree-planting exercises across the country,” he said.

He added that environmental sustainability remains a key pillar of the bank’s broader sustainability agenda.

Meanwhile, the Tema-Ada Forest District Manager, Linda Ansah, commended Ecobank Ghana for its continuous support of national afforestation efforts.

“Ecobank’s tree-planting initiative is in line with the government’s agenda to plant 30 million trees across Ghana. Partnerships such as this are critical in helping us achieve our national environmental goals,” she said.

She assured that the Forestry Commission would continue to monitor and protect the planted trees to ensure their survival and long-term impact.

“We will continue to protect, nurture and sustain these trees to ensure they grow and contribute meaningfully to environmental sustainability and ecosystem restoration,” she added.

The Tree for Life initiative is one of the government’s flagship programmes aimed at increasing forest cover, combating climate change and promoting sustainable environmental practices across the country.

Under the arrangement, each large-scale mining company will sell the agreed percentage of its gold output to the GoldBod locally in doré form, at a discount of 0.55 percent and all purchases will be made in Ghana cedis at the Bank of Ghana Reference Rate.

The new deal replaces a previous 2022 arrangement between the Bank of Ghana and the Chamber of Mines and represents a significant shift in how Ghana manages its gold resources domestically.

All doré gold purchased by the GoldBod will be refined locally to ensure value retention within the country, before being shipped to an LBMA-accredited refinery for melting and stamping then delivered to the Bank of Ghana as part of the country’s gold reserves.

The GoldBod, in a statement, said the arrangement was strategically designed to help Ghana achieve LBMA accreditation for at least one local gold refinery by 2030, in line with President Mahama’s vision of achieving zero raw mineral exports by the same year.

It also forms part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets foreign reserves equivalent to 15 months of import cover by the end of 2028.

Full details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines will be published on Monday, July 29, 2026.

His comments follow PURC’s third-quarter tariff review, which increased electricity tariffs by 3.49 per cent and water tariffs by 0.85 per cent.

The Commission explained that the latest adjustments were largely driven by exchange rate pressures, despite a decline in inflation and stable electricity generation levels.

Speaking in an interview on Joy FM’s midday news on Thursday, June 25, Mr Boateng said GUTA is not against tariff reviews in principle, acknowledging that utility service providers need adequate resources to sustain their operations.

However, he insisted that the reasons given by PURC do not reflect the current economic realities.

“It is not about simply opposing tariff increases because we all know that utility companies need money for their operations. What we are saying is that when you examine the reasons they have provided, the current situation does not support the basis for these increases,” he said.

According to him, one of the major reasons cited by PURC was the depreciation of the Ghana cedi against major foreign currencies, but he argued that the decline was too marginal to warrant the latest adjustment.

“It is true that the exchange rate has experienced some depreciation recently. Between April and May, the average depreciation was about 4.18 per cent. We believe this is insignificant and does not call for an increase in utility tariffs,” he stated.

Mr Boateng further argued that the real problem facing utility providers lies in operational inefficiencies rather than inadequate tariffs.

He pointed to heavy losses within the Ghana Water Company Limited and the electricity distribution system, attributing them to theft, illegal connections and wastage.

According to him, utility companies should prioritise reducing these losses instead of depending on frequent tariff hikes to boost revenue.

“If you take Ghana Water Company, for instance, they are recording operational losses of between 51 and 52 per cent. In the electricity sector, operational losses are around 32 per cent. These losses arise from theft, illegal connections and wastage within the system,” he explained.

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According to the UK-based firm, this will weigh on household purchasing power and private consumption.

In its latest report on Ghana, it said a tighter-than-expected monetary policy stance by the US Federal Reserve in response to elevated inflation would weigh on global gold prices and, by extension, Ghana’s export earnings.

“This would put pressure on the cedi, resulting in higher inflation than we currently forecast and a corresponding drag on household consumption and broader economic activity in H2 [second-half] 2026 and 2027”.

The UK-based firm, however, said a key factor underpinning the exceptionally low inflation environment in early 2026 has been the year-on-year strength of the cedi, which has helped contain imported price pressures.

“However, as the favourable base effects stemming from the cedi’s sharp revaluation in early 2025 fade, this will put upside pressure on inflation in H2 half-year 2026]. In addition, the El Niño weather phenomenon likely to emerge in H2 [half-year 2026]is expected to reduce rainfall and raise temperatures, adding to food price pressures as crop yields deteriorate”.

It added that adverse weather conditions could also constrain cocoa production, while lower water levels at the Akosombo Dam could place additional strain on electricity generation.

Ghana’s inflation rose to 3.7% in May 2026 from 3.4% in April 2025.

This was largely by seasonal food supply constraints and unfavorable base.

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Gold Board spent $16.1 billion on gold purchases between January 2025 and May 2026 – Deputy Finance Minister

The initiative, running this month in partnership with Bob Freeman Hospital, an SIC-owned health facility, is part of the Bank’s Wellness Month and reflects a strategic shift from treating issues to catching them early, before they become a crisis.

The timing of the screening, deliberately scheduled during June, which is globally recognised as Wellness Month, underlines the Bank’s dedication to preventive care rather than reactive treatment.

Speaking on the importance of this exercise, Head of Human Resources, Lilian Antwiwaa Asante, emphasised that the Bank believes that its people are its greatest asset and that the health of staff is not just a personal matter, but a strategic priority.

“We want every staff member to know their numbers, catch potential issues early and then see how we can all take proactive steps towards healthier lives. That is why we bear the full cost of this exercise.”

She added that the bank is not just “talking” wellness but rather, investing in it.

“This is a tangible expression of what our slogan stands for: dependability.  This is because dependability starts with taking care of our own.”

According to the Head of Public Relations at the Bank, Bennet Frimpong, this drive is part of a broader wellness strategy that includes mental health awareness, ergonomic workstations, and regular wellness tips, amongst others.

He added that as Ghanian businesses increasingly recognise the link between employee health and productivity, Prudential Bank stands out as a key driver in workplace wellness.

“The message is clear: a Bank that cares for its people builds a foundation of trust with staff, with customers and with the community,” he added. 

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Over 1,000 gold-buying companies licensed by GoldBod as of May 31 – Deputy Finance Minister discloses

Deputy Minister of Finance, Thomas Nyarko Ampem, disclosed this on Wednesday, June 24, while responding to questions in Parliament.

According to him, significant preparatory work has already been completed, including the incorporation of a new company, WDB GH Ltd, on January 26, 2026, as a foundational step toward the establishment of the bank.

“I can confirm that a lot of preparatory work has been done. On January 26, 2026, the company WDB Ghana Limited was incorporated. The government has subsequently applied to the Bank of Ghana for a licence to operate the Women’s Development Bank,” Mr Ampem stated.

The Deputy Minister also revealed that government has committed substantial funding to the project, allocating GH¢51.3 million in 2025 and an additional GH¢450 million in the 2026 budget.

He assured Parliament that a full update on the initiative will be provided by the Finance Minister during the Mid-Year Fiscal Policy Review next month.

“I wish to assure the House and Honourable Members that the Minister for Finance will provide a full update on this intervention as part of the Mid-Year Fiscal Policy Review scheduled for next month, July,” he added.

The Women’s Development Bank is expected to provide targeted financial products and support to women-led businesses and entrepreneurs nationwide.

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Deputy Minister for Finance, Thomas Nyarko Ampem, made this disclosure while addressing Parliament on Wednesday, June 24.

“Last year, 2025, the Gold Board cumulatively purchased, aggregated and exported artisanal and small-scale mining (ASM) gold totalling 104 metric tonnes, generating more than $10 billion for the country,” he stated.

Mr Ampem explained that the massive inflows from gold exports played a key role in improving Ghana’s macroeconomic stability.

“This singular achievement by the Gold Board was critical to the appreciation of the Ghana cedi by about 41 per cent against the US dollar in 2025, and in increasing foreign reserves from about $8.98 billion in December 2024 to $13.8 billion by the end of December 2025,” he said.

The Deputy Minister also revealed that the Gold Board invested heavily in gold purchases, spending approximately $16.1 billion between January 2025 and May 2026, with $9.8 billion of that amount spent in 2025 alone.

“From January 2025 to May 2026, the Gold Board expended approximately $16.1 billion on the purchase of gold, of which $9.8 billion was used between January and December 2025,” he explained.

He noted that the government’s reforms in the gold sector are aimed at promoting transparency and reducing smuggling.

“The bigger policy point is that government is deliberately shifting Ghana from a regime where gold wealth was dispersed, underpriced and smuggled through the Gold Board.

“We now have a regime where gold is transparently aggregated, assayed, refined, exported and converted into foreign exchange and reserves for the Republic, with visible and tangible benefits for the entire country,” Mr Ampem told Parliament.

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Speaking on the floor of Parliament on Wednesday, June 24, Mr Ampem Nyarko said US$9.8 billion of the amount was expended between January and December 2025 alone.

“Mr Speaker, from January 2025 to May 2026, the Gold Board expended approximately $16.1 billion on the purchase of gold, of which $9.8 billion was used between January and December 2025,” he stated.

The Deputy Minister explained that the Gold Board forms part of government’s strategy to reform the gold sector by replacing what he described as an unregulated system with a more structured and transparent framework.

According to him, the initiative is aimed at ensuring that Ghana derives greater value from its gold resources.

“The bigger policy point is that government is deliberately shifting Ghana from a regime where gold wealth was dispersed, underpriced and smuggled,” he said.

He noted that the new system allows for greater accountability throughout the gold value chain, from aggregation and assay to refining and export.

“We have a regime where gold is transparently aggregated, assayed, refined, exported and turned into foreign exchange and reserves for the Republic with visible and tangible benefits for the entire country,” he added.

Mr Ampem Nyarko further disclosed that the Gold Board is strengthening collaboration with the National Anti-Illegal Mining Operations Secretariat as part of efforts to tackle illegal mining and improve compliance within the sector.

“To enhance regulatory compliance and sustainability, the Ghana Gold Board strengthens its collaboration with the National Anti-Illegal Mining Operations Secretariat to address illegal mining,” he stated.

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According to him, government has already made substantial financial commitments towards the initiative, allocating GH¢51.3 million in 2025 and an additional GH¢450 million in the 2026 budget to support its implementation and expansion.

Speaking on the floor of Parliament on Tuesday, June 24, Mr Ampem Nyarko said significant preparatory work has been completed to pave the way for the establishment of the bank.

“The company WDB Ghana Limited has been registered; we are waiting for an operating licence from the Bank of Ghana to operationalise the Women’s Bank,” he told the House.

He explained that WDB Ghana Limited was incorporated on January 26, 2026, and that government has since applied to the Bank of Ghana for approval to commence operations.

“Mr Speaker, I can confirm that a lot of preparatory work has been done. On January 26, 2026, the company WDB Ghana Limited was incorporated. The government has subsequently applied to the Bank of Ghana for the licence to operate the Women’s Development Bank,” he stated.

Mr Ampem Nyarko assured Parliament that a comprehensive update on the project would be provided by the Finance Minister during the mid-year budget review in July.

He reiterated government’s commitment to the successful rollout of the Women’s Development Bank, describing it as a key intervention aimed at promoting financial inclusion and expanding economic opportunities for women and women-owned businesses across the country.

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GoldBod announces introduction of new official gold pricing regime effective July 1

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Speaking on the floor of the Parliament on Wednesday, 24th June, the Deputy Minister disclosed that the licensed entities form part of a structured regulatory framework designed to strengthen transparency and efficiency within the gold trade.

“As of 31st May 2026, the Gold Board had licensed a total of 1,184 buyers, including two aggregators, 67 self-financing aggregators, 736 tier 2 buyers, and 379 tier 1 buyers,” he said.

He explained that under the licensing regime, all approved buyers are mandated to source gold exclusively from licensed miners, with the product ultimately sold to the Gold Board for aggregation, processing, and export.

According to him, “under the terms and conditions of their licenses, these buyers are required to purchase gold exclusively from licensed miners for onward sale to the Gold Board.”

Mr Ampem Nyarko further revealed that between January 2025 and May 2026, the Gold Board purchased a total of 135.843 metric tonnes of gold, with the overwhelming majority sourced from the artisanal and small-scale mining (ASM) sector.

“From January 2025 to May 2026, the Gold Board purchased a total of 135.843 metric tonnes of gold, of which 135.221 metric tonnes were sourced from the artisanal and small-scale mining sector,” he said.

He also highlighted the Board’s performance in 2025, noting that it cumulatively purchased, aggregated, and exported 104 metric tonnes of ASM gold, which generated over US$10 billion for the country.

“Last year, 2025, the Gold Board cumulatively purchased, aggregated and exported ASM gold totalling 104 metric tonnes, which generated in excess of US$10 billion for the country,” he said.

The Deputy Minister linked the sector’s performance to broader macroeconomic gains, including a significant appreciation of the cedi and a rise in national reserves.

“This singular achievement contributed to about a 41 percent appreciation of the cedi against the US dollar in 2025 and increased foreign reserves from about US$8.98 billion in December 2024 to US$13.8 billion by the end of December 2025,” he stated.

He further disclosed that from January 2025 to May 2026, the Gold Board expended approximately US$16.1 billion on gold purchases, with US$9.8 billion spent in 2025 alone.

“From January 2025 to May 2026, the Gold Board expended approximately US$16.1 billion on the purchase of gold, of which US$9.8 billion was used between January and December 2025,” he noted.

Mr. Ampem Nyarko emphasised that the policy direction behind the Gold Board’s operations is aimed at transforming Ghana’s gold sector into a more structured and value-retaining system for the state.

“The bigger policy point is that government is deliberately shifting Ghana from a regime where gold wealth was dispersed, underpriced, and smuggled to a regime where gold is transparently aggregated, assayed, refined, exported, and turned into foreign exchange and reserves for the Republic with visible and tangible benefits for the entire country,” he explained.

He noted that the board is strengthening collaboration with the National Anti-Illegal Mining Operations Secretariat to curb illegal mining activities and improve regulatory compliance across the sector.

He added that the Gold Board’s mandate extends beyond purchasing gold, describing it as a strategic national asset management institution.

“I want to emphasise that the Gold Board is not just about buying gold. It is about capturing Ghana’s gold for Ghana’s balance sheet, Ghana’s reserves, and Ghana’s economic sovereignty,” he said.

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The initiative forms part of the Bank’s ongoing corporate social responsibility efforts aimed at strengthening collaboration between the private sector and law enforcement agencies in Ghana.

The intervention is expected to improve mobility, response times, and overall service delivery within the Nima community and its surrounding areas. The Bank, which has a longstanding history of supporting security services, said the support also seeks to enhance the working environment of police officers.

Making the presentation, Head of Security Coordination at PBL, Janet Akrofi-Ansah, said security remains a shared responsibility and stressed that the Bank recognises the indispensable role of the Ghana Police Service in safeguarding lives and property.

“We believe that a safe community is a prosperous one because economic growth and community development can only flourish in a secure environment. Our police officers work tirelessly, often under challenging conditions, to protect us and our businesses.

This support is our way of demonstrating appreciation for your service and commitment. We believe that partnerships such as these are essential in building safer and more resilient communities,” she said.

Receiving the donation on behalf of the Nima District Police, Superintendent Amina Madi expressed gratitude for the gesture and described the support as timely.

“We are very grateful to Prudential Bank for this support and confidence in the work of the Ghana Police Service. This support comes at a crucial time as we strive to improve our response times and service delivery to the public.

This donation will significantly boost our morale and operational capacity. We commend the Bank for standing with us in our efforts to keep our communities safe,” she noted.

The donation ceremony brought together representatives of Prudential Bank and officers of the Ghana Police Service.

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Speaking on The Super Morning Show, Ms. Koomson explained that many ginger farmers have suffered significant losses as diseases ravaged their farms, leading to reduced output.

“The ginger producers had a lot of diseases. So it affected the production,” she said.

According to her, the decline in supply comes at a time when demand for ginger continues to rise, particularly from companies in the herbal beverage industry that rely heavily on the crop as a key ingredient.

“We also have a lot of ginger companies doing herbal drinks using ginger. So there is demand as well. The demand has gone up,” she noted.

The combination of shrinking production and growing demand has pushed ginger prices upward, a situation she believes is unlikely to improve in the immediate future.

“So ginger has become very expensive. It will be expensive for the next two years,” Ms. Koomson stated, adding that consumers should prepare themselves for higher market prices.

“They should be prepared to pay for a higher price,” she added.

To address the challenge, the agribusiness entrepreneur called for increased investment in agricultural research to help farmers develop and adopt disease-resistant ginger varieties.

“That’s where the researchers come into it. We need to do a lot of research and then also help the farmers to improve their varieties that they are going to be disease resistant,” she explained.

Ms. Koomson stressed that collaboration between researchers, extension officers and farmers will be crucial in strengthening the resilience of Ghana’s ginger industry and ensuring sustainable production in the years ahead.

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The directive, issued on June 23, 2026, by the Securities and Exchange Commission (SEC), covers all entities operating investor-facing investment technology platforms, online trading applications, and digital intermediary platforms engaged in SEC-regulated activities.

It comes amid growing concerns about the proliferation of unregistered online investment applications providing access to securities trading in both local and foreign markets.

Under the directive, licensed market operators must obtain SEC approval for each platform used to conduct licensed activities.

Fintech service providers and individuals operating online investment platforms performing SEC-licensed activities must also secure the appropriate registration and licensing. Digital platforms serving as intermediaries within the securities market ecosystem are similarly required to register before continuing operations.

To meet the deadline, affected entities must submit a registration form, participate in a platform demonstration for the SEC, receive regulatory guidance, pay applicable fees, and obtain a registration or licensing certificate from the Commission.

The SEC warned that any person or entity operating an unregistered or unapproved online investment platform must immediately cease such activities, and that failure to comply could attract sanctions under Section 209(4) of the Securities Industry Act, 2016 (Act 929).

The regulator also urged the investing public to verify the authenticity of any investment products or platforms advertised online or through conventional media via the SEC’s official communication channels.

Introduced in 2016, ITALKOL was established to provide high-performance construction materials tailored to African conditions while maintaining European manufacturing standards. Over the past ten years, the brand has become widely recognized for its tiling systems, waterproofing solutions, skimming products, industrial flooring systems, and decorative wall finishes.

Speaking during the anniversary celebration, Managing Director of Velo West Africa Group, Enkelejda Xhebexhiu, attributed the company’s growth and success to its unwavering commitment to quality, technical support, and industry training. According to her, sustainable construction requires more than quality products alone. It also depends on technical expertise, skilled workmanship, and the proper application of materials.

Throughout the years, Velo West Africa Group has collaborated closely with contractors, engineers, architects, artisans, and clients across Ghana. Through product support, professional training, live demonstrations, and on-site technical guidance, the company has contributed to improving construction standards within the industry. In 2021, the company further expanded its portfolio with the introduction of PIXEL PAINTS, a premium coatings brand offering architectural paints, decorative finishes, and waterproofing solutions specifically formulated for tropical environments.

As part of its long-term growth strategy, Velo West Africa Group also announced the upcoming introduction of Siniat Lightweight Construction Solutions in Ghana. The announcement was made during the anniversary event by Benjamin Naas, Export and Business Development Manager at Etex Building Performance. Siniat, one of Europe’s leading construction brands and part of the Etex Group, will enter the Ghanaian market through a partnership built on years of collaboration and market experience accumulated over the past decade.

According to the company, the partnership has resulted in the development of a business model designed to create strong synergies between the two organizations while delivering greater value to customers within Ghana’s rapidly expanding dry construction sector. The initiative will combine European technology, technical expertise, and training academy resources with Velo West Africa Group’s local market knowledge, extensive distribution network, and customer support capabilities.

The company believes the introduction of Siniat Lightweight Construction Solutions will help address growing demand for modern, efficient, and sustainable construction methods while supporting the development of Ghana’s dry construction market.

Ms. Xhebexhiu expressed gratitude to the company’s clients, partners, contractors, engineers, architects, artisans, and employees whose support has contributed to the company’s success over the past decade.

She noted that the anniversary represents more than a celebration of achievements. It also signals the beginning of a new chapter focused on innovation, capacity building, and the introduction of advanced construction solutions aimed at shaping the future of Ghana’s construction industry.

This will replace the current system of continuously updated live gold prices with internationally recognised benchmark pricing windows.

The move, according to the Board, follows extensive stakeholder engagements and is aimed at promoting transparency, fairness and stability within Ghana’s gold trading sector.

In a notice issued on June 23, GoldBod said it would adopt the LBMA Gold Price AM and LBMA Gold Price PM as the sole benchmarks for determining official local gold purchase prices in Ghana.

“The GoldBod shall discontinue the publication of continuously updated live gold prices and shall instead adopt the internationally recognized LBMA Gold Price AM and LBMA Gold Price PM pricing windows as the sole benchmarks for determining the official local gold purchase price in Ghana,” the Board stated.

Under the new regime, GoldBod will publish two official gold purchase prices each trading day. The first price will be released at 10:30 a.m. based on the LBMA AM price, while the second will be published at 3:00 p.m. based on the LBMA PM price.

The Board explained that the applicable Ghana cedi purchase price would continue to be calculated by converting the relevant LBMA benchmark using the Bank of Ghana Reference Rate for the day.

“The published GoldBod price shall constitute the mandatory official purchase price at which all licensed gold buyers, aggregators, self-financed aggregators and other licensed holders shall purchase gold from licensed miners and licensed traders during the applicable pricing window,” the notice said.

GoldBod further directed all licensed buyers to strictly adhere to the published official prices and warned that purchasing gold at any other price would constitute a violation of the Ghana Gold Board Act, 2025 (Act 1140).

“Any person or entity that purchases gold in contravention of the official GoldBod price, in violation of the prescribed pricing regime shall be deemed to have committed an offence under the Ghana Gold Board Act, 2025 (Act 1140) and shall be subject to the sanctions prescribed by law,” the Board cautioned.

It added that all official prices would be published on its website and compliance with the pricing directives would be mandatory.

To enforce the new system, GoldBod said it would deploy compliance and enforcement teams across gold-producing and trading centres nationwide to monitor adherence.

The Board warned that offending licensees could face sanctions including suspension or revocation of their licences, seizure of unlawfully traded gold, prosecution before the courts, and other administrative, civil or criminal penalties under the law.

Reaffirming its commitment to responsible gold trading, GoldBod stated, “The GoldBod remains committed to promoting transparency, fairness, market stability, and responsible sourcing within Ghana’s gold trading ecosystem,” and urged all licensed operators to familiarise themselves with and comply fully with the new pricing regime ahead of its implementation on July 1.

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The traders say the team’s winning start has reignited enthusiasm among football fans, leading to a surge in demand for Black Stars jerseys across the region.

Speaking to Adom News at Goaso, jersey dealer Armstrong Akwasi Antwi Adjei described the level of patronage as overwhelming.

According to him, football fans have been flocking to shops to purchase Black Stars jerseys since the team’s victory.

“The rate at which people are trooping to shops to buy Black Stars jerseys is mind-blowing and incredible,” he stated.

Mr Antwi Adjei explained that the high demand has occasionally resulted in shortages, forcing traders to quickly restock their supplies.

He expressed hope that the Black Stars would continue their winning run, saying more victories would further boost business for traders.

“We are praying the team wins more matches to increase our sales,” he added.

Meanwhile, a jersey customization operator, Atta Emmanuel, also reported a significant increase in business following the team’s success.

He noted that most customers who purchase Black Stars jerseys opt to have them customised with names and numbers, creating additional income for those in the customization business.

According to him, the increased demand for personalised jerseys has contributed to a rise in sales and customer traffic.

The traders remain optimistic that continued success by the Black Stars at the tournament will sustain the growing demand for team merchandise in the coming weeks.

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Speaking at the launch and maiden conference of the Labour Law Society of Ghana on the theme, “Navigating the Frontiers of Digital Labour in Ghana,” Mr Ayariga stressed that digital labour is no longer the future of work but a present reality for many Ghanaian youth.

Addressing policymakers, legal practitioners, academics, industry leaders and young digital workers at the conference, he noted that ride-hailing drivers, content creators, freelancers, software developers and online entrepreneurs are making significant contributions to the economy without access to pensions, health insurance or employment security.

He described the widening gap between modern forms of employment and existing labour regulations as a pressing challenge that requires immediate attention.

Mr Ayariga also highlighted the NYA’s efforts to equip young people with the skills needed to thrive in the digital economy.

According to him, the Authority has trained 3,000 young people in online marketing and digital entrepreneurship, with each beneficiary receiving a tablet to support their business activities.

He added that a further 300 youth have completed training in mobile application development, while 1,000 others are currently undergoing training in artificial intelligence and cybersecurity to position them for emerging opportunities in the global digital marketplace.

Calling for a coordinated response, Mr Ayariga urged government, the judiciary, the private sector, and development partners to create an environment that balances innovation with worker protection.

He advocated for inclusive labour laws, fair taxation for digital workers, improved access to finance, and stronger safeguards against cybersecurity threats and mental health challenges.

“The future of work is digital. Ghana’s youth are already inhabitants of that future. Our collective obligation is to ensure that such a future is equitable, protected and full of opportunity,” he said.

BoG demystifies central bank operations, exchange rates and reserves

Cedi makes strong comeback against dollar; going for GH¢12.10 in retail..

Officials of the central bank said misconceptions about exchange rate movements, inflation, gold reserves and central bank finances often distort public discourse and market expectations.

The Bank’s officials were speaking in Koforidua during a four-day media capacity-building programme organised by the Bank of Ghana for journalists in the Eastern, Ashanti, Central, and Volta regions.

The programme aimed to strengthen participants’ understanding of central banking operations and enhance economic and financial journalism.

Addressing participants, Mr Bernard Ato Otabil, Director of Communications at the BoG, described misinformation and disinformation as major threats to economies, businesses and societies, reminding journalists that markets and investors relied heavily on information when making decisions.

“Economies move on information. Markets move on information. If you put out wrong information, an investor or a fund manager sitting somewhere acts on that information thinking he is making an informed decision. If it turns out to be wrong, people lose money and confidence,” he said.

Mr Otabil noted that the rapid spread of information through both traditional and digital media made accuracy more important than ever.

“When you put something wrong out there and people pick it up, it is gone. When you later issue a correction, it does not follow the same path as the original misinformation,” he said.

He cited the World Economic Forum’s Global Risks Reports which consistently identified misinformation and disinformation as among the major global risks likely to affect economies and societies.

“Misinformation and disinformation have become a very big threat,” he said.

Mr Otabil explained that journalists played a critical role in shaping public understanding and opinion because they served as multipliers of information.

“We cannot reach everybody on our own. Through your various platforms, people are able to make informed decisions. The information you put out shapes lives, shapes businesses and shapes the country,” he stated.

He said central banks are not speculative institutions and should not be viewed as entities seeking profits from trading activities.

Commenting on Ghana’s gold reserve strategy, Mr Otabil said the increase in gold holdings from 8.74 tonnes in 2021 to 40.85 tonnes reflected deliberate reserve diversification and risk management measures.

He explained that the strategy had strengthened Ghana’s reserve position, reduced dependence on foreign currencies and enhanced resilience during periods of economic uncertainty.

According to him, reserve management decisions, including occasional gold sales, involved reallocating assets rather than reducing reserves.

“It is not a decrease in reserves. It is a transfer from one asset class into another class which is more liquid and more readily manageable,” he stressed.

On Ghana’s foreign exchange market, Ms Akua Afriyie Nettey, Head of the Foreign Exchange Market Intelligence and Compliance Unit at the Financial Markets Department of BoG, said exchange rate movements were influenced by demand and supply conditions, economic fundamentals, political developments and market expectations.

“Whatever happens in other parts of the world, whether we like it or not, impacts the movement of the exchange rate,” she said, citing geopolitical tensions, rising commodity prices and global investor behaviour.

Ghana’s political stability, she said, had also contributed positively to exchange rate stability over the years, adding: “We are blessed to have a stable change of government over the years. It is good for our currency and good for the country.”

Ms Nettey cautioned against speculative commentary and unverified claims about the cedi, saying such narratives could trigger unnecessary demand for foreign currency.

“Every forex bureau you call tells you, ‘they say the rate is going up.’ Who are they?” she quizzed.

She urged journalists to provide factual and balanced reporting rather than statements that could provoke panic in the market.

“It is important that in your reporting and engagement, you give out the facts and not blanket statements that provoke panic,” she stressed.

Responding to questions on the parallel market, Ms Nettey said the Bank’s focus remained on maintaining stability in the formal interbank market where most foreign exchange transactions occurred, adding that the central bank does not regulate the black market, which is an illegal activity.

She explained that registered forex bureaus accounted for only a small share of the total foreign exchange market, with the bulk of transactions taking place through banks.

Ms Nettey further clarified that Ghana operated a managed float exchange rate regime and that the Bank of Ghana did not arbitrarily determine exchange rates.

“We do not invent the exchange rate,” she said. “It is based on actual trades conducted by banks and their customers. We compile the data, calculate the weighted median and publish the rate as a guide for the market.”

A major area of discussion during the programme centred on public perceptions of the Bank’s balance sheet and financial performance.

Dr Providence Boateng Mireku, Head of the Balance of Payments Office at the Research Department, said the central bank’s mandate should be assessed primarily on its ability to maintain price stability rather than profitability.

“If we posted huge profits and inflation was 20 or 40 per cent, would Ghanaians clap for us?” he asked.

He said the financial costs incurred during periods of economic crisis, including interventions to support economic recovery and secure an IMF-supported programme, should be viewed within the context of the Bank’s statutory mandate.

Mr Stephen Acheampong, Head of the Monetary Policy and Strategic Communications Office at the Communications Department, urged journalists to interpret central bank financial statements within the context of the institution’s unique mandate.

“The central bank is not set up to make a profit. Its objective is the public good and maintaining price stability,” he said.

He explained that its financial statements must be viewed and understood differently from those of commercial institutions because central banks exist primarily to promote economic stability rather than to maximise shareholder returns.

Earlier, Mr Stephen A. Darko-Koranteng, Eastern Regional Chairman of the Ghana Journalists Association, said journalists had a responsibility to ensure accuracy, context and integrity in financial reporting.

“When we get inflation, interest rates or cedi performance wrong, markets move and livelihoods shake,” he said, adding that “Diligent, factual financial reporting is patriotism.”

The BoG announced plans to deepen engagement with journalists through expanded access to monetary policy briefings, interactions with digital content creators and the introduction of a Governor’s Award for Economic and Financial Journalist of the Year.

Amanano Community Bank records highest ever GH¢19.2 million profit in 2025

Cedi makes strong comeback against dollar; going for GH¢12.10 in retail…

Board Chairperson, Oheneyere Augustina Asare Osei, expressed satisfaction with the bank’s outstanding financial performance at its Annual General Meeting (AGM).

She said the achievement reflects consistent growth and prudent management over the past few years.

She noted that despite making an impairment provision of GH¢5.7 million, the bank still recorded impressive results and remains focused on achieving even higher profits in the coming years.

“The biggest thing that I’m very proud of is the profit margin of 19.2 million cedis in 2025. It’s unprecedented. Since the inception of the bank in 1982, we have never witnessed such a performance,” she stated.

The Board Chairperson also disclosed that the bank has strengthened its capital position beyond the minimum requirement set by the Bank of Ghana.

“The Bank of Ghana requires us to have a capital of 5 million cedis, but the board has decided to increase it to 7 million cedis so that we will be better prepared for any future challenges,” she explained.

The bank is also introducing diaspora banking services and enhancing its digital platforms to enable Ghanaians living abroad to transact securely with the institution.

“Many natives want to invest in the bank and do business with us, but distance has been a challenge. We are introducing diaspora services together with our mobile banking platform to make banking easier for them wherever they are,” she said.

As part of its expansion strategy, the bank plans to open a new branch this year and establish additional branches within the Kumasi enclave in the coming years to improve access to banking services and increase profitability.

On shareholder returns, the Chairperson revealed that although the bank declared a dividend of GH¢1.9 million, shareholders approved a proposal to convert the dividend into bonus shares to strengthen the bank’s capital base.

“Instead of paying the dividend directly into shareholders’ accounts, the AGM approved that we reinvest it by purchasing additional shares for shareholders to increase the stated capital of the bank,” she noted.

Looking ahead, she emphasized that discipline, accountability, staff motivation and prudent leadership will be key to sustaining the bank’s growth.

“Our vision is to maintain prudent management, motivate our staff, and continue growing the bank so that we can achieve higher profits and pay even better dividends in the future,” she added.

The bank remains optimistic about its future prospects as it pursues expansion, digital transformation and enhanced customer-focused services.

Speaking on broader sector reforms, Legal Services Manager of the Apex Bank, Samuel Tepatey Tetteh, explained that the Bank of Ghana’s directive to reclassify Rural Banks as Community Banks is aimed at strengthening and modernising the sector.

He said the change is intended to expand the scope and appeal of these institutions beyond rural communities and position them for greater growth and sustainability.

“The intention is to make the banks better and bigger. The name ‘Community Bank’ is more appealing and reflects the expanded reach of these institutions, which will now serve not only rural areas but also suburban and urban communities,” he stated.

He added that nearly all rural banks have complied with the directive, with a recent report confirming the successful completion of the name transition across the sector.

Through its Ashanti Codes programme, 25 students from basic schools in Obuasi and adjoining communities received a four-week training in coding and robotics.

The initiative is part of efforts by the telecommunications company to equip over 1,000 young people in the Ashanti Region with digitalisation and artificial intelligence (AI) skills.

Telecel Ghana launched its annual Ashanti Month celebration this June, with a focus on digital and robotics skills training for the youth in the region.

The initiative seeks to equip young people at the pre-tertiary level with skills needed in today’s digital age to provide real-time solutions to societal challenges.

During an exhibition event in Obuasi, participants showcased robotic prototypes they developed after completing the intensive training programme.

Under the initiative, four communities in the Ashanti Region, including Kumasi, Wiamoase, Obuasi and Nsuta, are becoming centres for digital learning, innovation and creativity.

Executive Head of Telecel Ghana for the Ashanti and Bono regions, Kwaku Asiedu, indicated that the programme seeks to complement the government’s “One Million Coders” agenda.

“We know that the government has decided to roll out the One Million Coders programme. This is our widow’s mite to support the agenda. Now everything is about technology. If you want to advance in the way you do things, you need to be well-versed in technology,” he noted.

In collaboration with AngloGold Ashanti, over 100 students in Obuasi are expected to benefit from the programme before the end of the year.

Social Development and Gender Superintendent at AngloGold Ashanti, Mavis Nana Yaa Kyei, underscored the mining company’s commitment to partnerships aimed at sustainable socioeconomic development in the town.

“When there is partnership, there is an upscaling of activities. We can reach more youth if we collaborate with other organisations to invest in such initiatives. As a company, we have upheld STEM as one of our pillar programmes for development under our 10-year socioeconomic development plan,” she noted.

Participants expressed excitement about their potential in STEM education following weeks of intensive training, and said they look forward to applying their skills to solve societal challenges.

The local currency’s Year-To-Date losses reduced significantly from about 11% to roughly 6% over the two-week review period, supported by strong foreign exchange supply from the Bank of Ghana.

In the interbank market, it strengthened by 5.66% against the US dollar, 6.76% against the British pound, and 6.24% against the euro, settling at midrates of GH¢11.22 to one American greenback, GH¢14.83 to a pound, and GH¢12.86 to a euro, respectively.

This was mirrored in the retail market, where the cedi firmed by 2.07% against the US dollar to GH¢12.05 to a US dollar, and by 2.19% and 2.25% against the pound and euro, closing at GH¢16.00/pound and GH¢13.90/euro, respectively.

 “The outcome fell below our earlier expectations following stronger-than-anticipated FX [forex] interventions by the Bank of Ghana. We had estimated lighter interventions in early June 2026, with larger interventions later in the month, but sizeable discounted FX liquidity injections disrupted this path, easing speculative pressures and driving an average 6% appreciation”, said Databank Research.

Historically, it said, episodes of intermediation in the US$1.2-1.5 billion range have improved market stability and reduced speculative demand”.

With a significant share of the June 2026 US$1.2 billion allocation yet to be disbursed, analysts expect further foreign exchange supply to support the cedi firmly toward the GH¢10.90 per US dollar region in the coming weeks, conditional on sustained forex liquidity inflows.

 Meanwhile, the cedi began this week going for GH¢12.10 to one US dollar in the market. Its year-to-date gain stands at 0.62%.

In the interbank market, it is going for GH¢11.22 to one American greenback.

According to him, Ghana’s natural resources, youthful population and strategic access to West African markets make the country a strong destination for investors seeking to expand operations on the continent.

Mr. Madjie made the remarks at the Invest Ghana Business Forum and Exhibition in Toronto, Canada, where Ghanaian officials engaged Canadian businesses on investment opportunities across key sectors.

He said Ghana and Canada continue to enjoy strong trade relations, with Canadian investment already present in sectors including services, manufacturing, agriculture, construction and tourism.

According to him, Ghana is prioritising value addition across key sectors as part of efforts to drive industrial growth and attract foreign direct investment.

The GIPC CEO said the forum provided a platform to deepen business-to-business engagement and strengthen partnerships between Ghanaian and Canadian investors.

The event was organised by the GIPC, the Ghana Export Promotion Authority, the Ghana Free Zones Authority and the Ghana Export–Import Bank, with support from the Ghana High Commission in Canada and the High Commission of Canada to Ghana.

It forms part of Ghana’s broader investment promotion drive as the country participates in ongoing engagements around the 2026 FIFA World Cup.

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In the near future, “Where do you bank?” will be the wrong question. The right one will be: “How do you bank?”. That’s the shift Mr. Addy says will define the next era of financial services.

Speaking in an interview on the future of banking in Accra, Mr. Addy laid out a vision where customer experience, not loyalty to institutions, becomes the core of the competition.

“Customers will engage each other based on experiences, how seamless it is to transact and how fast it works, and not necessarily the institution behind it,” he said.  

Embedded, Invisible, Predictive

At the centre of Mr. Addy’s forecast is embedded finance: banking that is woven into shopping, travel, and bill payments until it feels invisible. “The banking part should be so seamless it becomes almost invisible. That is the goal,” he noted.

Artificial intelligence will drive hyper-personalization. Services will anticipate needs rather than waiting to be requested. “Your bank will know you are planning a trip and automatically offer travel insurance or foreign exchange. That is the ‘how’, and not the ‘where’,” Mr. Addy explained.

Digital Push, Physical Anchor

He noted that despite the digital trajectory, Prudential Bank is doubling down on a hybrid model offering the best both the digital and physical experiences. Physical branches remain critical for trust, onboarding, and inclusion.

“As much as services are accessible anytime and anywhere, there must still be room for physical presence,” He stressed. A full move to digital-only banking risks cutting off older customers and small businesses, some of whom value face-to-face service.

“Some customers feel safer walking into a branch and speaking to a familiar face. That peace of mind cannot be replicated by an app,” he added.

With 39 branches nationwide, Prudential Bank is repositioning these locations as experience centers and community hubs; places to learn digital tools, attend workshops, and engage beyond transactions. “Branches are evolving into places where customers learn and engage, not just transact,” he said.

Late Start, Fast Catch-Up

Mr. Addy was candid about Prudential Bank’s digital journey. “Compared to others, we were late to the digital party”, he admitted. The bank, however, leaned on fintech partnerships as its strategy,  to close the gap quickly without heavy build costs.

“Partnership was our strategy — especially with fintechs — to quickly bridge the digital gap and move faster,” he said. Internally, we invested in core infrastructure and talent, positioning teams as innovation drivers.

“Our focus has been to become an enabler for service innovation. The result: a suite of digital offerings including USSD banking, mobile and internet banking platforms, GHQR integration, and PAPSS-enabled services”, he noted.

Usage is the Real Battle

For Mr. Addy, “Launching a digital product is only half the battle; ensuring customers use and enjoy it is the real challenge,” he said.

Prudential Bank relies on analytics and real-time feedback to refine our digital platforms. Usage patterns show what’s working and what needs fixing.

“We gather data on how customers interact with our platforms and respond quickly to their feedback,” he explained. “When customers use our platforms repeatedly, it means we have earned their trust.”

Message to Late Movers

To institutions still hesitant on a digital journey, Mr. Addy’s advice was blunt: move, and move with purpose.

“Hope is not lost. You do not have to invent everything; use what works, adapt quickly and move with purpose,” he said.

Success, he argued, will not be measured by who started first. “The real question is no longer where you bank, but how well your bank serves you and we intend to give our customers the world class hybrid services they deserve.

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In a press statement issued on June 21, 2026, the GPMA appealed to President John Dramani Mahama to intervene and extend the implementation date to January 1, 2030, arguing that the current seven-month transition period is grossly insufficient and amounts to an “indirect closure” of their businesses.

The association, which represents over 171 production factories nationwide, said manufacturers have invested an estimated GH¢1.493 billion in plant and machinery dedicated to Styrofoam food packaging production, with much of that investment tied to bank loans.

In a firm rebuttal to suggestions that equipment could be converted for alternative uses, the GPMA stated categorically that Styrofoam manufacturing machines are designed solely for polystyrene products and cannot be retooled to produce biodegradable alternatives.

“Absolutely no Styrofoam manufacturing machine can be retooled to manufacture any of the proposed alternatives using plant-based materials,” the association declared in its statement.

The GPMA noted that return on investment for such machinery typically takes between five and ten years, with some companies having acquired new equipment as recently as two years ago. In one instance, a company that set up completely new operations two years ago would only recover its investment by 2030.

The plastic industry, the GPMA stressed, is a significant contributor to Ghana’s economy. It directly employs over 41,395 people and supports an estimated 1.89 million jobs in the plastic waste recycling sector, as well as 1.43 million jobs in the sachet water, bottled water, food and beverage industries.

“Total employment generation by the plastic industry is about 3.71 million, and about 92% of industries in Ghana depend on the plastic industry for all their plastic packaging needs,” the association stated.

The industry also exports over 57% of its products across the ECOWAS region and beyond, including Angola, Namibia, the Democratic Republic of Congo, and Algeria, making it one of Ghana’s top five commodity exports.

The GPMA warned that an outright ban would increase dependence on imported alternatives, put pressure on foreign exchange, and lead to factory closures. It also cautioned that relocating machinery abroad could trigger capital flight and fuel inflation.

The association revealed that financial institutions have grown increasingly concerned since the EPA’s May 25 announcement, with banks worried about how to recover loans if machinery becomes obsolete.

“Since EPA’s press release, the banks have taken serious concern as to what will happen to our machinery and how to recover their loans if the machines become scrap,” the GPMA said.

The Environmental Protection Authority announced the nationwide ban on the production, importation, distribution, sale, and use of polystyrene foam products on May 25, 2026, following a policy announcement by President Mahama during the 2025 World Environment Day celebrations.

The ban covers all forms of expanded polystyrene foam products, including food packaging containers, disposable cups and plates, foam mattresses, and ceiling insulation materials, though medical and scientific products are exempt.

The GPMA said it was formally notified on June 4, 2026, leaving manufacturers just seven months to cease operations—a timeline the association described as premature.

While the GPMA says it does not oppose the ban in principle, it is urging a more measured approach. The association has proposed an 18-month transition period as a minimum, once all necessary conditions are in place, and has expressed support for a ban on the importation of finished Styrofoam products from January 2027.

Alternatively, should the government insist on the January 2027 deadline, the GPMA has requested a bailout or reimbursement of the GH¢1.493 billion capital investment cost of plant and machinery.

“These investments were made under the existing regulatory framework, and therefore, a sudden transition presents serious financial challenges,” the association stated.

The GPMA also argued that plastic pollution is primarily a waste management challenge rather than a production issue, pointing to countries like Germany, South Korea, and the Netherlands, which achieved better environmental outcomes through Extended Producer Responsibility systems and investments in recycling infrastructure rather than outright bans.

The association has appealed to President Mahama to intervene, warning that a ban implemented without adequate safeguards could defeat government efforts to support local manufacturing and improve import substitution.

According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by about 20%.

The government received GH¢4.20 billion bids from the investors. This was against a target of GH¢5.27 billion. It, however, accepted all the bids tendered.

The 91-day bill was once again the most subscribed, as GH¢2.25 billion of the bids were tendered, representing 53.6% of the total bids.

The 182-day bill recorded bids worth GH¢802.87.

For the 364-day bill, GH¢1.146 billion was tendered.

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

The yield on the 91-day bill increased by 26.0 basis points to 5.30%.

That of the 182-day bill also went up to 7.13% from 7.08%.

Similarly, the yield on the 364-day increased by 39.0 basis points to 11.36%.

According to the airline, the move reaffirms its long-term commitment to Ghana and supports the country’s growing demand for travel and global connectivity.

The new service will complement Emirates’ existing daily operation and respond to sustained growth in air travel demand to and from Accra.

Details of the new service

From July 12, Emirates’ direct service, operating as EK789, will depart Dubai at 03:30 hrs (local time) and arrive in Accra at 07:40 hrs (local time). The return flight, EK790, will depart Accra at 10:25 hrs (local time) and arrive in Dubai at 22:40 hrs (local time).

Operated by a Boeing 777-300ER aircraft, the flights will run on Tuesdays, Thursdays, Saturdays and Sundays.

The additional service has been scheduled to provide convenient connections for travellers from Accra to major commercial and tourism destinations, including Beijing, Seoul, Sydney, Perth, Mumbai, Singapore, New York (JFK) and Jeddah.

The flights will also offer travellers more convenient options when connecting to Accra via Dubai, particularly from destinations such as Delhi, Boston, Los Angeles, and several cities across Germany and the United Kingdom.

According to Emirates’ Country Manager for Ghana, Salem Almana, “For more than two decades, Emirates has proudly connected Ghana to the world.

“The introduction of this additional service demonstrates our continued confidence in the Ghanaian market and our commitment to supporting the country’s growing travel needs.”

He added that the expansion would go beyond improving convenience for passengers.

“Beyond providing greater convenience for our customers, this expansion will strengthen business, tourism and trade links between Ghana and key markets across our global network, while contributing to the continued growth of Ghana’s aviation sector.”

“Through Dubai, travellers will enjoy seamless access to close to 140 destinations worldwide, while visitors from around the world will have even greater opportunities to experience Ghana,” the Emirates Country Manager added.

With the introduction of flights EK789 and EK790, Emirates will operate 11 weekly flights to Ghana using its wide-body Boeing 777-300ER aircraft. The airline will offer customers eight private suites in First Class, 42 lie-flat seats in Business Class, and 304 spacious seats in Economy Class.

Passengers travelling to and from Ghana will continue to benefit from Emirates’ award-winning services and products across all cabin classes. These include regionally inspired meals, complimentary beverages, and the airline’s ice inflight entertainment system, which features up to 6,500 channels of on-demand entertainment in more than 40 languages. The platform also includes Ghanaian content such as Kotoka, Part Time Woman and Ghana Map.

Beyond passenger travel, the additional flights are expected to boost cargo operations through Emirates SkyCargo. The airline currently transports significant volumes of fresh-cut fruit from Ghana to European destinations such as Prague and Zurich, alongside electronics, textiles and pharmaceutical products.

According to Emirates, the increased bellyhold cargo capacity will further support trade, stimulate economic activity and provide Ghanaian businesses with faster and more reliable access to global markets.

Speaking during a tree-planting exercise at Prampram Senior High School, the Regional Head of Commercial and Consumer Banking at Ecobank Ghana, Charlotte Amanquah, emphasised the crucial role corporate institutions must play in addressing environmental challenges.

“As the world continues to grapple with the devastating effects of climate change, it is important that corporate institutions take responsibility and contribute meaningfully towards environmental protection and sustainability. At Ecobank, we remain committed to initiatives that safeguard our environment and create a greener future for generations to come,” she said.

She disclosed that Ecobank branches across the country would dedicate the entire month of June to tree-planting activities as part of the bank’s broader sustainability agenda.

“This year, we are undertaking a nationwide exercise with a target of planting approximately 2,400 trees. This reflects our commitment to supporting climate action and promoting a culture of environmental responsibility across the communities we serve,” Ms Amanquah added.

She made the remarks at Prampram Senior High School, where Ecobank has maintained a long-standing afforestation partnership since 2012. Through this collaboration, the bank has planted about 1,400 trees on the school’s campus over the years.

To support the sustainability of the initiative, Ecobank donated watering cans and safety boots to aid the care and maintenance of the newly planted trees.

Addressing the students, she urged them to take ownership of the project and ensure the trees are properly nurtured.

“These trees are not just for today; they are a gift to the future. We encourage you to protect and care for them because your efforts will contribute to a healthier environment for yourselves and generations yet to come,” she stated.

The Headmaster of Prampram Senior High School, Peter Djan, expressed appreciation to Ecobank Ghana for its longstanding support and commitment to improving the school’s environment.

“We are grateful to Ecobank Ghana for consistently supporting our afforestation efforts over the years. The school will put in place the necessary measures to ensure that these trees are properly cared for and sustained,” he assured.

The Forest Range Manager for the Tema-Ada District, Grace Taylor, who supervised the exercise, commended Ecobank for complementing national environmental conservation efforts.

“This initiative aligns perfectly with the government’s Tree for Life programme and contributes significantly to the broader efforts to protect, restore and preserve our environment. It is a commendable step, and we encourage other corporate organisations to emulate Ecobank’s commitment to environmental sustainability,” she noted.

Ecobank Ghana’s nationwide tree-planting campaign forms part of its ongoing commitment to environmental stewardship and highlights the growing role of the private sector in supporting Ghana’s climate resilience and sustainable development agenda.

The directive follows an unannounced inspection by the GSA at selected malls and retail outlets, where large quantities of substandard mattresses were seized. The operation has sparked nationwide concern after it emerged that many consumers had unknowingly purchased the affected products.

Speaking at a controlled destruction exercise for substandard bulbs and extension boards, the Greater Accra Regional Manager of the GSA, Clement Kubati, said the seized mattresses are currently being held pending approval from the Environmental Protection Agency (EPA) for safe disposal.

He added that police investigations are ongoing to identify and apprehend the owners of shops linked to the sale of the inferior mattresses.

Mr. Kubati stressed that the Authority remains committed to protecting consumers and ensuring that only products meeting approved standards are sold on the Ghanaian market.

He warned manufacturers and retailers against compromising quality, noting that the GSA will continue to intensify surveillance and enforcement activities nationwide.

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On Friday, 8 May 2026, global credit rating agency Fitch Ratings delivered what many economists, policymakers, and market observers had been watching for with cautious optimism: a formal upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) from ‘B-‘ to ‘B’, with a Positive Outlook.

This announcement, made amid a backdrop of global economic turbulence, did not arrive by accident.

It is the culmination of years of painful but necessary fiscal reform, disciplined monetary policy, a successful debt restructuring journey, and a renewed commitment to macroeconomic stability.

For a country that, as recently as 2022, was staring down a debt-to-GDP ratio approaching 93% and inflation spiralling past 50% in early 2023, this milestone carries enormous symbolic and practical weight.

This article unpacks the significance of the Fitch upgrade, the evidence that earned it, and what it portends for Ghana’s economy, its financial sector, and its people.

Understanding what the rating ‘b with positive outlook’ means

Credit ratings assigned by agencies like Fitch, Moody’s, and S&P serve as a measure for sovereign creditworthiness, i.e., a country’s ability and willingness to meet its financial obligations.

The rating scale descends from investment-grade territory (AAA, AA, A, BBB) into speculative or “junk” grade (BB, B, CCC and below).

A ‘B’ rating places Ghana firmly in the speculative-grade category, meaning the country carries an elevated credit risk.

However, within the speculative tier, ‘B’ represents meaningful ground above distress territory.

Crucially, the Positive Outlook attached to the rating is Fitch’s forward signal, an indication that, based on the current trajectory, a further upgrade to ‘B+’ within the next 12 to 24 months is plausible, if not likely.

For context, Ghana entered Restricted Default status in late 2022 following suspension of payments on its Eurobonds.

The journey from Restricted Default → B- (June 2025) → B with Positive Outlook (May 2026) represents three distinct rating improvements in under two years. That trajectory is, by any standard, remarkable.

Pillars of the upgrade

Fitch’s upgrade was not a gesture of goodwill. It was grounded in a clearly articulated set of macroeconomic and fiscal indicators that demonstrate Ghana’s structural transformation. Five pillars underpin the decision.

1. Fiscal consolidation and record primary surpluses

Perhaps the most striking evidence of Ghana’s fiscal discipline is the primary surplus of 2.9% of GDP recorded in 2025, which Fitch described as a record-breaking achievement.

A primary surplus means the government is collecting more in revenue than it is spending before accounting for interest payments, a signal that the underlying fiscal position is sound.

Looking forward, Fitch projects Ghana will maintain primary fiscal surpluses of 1.5% of GDP in both 2026 and 2027.

The agency explicitly acknowledged improvements in public financial management, noting that these reforms reduce the risk of short-term fiscal slippages that plagued Ghana in earlier years.

2. Successful debt restructuring and declining debt burden

Ghana’s $13.1 billion Eurobond debt restructuring served as a foundational precondition for the upgrade, marking one of the most significant sovereign debt operations in recent West African history.

Completed through the Domestic Debt Exchange Programme (DDEP) in 2023 and subsequent external restructuring, the process has placed Ghana’s debt trajectory on a sharply downward path.

Fitch projects Ghana’s public debt to fall to 46% of GDP by 2027, down from a staggering 93% of GDP in 2022.

This halving of the debt ratio over a five-year period would, if achieved, represent one of the most dramatic debt consolidations in sub-Saharan African economic history.

The agency also noted that T-bill yields have fallen to historically low levels since early 2025, and Ghana successfully reopened its bond market in April 2026, issuing a GHS 3.8 billion seven-year bond, which is its first domestic bond issuance since the DDEP, a testament to restored investor confidence.

3. Surging international reserves and external position

External liquidity has historically been Ghana’s Achilles’ heel. That vulnerability has materially diminished.

International reserves grew by $5.4 billion in 2025 alone, reaching $12.3 billion, a level Fitch deems sufficient to contain external liquidity risks, even with rising debt service obligations on the horizon.

In 2025, the nation’s current account surplus reached a historic 8.2% of GDP, primarily propelled by robust gold export revenues due to sustained high global gold prices.

Fitch anticipates that this surplus will diminish in 2027 due to moderating gold prices and increasing imports associated with economic growth.

However, the external position continues to be markedly stronger than the median of the ‘B’ category, which generally exhibits a current account deficit of 3.4% of GDP.

4. Inflation at historic lows

The inflation story in Ghana has been nothing short of dramatic. Having peaked above 50% in early 2023, inflation declined for 15 consecutive months, reaching 3.2% in March 2026; the lowest level since 1999.

While April 2026 saw a marginal uptick to 3.4%, the first increase since December 2024, partly attributed to global oil price pressures and regional supply disruptions, Fitch views this uptick as a temporary development and expects the downward trend to persist.

Lower inflation has multiple compounding benefits: it rebuilds household purchasing power, enables the Bank of Ghana to ease monetary policy (lowering borrowing costs), stimulates consumer confidence, and reduces the fiscal burden of inflation-linked expenditures.

5. Strong and sustained real GDP growth

Ghana’s underlying growth engine continues to perform. Fitch recorded real GDP growth of 5.7% in 2024 and projects approximately 5% annual growth through 2027, driven by gold mining output, improved consumer confidence, lower inflation and easing lending rates.

The economy’s diversified commodity base, i.e., gold, oil, and cocoa, together with an increasingly vibrant services sector, provides a resilient buffer against sector-specific shocks.

What the positive outlook signals

A Positive Outlook from a rating agency is more than a footnote. It is a formal, forward-looking signal that Fitch believes conditions exist for another upgrade if the country maintains its reform trajectory.

Specifically, the Positive Outlook reflects expectations that Ghana will:

• Maintain prudent fiscal policies and meet its primary surplus targets
• Continue strengthening public financial management
• Sustain macroeconomic stability, particularly on inflation and the exchange rate
• Further reduce its debt burden as projected
• Manage external debt service obligations without major disruptions

These signals demonstrate growing institutional confidence not just in current numbers, but also in the structural and systemic reforms that produced them.

It is a vote of confidence in Ghana’s institutions: the Ministry of Finance, the Bank of Ghana, and the IMF programme architecture supporting the recovery.

Peer validation: A chorus of positive signals

The Fitch upgrade is not an isolated event. It follows a broader wave of positive sovereign rating actions:

• Moody’s took positive action on Ghana’s rating, citing its strong fiscal position
• S&P Global Ratings currently assesses Ghana at B-, trailing Fitch’s assessment and signalling potential room for further positive movement in subsequent review cycles

This alignment across all three major rating agencies is significant. When Fitch, Moody’s, and S&P move in the same directional current, it dramatically amplifies the signal sent to global capital markets.

It reduces the divergence premium that investors often price in when agencies disagree, and it reinforces the legitimacy of Ghana’s macroeconomic narrative.

Practical implications for Ghana: Access to capital markets

An elevated credit rating directly reduces the cost at which Ghana can secure international loans. The reopening of the domestic bond market in April 2026 indicated forthcoming developments.

As Ghana advances towards ‘B+’ status, now distinctly within reach, the Eurobond market becomes increasingly accessible at narrower spreads, alleviating the debt service burden that has traditionally absorbed a disproportionate portion of government revenue.

Interest payments as a percentage of revenue, which reached a maximum of 48% in 2021, had decreased to 25% by the time of the B-upgrade in 2025.

Foreign Direct Investment

Credit ratings influence foreign direct investment (FDI) flows in tangible ways.

Institutional investors like pension funds, sovereign wealth funds and development finance institutions operate under mandates that restrict or penalise investment in lower-rated sovereigns.

As Ghana climbs the rating ladder, an expanding universe of global capital becomes available.

This is particularly consequential for Ghana’s infrastructure, extractive industries and emerging technology and financial services sectors.

Exchange rate stability and cedi confidence

The Ghanaian cedi has long been battered by periodic crises of confidence. The combination of rising reserves, a strong current account, and improving credit ratings creates a self-reinforcing cycle of currency stability.

A more stable cedi reduces import costs, lowers inflation, and rebuilds the confidence of domestic savers and foreign investors alike.

Banking sector and domestic credit

An improved sovereign rating has direct portfolio implications for Ghana’s banking sector, including institutions like Stanbic Bank Ghana that have weathered the turbulence of the DDEP.

Banks hold substantial quantities of government securities; as those securities reprice favourably with improving sovereign credit quality, bank balance sheets strengthen.

Improved credit conditions also stimulate demand for credit across retail, corporate, and public sector segments, supporting loan book growth and earnings.

Investor and business confidence

Perhaps most underappreciated is the confidence multiplier that comes with a credit rating upgrade.

Businesses make investment decisions based on long-term risk perceptions. As Ghana’s rating improves, the risk premium attached to doing business here declines.

This will make the country more competitive as a destination for regional headquarters, shared service centres, and expansion capital.

Risks and cautionary notes

To its credit, Fitch did not present a rose-tinted picture. Several risks to the outlook were explicitly flagged:

High debt servicing costs: As DDEP bonds begin amortising in 2027 and the second-largest Eurobond ($2.9 billion) commenced amortisation in January 2026, debt service costs are projected to rise to 6.8% of GDP by 2027, up from 4.6% in 2025. Managing this surge without fiscal slippage will require sustained discipline.

External shocks: Ghana remains a commodity-dependent economy. A sustained decline in gold or oil prices, or a worsening of global financing conditions, could quickly erode current account gains.

Inflation risks: The April 2026 uptick in inflation, the first since December 2024, is a reminder that global supply shocks and oil price volatility can quickly reverse domestic price stability gains.

The government’s decision to reduce taxes and levies on hydrocarbon products to cushion fuel prices is prudent but carries a fiscal cost.

Fiscal management continuity: The upgrade rests partly on Fitch’s assessment of improved public financial management.

Sustaining this improvement demands institutional continuity and protection against political economy pressures in election cycles.

These risks are real, but they are manageable provided discipline and reform momentum are maintained.

“This is only the beginning.” – Finance Minister’s response:

Finance Minister Dr. Cassiel Ato Forson received the upgrade with measured but unambiguous pride.

His response captured both the achievement and the challenge ahead: “I assure you this is only the beginning.

We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”

The sentiment is fitting. Ghana has done the hard work of returning from the brink.

But the real dividend of macroeconomic stability, i.e., broad-based improvements in living standards, job creation, affordable credit, and a stronger cedi must now be translated from balance sheets into the lived experience of ordinary Ghanaians.

Conclusion: A turning point, not a destination

Fitch’s upgrade of Ghana to ‘B’ with a Positive Outlook is more than just a rating action.

It is a chapter in one of the more instructive fiscal recovery stories in recent African economic history, a story of a nation that confronted the consequences of a decade of fiscal profligacy, underwent painful structural reform and is now being recognised by the world’s premier credit risk arbiters for the progress made.

The journey from Restricted Default in 2022 to a ‘B’ rating with an upward trend in 2026 exemplifies the accomplishments of enduring policy discipline, even when politically challenging.

It affirms the IMF programme framework, the debt restructuring discussions, the Bank of Ghana’s monetary contraction and the fiscal consolidation efforts undertaken over three years.

Ghana has regained credibility. What remains now is the harder, longer work of converting that credibility into prosperity for the banking sector, for businesses, and above all, for the millions of Ghanaians whose daily lives are the ultimate measure of what macroeconomic recovery truly means.

The writer, Daniel Afari-Djan, is the Business Development Manager in charge of Personal & Private Banking at Stanbic Bank Ghana. He is also holds an MSc in International Business from the University of Ghana Business School.

The beneficiaries were trained in beekeeping, mushroom cultivation, and snail farming, and were also provided with start-up equipment to help them establish and run their own businesses.

The initiative, implemented by the non-governmental organisation Write for World, forms part of efforts to equip young people with practical skills while promoting environmentally friendly economic activities.

Speaking at the graduation ceremony in an interview with Adom News, Milliam Esenam Donkor, Administrator for Write for World, said the programme reflects the organisation’s commitment to tackling youth unemployment through practical entrepreneurship training.

She explained that the initiative was designed to expose participants to viable green business ventures with strong growth potential, while also ensuring they become self-reliant.

“This programme is about empowering young people with skills that can sustain them and also contribute to environmental sustainability,” she noted.

She urged the beneficiaries to take the training seriously so they can become self-reliant and independent in their respective communities.

She further encouraged the graduates to remain focused, innovative, and committed to environmental sustainability as they begin their entrepreneurial journeys.

The beneficiaries expressed gratitude to the organisation for the opportunity, describing the training as both transformative and timely. They pledged to apply the skills and knowledge acquired to establish successful enterprises and contribute to the economic development of their communities.

Some participants also noted that the start-up equipment provided would significantly ease the challenges of setting up new businesses and enable them to begin operations immediately.

The programme is part of broader efforts to promote green entrepreneurship among young people, strengthen economic resilience, and support sustainable community development in the South Tongu District.

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The clarification comes after contrasting accounts emerged regarding the extent and timing of budget disbursements to the agriculture sector, prompting public debate about possible tensions in the government’s fiscal coordination.

Finance Ministry’s position

The Ministry of Finance stated that it has released more than GH¢1.6 billion to MoFA this year, representing about 85 percent of the ministry’s total allocation for Goods and Services and Capital Expenditure (CAPEX).

According to the Finance Ministry, releases for goods and services have reached 94.73 percent, while CAPEX disbursements stand at 74.66 percent, evidence, it says, of strong budget implementation.

The ministry further explained that, except transfers to the National Food Buffer Stock Company, all requests for funds were initiated by MoFA through the Ghana Integrated Financial Management Information System (GIFMIS) and processed using standard public financial management procedures.

However, speaking to the media on Friday, June 19, Mr Opoku rejected any suggestion of disagreement, stressing that both ministries remain aligned and focused on government priorities.

“We don’t have any disagreements with the Ministry of Finance. Let me state this clearly. There is no disagreement,” he said.

He explained that the situation arose from communication gaps rather than any substantive policy differences, adding that the matter had already been resolved internally.

“There was miscommunication, and there was a need for us to clarify the issues. We clarified them, and we are working together,” he stated.

Mr Opoku emphasised that government institutions are expected to work collaboratively, particularly on issues relating to national development and budget execution.

“There is no way we can disagree to hinder the development of our nation. Our major preoccupation in government is to deliver to the admiration of the good people of our country,” he added.

The minister criticised what he described as the sensationalisation of the issue in parts of the media, suggesting that the situation had been exaggerated beyond its actual significance.

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The beneficiary institutions are Kpandai Senior High School, Nkanchina Nursing Training College, Let Us Shine Academy, and Kpandai Girls Model School, with each school receiving 50 bags of maize.

The intervention forms part of the Assembly’s efforts to promote student welfare and help schools manage food shortages that often occur before the harvest season.

The support is expected to ease pressure on school authorities and improve teaching and learning by ensuring that students receive adequate nutrition.

Speaking to Adom News affiliate reporter Prince Busula, the District Chief Executive for Kpandai, Hon. Haruna Abdul-Karim, said the donation demonstrates the Assembly’s commitment to supporting education and improving the well-being of students across the district. He noted that access to food remains critical to academic performance and urged school authorities to ensure the maize is used for its intended purpose.

Hon. Abdul-Karim explained that the Assembly remains dedicated to implementing programmes that will enhance education and improve living conditions for residents of the district.

Representatives of the beneficiary schools expressed gratitude to the District Assembly for the timely support, describing it as a major relief that will help sustain their feeding programmes during the difficult period ahead.

They pledged to make good use of the donation and thanked the Assembly for its continued commitment to education and student welfare in the Kpandai District.

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GoldBod was specially invited to participate in a high-level roundtable of the International Bullion Centres (IBC) Association in recognition of Ghana’s growing importance in the global gold value chain.

Representing GoldBod, Richard Nunekpeku presented Ghana’s GoldBod regulatory model and ongoing reforms aimed at strengthening responsible sourcing, traceability, local refining, and ASM formalisation.

A key outcome of the discussions was LBMA’s recognition of Ghana’s increasing strategic role in the global precious metals market and its commitment to explore policy frameworks that will support greater international recognition of Ghana as a significant market participant.

LBMA also expressed strong support for GoldBod’s traceability and ASM formalisation agenda, recognising these initiatives as critical to strengthening responsible sourcing and enhancing the integrity of Ghana’s gold supply chain.

As part of this commitment, LBMA pledged to work closely with GoldBod in advancing internationally aligned traceability systems, responsible sourcing standards, and compliance frameworks for the artisanal and small-scale mining sector.

The association further indicated its intention to support the development of practical tools and industry best practices to promote transparency, improve auditability, and facilitate the progressive integration of Ghana’s ASM sector into global responsible gold supply chains.

Commenting on the outcome, Richard Nunekpeku noted that the discussions reflect growing international confidence in Ghana’s reforms and reinforce the country’s ambition to become a leading responsible gold-producing nation.

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