The results, presented by Chairman of the Board of Directors, Patrick Amannor Buckor, at the Bank’s 45th Annual General Meeting, highlighted improvements in profitability, assets, deposits, lending and shareholders’ funds.

Net operating income surged by 45 percent to GH¢59.8 million in 2025, up from GH¢41.3 million in 2024. The growth was driven by increased interest income from loans and investments, as well as steady growth in fees and commissions.

Pre-tax profit more than doubled, rising by 135 percent from GH¢6.5 million in 2024 to GH¢15.4 million in 2025. Profit after tax also increased significantly by 131 percent, from GH¢4 million to GH¢9.3 million.

Operating expenses rose by 28 percent to GH¢44.4 million, reflecting higher credit impairment provisions, investments in human capital and increased operational costs.

The Board said the additional provisions were prudent measures to mitigate emerging credit risks following the Bank’s expanded lending activities.

The Bank’s balance sheet also strengthened, with total assets increasing by 27 percent to GH¢335.1 million, compared with GH¢263 million in 2024.

Customer deposits grew by 27 percent to GH¢288.3 million, indicating increased confidence among customers. Gross loans and advances expanded by 35 percent to GH¢99.6 million, while the investment portfolio increased by 28 percent to GH¢187.6 million.

Shareholders’ funds also improved by 47 percent to GH¢27.5 million, while the Capital Adequacy Ratio rose from 14.36 percent to 16.92 percent, comfortably above the Bank of Ghana’s minimum requirement of 10 percent.

Dividend declaration

In recognition of the strong performance, the Board recommended a dividend of GH¢0.0504 per share, amounting to GH¢2.33 million.

The proposed dividend represents 25 percent of profit after tax, compared with GH¢1.53 million paid in 2024.

Mr Buckor said the proposal strikes a balance between rewarding shareholders and retaining sufficient earnings to finance expansion and strengthen the Bank’s capital base.

“The progress achieved in 2025 reinforces our belief that the Bank is well positioned to deliver on its strategic aspirations,” he said.

He added that the institution remained committed to creating lasting value for shareholders, customers and communities.

CSR and sustainability

Beyond its financial performance, the Bank invested GH¢393,313 in Corporate Social Responsibility initiatives during the year.

This included GH¢103,000 in scholarships for brilliant but financially disadvantaged students.

The Bank also advanced its sustainability agenda with the development of a comprehensive Environmental, Social and Governance (ESG) Policy aligned with the Bank of Ghana’s Sustainable Banking Principles.

Transition and capital expansion

A major milestone in 2025 was the transition from Manya Krobo Rural Bank PLC to Manya Krobo Community Bank PLC.

The change formed part of broader reforms aimed at repositioning community banks as modern and inclusive financial institutions.

With stated capital of GH¢7.7 million, which is above the regulatory minimum, the Bank plans to increase its capital base to GH¢11.9 million by 2028 to support future expansion.

Mr Buckor expressed confidence that the Bank’s strong capital position, liquidity and resilient business model provide a solid foundation for sustained growth.

Digital transformation

The Chief Executive Officer of Manya Krobo Community Bank PLC, Godfred Asante Hanson, said future growth would depend largely on improving operational efficiency.

He said management would adopt a strategy focused on digital transformation, streamlined processes and enhanced staff capacity.

“By leveraging technology to reduce turnaround time and improve customer service delivery, the Bank would position itself as a competitive player in the community banking sector,” he noted.

Mr Hanson said increasing the Bank’s capital base remained a priority to enable it withstand future regulatory changes.

He said management would pursue a deliberate share mobilisation strategy by encouraging existing shareholders to increase their stakes while attracting new investors.

According to him, the approach would strengthen the Bank’s resilience, help it meet regulatory thresholds and provide a buffer against shocks in the financial environment.

Focus on profitability

On profitability, Mr Hanson said the Bank would focus on maximising returns while meeting shareholder expectations.

He said management would build on the operational performance recorded in 2025 by prudently expanding its loan portfolio, diversifying income streams and strengthening risk management practices.

“These measures,” he said, “would ensure sustainable growth and improved value creation for shareholders.”

Mr Hanson also appealed to prospective investors to consider Manya Krobo Community Bank PLC as a reliable partner for financial growth.

He assured stakeholders that the Bank remained committed to improving efficiency, strengthening its capital base and enhancing profitability to deliver consistent returns and contribute to the socio-economic development of the communities it serves.

Strategic outlook

Looking ahead, the Bank’s 2026–2028 Strategic Plan identifies digital transformation, operational efficiency, enhanced risk management and improved customer service as key priorities.

A flagship project under the plan is the construction of a new banking complex at Ashiyie in Accra, which management says will strengthen the Bank’s physical presence and operational capacity.

In contrast, credit cards issued in 2025 increased by 4.8% to 71,629 from 68,380 in 2024.

This was due to the expansion of credit card services across the industry.

According to the 2025 Payment Systems Oversight Annual Report the total number of prepaid cards issued also declined by 31.8% to 403,582 from 591,502 over the same comparative period.

Meanwhile, the mobile money industry in Ghana recorded strong growth and resilience in 2025, as reflected in Key Performance Indicators (KPIs) and notable structural developments that shaped the industry.

The number of active mobile money customers recorded significant growth in 2025, rising by 13.6% to 26.7 million in 2025 from 23.5 million in 2024.

The Central Bank said the stronger growth underscored the resilience and continued expansion of Ghana’s mobile money ecosystem.

READ ALSO:

Traders demand urgent review of excessive port charges

Amin Adam questions Bank of Ghana’s GH¢9.05bn gold-related loss

Speaking in an interview on Joy FM’s Middaynews, on Tuesday, September 1, the Media Relations Officer of GoldBod, Prince Kwame Minkah, says the arrangement is intended to ensure that the mandatory local refining policy maximises the economic value Ghana derives from its gold resources without placing an additional financial burden on GoldBod.

According to him, the operational directive under the Ghana Gold Board Act, 2025 (Act 1140), provides that refining costs will be borne by self-financing aggregators or their approved foreign offtakers.

“Commercial party absorption is what we are going to be employing here. The refining cost is strictly borne by the self-financing aggregators or their approved foreign offtakers, and based on their commercial agreements,” he said in response to concerns that higher local refining costs could affect GoldBod’s earnings.

He stressed that the refining charges would be settled directly between the private parties and approved local refineries before GoldBod clears the export documentation.

Mr Minkah therefore maintained that the arrangement would not reduce GoldBod’s net revenue or statutory fees.

“There is zero negative impact on state revenue because refining charges are settled directly between private aggregators, offtakers, and then the approved local refineries before export documentation is cleared by the Gold Board.”

He added that GoldBod’s net revenue from gold exports and statutory fees would remain intact under the arrangement.

Mr Minkah further explained that refining gold domestically to 99.99% purity would enable Ghana to capture additional value that is otherwise lost when raw gold is exported for processing abroad.

He said unrefined gold, which contains silver, copper and other impurities, is typically exported at a discount, limiting the value Ghana derives from its gold resources.

Mr Minkah said the policy is also expected to support job creation and industrialisation by strengthening Ghana’s domestic refining sector and creating opportunities for technical skills development and related industries.

READ ALSO:

Amin Adam challenges GoldBod’s GH¢5.45bn surplus

NPP demands removal of BoG Governor from GoldBod’s board

According to the 2025 Payment Systems Oversight Annual Report, the acceleration in transaction values underscored the increasing importance of e-money platforms in supporting economic transaction.

Following the significant agent network clean-up in 2024, the number of mobile money active agents dipped but rebounded in 2025.

According to the Bank of Ghana, active agents increased by 21.4% over the period to 491,057 in 2025 from 404,370 in 2024.

It said that the growth reflected a post-clean-up consolidation phase, characterised by improved agent legitimacy and activity rather than rapid network expansion.

However, mobile money transaction values in 2025 continued to be concentrated in a small number of high-value transaction types, with Agent-to-Agent (A2A) transactions remaining dominant and accounting for 41.0% of total transaction values compared with 37% in 2024.

“A2A transactions have continued to play a critical role in supporting liquidity redistribution and settlement within the mobile money agent network”, the report said.

It added that the third-party transfers recorded a marginal increase to 14.9% in 2025 from 14.4% in 2024, reflecting the growing use of fintech platforms for mediated merchant and commercial payment flows.

This shift points to continued integration of mobile money channels into business and institutional transactions.

In contrast, cash-based transactions made up a smaller share of total transaction values, with combined cash in and cash out activities accounting for 16.1% in 2025, compared with 20.1% in 2024. This reduction indicated a gradual transition from cash-intensive activity towards account-based and digital transaction flows.

Other transaction types, including wallet-to-bank, bank-to-wallet, person-to-person and business-to-business transactions, maintained relatively stable shares, collectively supporting both retail and merchant payment use cases.

READ ALSO:

Traders demand urgent review of excessive port charges

Amin Adam challenges GoldBod’s GH¢5.45bn surplus

According to TAGG, traders and importers have engaged relevant authorities for nearly two years over the issue, but the additional financial burden on businesses continues to increase.

In a press statement issued on Tuesday, September 1, 2026, the group said it was particularly concerned about administrative charges imposed by shipping lines.

TAGG said following engagements between the Ghana Shippers Authority and stakeholders, an administrative charge of GH¢550 was understood to have been agreed upon, but the amount was subsequently increased to GH¢720.

The group is demanding an explanation for the increase, including who authorised it and the justification for the additional charge.

“We are not opposed to legitimate import duties or lawful taxes owed to the state. Our concern is with charges that we believe are excessive, unfair, and inconsistent with the objective of reducing the cost of doing business in Ghana,” the group stated.

TAGG argued that traders could not continue absorbing additional costs, warning that persistent port charges would eventually be passed on to consumers through higher prices of imported goods.

The group also rejected arguments that reducing charges could result in job losses at shipping companies, saying the welfare of workers was important but should not be used to justify what it considers unjustified costs.

“Ghana is a sovereign country. Every company operating here must respect Ghana’s laws, regulations, and lawful directives,” TAGG said.

The group has therefore called on President John Dramani Mahama and his government to intervene and ensure an immediate review of port charges.

It also urged the Ministry of Transport to enforce existing laws and regulations, while calling on the Ghana Shippers Authority to protect the interests of Ghanaian shippers.

TAGG further called on shipping lines to comply with Ghanaian laws and lawful directives.

Beyond the port charges, the group raised concerns about what it described as a broader transportation crisis affecting traders, workers and other commuters.

It said thousands of people are stranded at markets and transport terminals, particularly between 4:00 p.m. and 8:00 p.m., due to a shortage of commercial vehicles.

TAGG said it had previously petitioned the Presidency on the matter, with its proposals subsequently forwarded to the Ministry of Transport.

Among its proposals, the group said, was a 50 percent reduction in import duties on commercial vehicles for a specified period to encourage private investment and increase the number of vehicles available for public transport.

The group expressed disappointment that meaningful action had yet to be taken to address the transportation challenges.

TAGG also defended its criticism of the Transport Minister, stating that its description of him as incompetent was based on what it considers his failure to adequately address persistent challenges affecting traders and workers.

“Public office demands results, not excuses,” the group said.

READ ALSO:

• Amin Adam questions Bank of Ghana’s GH¢9.05bn gold-related loss

• NPP demands removal of BoG Governor from GoldBod’s board

The Bank of Ghana reported a net loss of GH¢9.05 billion, while the IMF estimated the full economic cost of the gold programme at approximately GH¢22 billion.

Dr Amin Adam said two items largely explain the gap between the figures: a GH¢5 billion recapitalisation bond and GH¢7.99 billion in paper gains recorded as income.

According to him, the GH¢7.99 billion represented unrealised gains accumulated on gold purchased in 2023 and 2024 under the previous government.

He said the gains were released and recognised as income when the Bank sold 22.24 tonnes of reserve gold in October 2025 for US$3.02 billion.

“The Bank’s gold related losses would have been far larger but for a gain on gold sales of GH¢9.57 billion, its single largest source of income that year,” Dr Amin Adam said.

He said GH¢7.99 billion of that amount was an accounting reclassification in which unrealised paper gains were moved into the profit column.

“Remove that single entry and the Bank’s own preferred measure of financial strength, its solvency, flips from a positive GH¢5.50 billion to a negative GH¢2.49 billion,” he said.

Dr Amin Adam further said total equity would worsen from negative GH¢61.32 billion to negative GH¢96.28 billion if the accounting entry was removed.

He rejected attempts to dismiss the issue simply as a matter of valuation effects.

“If a valuation gain is real enough to shrink a loss, a valuation loss cannot be waved away as unreal,” he said.

Dr Amin Adam said GH¢4.54 billion, representing 81.7 per cent of the reported surplus, was a government capital injection credited to GoldBod’s books on December 30, 2025, just a day before the financial year ended.

Addressing a press conference on Tuesday, September 1, he said the money was described in GoldBod’s accounts as revolving trade capital and should therefore not be presented as revenue.

“Standard public sector and international accounting rules treat money put in by an owner as capital, not revenue, and GoldBod’s own statements describe it as revolving trade capital,” he said.

Dr Amin Adam said GoldBod’s treatment of the money raised questions about the credibility of its reported surplus.

“It cannot be capital when that is convenient and revenue when there is something to celebrate,” he stated.

He further said that of the remaining GH¢909.9 million, about GH¢827 million was fee income, mostly service charges paid to GoldBod by the Bank of Ghana for the same gold purchase operations.

“Almost all of GoldBod’s real income was therefore a commission charged on a programme that lost the country GH¢22 billion,” he said.

Dr Amin Adam questioned how GoldBod could report a surplus while the institution providing the funds recorded a major loss.

“How does a gold buying operator record a surplus while the institution whose funds it is using records a loss?” he asked.

He is calling for GoldBod’s 2025 accounts to be restated to remove the GH¢4.54 billion capital injection from revenue.

Dr Amin Adam said it was inappropriate for the Governor to remain on the board of an institution handling a programme that was being financed by the Bank of Ghana while the central bank itself was recording losses from the same programme.

He argued that the Bank of Ghana could not continue providing financing to GoldBod for gold purchases while simultaneously bearing losses arising from the programme being operated by GoldBod.

“You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod, and still be lending to it,” Dr Amin Adam said.

According to him, the Governor’s presence on GoldBod’s board raises questions about the independence of oversight, particularly because the Bank of Ghana was both a financier of the programme and an institution affected by its financial performance.

“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” he demanded.

Dr Amin Adam’s comments form part of the NPP’s broader concerns over the gold purchase programme, following the IMF’s assessment that the programme carried an economic cost of about GH¢22 billion in 2025.

He said the figures reported by the IMF, Bank of Ghana and GoldBod must be reconciled to give Ghanaians a clear picture of how the programme performed financially.

The former Finance Minister also called for the disclosure of the identities of foreign buyers, the discounts granted to them and the commercial terms under which Ghana’s gold was sold.

He further welcomed the Bank of Ghana’s decision to stop pre-financing gold purchases from July 1, 2026, but insisted that the decision did not remove the need to account for the losses already incurred.

Dr Amin Adam said the NPP would continue to demand answers and support a full parliamentary inquiry into the programme, insisting that the issue was ultimately about transparency and accountability in the management of public funds.

Addressing the media, Dr Amin Adam said the reported losses were difficult to reconcile with the exceptional performance of the global gold market in 2025.

“Ghana bought gold, sold gold, and lost money, in the best gold market in 50 years,” he said.

He noted that the price of gold increased by 62.9 per cent in 2025, rising from an average of US$2,395 per ounce to US$3,441 per ounce.

According to him, the significant price increase should have provided Ghana with an opportunity to generate substantial returns from its gold trading activities.

However, Dr Amin Adam said an assessment by the International Monetary Fund (IMF) indicated that the programme lost approximately 17 per cent of the value of the raw gold sold by the Bank of Ghana.

“This was not the market’s fault,” he stressed, attributing the losses largely to the structure of the programme and the various costs associated with the transactions.

He cited exchange rate differentials, discounts offered to foreign buyers and transaction fees as some of the factors that contributed to the reported losses.

According to him, the Bank of Ghana provided cedi financing at the official interbank exchange rate, while GoldBod paid miners using higher rates available on the foreign exchange market, leaving the central bank to bear the resulting difference.

Dr Amin Adam also raised concerns about the discounts applied to gold sold to international buyers. He said Ghana sold gold in October 2025 at US$3,919 per ounce, compared with the global average of US$4,054 per ounce, describing the gap as value that was not realised by the country.

He further questioned the 0.5 per cent service charge and 0.258 per cent assay fee imposed on gold transactions, arguing that such charges become increasingly significant as the volume of gold traded expands.

“The IMF puts these combined costs at 14.5% of the programme’s value in 2025, falling to 5.4% under the new arrangement,” Dr Amin Adam said.

He argued that the figures suggest Ghana’s gold trading arrangement was substantially more expensive than necessary, despite the favourable conditions prevailing on the international market.

Dr Amin Adam has therefore renewed calls for a comprehensive parliamentary inquiry into the programme, insisting that the government must account for how Ghana incurred significant losses despite buying and selling gold during a period of exceptional growth in global gold prices.

Also read:

• Mahama must probe GOLDBOD losses – Abena Osei-Asare

• Gideon Boako hints at new GoldBod losses in Bank of Ghana audited accounts

In a lengthy post on X, Mr Simons raised several concerns about the figures contained in the recently released State Interests and Governance Authority (SIGA) report, including the absence of audited accounts, inconsistencies in reported figures and the treatment of foreign exchange gains.

He noted that both COCOBOD’s reported GH¢5.11 billion profit for 2025 and the GH¢5.73 billion loss recorded in 2024 are unaudited.

According to him, Ghana’s largest agribusiness has not produced audited financial statements for two consecutive years, with its latest audited accounts dating back to 2023.

“The fantastic 2025 performance in the SIGA report is just the word of management. Ghana’s largest agribusiness has not produced an audited set of accounts for two consecutive years. Its most recent audited year is 2023. For real,” he wrote.

Mr Simons also questioned the absence of cash flow statements for 2024 and 2025, saying this makes it difficult to establish how much of the reported profit represents actual cash generated by the company.

“Worse, Cocobod can’t seem to produce cashflow statements. Every rookie accountant knows that the hardest document to massage in an organisation’s accounts is the cashflow statement.”

He added: “So, we really don’t know how much of the GHS5.11 billion profit is mere paper gains and how much has ever actually passed through a real bank account somewhere.”

The policy analyst further pointed to discrepancies between successive SIGA reports. He said COCOBOD’s 2024 loss was recorded as GH¢4.057 billion in the 2024 report but revised to GH¢5.725 billion in the 2025 report.

He also noted that COCOBOD’s 2023 total equity was reported as GH¢2.069 billion in the 2024 report, but GH¢1.376 billion in the 2025 edition.

“I am being serious. Hundreds of millions of Cedis appear and disappear JUST LIKE THAT,” he said.

Mr Simons said the 2025 SIGA report also contains inconsistencies in its own presentation of COCOBOD’s historical performance.

He pointed out that the sector chapter records COCOBOD’s 2023 profit at GH¢2.286 billion, while the entity page puts the figure at GH¢2.211 billion. For 2022, the two sections reportedly record losses of GH¢3.835 billion and GH¢4.205 billion respectively.

“Three different published values exist for 2023, and three for 2022.”

He also questioned the reported cocoa purchase and sales volumes. According to him, COCOBOD purchased about 597,377 tonnes of cocoa in 2025, representing a 33% increase from roughly 449,000 tonnes in 2023/24.

However, he noted that the figure remained below the approximately 656,000 tonnes purchased in 2022/23.

“…the celebrated 2024/2025 number represents a 9% fall from the 2022/2023 number.”

Mr Simons further questioned the gap between cocoa produced, purchased and sold during the period.

He said the report indicates that COCOBOD purchased about 597,000 tonnes and sold 629,000 tonnes, against national production of approximately 670,000 tonnes.

“Does that mean that 73,000 tonnes of cocoa produced were stranded on the farms? Or smuggled out? (Not significant enough to reflect local processing needs.) Surely such a major matter requires explanation?”

The policy analyst also raised concerns about the treatment of foreign exchange in determining COCOBOD’s reported financial results.

He noted that operating revenue increased from GH¢15.80 billion to GH¢48.62 billion, while cocoa sales volumes rose by 36.7% and the weighted average selling price increased by 88.4%, from US$2,746 to US$5,174 per tonne.

However, he questioned COCOBOD’s use of an exchange rate of GH¢14.70 to US$1 in its 2024/25 accounts, noting that the rate represented the closing rate for 2024, while the cedi closed 2025 at about GH¢10.45.

He also pointed to another exchange rate of GH¢14.94 appearing elsewhere in the same SIGA chapter.

“The least Cocobod and SIGA could do was provide a note explaining the choice of the exchange rate.”

Mr Simons argued that the exchange-rate treatment may have had a substantial effect on the reported revenue and profit.

“The reported profit is GHS5.11 billion. Instead of a profit, the number becomes a loss. See the magic?”

He also questioned why SIGA’s reported net foreign exchange gain of GH¢235.68 million was not supported by detailed explanatory notes.

Another concern raised by Mr Simons was COCOBOD’s reported return on equity (RoE) of 345.07%.

He argued that the unusually high figure is largely influenced by the company’s relatively small equity base compared with its overall assets. COCOBOD reportedly ended 2025 with GH¢1.48 billion in equity against total assets of GH¢30.01 billion.

“Dividing GHS 5.11 billion of profit by a sliver of equity produces a spectacular percentage. But that fantastic number, in this case, is merely telling you that the institution is close to bankruptcy.”

He added: “To illustrate the absurdity, if Cocobod’s equity dropped close to zero, its RoE would now be almost infinite.”

Mr Simons also drew attention to COCOBOD’s liquidity and debt position, saying the organisation ended the year with GH¢1.11 billion in cash, GH¢28.52 billion in liabilities and GH¢12.30 billion in interest-bearing debt. He said COCOBOD was also owed GH¢9.15 billion by other parties.

“COCOBOD ends the year with GHS 1.11 billion of cash against GH¢28.52 billion of liabilities and GHS12.30 billion of interest-bearing debt, and with GHS9.15 billion owed to it by others. Its current ratio of 0.8 is hardly cause for celebration. See the magic?”

He said similar inconsistencies could be found in previous SIGA reports, citing cocoa purchase figures as an example.

According to him, the 2023 SIGA report recorded cocoa purchases of 850,000 tonnes for the 2022/23 financial year, while the 2024 report subsequently put the figure for the same period at 656,140 tonnes.

“That is a reduction of 193,860 tonnes, or 22.8%, without a crop-flow or restatement explanation.”

Mr Simons stressed that the discrepancies deserve attention, particularly because COCOBOD accounted for 85.4% of the overall revenue growth reported by SIGA for 2025.

1. A friend sent me news cuttings about Cocobod’s headline-grabbing GHS 5.1 billion return to profit on a GHS 48.6 billion revenue surge. The claims were attributed to the recently released, now controversial, SIGA report on state-owned businesses in Ghana.

2. There are many… pic.twitter.com/4hEADsx6Jo

— Bright Simons (@BBSimons) September 1, 2026

Despite his criticisms, he acknowledged a positive development in COCOBOD’s reported financial position, particularly the reduction in its interest-bearing debt.

“There was one silver lining, however (at least, if we take management’s word for it): interest-bearing debt at Cocobod fell, by GHS2.93 billion to GHS12.30 billion, and finance costs fell 35 per cent.”

Mr Simons concluded by urging policymakers and the public to look beyond the headline profit figure and scrutinise the underlying financial details.

“PR will do what PR must. But for POLICY, the Devil is always in the Detail, and accountability is a marathon.”

The report covers 162 of the 175 specified entities under SIGA’s oversight.

While many State-Owned Enterprises (SOEs) staged a dramatic return to profitability, recording a combined net profit after tax of GH¢19.8 billion, other state entities recorded a significantly wider deficit.

The report highlights major financial gains but also raises concerns about persistent losses and balance-sheet vulnerabilities, particularly in the power sector.

Here are 10 key things to know from the 2025 State Ownership Report:

1. From loss to GH¢19.8bn profit

SOEs in Ghana recorded a combined net profit after tax of GH¢19.8 billion in 2025, a major turnaround from the consolidated loss of GH¢2.26 billion recorded in 2024.

This represents a 976.43% improvement. The turnaround was supported by a 28.12% increase in aggregate revenue, which rose to GH¢176.43 billion.

2. Strong cedi, exchange gains

The appreciation of the Ghana cedi was a major contributor to the improved financial performance of SOEs.

The cedi strengthened from GH¢14.70 to the US dollar at the end of 2024 to GH¢10.45 by December 2025. Average annual inflation also declined from 23.8% to 14.6%.

The improved currency environment helped reduce consolidated finance costs by 42.49%, while SOEs recorded GH¢11.72 billion in net exchange gains.

This means the improvement was driven not only by operating performance but also by a significantly more favourable macroeconomic environment.

3. Five SOEs recorded losses

Despite the sector-wide turnaround, several state companies continue to struggle financially.

Five SOEs – ECG, Ghana Cylinder Manufacturing Company, Graphic Communications Group, Ghana Digital Centre and GNPA Ltd. – recorded net losses in every year from 2021 to 2025.

ECG remains the most persistent underperformer, recording an average annual net loss of approximately GH¢291.80 million over the five-year period.

The data suggests that the broader SOE recovery has not yet resolved some of the underlying structural problems within individual entities.

4. ECG remains a major concern

The power sector presents some of the clearest financial vulnerabilities identified by the report.

ECG’s debt-to-assets ratio stood at 0.99:1 in 2025, meaning its liabilities accounted for almost the entire value of its assets.

The company had total assets of approximately GH¢82.75 billion, against total liabilities of GH¢82.32 billion.

The Volta River Authority (VRA) also recorded a significant decline in its equity position, which fell by 25.7%, from GH¢49.08 billion to GH¢36.44 billion.

These figures raise concerns about the financial resilience of two of Ghana’s most strategically important power-sector institutions.

5. 10 SOEs dominate the sector

Although the report covers 162 entities, financial activity remains highly concentrated.

Just 10 SOEs accounted for 79.22% of total sector assets, valued at GH¢323.11 billion. They also generated 81.09% of total SOE revenue.

The concentration means the performance of a relatively small number of large state companies has a disproportionate impact on the overall SOE balance sheet.

6. SOE assets equivalent to 84% of GDP

The scale of Ghana’s public enterprise sector has become significant.

The combined assets of specified entities stood at an amount equivalent to 84.43% of Ghana’s nominal GDP of GH¢1.434 trillion in 2025.

SOEs alone accounted for assets equivalent to 28.44% of nominal GDP.

The figures underscore the importance of the financial position of state enterprises to economic stability, fiscal management and debt sustainability.

7. OSEs record wider deficit

The recovery among commercial SOEs was not replicated across the broader public enterprise sector.

Other State Entities (OSEs), including subvented and regulatory institutions, saw their aggregate deficit widen by 335.8%, from GH¢2.40 billion in 2024 to GH¢10.48 billion in 2025.

The deterioration was largely linked to a 47.18% decline in revenue, particularly internally generated funds.

The development points to continued financial pressure on entities that rely heavily on government subventions to fund their operations.

8. GoldBod makes a statement

The restructuring of the Precious Minerals Marketing Company (PMMC) into GoldBod was one of the major institutional developments captured in the report.

GoldBod received a GH¢4.55 billion government grant, contributing to a 274.7% increase in its total assets to GH¢9.55 billion.

The entity also recorded an operating profit before interest and tax of GH¢896.52 million.

The figures show the scale of the financial restructuring accompanying the government’s new approach to the management and marketing of gold resources in Ghana.

9. Financial irregularities fall by 85.6%

One of the strongest improvements recorded in the report was in financial controls and accountability.

Recoverable irregularities across the state enterprise sector fell by 85.6%, from GH¢15.57 billion in 2024 to approximately GH¢2.24 billion in 2025.

SIGA attributes the significant reduction largely to the Ministry of Finance’s implementation of commitment authorisation controls, which helped limit unauthorised procurement and spending.

10. Female leaders remain underrepresented

Employment across specified entities increased by 5.45% to 98,724 workers in 2025.

Female employment grew by 8.02%, almost twice the 4.39% growth recorded for male employees.

However, the improvement in female employment has not translated into comparable representation at the highest levels.

Women occupied only 28.45% of executive management positions across specified entities and 21.75% of board seats in SOEs.

According to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), the company’s net loss increased from GH¢2.20 million in 2024 to GH¢6.06 million in 2025.

The GH¢3.86 million increase represents a deterioration of about 175 per cent within the year.

GDCL also recorded an operating loss of GH¢6.06 million in 2025, compared with GH¢2.20 million in the previous year. Its earnings before interest, taxes, depreciation and amortisation also worsened from a loss of GH¢1.58 million to GH¢5.38 million.

The report said the company’s profitability “weakened significantly” during the year, with its operating margin declining from negative 6.5 per cent in 2024 to negative 59.4 per cent in 2025.

“The decline was primarily driven by a 24.41 per cent reduction in total revenue, which fell from GH¢10.57 million in FY2024 to GH¢7.99 million in FY2025, reflecting weaker operating performance during the period,” SIGA said.

Although the report described the GH¢7.99 million figure as total revenue in its assessment, the abridged financial statement classified it as operating revenue. It placed the company’s overall revenue, including non-core income, at GH¢10.20 million in 2025, down sharply from GH¢33.68 million in 2024.

Non-core revenue fell from GH¢23.10 million to GH¢2.21 million over the period, representing a decline of more than 90 per cent.

Management introduced cost-cutting measures during the year, reducing administrative expenses by 55 per cent, from GH¢35.87 million in 2024 to GH¢16.25 million in 2025.

However, SIGA said the savings were not enough to compensate for the decline in operating and non-core revenue.

“Management implemented substantial cost rationalisation measures, resulting in a 55 per cent reduction in administrative expenses from GH¢35.87 million in FY2024 to GH¢16.25 million in FY2025. However, these cost savings were insufficient to offset the sharp decline in revenue,” the report stated.

The latest loss marked the fifth consecutive year in which GDCL failed to record a profit. Its losses stood at GH¢390,000 in 2021, GH¢4.01 million in 2022, GH¢4.29 million in 2023, GH¢2.20 million in 2024 and GH¢6.06 million in 2025.

Cumulatively, the company recorded losses of about GH¢16.95 million over the five-year period.

Its total assets also declined from GH¢114.56 million in 2024 to GH¢109.05 million in 2025, while total equity fell from GH¢113.26 million to GH¢107.20 million.

SIGA said recurring operating losses had eroded the company’s retained earnings and continued to place pressure on shareholders’ equity.

“This erosion of earnings underscores the continued pressure on shareholders’ equity and highlights the need to restore sustainable profitability to preserve the company’s long-term financial resilience,” the report said.

The company’s cash position also weakened, with cash and cash equivalents falling by 37 per cent, from GH¢270,000 in 2024 to GH¢170,000 in 2025.

At the same time, trade and other receivables increased by four per cent, from GH¢5.56 million to GH¢5.79 million.

SIGA said the rise in receivables, coupled with lower cash balances and weaker operating cash flows, pointed to a weakening cash-conversion cycle and the need for improved working-capital management.

Despite the losses, GDCL maintained a relatively strong short-term liquidity position. Its current ratio declined from 4.8 times in 2024 to 3.5 times in 2025 but remained above the conventional benchmark of 1.0.

The company also maintained low debt levels, with total debt and liabilities rising from GH¢1.30 million to GH¢1.85 million. Its assets continued to be financed mainly through equity rather than external borrowing.

Ghana Digital Centres Limited is wholly owned by the state and operates the Accra Digital Centre. It is mandated to support digital innovation and entrepreneurship by providing infrastructure and services to technology start-ups, small and medium-sized enterprises and business process outsourcing companies.

NAIMOS arrests 10 illegal miners, seize equipment near Gbinyiri

Ghana records $4.3bn trade surplus in Q1 2026, driven by gold…

The figures are contained in the First Quarter Trade Newsletter released by the GSS.

Ghana exported goods worth US$10.2 billion during the period, while imports amounted to US$5.9 billion.

The  Government Statistician, Dr Alhassan Iddrissu, said the figures meant that “for every 100 cedis that Ghana earned from exports, 58 per cent went back out on imports.”

He, however, cautioned that the headline surplus largely reflects the value of goods at prevailing prices.

“Once we strip out rising prices, Ghana actually received more goods than it shipped; that is, exports of US$ 2.6 billion against imports of $3.2 billion,” Dr Iddrissu added.

Gold remained Ghana’s biggest export during the quarter, generating US$5.9 billion in export earnings.

Cocoa exports also improved, but the Government Statistician warned that Ghana’s export earnings remain concentrated in a narrow range of commodities.

Much of the increase in export prices during the quarter was driven by gold, further highlighting the commodity’s dominant role in Ghana’s external trade.

Dr Iddrissu also raised concern about the concentration of Ghana’s export markets.

“India and Switzerland together took more than a third of what Ghana sold,” the Government Statistician revealed.

According to the 2025 Payment Systems Oversight Annual Report, the total volume of internet banking transactions also increased to 47,587,105 in 2025 from 26,063,456 in 2024.

Similarly, mobile banking transactions recorded significant growth in both volumes and values of transactions in 2025.

The value of mobile banking transactions grew significantly by 130.5% year-on-year in 2025, whilst the volume of transactions grew by 31.6%.

The strong performance of internet and mobile banking reflected the growing public confidence in digital funds transfer services and underscored the ongoing shift from cash-based transactions to more efficient cashless payment channels.

The Bank of Ghana explained that Ghana’s electronic payment landscape has undergone significant transformation, driven by continuous technological innovation, proactive banking sector initiatives, and strong regulatory support.

Together, it added that these efforts have established a robust and dynamic payment ecosystem in which Automated Teller Machines (ATMs) remained essential touchpoints for accessing cash and cashless services, while POS terminals have increasingly become central to the nation’s transition to a more efficient cash-lite economy.

Otumfuo engages US Chamber of Commerce over investment, trade opportunities for…

The meeting, held on Monday, August 31, brought together representatives from the U.S. business community, diplomats, investors and members of the Asantehene’s delegation.

Discussions centred on strengthening economic ties and identifying opportunities that could attract investment into Asanteman while contributing to Ghana’s broader trade and investment agenda.

The engagement forms part of Otumfuo’s broader efforts to leverage strategic partnerships to promote development and economic opportunities for the Asante Kingdom and Ghana.

Among those who attended from the U.S. side were Ghana’s Ambassador to the United States, Victor Smith; Kendra Gaither and Guevera Yao of the U.S. Chamber of Commerce; and former U.S. Ambassador to the United Nations, Amb. Linda Thomas-Greenfield.

Also present were Kwabena Osei-Sarpong of RIFE International; Dr. Adjoa B. Asamoah of ABA Consulting; Amb. Dr. Jendayi Frazer of 50 Ventures; Sarah Brenholt of Cargill; Michael Coyle of Peak Global Partners; and Victor Swami of Areva Pharmaceuticals.

The Asantehene was accompanied by a delegation comprising former Ghanaian Ambassador to the U.S., Amb. Kobby Koomson; Ernest Sarhene, Head of Protocol to the Asantehene; Charles Sekyere; Dr. Andy Asamoah, CEO of A&C Mall; and Kofi Badu, Chief of Staff at the Manhyia Palace.

The engagement underscores the importance of public-private partnerships and international cooperation in advancing investment, trade and development opportunities for Ghana.

Mr Jinapor, who is now the Member of Parliament for Damongo, said the government introduced a series of measures to strengthen the programme and ensure that gold produced by licensed operators contributed directly to Ghana’s reserves and foreign exchange position.

He said the Ministry of Lands and Natural Resources engaged the Ghana Chamber of Mines and the Ghana National Association of Small Scale Miners before invoking the government’s pre-emptive right under Section 7 of the Minerals and Mining Act, 2006 (Act 703).

According to him, directives issued in November 2023 required large-scale mining companies to sell 20% of their refined gold to the Bank of Ghana in Ghana cedis before exporting the remainder.

He said Community Mining Schemes and licensed small-scale miners were also required to sell their gold to the government through the then Precious Minerals Marketing Company (PMMC), with the relevant licences containing clauses to that effect.

Mr Jinapor said the measures were deliberately focused on licensed and responsible small-scale miners because the government did not want illegally sourced gold to enter the programme.

He said the Minerals Commission, PMMC and Bank of Ghana coordinated and enforced the directives with support from the Ghana Chamber of Mines and the Ghana National Association of Small Scale Miners.

He also noted that the government subsequently directed the Minerals Commission and PMMC not to process gold export licence applications without the express written approval of the Minister.

Despite those measures, Mr Jinapor said Ghana’s gold exports reached a record US$11.6 billion in 2024, compared with US$7.6 billion in 2023 and US$6.6 billion in 2022.

He argued that the figures demonstrated the importance of the gold sector to Ghana’s economy and the effectiveness of measures introduced to strengthen domestic gold purchasing and reserve accumulation.

He also maintained that the reserves accumulated through the Domestic Gold Purchase Programme had become an important pillar of Ghana’s economy.

Citing Bank of Ghana Governor Dr Johnson Asiama, Mr Jinapor said the programme had “strengthened external buffers and macroeconomic stability” and had been “crucial to the stabilisation goal of the Bank of Ghana.”

He concluded that the public record should recognise Dr Mahamudu Bawumia as the originator of the programme.

Bawumia was brainchild behind Domestic Gold Purchase Programme – Jinapor

GANRAP is essentially a rebranding of Domestic Gold Purchase Programme –…

Mr Jinapor, the Member of Parliament for Damongo, made the claim in a Facebook post on Monday, August 31, 2026, in response to recent comments by NPP flagbearer Dr Mahamudu Bawumia on the Domestic Gold Purchase Programme.

The Damongo MP said he was compelled to set the record straight because he served as the Minister responsible for Mines when the programme was introduced.

According to him, the Domestic Gold Purchase Programme was conceived by Dr Bawumia as part of measures to strengthen Ghana’s gold and foreign exchange reserves during a period of severe economic challenges.

He said the programme was formally launched on June 17, 2021, at the then-head office of the Bank of Ghana, following strategic engagements with relevant stakeholders.

Mr Jinapor said the programme had yielded significant results, with Ghana’s gold reserves rising from 8.77 tonnes at the time of its launch to 30.53 tonnes by December 2024.

He also cited the Bank of Ghana Governor, Dr Johnson Asiama, who, according to him, said in January 2026 that the programme had strengthened Ghana’s external buffers and contributed to macroeconomic stability.

The former Minister further alleged that the new reserve accumulation policy had resulted in the sale of more than half of the gold accumulated under the previous programme.

“This Government’s ‘Ghana Accelerated National Reserve Accumulation Policy (GANRAP)’ is nothing more than a renaming of the Domestic Gold Purchase Programme,” he wrote.

Mr Jinapor said the distinction was important because, in his view, the reserves accumulated under the original programme had become a key pillar of Ghana’s current economic position.

People went to beg the president – Martin Kpebu on delays…

Bright Simons challenges GH¢19.8bn SOE profit reported by SIGA

Mr Jinapor, who is also the Member of Parliament for Damongo, said the programme was conceived by Dr Bawumia at a time when Ghana was facing severe economic difficulties arising from the COVID-19 pandemic and the Russia-Ukraine war.

In a Facebook post on Monday, August 31, 2026, he said Dr Bawumia, then Head of the Economic Management Team, held strategic meetings with relevant stakeholders before directing the Ministry of Lands and Natural Resources to engage stakeholders ahead of the programme’s formal launch on June 17, 2021.

According to Mr Jinapor, the programme represented a major departure from Ghana’s previous approach to accumulating gold reserves.

He explained that while the country had purchased gold from abroad when it sought to increase its reserves in 1960, the new programme allowed the Bank of Ghana to purchase gold locally from licensed aggregators and mining companies, paying them the Ghana cedi equivalent of the prevailing market price.

He said the programme had also significantly increased Ghana’s gold reserves, which stood at 8.77 tonnes when it was launched.

“Even though the Bank of Ghana’s target was to double this figure in five (5) years, as at December 2024, less than four (4) years into the implementation of this consequential Programme, the Bank of Ghana had almost quadrupled their reserves, from 8.77 tonnes to 30.53 tonnes,” he said.

Mr Jinapor further argued that the programme had contributed significantly to Ghana’s economic stability and external reserves.

Quoting current Bank of Ghana Governor Dr Johnson Asiama, he said the programme had “strengthened external buffers and macroeconomic stability” and had been “crucial to the stabilisation goal of the Bank of Ghana.”

He therefore urged the public record to reflect that the Domestic Gold Purchase Programme was the brainchild of Dr Bawumia.

Kufuor has been instrumental in my decision to contest NPP chairmanship…

Bawumia is my friend, don’t create confusion between us – Boakye…

The total value of financial infractions declined sharply from approximately GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025, representing a reduction of about GH¢13.03 billion.

The performance exceeded the government’s target of reducing public sector financial irregularities by 50 per cent in 2025 by 12.9 percentage points.

Mr Nyarko Ampem disclosed the figures during a high-level consultative engagement on the 2025 Auditor-General’s Reports involving Chief Directors, Chief Executive Officers and heads of covered entities in Accra.

He described the development as a significant indication that reforms aimed at improving public financial management and strengthening accountability were yielding results.

“I am pleased to report that, taken together, financial irregularities across these five sectors declined from approximately GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025,” he said.

“This represents a reduction of approximately GH¢13.03 billion, or 62.9 per cent. This is a significant achievement.”

The Deputy Minister attributed the improvement to deliberate measures introduced to tighten internal controls, close loopholes and improve compliance with financial management procedures across government institutions.

He said the figures demonstrated that sustained attention to public financial management could produce measurable improvements in the handling of state resources.

“This improvement demonstrates that when there is deliberate attention to public financial management, stronger controls and greater accountability, measurable results can be achieved,” he stated.

The stakeholder engagement provided an opportunity to examine recurring weaknesses identified in the Auditor-General’s reports and discuss the responsibilities of heads of public institutions in addressing them.

Mr Nyarko Ampem urged administrative heads to take the recommendations contained in the Auditor-General’s reports seriously by addressing internal control deficiencies and ensuring compliance with financial regulations.

He further called for stronger preventive measures to ensure that the gains recorded in 2025 are sustained and that financial infractions do not recur in future audit cycles.

READ ALSO:

COMAC pushes for GH¢1 petrol relief as fuel prices set to rise from September 1

GoldBod projects US$1.4bn forex generation for September

The Chief Executive Officer of COMAC, Dr Riverson Oppong, made the call while speaking on Citi FM’s Eyewitness News on Monday, August 31, 2026.

He said government’s decision to support diesel was justified given its direct impact on commercial transport and industry, but argued that petrol users deserve similar consideration.

“But yes, I mean, at least one Cedi would have helped, right? To also relieve those of us who are on petrol,” he said.

Government’s current intervention on diesel involves a GH¢2 per litre cut in the regulatory margin. Dr Oppong said extending a similar cushion to petrol, even temporarily, would go a long way in easing the burden on consumers.

“If government can say, if this extra one is added, can I take it off for this time being? That would be brilliant. I mean, very applaudable,” he said.

He acknowledged, however, that such a decision would have to be weighed against government’s revenue needs, noting that taxes are unlikely to be touched given how heavily government depends on them.

“We understand that there is too much demand on government revenue. So, they cannot touch government taxes. That’s what I know. So, that’s for the government to decide,” he said.

His comments come as COMAC’s latest pricing outlook projects petrol and diesel prices will rise by 4.80% and 2.10% respectively from 1 September.

Dr Oppong attributed the increases mainly to rising international petroleum prices, despite the Cedi’s recent appreciation. He explained that even though the Cedi has strengthened by about 30%, petrol prices on the world market rose by roughly 8% and diesel by 6%, and local pump prices remain tied to those international benchmarks.

“Every refinery will trade with the benchmark price. Other than that, then there’s no economics,” he said.

He said government now has to decide whether to extend its fuel relief measures to petrol users as they brace for the coming increase, maintaining that even a modest reduction would help soften the impact.

According to an announcement issued by GoldBod’s Finance and Trading Directorate on Monday, August 31, US$700 million of the projected amount will be made available to commercial banks to support foreign exchange market stability.

The remaining amount, also up to US$700 million, will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod said the projection follows the approval of GANRAP by Cabinet and Parliament, after which the Board held consultations with the Ministry of Finance, Bank of Ghana, commercial banks and other market stakeholders on a new collaborative financing model for artisanal and small-scale mining gold operations.

Implementation of the new model commenced on August 3, 2026.

GoldBod disclosed that in August 2026, it generated US$1.315 billion in foreign exchange under the new model.

Of that amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements to support foreign exchange market stability.

A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.

GoldBod said it remains committed to its statutory mandate of generating foreign exchange for Ghana and will continue to work transparently with stakeholders.

The September projection represents an increase of about US$85 million over the US$1.315 billion generated in August.

Read the statement below:

READ ALSO:

Bawumia defends Gold-for-Reserves programme as response to Ghana’s forex crisis

IEA rejects alleged GH¢1.7bn GoldBod loss

According to the 2025 State Ownership Report by State Interests and Governance Authority (SIGA), the company posted a net profit of GH¢4.48 million in 2025, reversing a net loss of GH¢2.52 million recorded in 2024.

Operating profit also increased from GH¢530,000 in 2024 to GH¢5.07 million in 2025.

The turnaround was supported by a 16.87 per cent increase in operating revenue, which rose by GH¢23.36 million from GH¢138.49 million in 2024 to GH¢161.85 million in 2025.

Total revenue, including non-operating income, increased from GH¢142.56 million to GH¢162.65 million.

The report attributed the revenue growth primarily to a 17.38 per cent increase in ticket sales. Revenue from hiring and school bus services also grew by 13.17 per cent.

MMTL’s net profit margin consequently improved from negative 1.82 per cent in 2024 to 2.75 per cent in 2025, while its operating profit margin increased from 0.37 per cent to 3.12 per cent.

Passenger numbers increase

The company transported 2.51 million passengers in 2025, up from 1.93 million in 2024, representing an increase of about 30 per cent.

Its average daily passenger boarding rate rose from 5,297 to 6,866 over the period.

MMTL buses covered a combined distance of 12.09 million kilometres in 2025, compared with 9.56 million kilometres in the previous year.

The improved revenue and passenger numbers were achieved despite a reduction in the company’s workforce from 1,696 employees in 2024 to 1,483 in 2025.

Employee productivity, measured by revenue generated per worker, increased from GH¢80,000 to GH¢110,000.

The company’s cost recovery ratio also improved from 97.5 per cent to 102.7 per cent, indicating that operating revenue was sufficient to cover its operating expenses during the year.

Return on assets rose from a marginally negative position in 2024 to 1.4 per cent in 2025, reflecting the company’s return to profitability.

Return on equity, however, remained negative because the company continued to have a shareholders’ deficit.

 Government spends GH¢39.1m on electric buses

The report disclosed that Metro Mass Transit invested GH¢39.1 million in the operation of electric buses in 2025.

The investment was financed entirely by the Government of Ghana as part of efforts to support environmentally sustainable public transportation.

The company also introduced an electronic ticketing system and a smart workplace initiative intended to reduce paper use and improve operational efficiency.

However, MMTL did not report any other major events during the financial year.

Below-market fares cost GH¢378.38m

Metro Mass Transit continued to undertake quasi-fiscal activities by charging passengers fares below those of other transport operators.

The report estimated the cost of the below-market fares at GH¢378.38 million in 2025.

Quasi-fiscal activities are public policy or social obligations undertaken by state-owned enterprises without necessarily receiving full commercial compensation.

MMTL was established to provide safe, affordable and reliable public transportation, meaning its fare structure is partly influenced by its social mandate.

The Government of Ghana holds a 45 per cent interest in the company, with the remaining shares held by state-linked institutions, including SSNIT, SIC, NIB, Agricultural Development Bank and GOIL.

Cash generation weakens

Despite returning to profit, Metro Mass Transit’s operating cash flow weakened considerably.

Net cash generated from operating activities declined from GH¢13.34 million in 2024 to GH¢2.37 million in 2025.

Its operating cash flow-to-revenue ratio consequently fell from 9.63 per cent to 1.46 per cent, indicating that only a small proportion of revenue was converted into operating cash.

Cash used in investing activities declined significantly from GH¢153.01 million in 2024 to GH¢5.39 million in 2025.

The company ended the year with GH¢4.14 million in cash and cash equivalents, down from GH¢7.16 million in 2024.

Liabilities exceed assets

Metro Mass Transit continued to face considerable financial pressure despite its improved operational performance.

Its total assets declined by 9.73 per cent, from GH¢344.66 million in 2024 to GH¢311.12 million in 2025.

Non-current assets also decreased from GH¢299.99 million to GH¢259.79 million.

Total liabilities declined from GH¢491.77 million to GH¢453.75 million but remained substantially higher than the company’s assets.

MMTL consequently ended the year with negative equity of GH¢142.63 million, although this was an improvement from the GH¢147.11 million shareholders’ deficit recorded in 2024.

The company’s debt-to-assets ratio increased from 1.4 to about 1.5, meaning liabilities were approximately one-and-a-half times its total assets.

The report said this indicated greater reliance on liabilities to finance the company’s asset base and confirmed that MMTL remained financially constrained.

Short-term liquidity remains weak

Metro Mass Transit’s current ratio improved from 0.3 in 2024 to 0.4 in 2025.

Although this represented modest growth in short-term liquidity, the ratio remained below the benchmark of 1.0, suggesting that the company could face difficulties meeting short-term obligations with its current assets.

MMTL’s payables stood at GH¢123.03 million at the end of 2025, while its government-related domestic loans amounted to GH¢124.09 million.

The report said the company’s improved profitability marked important progress, but weak cash generation, negative equity and liabilities exceeding assets continued to pose risks to its financial sustainability.

READ ALSO:

GOIL profit rises to GH¢90.67m despite 9% revenue decline

Youth Employment Agency records GH¢110.45m surplus after 2024 deficit

This represents a decline from the 45 per cent coverage recorded between 2018 and 2021, raising concerns about the deteriorating condition of the country’s road network and the long-term value of investments in road infrastructure.

The World Bank made the disclosure in its latest Ghana Economic Update, titled Reset for Growth – Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation.

According to the report, Ghana’s trunk road network, valued at about US$10 billion, requires an estimated US$685 million annually for maintenance. This is equivalent to approximately 0.83 per cent of the country’s Gross Domestic Product (GDP).

However, funding available for road maintenance has consistently fallen short of the required amount, creating a structural challenge for the sector.

The World Bank attributed part of the decline in maintenance financing to the implementation of the Earmarked Funds Capping and Realignment Act, which contributed to the reduction in the proportion of road maintenance needs being financed to 37 per cent in 2024.

The report also identified weaknesses in the transfer of Road Fund revenues as another major concern.

Between 2016 and 2020, only 58 per cent of revenues accrued from road user charges were transferred to approved road maintenance budgets, with the remainder redirected to other areas of the national budget.

Similarly, Road Fund revenues covered just 45 per cent of actual maintenance requirements between 2018 and 2021, well below the government’s target of 65 per cent.

The situation worsened in 2022 and 2023, when only between 50 and 60 per cent of budgeted Road Fund allocations were released. By the end of 2024, accumulated arrears had reached GH¢5.75 billion.

The World Bank warned that delaying road maintenance carries significant financial consequences, as roads allowed to deteriorate substantially become far more expensive to restore.

It noted that rehabilitating roads after they have fallen into poor condition could cost between five and seven times more than carrying out preventive maintenance.

The funding constraints have already affected the overall condition of Ghana’s road network.

By the end of 2025, the country’s estimated 94,000-kilometre road network had only 47 per cent of roads classified as being in good condition. Another 32 per cent were considered fair, while 21 per cent were in poor condition.

The condition of trunk roads was particularly concerning, with only 35 per cent rated as good.

Earlier assessments also showed that 64 per cent of urban roads and 65 per cent of feeder roads were either in fair or poor condition.

The figures fall short of the government’s 2021–2025 target of ensuring that 60 per cent of Ghana’s roads were in good condition.

Beyond transportation challenges, the World Bank said inadequate road maintenance has wider economic and social implications, particularly for poorer communities.

Poor road conditions can restrict access to markets, increase transportation costs and raise farm-gate prices, with the effects becoming more severe during the rainy season.

Feeder roads remain particularly important to agricultural communities because they provide vital links between production areas and markets. However, routine maintenance on such roads has achieved an average performance of only 45 per cent, against a target of 65 per cent.

The World Bank also warned that inadequate maintenance could undermine the economic benefits expected from major road investments.

It cited Ghana’s Second Transport Rehabilitation Project as an example, noting that the project’s economic rate of return dropped from 38 per cent at appraisal to 16 per cent at completion.

According to the report, inadequate maintenance was among the key factors contributing to the significant decline in the project’s economic returns.

READ ALSO:

Youth Employment Agency records GH¢110.45m surplus after 2024 deficit

STC cuts net loss by 92.6% to GH¢5.18m in 2025

The state-controlled oil marketing company’s net profit increased from GH¢84.70 million in 2024 to GH¢90.67 million in 2025.

The improvement came despite operating revenue falling by 8.91 per cent, from GH¢20.36 billion to GH¢18.55 billion during the period.

Total revenue similarly declined from GH¢20.43 billion in 2024 to GH¢18.59 billion in 2025, while profit before tax fell from GH¢353 million to GH¢336.67 million.

The report attributed the increase in net profit partly to a significant reduction in income tax expenses, which declined from GH¢46.37 million in 2024 to GH¢27.11 million in 2025.

GOIL’s net profit margin consequently improved from 0.41 per cent to 0.49 per cent, while its operating profit margin edged up from 1.20 per cent to 1.24 per cent.

Operating profit, however, declined from GH¢244.92 million in 2024 to GH¢230.02 million in 2025.

The company maintained full cost recovery, posting a cost recovery ratio of 101.04 per cent. The report said GOIL had consistently maintained a cost recovery rate slightly above 100 per cent over the past five years.

The performance came amid what the report described as a challenging operating environment marked by fuel price volatility and tightening margins in the downstream petroleum industry.

The report is released by the State Interests and Governance Authority (SIGA) on Monday, August 31.

Returns on assets and equity fall

Although GOIL’s net profit increased, returns on its expanding assets and shareholders’ funds declined moderately.

Return on assets fell from 2.85 per cent in 2024 to 2.53 per cent in 2025, while return on equity decreased from 9.47 per cent to 9.14 per cent.

The report explained that the company’s asset and equity growth outpaced the increase in profitability, resulting in lower returns.

GOIL’s total assets increased by 1.53 per cent, from GH¢4.81 billion in 2024 to GH¢4.88 billion in 2025.

Its non-current assets also expanded from GH¢1.66 billion to GH¢1.84 billion.

The company’s equity position strengthened by 10.90 per cent, rising from GH¢894.08 million in 2024 to GH¢991.54 million in 2025.

According to the report, the improvement was mainly supported by an increase in retained earnings from GH¢643.22 million to GH¢707.66 million.

Over the five-year period from 2021 to 2025, GOIL’s asset base expanded by 95.49 per cent, reinforcing its market presence and operational capacity.

Operating cash flow rebounds strongly

GOIL recorded a significant recovery in cash generated from its operations during the year.

Net cash flow from operating activities rebounded from a negative GH¢382.20 million in 2024 to a positive GH¢881.90 million in 2025, representing a 330.74 per cent improvement.

Its operating cash flow-to-revenue ratio consequently improved from negative 0.02 to 0.05.

The company’s short-term debt coverage ratio also recovered from negative 0.11 to 0.24, indicating improved working capital management and cash collection.

Net cash used in investing activities reduced from GH¢424.18 million to GH¢340.67 million. Meanwhile, net cash flow from financing activities moved from a positive GH¢790.52 million in 2024 to a negative GH¢410.72 million in 2025.

The report, however, showed that GOIL ended the year with negative cash and cash equivalents of GH¢11.73 million, an improvement from negative GH¢142.24 million in 2024.

Payables rise above GH¢3bn

Despite the strong rebound in operating cash flow, the report identified continuing pressure on GOIL’s short-term liquidity.

Its current ratio declined from 0.87 in 2024 to 0.84 in 2025, remaining below the benchmark of 1.0.

This means the company’s current assets were insufficient to cover its current liabilities fully.

The report, however, noted that a current ratio below 1.0 could suggest reliance on supplier financing, which is common in the fuel-marketing business.

GOIL’s trade and other payables increased by 17.46 per cent, from GH¢2.63 billion in 2024 to GH¢3.09 billion in 2025.

Its interest coverage ratio also declined from 2.27 times to 2.16 times, indicating a slight reduction in the earnings available to meet present and future interest obligations.

Debt falls as financial leverage improves

GOIL reduced its interest-bearing liabilities from GH¢1.24 billion in 2024 to GH¢771.85 million in 2025.

The company’s total debt and liabilities also declined slightly from GH¢3.91 billion to GH¢3.89 billion.

Its debt-to-assets ratio improved marginally from 0.81 to 0.80, although the report said the figure remained relatively high and exposed the company to financial risks.

GOIL’s equity multiplier declined from 5.38 to 4.92, indicating reduced financial leverage and a greater contribution of shareholders’ equity to the financing of its assets.

The  Government of Ghana holds a 34.23 per cent stake in GOIL, which operates as an oil marketing company and supplies petroleum and other energy products.

The report said GOIL did not disclose any major events, quasi-fiscal activities or climate-smart investments undertaken in 2025.

READ ALSO:

Youth Employment Agency records GH¢110.45m surplus after 2024 deficit

COPEC urges government to pursue lasting solutions to rising fuel prices

His comments come as projections from the Chamber of Oil Marketing Companies (COMAC) point to a possible increase in fuel prices at retail stations from the next pricing window.

Mr Amoah acknowledged government’s efforts to manage fuel prices through various interventions but said these measures alone may not be enough to protect consumers from fluctuations on the international market.

According to him, government must consider reducing some of the taxes imposed on petroleum products to create room for lower pump prices when international prices rise.

“What government should do is to cut some taxes on the fuel and go back to the strategic reserve programme to ease the system when the international pressure comes,” he said.

He explained that the strategic reserve programme could provide Ghana with a buffer during periods when international oil prices increase, instead of allowing global market developments to immediately translate into higher prices at the pumps.

Mr Amoah said although government had so far done well in managing fuel prices through its interventions, there was the need for longer-term measures to protect consumers from external shocks.

He stressed that a combination of tax reductions and strategic fuel reserves could help the country manage international price pressures and reduce the impact on motorists and businesses.

The COPEC Executive Secretary’s call comes at a time when international oil market developments continue to influence domestic fuel prices, with consumers already concerned about the potential impact of another increase at the pumps.

Also read:

• COPEC urges government to pursue lasting solutions to rising fuel prices

• Fuel prices set to rise again from Sept 1; petrol could hit GH¢16.21 –…

The reduction amounts to approximately GH¢13.03 billion and exceeds the government’s target of cutting financial irregularities by 50 per cent in 2025.

Mr Nyarko Ampem disclosed this at an engagement on the 2025 Auditor-General’s Reports with Chief Directors, Chief Executive Officers and Heads of Covered Entities.

“I am pleased to report that, taken together, financial irregularities across these five sectors declined from approximately GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025,” he said.

“This represents a reduction of approximately GH¢13.03 billion, or 62.9 per cent. This is a significant achievement.”

He noted that the 62.9 per cent reduction exceeded the government’s target by 12.9 percentage points.

According to the Deputy Minister, the improvement shows that deliberate attention to public financial management, stronger controls and greater accountability can deliver measurable results.

“This improvement demonstrates that when there is deliberate attention to public financial management, stronger controls and greater accountability, measurable results can be achieved,” he stated.

The engagement focused on the findings of the Auditor-General and the responsibility of heads of public institutions to strengthen compliance, address identified weaknesses and prevent the recurrence of financial irregularities.

The development, captured in the 2025 State Ownership Report, represents an overall financial improvement of about GH¢188.03 million.

The report attributed the turnaround largely to a strong growth in revenue, which increased by 52.9 per cent, compared with an 18.6 per cent rise in expenditure.

A major boost came from Communication Service Tax receipts, which climbed by 27.5 per cent from GH¢472.13 million in 2024 to GH¢602.01 million in 2025.

Receipts from the Ghana Education Trust Fund (GETFund) also recorded a substantial increase, rising by 159.7 per cent from GH¢115.50 million to GH¢300 million.

Despite the improved financial performance, the report cautioned that YEA remains vulnerable to revenue concentration risks.

It also highlighted a significant rise in staff-related expenditure, with compensation of employees increasing by 79.6 per cent from GH¢103.28 million in 2024 to GH¢185.48 million in 2025.

As a result, employee compensation accounted for 23.4 per cent of total expenditure in 2025, up from 15.4 per cent the previous year.

YEA’s improved revenue position nevertheless translated into a stronger surplus margin, which moved from negative 13.13 per cent in 2024 to positive 12.23 per cent in 2025.

In practical terms, the Agency spent about GH¢0.88 for every GH¢1 it generated in 2025, compared with GH¢1.13 for every GH¢1 earned in 2024.

The Agency’s short-term financial position also strengthened considerably during the year. Its current ratio increased from 1.94:1 in 2024 to 20.05:1 in 2025.

According to the report, the improvement was driven by the accumulation of cash and receivables following the Agency’s stronger financial performance.

YEA also recorded a reduction in its long-term debt exposure, with its debt-to-asset ratio falling sharply from 0.26:1 to 0.04:1.

Meanwhile, the Agency’s net assets more than doubled, increasing from GH¢88.18 million in 2024 to GH¢199.21 million in 2025.

Total assets also grew by 74.6 per cent to GH¢207.18 million, giving the Agency a stronger equity position and significantly lower reliance on debt.

READ ALSO:

NPA revenue jumps 43% to GH¢819.5m in 2025, surplus rises to GH¢447m

COPEC urges government to pursue lasting solutions to rising fuel prices

According to the 2025 State Ownership Report by the State Interest and Governance Authority (SIGA), GACL’s total income increased by 10.57 per cent, from GH¢2.25 billion in 2024 to GH¢2.48 billion in 2025.

The growth was supported by GH¢578.28 million in other operating gains, compared with GH¢157.70 million in 2024.

The additional income comprised mainly revaluation and other non-operating gains, which helped offset declines in revenue generated from airport operations.

The company ended the year with a net profit of GH¢355.94 million and an operating profit of GH¢832.24 million.

Assets rise above GH¢10bn

GACL’s total assets increased by 3.92 per cent, from GH¢9.85 billion in 2024 to GH¢10.23 billion in 2025.

Non-current assets also increased by 2.33 per cent, from GH¢8.56 billion to GH¢8.76 billion.

The company’s equity position strengthened by 13.43 per cent, rising from GH¢2.90 billion in 2024 to GH¢3.29 billion in 2025.

The growth was driven by an increase in retained earnings to GH¢419.45 million, from GH¢70.52 million in the previous year, as well as a revaluation surplus.

The stronger equity base meant a greater proportion of the company’s assets was financed through shareholders’ funds rather than liabilities.

Financial leverage improves

GACL reduced its debt-to-assets ratio from 0.71 times in 2024 to 0.68 times in 2025.

The company’s equity multiplier also improved from 3.40 times to 3.11 times.

According to the report, both developments indicated lower financial leverage and reduced reliance on debt to finance the company’s assets.

Total liabilities remained broadly unchanged at GH¢6.95 billion but declined as a proportion of total assets, from 70.59 per cent in 2024 to 67.89 per cent in 2025.

Reported interest-bearing liabilities declined sharply from GH¢718.91 million to GH¢125.97 million, representing a reduction of about 82.48 per cent.

The company’s listed obligations included GH¢2.12 billion owed to the government, GH¢185.36 million in commercial loans, GH¢2.61 billion in external loans and GH¢125.97 million in bank overdrafts.

Trade and other payables stood at approximately GH¢1.57 billion, with other liabilities amounting to GH¢166.99 million.

Liquidity position strengthens

GACL’s current ratio improved from 0.57 times in 2024 to 0.73 times in 2025, reflecting some strengthening in its short-term liquidity position.

The improvement was supported by a 14.39 per cent increase in current assets, which outpaced an 11.01 per cent rise in current liabilities.

However, the current ratio remained below the benchmark of one, meaning the company’s current assets were insufficient to cover all short-term obligations.

The gap between available short-term resources and liabilities nevertheless narrowed during the year.

GACL’s interest-cover ratio stood at 1.69 times, indicating that its operating earnings remained sufficient to cover finance costs, although the ratio declined from 2.22 times in 2024.

Operating revenue declines

Despite the increase in total income, GACL’s operating revenue declined by 9.15 per cent, from GH¢2.02 billion in 2024 to GH¢1.83 billion in 2025.

Aeronautical revenue decreased by 4.59 per cent, from GH¢1.51 billion to GH¢1.44 billion.

Non-aeronautical revenue recorded a sharper decline of 48.74 per cent, falling from GH¢504.52 million to GH¢389.34 million.

Operating profit subsequently declined by 11.06 per cent, from GH¢935.69 million to GH¢832.24 million.

The company’s operating profit margin, however, remained broadly stable, declining marginally from 44.79 per cent to 44.05 per cent.

Profit remains strong despite decline

GACL’s net profit declined by 30.64 per cent, from GH¢513.17 million in 2024 to GH¢355.94 million in 2025.

The net profit margin decreased from 24.56 per cent to 18.84 per cent, while return on assets fell from 5.21 per cent to 3.48 per cent.

Return on equity also declined from 17.72 per cent to 10.83 per cent.

The report attributed the weaker profitability to the decline in operating revenue, higher operating expenses, increased employee costs and depreciation.

Finance costs also increased by 16.58 per cent to GH¢492.16 million.

GACL’s cost-recovery ratio declined from 1.37 times in 2024 to 0.83 times in 2025, indicating that revenue from its core operations did not fully cover operating costs.

Operating cash flow declines

Net cash generated from operating activities fell by 68.34 per cent, from GH¢2.26 billion in 2024 to GH¢715.79 million in 2025.

The report explained that the 2024 figure had been boosted by an exceptional working-capital inflow.

The ratio of operating cash flow to revenue consequently declined from 1.12 times to 0.39 times.

Short-term debt coverage also fell from 100.16 per cent in 2024 to 35.58 per cent in 2025, pointing to a reduced capacity to settle short-term debt using available liquid resources.

Net cash used for investing activities declined from GH¢2.31 billion to GH¢327.79 million.

Financing activities recorded a net outflow of GH¢455.52 million, compared with an inflow of GH¢147.81 million in 2024.

The turnaround was driven by significant increases in cocoa purchases, export sales and domestic cocoa sales, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).

COCOBOD’s operating revenue increased by 207.67% from GH¢15.80 billion in 2024 to GH¢48.62 billion in 2025.

Its operating position also improved significantly, with the Board moving from an operating loss of GH¢4.07 billion in 2024 to an operating profit of GH¢6.17 billion in 2025.

The figures are based on management accounts submitted to SIGA. COCOBOD’s financial year runs from October to September.

Cocoa purchases rise to 597,377 tonnes.

COCOBOD purchased 597,377 tonnes of cocoa in 2025, representing an increase of about 33% from the 448,969 tonnes purchased in 2024.

The increase in purchases supported strong growth in both export and domestic cocoa sales.

Revenue from cocoa bean exports rose by 194.19%, from GH¢12.14 billion in 2024 to GH¢35.70 billion in 2025.

Domestic cocoa bean sales also recorded significant growth, increasing by 252.28% from GH¢3.67 billion to GH¢12.92 billion.

When non-operating income is included, COCOBOD’s total revenue increased from GH¢16.33 billion in 2024 to GH¢49.40 billion in 2025.

Profit margins recover

COCOBOD’s return to profitability was reflected in a sharp improvement in its financial performance indicators.

Its operating profit margin improved from negative 25.24% in 2024 to 12.59% in 2025, while its net profit margin moved from negative 35.06% to 10.39%.

Return on assets also improved from negative 19.73% to 17.03%, indicating a stronger ability to generate income from its asset base.

Return on equity, which was negative in 2024, rose to 345.07% in 2025.

SIGA attributed the improvement partly to COCOBOD’s return to profitability and the movement of its equity position from negative to positive.

The Board’s cost-recovery ratio also increased from 89.30% in 2024 to 112.50% in 2025, indicating that revenue generated during the year was sufficient to cover operating costs and produce a surplus.

Equity turns positive

COCOBOD’s total equity moved from a negative GH¢3.65 billion in 2024 to a positive GH¢1.48 billion in 2025.

That represents a positive swing of about GH¢5.13 billion, largely reflecting the profit recorded during the year.

Total assets increased by 3.39% from GH¢29.02 billion to GH¢30.01 billion, while non-current assets rose from GH¢14.56 billion to GH¢14.90 billion.

The return to positive equity marks a significant improvement in COCOBOD’s balance sheet after its liabilities exceeded its assets in 2024.

Interest-bearing debt falls by GH¢2.93bn

COCOBOD also reduced its interest-bearing liabilities by 19.24%, from GH¢15.23 billion in 2024 to GH¢12.30 billion in 2025.

The reduction amounted to approximately GH¢2.93 billion.

Total debt and liabilities also fell by 12.68%, from GH¢32.67 billion to GH¢28.52 billion.

According to the report, the decline was supported by the settlement of debts owed to suppliers and contractors, as well as payments towards lease obligations.

COCOBOD’s debt-to-assets ratio consequently improved from 1.13 times to 0.95 times.

In practical terms, debt accounted for about 95% of the Board’s assets in 2025, compared with 113% in 2024.

Its interest-cover ratio also improved from negative 2.16 times to 5.05 times, indicating a stronger ability to meet finance costs from operating earnings.

Despite these improvements, SIGA cautioned that COCOBOD remained highly leveraged, with debt continuing to finance a significant proportion of its assets.

Liquidity remains under pressure

COCOBOD’s current ratio improved from 0.72 times in 2024 to 0.80 times in 2025.

The improvement was supported by a 69.82% increase in cash and cash equivalents and an 8.54% reduction in current payables.

The Board ended the financial year with GH¢1.11 billion in cash and cash equivalents.

However, the current ratio remained below one, indicating that COCOBOD’s current assets were still insufficient to fully cover its short-term obligations.

SIGA warned that the Board could therefore continue to rely on operating cash flows to meet its immediate commitments.

Receivables also increased by 5.63%, from GH¢8.67 billion to GH¢9.15 billion, meaning more of COCOBOD’s revenue remained outstanding and uncollected at the end of the period.

Costs rise alongside revenue

The sharp increase in revenue was accompanied by a substantial rise in direct operating costs.

Direct costs increased by 179.87%, from GH¢14.07 billion in 2024 to GH¢39.37 billion in 2025.

Inventory costs included in the cost of sales increased by 189.07%, while buyers’ margins and haulage costs rose by 198.42%.

Expenditure on pest and disease control also increased by 106.20%, while costs associated with the Cocoa Hi-Tech fertiliser programme rose by 112.29%.

Distribution expenses increased by 83.87%, from GH¢370,000 to GH¢690,000.

Despite the significant increase in expenditure, the stronger growth in cocoa sales enabled COCOBOD to cover its costs and return to profitability.

Climate resilience programmes

COCOBOD also continued implementing programmes aimed at making cocoa production more sustainable and resilient to climate change.

These included the Ghana Tree Crop Diversification Project, the Ghana Landscape Restoration and Small-Scale Mining Project and the Ghana Cocoa Forest REDD+ Programme.

The Board also organised initiatives including National Chocolate Week celebrations, stakeholder sensitisation on cocoa producer prices and engagements with representatives of the cocoa, coffee and shea sectors.

Established in 1947, COCOBOD is responsible for regulating the production, purchase, processing, marketing and export of cocoa, coffee and shea products in Ghana.

He warned that short-term relief measures alone cannot resolve Ghana’s persistent petroleum price challenges.

In an interview on Joy FM’s Midday  News, COPEC Executive Secretary, Duncan Amoah, said the reported extension of the government’s GH¢2 per litre intervention on diesel is a welcome development, particularly for consumers who would otherwise have faced a sharp increase in pump prices.

However, Mr Amoah stressed that the relief comes at a cost to government and should therefore be accompanied by measures aimed at finding lasting solutions to fuel price pressures.

“Whilst government continues to mitigate the plight of the Ghanaian, we should also be thinking medium- to long-term solutions to these persistent increases in fuel prices,” he said on Monday, August 31.

He noted that the government appears to be pursuing some measures to address the problem, but said there are other areas where little or no action has been taken.

Mr Amoah therefore called for a broader approach to petroleum pricing that would reduce the vulnerability of consumers to sharp movements in international prices and other factors affecting the domestic pump price.

He said the objective should be to move beyond repeatedly providing temporary relief whenever fuel prices surge and instead implement sustainable measures that can protect consumers in the longer term.

READ ALSO:

Tanker drivers threaten strike over deplorable VALCO-TOR-Kpone road

Gov’t to develop 150-acre air cargo hub at Tamale Airport

The figures are contained in the 2025 State Ownership Report, which highlights significant growth across several of the Authority’s revenue streams.

The increase was driven largely by Internally Generated Funds (IGF), which rose by 38.40% from GH¢431 million in 2024 to GH¢596.50 million in 2025.

Finance income recorded the highest growth among the NPA’s revenue streams, surging by 332.11% from GH¢17.35 million to GH¢74.99 million.

The report attributed the increase to improved returns on investments and treasury management activities.

Other income also increased by 19.22%, rising from GH¢127.29 million in 2024 to GH¢151.76 million in 2025.

Meanwhile, administrative expenses increased by 17.61% from GH¢301.73 million to GH¢354.86 million, reflecting the expanded scope of the NPA’s regulatory, administrative and institutional operations.

Operating expenses also rose, although at a slower rate, increasing by 4.15% from GH¢16.30 million in 2024 to GH¢17.32 million in 2025.

Finance costs increased from GH¢0.11 million to GH¢0.13 million, representing a 22.25% rise.

Despite the increase in expenditure, the stronger growth in revenue resulted in a surplus of GH¢447.19 million in 2025.

This represents a 75.89% increase over the GH¢254.24 million surplus recorded in 2024, underscoring the NPA’s improved financial position during the year.

The union says the poor state of the road has made operations increasingly difficult, despite the route serving several major industrial facilities and being critical to the movement of petroleum products.

Speaking to the media, Chairman of the union, George Nyawunu, said the stretch serves more than eight loading depots, including Sentuo, as well as several warehouses.

According to him, a contract for the construction of the road was first awarded in 2008 but was later abandoned.

He said the project was re-awarded in 2023 under the previous government, but the contractor had since been inconsistent with work, leaving the road in a deplorable state.

Mr Nyawunu expressed frustration over what he described as the government’s failure to address the concerns of tanker drivers despite the significant revenue generated through their operations.

He said the situation should not have reached a point where tanker drivers had to repeatedly plead with authorities to fix a road that is vital to their work and the transportation of petroleum products.

The union, he disclosed, had written to the Minister for Roads and Highways and the Minister for Energy seeking meetings to discuss the matter, but the requests had so far not yielded any positive response.

As a result, the Ghana National Petroleum Tanker Drivers Union has announced plans to lay down their tools on Wednesday, September 2, 2026, in protest against what it described as the ill-treatment and neglect of its members.

The union has called on all tanker drivers to join the action by parking their vehicles on the stated date until their concerns are addressed.

Also read:

• BOST, tanker drivers agree on measures to address concerns at Kumasi Depot, strike suspended

• NPA sends important message to tanker drivers amidst strike [Listen]

Ministry of Mines and Minerals Development Permanent Secretary, Dr Hapenga Kabeta, said the new measures will require all companies involved in downstream gold activities to obtain separate licences under a revised regulatory framework.

Dr. Kabeta announced this during a meeting with stakeholders in eastern province, where concerns over illegal trading and informal gold dealings have been rising.

He said the framework was part of broader reforms aimed at bringing order to the gold value chain and ensuring that all gold produced in zambia is accounted for.

“Currently, only the Bank of Zambia remains the country’s sole authorised buyer of gold, with gold-processing and purchasing arrangements expected to be channelled through the central bank,” Kabeta said.

Under the proposed system, all gold mined in the country will be sold to one designated entity, ending the current practice where multiple buyers and dealers operate independently.

The permanent secretary warned that dealing in gold without the required licence is an offence and could lead to arrest and prosecution.

“The legal framework is largely in place and is expected to be presented to parliament when the legislative process resumes,” he said.

Kabeta added that once passed, the law would mandate licensing for mining, processing, trading and export of gold as distinct activities, rather than operating under a general mining licence.

He urged stakeholders to begin aligning their operations with the emerging requirements to avoid disruptions when the new rules take effect.

“Stakeholders in the sector have meanwhile been urged to ensure that their gold-processing operations, sources of gold and technologies used comply with the emerging regulatory requirements,” Kabeta said.

He stated that the reforms were intended to address challenges of smuggling, under-declaration and revenue losses that have affected the sector for years.

Kabeta noted that a centralised purchasing system through the Bank of Zambia will also improve traceability and help Zambia meet international standards on responsible sourcing.

“The Minerals Regulation Commission will be the key institution responsible for issuing and monitoring the new licences,” he said.

Kabeta said government would undertake sensitisation in all gold-producing provinces to ensure artisanal and small-scale miners understand the new compliance requirements.

He stressed that the reforms were not meant to stifle participation but to formalise the sector and ensure Zambians benefit more from the country’s gold resources.

The decision Citi Business News reported follows growing concerns over an expected increase in fuel prices at the pumps from the first pricing window of September.

The intervention, which was originally introduced as a temporary measure for two pricing windows, was expected to expire at the end of August.

However, government has opted to maintain the reduction at least for the next pricing window, effectively preventing the full GH¢2 per litre regulatory margin from being restored to diesel prices.

The development will come as relief to motorists, transport operators and businesses, particularly as diesel prices are already selling at around GH¢17 per litre at most Oil Marketing Companies (OMCs).

Subscribing To News

The Chamber of Petroleum Consumers (COPEC) had been pressing government to extend the intervention, warning that allowing it to expire could push diesel prices close to GH¢20 per litre.

Executive Secretary of COPEC, Duncan Amoah, argued that maintaining the intervention would help cushion consumers from the expected upward adjustment in petroleum prices.

“Government originally had indicated it was going to do that for just two window periods, which is a month. We would want to plead that at least the next two weeks be considered again. Already diesel is around GH¢17 a litre for most of the OMCs.

“Allowing the GH¢2 to come back [off] would mean we will be doing GH¢19, approaching GH¢20 a litre. That situation I think the government itself is uncomfortable for,” he said in an interview with Citi Business News.

COPEC had also projected marginal increases in petroleum prices from Tuesday, September 1, citing developments on the international oil market.

Duncan Amoah said petrol prices were particularly likely to increase, following a nearly 10% rise in the commodity’s international trading price over the preceding two weeks.

“Fuel prices are likely to inch up from the first window September. Petrol most likely, since it’s done almost 10% to close trading over the past two-week window, and decisions [are] that our prices would go up,” he added.

Government introduced the GH¢2 per litre reduction in the regulatory margin on diesel effective August 4, following a surge in international oil prices that pushed up petroleum prices on the domestic market.

The intervention was the government’s second major attempt to cushion consumers from rising fuel prices since tensions in the Middle East began escalating in February.

The extension into September is therefore expected to limit the immediate impact of higher international oil prices on diesel consumers and prevent a sharper increase in transport, logistics and operating costs for businesses.

It will also be government’s third attempt in mitigating rising fuel prices.

It could also provide some relief to households, as higher diesel prices typically feed into transportation and the cost of goods and services across the economy.

Also read:

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

• NPP demands clarity over funding of GH¢2 diesel price reduction

According to the 2025 State Ownership Report, the state-owned development finance institution increased its loans and advances to customers by 20.14 per cent, from GH¢1.30 billion in 2024 to GH¢1.56 billion in 2025.

The expansion reflected increased financing for export-oriented businesses and other strategic sectors of the Ghanaian economy.

Loans to customers as a proportion of the bank’s total assets also increased from 55.9 per cent in 2024 to 63 per cent in 2025, demonstrating a stronger allocation of resources to its core development-finance mandate.

The report said the bank maintained adequate liquidity, improved credit quality and expanded its financing operations during the year.

Interest income rises 90%

GEXIM Bank’s interest income increased by 90.21 per cent, from GH¢80.91 million in 2024 to GH¢153.90 million in 2025.

The report attributed the growth mainly to higher interest earned on loans and financial placements.

Funding costs, meanwhile, fell sharply by 99.08 per cent, from GH¢26.99 million to GH¢250,000.

The combination of higher interest income and lower funding costs resulted in a 184.98 per cent increase in net interest income, which rose to GH¢153.65 million in 2025.

The bank generated total operating revenue of GH¢898.04 million, supported by substantial non-exchange revenue, despite lower fees and commission income and a net trading loss during the year.

GEXIM Bank posted a profit before tax of GH¢467.56 million in 2025. Its net profit for the year also stood at GH¢467.56 million, compared with GH¢547.17 million in 2024.

Although the figure represented a decline from the exceptionally high profit recorded in 2024, the report described the bank’s profitability as robust.

Assets and equity increase

GEXIM Bank’s total assets increased by 6.72 per cent, from GH¢2.32 billion in 2024 to GH¢2.48 billion in 2025, reflecting continued business growth.

Earning assets also rose from GH¢1.67 billion to GH¢1.89 billion over the period.

The bank recorded a significant improvement in its equity position, with shareholders’ funds increasing by 28.63 per cent, from GH¢1.63 billion in 2024 to GH¢2.10 billion in 2025.

The growth was driven largely by retained earnings and statutory reserves.

At the same time, the bank’s total debt and liabilities declined from GH¢689.62 million in 2024 to GH¢378.01 million in 2025, representing a reduction of about 45 per cent.

Financial leverage also improved, with the equity multiplier declining from 1.4 times to 1.2 times. This indicated that the bank was relying less on debt financing and had developed a stronger equity base.

According to the report, GEXIM Bank’s stronger capital position, reduced leverage and sustained profitability reinforced its long-term financial resilience and enhanced its capacity to fulfil its development-finance mandate.

Capital adequacy rises to 75.3%

The bank’s capital adequacy ratio increased significantly from 53.7 per cent in 2024 to 75.3 per cent in 2025.

The ratio remained substantially above the regulatory minimum, providing the institution with considerable capacity to absorb potential losses and support future lending to Ghanaian businesses.

The improvement also strengthened GEXIM Bank’s ability to undertake further interventions in export-oriented industries and other sectors considered critical to Ghana’s economic transformation.

Cash position improves

GEXIM Bank maintained a sound liquidity position during the year, supported by growth in its cash holdings and loan portfolio.

Cash and cash equivalents increased by 1.75 per cent, from GH¢230.82 million in 2024 to GH¢234.85 million in 2025.

Investment securities, however, declined by 13.08 per cent, from GH¢375.32 million to GH¢326.24 million.

The report said the reduction indicated a modification in the bank’s portfolio management strategy, involving a partial reallocation of assets from investment securities towards lending activities.

Net cash flow from operating activities stood at GH¢15.40 million, while net cash used for investment activities was GH¢11.37 million.

Credit quality strengthens

GEXIM Bank also recorded an improvement in some of its credit-risk indicators.

Impairment charges on financial assets declined by 32.11 per cent, from GH¢26.75 million in 2024 to GH¢18.16 million in 2025.

The impairment-loss-to-loans ratio improved from 18.2 per cent to 17.3 per cent, while the loan-loss ratio declined from 15.4 per cent to 14.7 per cent.

Under the International Financial Reporting Standard 9 Expected Credit Loss model, Stage 1 exposures—loans regarded as carrying low credit risk—increased from GH¢68.45 million to GH¢81.86 million. The report said this reflected growth in performing loan exposures.

Stage 2 exposures, involving loans with significantly increased credit risk, declined from GH¢20 million to GH¢17.74 million, signalling an improvement in this category.

Credit-impaired Stage 3 exposures, however, increased from GH¢147.65 million to GH¢170 million, indicating that some borrowers remained in financial distress despite the broader improvement in the bank’s impairment ratios.

Profitability moderates

Despite maintaining strong profitability, GEXIM Bank recorded declines in some profit and return indicators compared with the exceptionally high levels achieved in 2024.

Its net operating margin declined from 23.56 per cent to 18.87 per cent, while return on assets decreased from 23.56 per cent to 18.87 per cent.

Return on equity also fell from 33.51 per cent in 2024 to 22.26 per cent in 2025.

The bank’s cost-recovery ratio moderated from 229.8 per cent to 208.61 per cent, but remained strong, indicating that the institution continued to generate more than enough income to cover its operating costs.

Operating expenses increased during the year, driven partly by higher personnel costs. However, the reduction in impairment charges and strong income generation helped the bank maintain its profitability.

Established under the Ghana Export-Import Bank Act, 2016 (Act 911), GEXIM Bank is mandated to support Ghana’s transition towards an export-led economy by financing trade, developing export-oriented businesses and improving the country’s competitiveness in international markets.

‎The proposed investment is expected to support the development of an integrated poultry value chain covering feed production, hatcheries, commercial farming, processing, cold-chain infrastructure and distribution, as part of efforts to strengthen local production and food security.

‎Speaking at the signing ceremony in Accra on Thursday, Mr Goosie Tanoh, Presidential Adviser and Head of the 24-Hour Economy Secretariat, said the agreement was a landmark intervention that would help reduce the country’s growing poultry import bill while creating opportunities for local farmers and agribusinesses.

‎The Heads of Terms agreement was signed by representatives of the 24-Hour Economy and Accelerated Export Development Secretariat, the Tony Blair Institute, Agrium Capital, Petra Pension Trust and Axis Pension Trust.

‎The signing marks the first formal step towards implementation of the poultry investment programme and demonstrates the parties’ commitment to developing an integrated domestic poultry value chain.

‎Ghana consumes about 340,000 tonnes of chicken annually but produces only a fraction of its domestic requirement, with about 270,000 tonnes imported each year at a cost of approximately US$400 million in foreign exchange.

‎Mr Tanoh said Ghana continued to spend hundreds of millions of dollars annually on imported chicken despite having the natural resources, entrepreneurial capacity and market demand to support a thriving domestic poultry industry.

‎“The signing of this Heads of Terms agreement marks an important step towards building a modern, competitive and integrated poultry value chain capable of meeting a significant share of domestic demand,” he said.

‎Mr Tanoh said the proposed investment would support all major segments of the poultry ecosystem, including hatcheries, feed production, commercial farming, processing facilities, cold-chain infrastructure and market distribution networks.

‎He said the project was aligned with the objectives of the Government’s broader 24-Hour Economy agenda, which seeks to stimulate round-the-clock productive activity, enhance value addition and generate sustainable employment.

‎Mr Tanoh said the investment was expected to create thousands of direct and indirect jobs, particularly for young people and women engaged in agriculture and agribusiness.

‎Mr Rod Bassett, Chief Executive Officer of Agrium Capital Limited, said the investment would be implemented through a proprietary development and design process expected to take between 10 and 12 months.

‎“The process would establish a fully integrated poultry production and operating system covering all major segments of the value chain,” he said.

‎Mr Bassett said the project would be rolled out in three phases and designed to ensure close integration with surrounding rural communities, creating sustainable economic opportunities and strengthening local participation in the poultry industry.

‎He said the investment would create more than 1,000 direct jobs and over 2,500 indirect employment opportunities when fully operational.

‎Mr Bassett said the project would also stimulate rural economic development by attracting complementary industries, increasing household incomes and expanding opportunities for smallholder farmers.

‎Beyond employment creation, he said the initiative would support import substitution, improve environmental outcomes, strengthen skills development among Ghana’s youth and contribute to improved nutrition through increased availability of locally produced poultry products.

National Coordinator of the 24-Hour Economy Secretariat, Goosie Tanoh, who announced the plan, said the project forms part of a broader strategy to establish an integrated production and export system linking agriculture, manufacturing, energy and logistics in northern Ghana.

According to him, the Secretariat, in collaboration with the Ghana Airports Company Limited, has already demarcated about 150 acres of land at the Tamale International Airport for the development of the facility.

Mr Tanoh disclosed this on Friday, August 28, at the inauguration of Northshore Apparel Ghana Limited, an export garment factory at Savelugu in the Northern Region.

The company, funded through a partnership involving the Ghana Export-Import Bank, Germany’s Investing for Employment through KfW Development Bank and other partners, forms part of the implementation of the government’s 24-Hour Economy initiative.

Mr Tanoh said the air cargo hub would provide a dedicated logistics platform for transporting high-value agricultural commodities produced in northern Ghana directly to international markets.

He said the project would complement government’s efforts to promote commercial-scale agriculture and value addition while improving access to export markets for farmers and agribusinesses in the northern part of the country.

He explained that the hub forms part of a wider economic transformation programme under the 24-Hour Economy initiative, which seeks to connect production centres with efficient transport, energy and export infrastructure.

Mr Tanoh said government is also pursuing the development of an agriculture corridor covering about 120,000 hectares at Senga and Daboya along the White Volta, where commercial-scale production of vegetables, cereals and oilseeds, among others, would be undertaken.

He added that the corridor would support a proposed $270 million integrated poultry industry, further strengthening agricultural and agro-processing value chains in the area.

Government, he said, is also working to provide affordable and reliable energy to support industries in the region, including plans for a 1.5-gigawatt solar power plant under the Volta Economic Corridor.

Mr Tanoh stressed that the various projects are being developed as interconnected components of a single production system rather than isolated initiatives.

“Farms at Senga, factories at Savelugu and Daboya, export logistics in Tamale and energy at Wipei are not separate initiatives. They are part of a single production system,” he said.

He said the overall objective is to integrate Ghana’s economy into one ecosystem capable of driving productivity, increasing production, creating jobs and promoting inclusive economic growth.

Mr Tanoh said the air cargo hub would therefore be critical to enabling agricultural producers in northern Ghana to access domestic and international markets, while government continues to work with the private sector and development partners to mobilise the investments and infrastructure needed to transform the region into a major production and export hub.

He added that the success of the 24-Hour Economy programme would depend on effectively connecting farmers, industries, logistics providers and export markets through an efficient value chain that creates opportunities for young people and local businesses.

Also read:

• Goosie Tanoh clarifies 24-hour economy will not force businesses to operate round the clock

• Goosie Tanoh outlines vision behind ‘Grow 24’ under 24-hour economy policy

The huge surge is reported in the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).

The breakout performance places GSA among the standout state entities in the latest report, with the Authority’s total income nearly doubling year-on-year to close at GH¢380.15 million.

The report also shows a sharp improvement in efficiency, with GSA’s surplus margin rising from 36.25% in the previous year to 67.95% in 2025.

According to industry watchers, the over all performance signals a stronger revenue management and tighter operational control within the Authority.

Beyond the surplus figures, GSA’s balance sheet also strengthened significantly.

Total assets for the year stood at GH¢979.92 million, while the Authority’s accumulated fund reached GH¢810.46 million.

The Ghana Shippers’ Authority is mandated to protect and promote the interests of shippers across Ghana’s trade and transport logistics chain, a role that continues to grow in importance as the country’s port and haulage activities expand.

SIGA’s State Ownership Report tracks the financial and operational performance of state-owned entities, with GSA’s 2025 numbers marking one of the more notable turnarounds captured in this year’s edition.

This is because the National Petroleum Authority (NPA) has increased the price of petroleum products that will be sold on the market from September 1 to 16, 2026.

Details

Based on data seen by JOY BUSINESS from the market, the price floor for petrol has been increased from GH¢13.92 per litre to GH¢14.53.

This represents about 4.38% increase with respect to the benchmark.

Diesel has also gone up from GH¢15.19 to GH¢15.60, representing a 2.69% increase.

LPG, however, has been reduced from GH¢10.98 to GH¢10.85 per kilogramme.

In the notice, the NPA reminded all industry players, including Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs), not to sell petroleum products below the approved price floor during the pricing window.

However, the NPA added that the price floors exclude the premiums charged by International Oil Trading Companies (IOTCs) and the operating margins of BIDECs, as well as the marketers’ and dealers’ margins of OMCs/LPGMCs. These will be independently determined by the companies as pertains under the PPPG.

Impact on Pump Prices

The development might not necessarily result in prices going up at the pumps from September 1, 2026. This is becuase some of the OMCs have assured that prices are likely to remain unchanged at the pumps from the beginning of next month.

However, they would be guided by competition in making their pricing decisions this weekend and Monday, August 1, 2026.

However, with most OMCs now also pricing way above the price floor, it will not be surprise if prices at the pumps go up. There are currently more than 200 OMCs in the Ghana.

It is also not clear whether the government will extend the recent subsidy programme on diesel to other petroleum products.

The government, on August 3, 2026, announced that it would absorb GH¢ 2 of the price of diesel at the pumps.

According to the government, the relief will last for one month. It is therefore unclear whether the recent decision to cushion consumers might have played a role in the margin of reduction for the price of diesel.

Energy and Green Transition Minister John Jinapor has already indicated that the intervention is only for August and will be reviewed before any decision is taken on its continuation.

Also read:

• NPA announces new fuel price floors effective August 4

• Unpaid fees: Ghanaian scholarship graduates at University of Memphis denied certificates [Audio]

He said the trend was widening Africa’s infrastructure financing gap and making it difficult for promising local businesses to secure the long-term capital needed to grow.

Delivering the keynote address at the Global Business Forum, Ghana Edition, on Friday, August 28, Sir Sam Jonah described the situation as Africa’s “great paradox.”

“Here is our great paradox: Africa exports its savings and imports expensive capital. Our pension funds and institutional pools sit in short-term instruments while our infrastructure gap widens and our best entrepreneurs go begging, and we then borrow our own money back from abroad at punishing rates,” he said.

“No continent in history has industrialised on rented capital alone,” he added.

Sir Sam Jonah acknowledged the importance of foreign investment and welcomed the contribution of international investors to Africa’s development.

He noted that much of his career had involved raising foreign investment, partnering with international investors and deploying their capital.

However, he stressed the need for African countries and investors to demonstrate greater confidence in their own economies.

“Capital follows conviction; it does not substitute for it,” he said.

Using an analogy, Sir Sam Jonah said international investors were more likely to commit funds when they saw African investors and institutions taking risks in their own markets.

“Investors, like dinner guests, come far more readily to a table where the host is already seated and eating,” he said.

Africa needs globally competitive businesses

Sir Sam Jonah also called for the creation of more African companies capable of competing globally, creating jobs and expanding over the long term.

He cited his experience with Ashanti Goldfields, which became the first operating African company to be listed on the New York Stock Exchange, as evidence that African businesses could compete globally when properly built and managed.

“The lesson was not that we needed New York’s validation. The lesson was that an African enterprise, properly built and boldly led, could stand anywhere on earth and look anyone in the eye,” he said.

He said Africa needed hundreds more companies of that scale across strategic sectors.

“We need a hundred more such firms. A thousand. In agribusiness, in finance, in energy, in technology, in manufacturing,” he said.

According to him, building such businesses should not be left entirely to governments.

“Building them is not the government’s job. It is ours — the people in this room,” he said.

Sir Sam Jonah further urged African investors to embrace patient capital and take positions in promising businesses before all risks had been eliminated.

He argued that investors who properly assessed and priced risks at an early stage could benefit significantly from Africa’s long-term growth opportunities.

“The best-performing opportunities of the coming decades will not belong to those who arrive after the risk has gone. They will belong to those who priced the risk correctly while others were still afraid,” he said.

Also read:

• Sir Sam Jonah drags Nigeria to ICC arbitration over Abuja land dispute

• A university waiting for gov’t money is planning its own funeral – Sam Jonah

The report said the local currency also declined by 6.5 per cent against the British pound and 5.3 per cent against the euro on a year-to-date basis as of June 2026.

The Central Bank said the performance of the cedi reflected renewed pressures in the domestic foreign exchange market despite a weaker US dollar on the international market.

“On the interbank market, the cedi depreciated by 7.9 per cent, 6.5 per cent and 5.3 per cent against the dollar, pound and euro, respectively, on a year-to-date basis,” the report stated.

It noted that the development contrasted sharply with the corresponding period in 2025, when the cedi recorded appreciations of 42.6 per cent against the dollar, 30.3 per cent against the pound and 25.6 per cent against the euro.

The report explained that while the US dollar entered July on a weaker footing globally due to expectations surrounding economic data, the response of emerging market currencies varied because of country-specific vulnerabilities.

The report indicated that the cedi came under intense pressure in May 2026 but subsequently recovered, helping to moderate the extent of losses recorded earlier in the year.

The Bank of Ghana, however, expressed optimism about the medium-term outlook for the local currency, citing expected support from remittance inflows and easing pressures in the foreign exchange market.

“Over the medium term, the Ghana cedi is expected to remain relatively stable as foreign exchange demand from financial intermediation moderates the pressures on the cedi, along with remittance flows,” it said.

The Central Bank further observed that despite the depreciation, the cedi exhibited lower volatility during the first 140 transaction days of 2026 compared with the same period in previous years.

On a trade-weighted basis, the cedi depreciated by 6.1 per cent in nominal trade-weighted terms and by 8.3 per cent in nominal foreign exchange transaction-weighted terms during the review period.

ALSO:

10 security recruits dismissed for violating phone ban – Muntaka

Abotaose Market fire: One dead, several injured

The projected increases are expected to affect petrol, diesel and liquefied petroleum gas (LPG).

COPEC says the adjustments are largely driven by movements in international petroleum product prices, despite a recent appreciation of the Ghana cedi against the US dollar.

Its analysis shows that global crude oil prices fell marginally from $90.41 to $89.30 per barrel during the current pricing window.

The cedi also strengthened against the dollar, with the average interbank rate improving from GH¢11.800 to GH¢11.5166 per dollar.

That represents an appreciation of about 2.39%.

Despite these developments, COPEC says changes in the Free-On-Board (FOB) prices of refined petroleum products are expected to push pump prices higher.

Petrol is projected to sell at about GH¢16.21 per litre, representing an estimated 5% increase from the current mean pump price of GH¢15.43.

Diesel is also expected to rise to approximately GH¢17.61 per litre.

That would represent an estimated 2.58% increase over the current mean price of GH¢17.17 per litre.

LPG is similarly projected to record a marginal increase, with COPEC estimating a price of approximately GH¢14.19 per kilogramme.

The projected adjustments mean motorists and LPG consumers could face higher costs at the pumps from the start of September, depending on the prices set by individual oil marketing companies.

Abotaose Market fire: One dead, several injured

Bawumia donates GH¢50,000 to St Jude Catholic Church at Weija

In a statement issued on Saturday, 30th August 2026, COPEC’s Executive Secretary, Duncan Amoah, said the increase was linked to global crude prices and cedi performance over the current window. The global crude price fell marginally from $90.41 to $89.30 per barrel, while the cedi appreciated slightly against the US dollar, moving from an average interbank rate of GHS11.80 to GHS11.52 to the dollar, a 2.39% gain.

On petrol, COPEC said the Free-on-Board (FOB) price rose from $1,033.15 to $1,136.50 per metric tonne, a 10% increase. Combined with the cedi’s appreciation, this is expected to push the retail price of petrol up by 5% to around GHS16.21 per litre, with prices expected to range between GHS15.40 and GHS17.02 per litre.

Diesel’s FOB price dropped marginally, from $1,251.19 to $1,250.50 per metric tonne. However, factoring in the cedi’s appreciation, COPEC projected the retail pump price would still rise by 2.58% to about GHS17.61 per litre, with prices expected to range between GHS16.73 and GHS18.49 per litre.

For LPG, the international FOB price rose from $596 to $611 per metric tonne, a 2.64% increase. COPEC projected the retail price would edge up to about GHS14.19 per kilogram, with prices expected to range between GHS13.48 and GHS14.90 per kilogram.

COPEC appealed to the government to extend its fuel subsidy intervention beyond the August deadline until global price benchmarks stabilise. The chamber also called on Oil Marketing Companies (OMCs) to maintain the current ex-pump price of diesel to ease the burden on consumers.

The figure represents a major improvement from the GH¢2.25 billion net loss recorded in 2024, marking the end of a four-year cycle of consolidated net losses among State-Owned Enterprises (SOEs).

The development is contained in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026. The report is the tenth edition of Ghana’s flagship assessment of the performance of Specified Entities and the fifth published by SIGA since its establishment in 2019.

The report covers 162 out of 175 approved Specified Entities, comprising 53 SOEs, 36 Joint Venture Companies (JVCs) and 73 Other State Entities (OSEs).

According to the report, total SOE revenue increased by 28.12 percent from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.

The growth was driven largely by the agricultural, manufacturing and infrastructure subsectors, which recorded revenue increases of 203.71 percent, 114.74 percent and 92.24 percent respectively.

Profit before interest and tax also rose to GH¢25.49 billion, continuing the sector’s recovery from a GH¢502 million loss in 2023 and a GH¢5.80 billion profit in 2024.

The report also attributed part of the improved performance to a stronger cedi, with SOEs recording net foreign exchange earnings of GH¢11.72 billion, compared with a GH¢12.01 billion foreign exchange loss in 2024.

Finance costs fell by 42.49 percent during the year.

However, SIGA cautioned that significant challenges remain within the state-owned sector.

Five SOEs which are the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centre, recorded losses in every year from 2021 to 2025.

Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five-year period.

Dividend payments to government declined, with only Ghana Reinsurance Company Limited and TDC Company Limited paying a combined GH¢16 million in dividends.

The Joint Venture Companies also recorded improved performance, with net profit rising by 36.55 percent to GH¢3.14 billion, while total assets increased by 25.99 percent to GH¢96.69 billion.

Minority-interest JVCs contributed GH¢1.19 billion, representing 97.12 percent of total dividends received by government from the portfolio.

The performance of Other State Entities was less favourable, with their net deficit widening from GH¢2.18 billion in 2024 to GH¢10.48 billion in 2025.

SIGA said their total liabilities increased by 41.83 percent to GH¢323.17 billion, while accumulated funds swung from a positive GH¢15.47 billion to a negative GH¢41.14 billion.

The report identified the Bank of Ghana’s negative equity position of GH¢93 billion as a major factor behind the deterioration.

SIGA Director-General, Prof. Michael Kpessa-Whyte, described the 2025 report as significant because it captures the first year of performance under President John Dramani Mahama’s second administration.

He said the report would support discussions on improving the performance of state-owned entities and ensuring they contribute more effectively to economic growth and development.

The report also noted an improved macroeconomic environment in 2025, with real GDP growth reaching six percent, while the Monetary Policy Rate declined from 27 percent to 18 percent.

The average lending rate also fell from 30.25 percent to 20.4 percent by December 2025.

Meanwhile, employment across Specified Entities increased by 5.45 percent to 98,724 workers, representing an additional 5,104 jobs.

Women accounted for 30.02 percent of the workforce, up from 29.30 percent in 2024.

SIGA said the 2025 results represented an important recovery but stressed that state-owned entities must now focus on achieving sustainable value creation through stronger accountability, disciplined capital allocation and performance-driven governance.

“The gains of FY2025 must not become a temporary rebound,” the report stated, calling for the recovery to become the foundation for a more efficient, competitive, inclusive and sustainable state-owned sector.

Read the report below:

The bond, which will mature in 2030, is being issued as a senior unsecured obligation of the Republic of Ghana and is expected to be listed on the Ghana Stock Exchange (GSE).

The Bank of Ghana (BoG), in Notice No. BG/FMD/2026/43 dated August 29, announced the transaction. The notice was signed by the Secretary to the Bank, Aimee Vyda Quashie.

The issue will be targeted mainly at resident investors, although non-resident investors will also be eligible to participate.

Book-building is expected to commence at 9 a.m. on September 1, following the release of initial pricing guidance. Investors will submit bids based on their preferred yield rather than a predetermined coupon rate.

The central bank said updated and final pricing guidance may be released during the book-building process, with the order book scheduled to close at approximately 3 p.m. on Thursday, September 3.

Final pricing and allocation are expected to be completed on Monday, September 7, which will also be the settlement and issue date.

Under the arrangement, all successful bids will be allotted at a single clearing yield. However, where demand exceeds the amount available, the issuer will have discretion over allocations at the clearing level.

The bond will have a face value of GH¢1 per unit, while investors will be required to submit a minimum bid of GH¢50,000. Subsequent bids must be made in multiples of GH¢1,000.

As a senior unsecured instrument, the bond will carry the full backing of the Republic of Ghana. Its principal will be repaid in a single lump sum at maturity under a bullet repayment structure, rather than through periodic principal payments.

Six financial institutions have been appointed as active bond market specialists for the transaction. They are Absa, CalBank, Fincap, GCB, OA and Stanbic.

The issuance forms part of government’s efforts to mobilise financing through the domestic capital market.

Known as the Green TVET Initiative, the programme, being implemented by the Ghana TVET Service in partnership with the International Labour Organization (ILO), forms part of efforts to prepare the country’s workforce for the changing demands of the global economy.

The initiative, launched ahead of the 2026 National TVET Week, comes at a time when industries globally are increasingly adopting renewable energy, cleaner production technologies, sustainable agriculture and environmentally responsible production systems in response to climate change.

Aimed at ensuring TVET graduates acquire the practical knowledge and competencies required to participate in emerging green industries and contribute to sustainable economic development, the initiative also aligns with Ghana’s commitment to the Sustainable Development Goals (SDGs), particularly those relating to quality education, clean energy, decent work, sustainable industrialisation and climate action.

In an interview, Director-General of the Ghana TVET Service, Dr Eric Kofi Adzroe, said the initiative recognised that the future labour market would require workers who possessed not only technical competencies but also the skills to support environmental sustainability and climate resilience.

He said a key component of the initiative was the capacity building of TVET educators, including principals, vice principals and facilitators from institutions across the country.

The educators are undergoing intensive training on green skills, climate-smart technologies, sustainable institutional management and environmentally responsible teaching practices.

Dr Adzroe said the knowledge acquired would be transferred to students through teaching and practical training, exposing them to sustainable technologies and environmentally friendly practices relevant to their areas of study.

At the Wa Technical Institute, for instance, efforts are underway to establish a Solar Photovoltaic (PV) training programme equipped with modern tools and equipment.

The programme is expected to provide students with hands-on skills in solar energy installation, maintenance and troubleshooting, positioning them to take advantage of opportunities in Ghana’s expanding renewable energy sector.

At the Comboni Technical Vocational Institute in Sogakope, students are being introduced to climate-smart agriculture through a Smart Agriculture Project incorporating modern farming techniques and solar-powered irrigation systems.

The project seeks to demonstrate how technology and innovation can improve agricultural productivity while reducing pressure on natural resources.

The Damongo Technical Institute is also benefiting from improved digital infrastructure, including computers and reliable internet connectivity, to support e-learning and digital skills development.

Dr Adzroe said similar support was being extended to the Salaga Technical Institute and St Anne’s Technical Institute to improve access to modern digital learning resources for students and educators.

“It is expected to promote innovation and entrepreneurship by enabling young people to develop practical solutions to environmental and development challenges,” he said.

The initiative also places emphasis on environmental responsibility within TVET institutions, encouraging students to participate in recycling, waste segregation, tree planting and campus greening activities.

The activities are intended to promote environmentally responsible behaviour alongside technical competence and help students understand the practical application of sustainability in their daily lives and future professions.

With growing demand for skilled workers in renewable energy, sustainable construction, waste management, green manufacturing and climate-smart agriculture, graduates equipped with green skills are expected to be better positioned to secure employment or establish businesses within the emerging green economy.

The initiative therefore positions TVET as an important instrument for supporting Ghana’s transition towards a low-carbon and climate-resilient economy, while creating opportunities for youth employment, entrepreneurship and innovation.

As implementation expands, participating TVET institutions are expected to evolve into centres of excellence for sustainable development, producing graduates who are technically competent, environmentally conscious and prepared for changing labour market requirements.

2026 National TVET Week

The Green TVET Initiative forms part of broader efforts to reposition TVET to respond to emerging economic, technological and labour market needs, issues that will feature prominently during the 2026 National TVET Week.

Schedule for October 2026, the celebration is expected to provide a platform for reflection, policy dialogue and direction-setting on the future of TVET, bringing together government, industry, development partners and other stakeholders.

The discussions are expected to inform decisions on how the TVET system can continue to evolve and ensure that training remains responsive to industry demands beyond the celebration.

Another major feature of the celebration will be the “Next Gen Fashion Showcase,” which will provide learners with an opportunity to demonstrate their creativity, technical abilities and entrepreneurial potential to a wider audience.

The showcase is expected to highlight the role of skills development in creating pathways for young people to translate their competencies into employment and business opportunities.

The Green TVET Initiative and the National TVET Week therefore reflect a broader shift in Ghana’s approach to technical and vocational education, from conventional skills training towards a system that responds to technological change, environmental challenges and emerging opportunities in the labour market.

Ultimately, the initiative seeks to build a future-ready workforce capable of driving economic transformation and innovation while contributing to environmental protection and Ghana’s long-term sustainable development goals.

The initiative, according to the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, is intended to close a significant gap in Ghana’s financial system by strengthening mechanisms for monitoring and investigating foreign currency seized by the authorities.

He said substantial amounts of foreign currency were reportedly moving through the country’s borders without the required declaration.

Dr Asiama said undeclared currency flows posed risks to the integrity of Ghana’s financial sector, creating opportunities for money laundering, tax evasion and other illicit financial activities.

“Undeclared currency flows create room for money laundering, tax evasion and other illicit activity,” he said.

He added that such movements also weaken the financial intelligence available to authorities to monitor the financial system, while currency moved outside declared channels diverts funds away from the formal market.

The Bank of Ghana is working with the Ghana Revenue Authority, Ghana Airports Company Limited, National Security, the Economic and Organised Crime Office (EOCO), the Financial Intelligence Centre and the Attorney General’s Office to safeguard Ghana’s borders, markets and resources.

The President said recovering the funds would ensure that Ghana Exim Bank has the resources to finance viable businesses and industrial projects that contribute to the country’s economic development.

Speaking at the commissioning of Northshore Apparel on Thursday, August 28, a facility funded by Exim Bank and Germany’s KfW Development Bank, President Mahama said the institution was established to provide financing for projects that promote value addition, exports, employment and sustainable development.

He, however, raised concerns that after his previous administration left office, loans from the Ghana Exim Bank were allegedly largely cornered by politically connected individuals who had no intention of paying back.

“It was the politically well-connected who had access to the financing without any intention to pay back the money,” he said.

President Mahama said that as a result, the bank is currently pursuing several beneficiaries who have failed to honour their repayment obligations.

“That is why today, Sylvester Adinam Mensah and his group, the Board Chairman, Dr Joseph Nyarkotei Dorh, are running after so many people who took the money and have not paid. And I will continue to support them to take the money back from those who have taken our money,” he stated.

His comments come amid the ongoing case of former Ashanti Regional New Patriotic Party Chairman Bernard Antwi-Boasiako, who has been accused of fraudulently obtaining a GH¢19 million loan facility from Exim Bank for a maize farming project on 100 acres of land. The loan facility is alleged to have increased to about GH¢30 million.

Antwi-Boasiako, popularly known as Chairman Wontumi, is currently in court over the matter.

The Accra High Court, on Thursday, August 27, ordered the prosecution to file disclosures within 14 days after plea bargain negotiations ended without an agreement.

This means the case is now expected to proceed to trial.

President Mahama said Ghana Exim Bank’s capacity to support genuine industrialists and investors whose projects have the potential to create jobs and expand Ghana’s export base would be strengthened if the funds are recovered.

He further noted that the bank would continue to identify and finance viable projects that promote local value addition and strengthen Ghana’s competitiveness in Africa and the global market.

“GEXIM will continue to identify and support viable projects that promote value addition, exports, employment and sustainable development,” he said.

The President expressed confidence that Ghana could build a stronger industrial base and position itself as a competitive producer for Africa and the wider world.

Ghana Exim Bank, on its part, said it had reset and redefined its lending scope in line with the President’s vision for industrial development.

The bank stressed that its lending decisions would not be based on sentiments but on the potential impact of projects on the economy.

“Behind every facility we extend is placing scarce resources where their impact could be significant,” the bank said.

The bank further noted that the Northshore proposal was among several projects presented for consideration but said few had made as compelling a case for financing as the Northshore project.

According to him, the policy became necessary following disruptions to global financial markets triggered by the Russia-Ukraine war, which affected Ghana’s ability to raise foreign currency.

Speaking at a public event in a video shared on his Facebook page, Dr Bawumia said Ghana had historically relied on international capital markets to raise about $3 billion annually to support the economy.

He said the loss of access to those markets created severe foreign exchange shortages and placed significant pressure on the cedi.

“We were really constricted in terms of availability of foreign exchange. At the same time, the cedi was depreciating almost on a daily basis. And we had to think about how to deal with this problem,” he said.

Dr Bawumia said the situation required policymakers to explore alternative ways of accumulating foreign exchange reserves.

He explained that Ghana’s position as a major gold-producing country presented an opportunity to strengthen the country’s reserves using a resource produced domestically.

He recalled that despite Ghana being Africa’s leading gold producer at the time, the Bank of Ghana had only about 8.7 tonnes of gold in its reserves in 2021.

“I said this cannot be right,” he recalled.

Dr Bawumia explained that Ghana had an advantage over countries that needed foreign currency to purchase gold because it could use the cedi to buy gold produced locally.

“The thing about gold for us is that because we produce gold, we can use our cedis to buy the gold. We don’t need to export cocoa or diamonds to get dollars to go out there and buy gold,” he said.

He described the policy as an example of unconventional economic thinking, arguing that Ghana’s circumstances required a solution beyond traditional approaches.

“There was no textbook in economics that would tell you about the gold and reserves problem. It was out-of-the-box thinking,” he said.

According to Dr Bawumia, the Bank of Ghana spent nearly a year assessing the proposal before determining that it was workable, paving the way for the implementation of the Domestic Gold Purchase Programme.

He said the programme resulted in the purchase of approximately $5 billion worth of gold over two years, which he argued helped strengthen Ghana’s reserve position.

Dr Bawumia further argued that the increased reserves enhanced the central bank’s capacity to supply foreign exchange to the market and support the cedi.

He said that by the end of 2024, the International Monetary Fund (IMF) had lifted a restriction that previously limited the Bank of Ghana’s monthly foreign exchange intervention to $80 million.

“Since then, the Bank of Ghana has been able to put at least $1 billion a month into the market,” he said.

Dr Bawumia said the increased supply of foreign exchange should ease pressure on the cedi, applying the basic economic principle that increased supply, all other things being equal, puts downward pressure on price.

“From $80 million maximum to $1 billion a month. What does economics tell you? When you have an increase in supply, what will happen to price? It comes down,” he said.

He maintained that both the Gold-for-Oil and Gold-for-Reserves programmes were developed in response to an extraordinary economic situation when Ghana’s conventional sources of foreign exchange had become severely constrained.

READ ALSO:

Finance Minister Dr. Ato Forson to lead inaugural post-BRT 2026 sessions

Mahama urges global investors to tap into Ghana’s opportunities

The first BRT Extended session will take place on Wednesday, 2 September 2026, from 9:00 a.m. to 12:30 p.m. at the Mövenpick Ambassador Hotel in Accra. Held under the theme, ‘After the Corrections: Building Resilient Economic Pillars for the Next Decade’, the session will feature an Executive Dialogue with Ghana’s Minister for Finance, Hon. Dr Cassiel Ato Baah Forson.

The dialogue will examine Ghana’s progress following recent fiscal and macroeconomic reforms and explore the policies, institutional frameworks and private-sector actions required to build a more resilient, productive and inclusive economy over the next decade.

BRT Extended builds on the momentum of Business Roundtable 2026, which convened more than 400 policymakers, business executives, investors, development partners, academics, innovators and emerging leaders under the theme, ‘Unlocking the Next Quarter Century’.

While the main Business Roundtable addresses broad national and continental priorities, BRT Extended will isolate specific, high-impact themes for deeper analysis. Each session will be structured as a masterclass-style executive forum, bringing together a smaller group of decision-makers for candid dialogue, practical insight and the development of actionable recommendations.

“BRT Extended represents the next stage of our commitment to moving important national and continental conversations beyond the conference stage,” said Ishmael Yamson Jnr, President and Chief Executive Officer of Ishmael Yamson & Associates. “The main Roundtable gives us the opportunity to identify the defining issues of our time. Through BRT Extended, we can examine those issues more closely, engage the people directly responsible for shaping outcomes and work towards practical recommendations for government, business and society.”

Following the Executive Dialogue with the Finance Minister, a moderated panel discussion will bring together Dr. Adrian Alter, International Monetary Fund Resident Representative to Ghana; Hon. Abena Osei-Asare, Member of Parliament and former Deputy Minister for Finance; and Professor Godfred Alufar Bokpin, Economist and Professor of Finance. The discussion will explore how Ghana can consolidate recent economic gains, strengthen fiscal resilience, stimulate private-sector growth, rebuild investor confidence and develop stronger economic pillars capable of withstanding future domestic and global shocks.

The programme will also feature contributions from Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, and Ishmael Yamson Jnr, President and CEO of the firm. Jerry Adjorlolo will serve as moderator.

Designed as an Executive Dialogue, panel discussion and networking brunch, the inaugural BRT Extended session will convene 250 invited stakeholders from government, business, finance, development institutions, academia, civil society, the media and the emerging leadership community. Participation is free, but admission is strictly by invitation and subject to registration due to limited seating. Interested participants may register to secure an invitation at: https://brt.ieyamson.com/extended

Event details

• Event: BRT Extended 2026 – Inaugural Executive Dialogue
• Theme: After the Corrections: Building Resilient Economic Pillars for the Next Decade
• Date: Wednesday, 2 September 2026
• Time: 9:00 a.m. – 12:30 p.m.
• Venue: Mövenpick Ambassador Hotel, Accra
• Guest Speaker: Hon. Dr Cassiel Ato Baah Forson, Minister for Finance, Republic of Ghana
• Admission: Free, strictly by registration and invitation

 BRT Extended

BRT Extended is a post-Business Roundtable series created by Ishmael Yamson & Associates, through the Ishmael & Yamson Foundation. Building on more than twelve years of the annual Ishmael Yamson & Associates Business Roundtable, the series moves critical national and continental discourse from broad discussion into focused dialogue, practical insight and actionable recommendations. Each edition will concentrate on a single high-impact issue and convene policymakers, business leaders, subject-matter experts, investors, academics and emerging leaders in an intimate, masterclass-style executive forum.

Ishmael Yamson & Associates

Ishmael Yamson & Associates is a leading management consultancy and investor-advisory firm committed to supporting organisational transformation, leadership development, corporate governance and sustainable business growth. Through the annual Business Roundtable and other strategic initiatives, the firm provides a platform for influential leaders across government, business, academia and civil society to address the issues shaping Ghana and Africa’s long-term development.

ADB Ghana Medicals: The Ghanaian company building solutions for a stronger…