According to Databank Research, its outlook reflects the competing effects of the Treasury’s cost-containment strategy and higher funding requirements linked to upcoming obligations.

It said in its 2026 Half-Year Report that active yield management should limit sharp repricing, although increased financing needs are likely to keep rates under moderate upward pressure over the period.

Presently, the yields on the 91-day and 364-day bills are hovering around 4.9% and 10% respectively.

“We expect domestic liquidity conditions to remain broadly supportive in 2H’26 [second-half 2026], with the GH¢10.8 billion DDEP [Domestic Debt Exchange Programme] coupon payment due in August 2026 providing an initial boost to market liquidity.

Reinvestment by banks, pension funds and collective investment schemes should sustain demand for government securities, supporting auction coverage and secondary-market activity, particularly in 3Q’26 [quarter 3, 2026].

However, the impact may moderate later in the year as increased sovereign and corporate issuance absorbs excess liquidity”, it stated.

It also expects the Treasury to progressively build on its return to the domestic bond market through targeted medium- and long-term issuances, supporting yield-curve development and reducing reliance on short-dated T-bills.

According to the financial market research firm, this should be complemented by planned debt-reprofiling and bond-buyback operations aimed at retiring high-cost obligations and smoothing the maturity profile.

Therefore, issuance should remain active as the government builds the Sinking Fund from GH¢15.6 billion towards its GH¢30 billion year-end target and strengthens buffers ahead of sizeable DDEP maturities from 2027.  

Investor demand remained robust in the first-half of 2026, with total bids rising 94.1% year-on-year to GH¢234.86 billion.

Average target-cover and bid-to-cover ratios of 1.10x and 1.39x, respectively, reflected healthy auction demand despite intermittent moderation in participation.

Her reported death marks the loss of a prominent figure in Ghana’s banking and insurance industries, where she built a career spanning more than two decades and held senior leadership positions.

The circumstances surrounding her reported death have not been independently confirmed. But the CEO Network Ghana, which confirmed her demise in a statement, said, “It is with profound sadness and heavy hearts that we announce the passing of our dear friend and distinguished CEO, Patience Akyianu, Group CEO of Hollard Holdings.”

“Her passing is a deeply painful loss to the business community and to all of us who knew and cherished her. We extend our heartfelt condolences to her family, colleagues, friends and loved ones. May God grant them strength and comfort during this difficult time. Further details will be shared as received from the family. May her gentle soul rest in perfect peace”, it said.

From banking to insurance leadership

Mrs Akyianu built much of her career in banking, serving in senior financial and executive positions before her appointment as Managing Director of Barclays Bank Ghana.

She previously worked as Finance Director at the bank before becoming its Managing Director, a position she held for five years.

According to a profile published by the Ghana Stock Exchange, she had more than 26 years of experience in banking and finance, including 17 years in the banking industry before transitioning to insurance in 2018.

Her academic qualifications included an MBA in Finance and a Bachelor of Science degree in Business Administration, specialising in Accounting, both from the University of Ghana Business School.

She was also a certified professional accountant and a member of the Institute of Chartered Accountants, Ghana.

Hollard Ghana’s pioneering Group CEO

In October 2018, Mrs Akyianu left Barclays Bank Ghana to become the Chief Executive Officer of Hollard Ghana Holdings, taking charge of the newly established insurance group.

Her appointment followed Hollard’s expansion in Ghana, bringing together Hollard Insurance Ghana, formerly Metropolitan Insurance, and Hollard Life Assurance Ghana.

She became the group’s first CEO, leading its efforts to expand its presence in Ghana’s insurance market and develop consumer-focused insurance solutions.

In a 2021 reflection on her leadership journey, Mrs Akyianu described the move from banking to insurance as a leap of faith.

She said she had been attracted by the opportunity to build Hollard into a household name in Ghana, despite moving into an industry in which she had relatively little experience.

“I saw a great brand with a great purpose, a great vision, and a great business ethos,” she wrote.

She described her years at Hollard as a period of transformation, innovation and growth, while acknowledging the challenges of building a business in a new sector.

A career marked by industry recognition

Mrs Akyianu’s contributions to Ghana’s financial services sector earned her several professional honours.

In May 2025, she received the Millennium Excellence Award for Finance and Capital Market Excellence at the Manhyia Palace in Kumasi.

The award recognised her leadership at Barclays Bank Ghana and Hollard Ghana, as well as her contribution to the development of the finance and capital markets.

The citation highlighted her role in the adoption of International Financial Reporting Standards at Standard Chartered Bank and Barclays Bank Ghana, saying it had enhanced transparency and discipline in the banking sector.

She was also recognised for her contributions to leadership and mentorship.

Beyond her executive roles, Mrs Akyianu served on corporate boards and was a founding member of the Executive Women Network and the International Women’s Forum, Ghana.

Commitment to inclusion and customer-focused insurance

At Hollard Ghana, Mrs Akyianu championed efforts to make insurance more accessible to individuals and businesses.

The company introduced products and partnerships aimed at reaching underserved customers and expanding access to insurance.

Among these was the Asomdwee insurance product, launched in partnership with the Ghana Enterprises Agency in 2021 to provide tailored insurance cover for micro, small and medium-sized enterprises.

She described the initiative as part of a broader effort to support business owners and protect their assets against unexpected events.

Her leadership also coincided with Hollard’s investment in new distribution channels, digital insurance solutions and customer experience.

The sharp increase, according to the World Bank, reflects improved compliance, reduced revenue leakages and evasion, and greater efficiency in customs administration following the digital transformation of the country’s principal port.

The development is highlighted in the World Bank’s 10th Economic Update, titled “Roads for Growth: Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation,” published in August 2025.

Revenue surge
The report compared Customs’ monthly revenue performance during the 25 months preceding the introduction of ICUMS, from March 2022, with collections after the system became operational.
During the pre-ICUMS period, monthly Customs revenue from the port generally ranged between GH¢500 million and GH¢600 million.

However, revenue rose sharply to approximately GH¢1.2 billion in April 2023, the first month of ICUMS operation.

From April to December 2023, monthly collections remained significantly higher, fluctuating between GH¢1.2 billion and GH¢1.4 billion.

The report subsequently showed that ICUMS-supported Customs revenue had reached approximately GH¢1.2 billion per month, while cumulative collections exceeded GH¢20 billion during its first five years of operation to 2025.

The World Bank attributed the gains largely to enhanced compliance and reduced opportunities for evasion enabled by the digital system.

Less human interference

ICUMS, operated by Ghana Link Network Services Ltd, has automated several processes that were previously conducted manually, reducing human intervention while improving efficiency and transparency in Customs operations.

The system represents a departure from the Customs’ current management architecture, which moved from manual processes to an automated Customs system and subsequently integrated the Ghana Revenue Authority’s Customs operations.

The Customs Management System under ICUMS integrates Customs administration with security and trade facilitation functions, making it considerably more difficult to falsify documents while enabling faster scrutiny and processing of declarations.

It also helps reduce delays and improve the transparency of the Customs clearance process.
Technology-driven inspections

The transformation has been reinforced by the use of non-intrusive inspection technologies.

These include X-ray scanners, cargo scanners, Gamma scanners, infrared spectroscopy and backscatter systems, which enable Customs officers to examine consignments beyond their visible surfaces without physically opening them.

The technologies, according to the report, improve the ability of officers to identify the contents and potential risks associated with consignments while facilitating faster clearance of low-risk goods.

The increased use of non-intrusive inspections is expected to strengthen revenue protection and security by enabling Customs officers to scrutinise cargo more efficiently.

Agencies connected

Beyond revenue collection, ICUMS has strengthened collaboration among several agencies involved in the clearance of goods.

The report said relevant state agencies have access to the platform, allowing them to participate in joint inspections and share information in real time.

The system also uses traders’ compliance records to determine the level of scrutiny required for their consignments.

Under the risk-based arrangement, importers are assigned to different channels according to their compliance history.

Traders in the Red Channel are subjected to stringent checks, while those in the Yellow Channel, having demonstrated a higher level of compliance, undergo moderate scrutiny.

Highly compliant traders are placed in the Green Channel, where they face minimal checks, while traders in the Blue Channel have their goods released even after they arrive at the port.

The arrangement is designed to reward compliance while allowing Customs to concentrate its resources on higher-risk transactions.

Faster cargo clearance
The digital reforms have also improved the movement of containers through the port.

The World Bank said the Ghana Electronic Payment System and Truck Appointment System had reduced container turnaround time at the terminal to about three days, describing it as a marked improvement compared with the previous situation.

The gains, it said, demonstrate the potential of digital government services to improve efficiency across Ghana’s wider logistics network, although current benefits remain concentrated around the Tema Port.

Wider economic impact

The impact of ICUMS extends beyond Customs administration, the World Bank argues, as administrative bottlenecks can create a more business-friendly trading environment.

For businesses, quicker clearance can reduce costs, improve cash flow and enhance the competitiveness of Ghanaian importers and exporters.

Furthermore, the reduction in opportunities for corruption, smuggling and fraud can create a more transparent business environment.

The additional revenue generated through improved Customs administration can, in turn, provide fiscal space for investment in infrastructure, social services and other development programmes.

The report therefore presents the Tema Port’s digital transformation as a potential model for extending technology-driven reforms across Ghana’s logistics and trade ecosystem.

With ICUMS at the centre of Customs modernisation, the World Bank says Ghana has an opportunity to strengthen the integration of trade, improve logistics and enhance relationships with the private sector to support sustained economic growth.

The money was taken from banks and other participating financial institutions through the issuance of 14-day Bank of Ghana Bills.

The first tender, held on Monday, saw the central bank accept GH¢13.71 billion at an interest rate of 10.5%.

Another GH¢7.7 billion was absorbed during a second tender held on Wednesday, also at 10.5%.

The two operations bring the total amount of liquidity absorbed by the BoG this week to GH¢21.41 billion.

The 14-day bills mean the funds have been temporarily taken out of circulation, allowing the central bank to manage short-term liquidity conditions in the financial system.

The move could affect money-market rates, bank liquidity and funding costs as financial institutions adjust their liquidity positions.

The BoG’s 132nd MPC meeting is scheduled for September 22 to 24, with the next monetary policy decision expected on Thursday, September 24.

Liquidity management and sterilisation remain among the tools used by the central bank to influence monetary conditions.

The latest operation is therefore expected to be closely watched ahead of the MPC meeting, particularly for its possible effect on money-market conditions and bank liquidity.

He said the factors are the international Free on Board (FOB) price, taxes and, most importantly, the exchange rate.

His comments come as Ghana’s downstream petroleum sector continues to contend with external pressures affecting pump prices.

The NPA has recently adjusted the price floors for petrol and diesel amid changes in international petroleum market conditions.

Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Tamakloe said that managing Ghana’s petroleum sector is particularly challenging because the country is exposed to external market developments.

He said the situation requires careful management because petroleum products are central to the economy’s functioning.

Mr Tamakloe also recalled the fuel shortages and queues experienced around 2014 and 2015.

He said those shortages were internally generated and were not caused by a lack of petroleum products.

“Those queues were internally generated. It was not because there was no availability of products, but for some obvious reasons, there was quote, unquote, an artificial shortage of products in the various pumps, and that created in itself some queue.”

He said the experience underscored the strategic importance of petroleum products to Ghana’s economy and national security.

“And so, at the core of the management of the downstream is the whole idea of national security. Very strategic area.”

According to him, petroleum products are so critical that consumers have limited alternatives when supplies are disrupted.

“I mean, when people don’t have light, they can adjust for 24 hours. They can adjust even 12 hours. But when they don’t have petroleum products, they have no alternative. They can’t even use water or anything.”

Mr Tamakloe said the NPA’s approach is therefore to manage domestic factors while remaining alert to external developments that could affect the industry.

He stressed that petroleum is at the heart of Ghana’s economy and described the downstream sector as highly strategic.

“It’s like the nervous system of the entire economy.”

He said the government’s management of the sector must therefore take account of both external market conditions and factors within its control.

“Let me say this: there are three principal things that usually impact on petroleum products’ availability and pricing: the FOB, the tax component, and most importantly, because it’s an imported product, the exchange rate.”

The explanation comes at a time when movements in global petroleum prices and currency conditions remain important considerations for Ghanaian consumers as they monitor changes at the pump.

NPA Chief Executive Officer, Godwin Edudzi Tamakloe, said the available stocks, combined with fuel cargoes currently at sea, provide a significant buffer for the domestic market.

“Currently, we have not less than 6 weeks of cover. Not less,” he said on Joy News’ PM Express Business Edition on Thursday.

He was responding to concerns over Ghana’s fuel supply outlook following recent reports of tighter global supplies and reduced fuel exports to some countries in the sub-region.

Asked whether the level of stocks was enough, Mr Tamakloe pointed to the number of vessels currently on the high seas carrying petroleum products.

“And if you look at the number of vessels even on the high seas, it is significant. So at this point, yes, I have some supply,” he said.

The NPA boss said his immediate concern was not the availability of fuel but the potential impact of international market conditions on prices.

“No, my major concern now is price,” he said.

Asked whether he expected supply problems within the next month, Mr Tamakloe was emphatic.

“Not at all,” he said.

He explained that developments in the international market were also prompting exporting countries to adjust their strategies, while pointing to the growing role of Nigeria’s Dangote refinery.

“Dangote is here,” he said to allay such fears.

His comments come as Ghana’s fuel market faces renewed pressure from global supply disruptions linked to conflicts and tighter availability of petroleum products.

The International Energy Agency has warned of a significant reduction in global oil supply in 2026, while refined fuel inventories have also come under pressure.

The developments have also coincided with fresh increases in Ghana’s fuel price floors. From September 16, the NPA’s floor price rose to GH¢16 per litre for petrol and GH¢16.77 for diesel, with LPG set at GH¢10.97 per kilogramme.

Meanwhile, BOSTenergies has clarified that reductions in fuel exports to Burkina Faso and Mali do not indicate an imminent shortage in Ghana.

The company said the reduction was largely linked to revamp works at its Bolgatanga depot.

Mr Tamakloe also defended Ghana’s private-sector-led downstream petroleum architecture, saying the system was deliberately designed to encourage private-sector participation.

He acknowledged concerns that private operators could potentially exert pressure on government but said safeguards had been introduced.

“I think there are some buffers that we put in place to ensure that the 2014-2015 events do not happen again. And like I said, that’s a particular concern, a great concern, to the President of the Republic, so we don’t get to a point where the private sector can effectively hold the whole country to ransom,” he said.

Also read:

• Fuel prices will continue to surge – COPEC

• BOST cuts fuel exports to Burkina Faso and Mali to protect local supply

Speaking at the GSA’s 2025 Stakeholders Annual Conference in Accra, Director-General Professor George Agyei said the delays were affecting critical operations, particularly the testing of samples.

He said most of the Authority’s testing equipment had become obsolete and urgently needed replacement, but procurement processes had stalled due to the delays in securing the necessary authorization.

“Most of the delays in sample testing we experience are because of commitment authorization delays. Over GH¢60 million could not be exhausted because of clearance issues,” Prof. Agyei said.

He explained that the GSA’s laboratories operate according to international standards and undergo regular inspections and audits, making modern and reliable equipment essential to maintaining their certification and accreditation.

Prof. Agyei warned that failure to meet the required standards could affect Ghana’s ability to export products to international markets.

“If we don’t meet the required standards, our certification and accreditation will be taken away. And when these things are taken away, it means Ghana cannot export,” he said.

He therefore urged the Finance Ministry to expedite the authorization process to enable the GSA to procure the equipment needed to effectively perform its mandate.

Meanwhile, the GSA is set to begin calibrating weighing scales used in the gold trade across the country to ensure accuracy and prevent traders from being shortchanged.

Prof. Agyei said the Authority is working with GoldBod to ensure licensed gold dealers use properly calibrated weighing equipment.

On the GSA’s performance, he disclosed that the Authority recorded a GH¢29 million surplus, describing the achievement as a reflection of its resilience despite the operational challenges.

He urged the public and industry players to continue supporting and collaborating with the Authority to promote standards and strengthen trade in Ghana.

Speaking at a press conference in Accra, IERPP Executive Director Prof. Isaac Boadi called for the withdrawal and fundamental review of the Bill, arguing that some of its provisions could give the NPA and the sector minister excessive control over decisions that BOST needs to make independently.

Parliament is considering the Bill as part of efforts to strengthen regulation of Ghana’s downstream petroleum sector, including the storage, transportation and distribution of fuel.

Prof. Boadi said BOST’s role in managing Ghana’s strategic fuel reserves and maintaining petroleum infrastructure makes its financial and operational strength critical to the country’s fuel security.

IERPP estimates that if BOST’s financial position is weakened, close to 50% of its 658-member workforce could be affected, potentially resulting in more than 300 job losses.

The Institute said such an outcome would also conflict with efforts to create and protect jobs under the government’s 24-hour economy programme.

IERPP further questioned the rationale for measures it believes could constrain BOST at a time when the company has reported significant financial improvement.

BOST recorded GH¢3.81 billion in revenue and GH¢683.96 million in profit after tax for 2025, according to figures announced at its 2026 Annual General Meeting. The company also paid its first-ever dividend of GH¢34.2 million to the government.

IERPP is therefore calling for the Bill to be withdrawn for further review and wants BOST’s mandate, including responsibility for strategic reserves and petroleum infrastructure, to be clearly protected.

The Institute is also demanding a transparent and cost-reflective tariff system, dedicated funding for strategic reserves and measures to prevent what it considers unfair competition from private depots.

Prof. Boadi maintained that the NPA should remain an effective regulator without taking over the commercial and operational functions required for BOST to fulfil its national mandate.

According to the farmers, the current prices are significantly lower than what they received for their produce last year, despite rising production costs.

Speaking to Adom News Correspondent Odehyeba Owusu Job, the farmers said the high cost of farm inputs, labour, transportation and other expenses had made yam farming increasingly challenging.

They said they are often compelled to sell their produce at prices that barely cover their investments.

Yam sellers in the district have also expressed concern about the situation, saying the combination of low farm-gate prices and high transportation costs is affecting their businesses and reducing their profit margins.

The farmers and traders are therefore calling for measures to create a reliable market for yam and ensure better returns for producers.

They also appealed for improved storage facilities and road networks, as well as stronger market linkages, to help reduce post-harvest losses and improve their earnings.

The stakeholders warned that if the situation persists, some farmers could be discouraged from continuing with yam production, despite the crop being a major source of livelihood for many residents in the district.

The meeting focused on strengthening the strategic partnership between Ghana and the IFC, particularly in commercial agriculture, industrialisation, infrastructure and job creation.

In a Facebook post, President Mahama said discussions placed strong emphasis on increasing commercial production in cocoa, oil palm and poultry.

He said government remained committed to adding value to Ghana’s raw materials, reiterating its policy to process at least 50% of the country’s cocoa, farm produce and mineral resources locally.

“Reaffirming our commitment to industrialisation, I reiterated our firm policy to process at least 50% of our cocoa, farm produce, and mineral resources to create sustainable jobs for our youth.”

President Mahama said the policy forms part of efforts to expand local industrial capacity while creating sustainable employment opportunities for young Ghanaians.

The President and the IFC Managing Director also explored investment opportunities under the government’s Big Push programme, particularly in railways, aviation and road infrastructure.

“We also explored opportunities under The Big Push programme to overhaul our infrastructure, specifically in railways, aviation, and road network development.”

He said these infrastructure investments would be complemented by critical interventions in energy, digital connectivity and education.

On the education front, President Mahama disclosed that Ghana had secured a $300 million financing package from the World Bank to support efforts to permanently end the double-track system in Senior High Schools by the end of 2027. MyJoyOnline has separately reported that the facility is being used to expand infrastructure and support the construction of new senior high schools.

“Through our collaboration with the World Bank, we have secured a $300 million financing package to permanently end the double-track system in Senior High Schools by the end of 2027.”

The President further used the engagement to highlight what he described as improvements in Ghana’s economic performance since his administration took office.

“Despite the severe economic crisis we inherited, our commitment to prudent management and fiscal discipline is already yielding positive results. We are seeing a sharp decline in inflation, reduced national indebtedness, and a strong resurgence of investor confidence.”

The engagement comes during Mr Diop’s visit to Ghana from September 15 to 17, 2026, which is focused on mobilising private capital and supporting Ghana’s development priorities.

The IFC has also disclosed plans for a potential $1.2 billion investment pipeline in Ghana across key sectors, following discussions between Mr Diop and Finance Minister Dr Cassiel Ato Forson.

According to him, Ghana has not yet reached the end of the current fuel price pressures, despite interventions introduced to cushion consumers from the impact of rising diesel prices.

Speaking on JoyNews’ The Pulse, Mr Amoah said the situation could worsen as demand for diesel increases during the winter season, adding that fuel prices could remain elevated even if current geopolitical tensions ease.

“Prices will continue to go up. The only unfortunate bit is that at this point, we are also going to have to deal with the premiums, the increased premiums, the logistics costs that continue to be high,” he said.

He explained that while geopolitical developments have contributed to the recent increases, seasonal demand and higher premiums and logistics costs could continue to push prices upward.

Mr Amoah also called for greater reliance on local refining, arguing that domestic refineries could help reduce some of the costs associated with importing refined petroleum products.

He said local refining could “eliminate some of the additional costs incurred when refined petroleum products are imported at higher premiums.”

The dispute, which dates back to 2009, reportedly began over an alleged overpayment of import duties of less than GH¢1 million.

Although Servestar Minwax subsequently secured judgment against the GRA, the Authority says the amount being enforced through garnishee proceedings has since ballooned to GH¢79,651,132, including what it describes as 35% daily compound interest.

On July 22, 2026, the High Court (Commercial Division 3) issued a Garnishee Order directing the Bank of Ghana to release the amount from the GRA Tax Refund Account to Servestar Minwax and its director, Henry Manly-Spain.

The GRA has since applied to have the Garnishee Order Absolute set aside and has also filed a Notice of Appeal against the ruling.

A key development in the dispute is the court’s decision on August 20 to allow a forensic reconciliation of the judgment sum, paving the way for an independent auditor to examine the amount being claimed.

“GRA’s application includes a request for a forensic reconciliation of the judgment sum as asserted by the plaintiff to ensure that the correct amount is reflected,” the Authority said.

The GRA maintains that its own reconciliation shows a significantly lower amount as legitimately owed to the company.

In a further twist, the Authority said Mr Manly-Spain himself has disputed the GH¢79.65 million figure.

According to the GRA, documents submitted to his solicitor indicate that his legitimate claim for overpaid duties and the value of containers sold since 2009 is considerably below the amount awarded by the court.

“His legitimate claim against GRA for overpaid duties and the value of containers sold, dating back to 2009, is significantly less than the GH¢79.7 million awarded by the Court,” the Authority said.

The GRA said Mr Manly-Spain’s position has been formally placed before the court as part of the proceedings seeking to set aside the garnishee order and establish the accurate amount of the judgment debt.

Beyond disputing the amount, the Authority is also challenging the attachment of its Tax Refund Account at the Bank of Ghana.

It argues that the account, established under Section 69 of the Revenue Administration Act, 2016 (Act 915), is legally protected and specifically intended for legitimate tax refunds.

“GRA maintains that the Refund Account held at the Bank of Ghana…is a statutorily protected account designated for the payment of legitimate refunds to taxpayers who have overpaid and cannot be subjected to attachment in the manner directed,” it said.

The Authority said its initial application for a stay of execution was unsuccessful but intends to renew the application before the Court of Appeal at the start of the new legal year.

Meanwhile, the Commissioner-General has directed an internal audit into the reconciliation and litigation processes surrounding the case to determine whether any lapses occurred and strengthen the Authority’s internal controls.

The GRA said the measures are intended to safeguard public funds while ensuring that lawful court decisions are respected.

“The Authority reiterates its commitment to abide by the rule of law and adherence to the lawful decisions of the honourable court in the interest of justice; while at the same time it exercises the legitimate responsibility to defend the interest of the state,” it said.

Also read:

• Six out of 10 businesses not complying with tax obligations – GRA

• GRA targets more than doubling revenue collections by 2028 – Commissioner-General

Read the full statement below:

This increase is an indication of the positive impact of the modernisation of the country’s tax system.

Commissioner General of the Ghana Revenue Authority, Anthony Kwasi Sarpong, disclosed this on the sidelines of the West African Tax Administrators Forum, which is being hosted in Ghana.

“The Ghana Revenue Authority has recently embarked on a comprehensive modernisation of our customs operations, particularly in the critical areas of valuation and classification, and the results have been immediate and striking.

“By strengthening the accuracy with which imports are valued, and goods are classified, customs revenue collections have risen from approximately US$350 million to as much as US$450 million a month, an increase of some US$100 million every month,” he told the gathering.

He further explained, “That is the power of administrative reform: no new taxes, no higher rates, simply the fair and accurate application of the rules, supported by modern systems and professional integrity.

“I share these figures not as a boast, but as evidence, evidence that when political will, administrative reform, and digital innovation converge, African revenue administrations can deliver results that transform the fiscal destiny of nations.”

The improvement in tax collections as a result of reforms in the Customs Division began in April after the government decided to install the artificial intelligence system to support the valuation of goods at the ports.

According to the Commissioner General of the Ghana Revenue Authority, Anthony Kwasi Sarpong, this has been a game changer.

The 8th West African Tax Administrators Forum coincided with the 15-year anniversary of the association since its establishment.

Executive Secretary of the Forum, Jules Tapsoba, believes that the platform provided by the forum has supported many countries in enhancing their revenue mobilisation since its inception.

The theme for this year’s forum is “Building Stronger Tax Administrations for Revenue Mobilisation and Sustainable Development.”

Also read:

• IEAG backs Publican AI as customs revenue rises, calls for urgent port reforms

• Traders appeal for Mahama’s intervention over fear Publican AI system could collapse businesses

He is warning that short-term interventions will not resolve the challenges created by rising fuel prices.

Speaking on JoyNews’ The Pulse, he said government should “sit down with the Ghana Private Road Transport Union (GPRTU) and other private transport unions to agree on a fare adjustment mechanism that considers both increases and decreases in operating costs.”

His comments come amid renewed increases in petroleum prices and ongoing discussions over a proposed 30% increase in transport fares.

Mr Poku said the proposed fare increase should not be linked solely to rising fuel prices, as transport operators also cite other expenses, including insurance, in their calculations.

“So I think there should be a meeting between government and them to come to a middle point where they will agree that if you are to increase it by this much, then everybody would agree to it,” he said.

He argued that such an agreement should also require transport operators to reduce fares when fuel prices fall.

The energy analyst said this would help address concerns that fare increases could remain in place even after the factors that triggered them had eased.

He also questioned the sustainability of government’s current interventions to cushion consumers against rising petroleum prices.

“Government [needs] to find a way forward. This ad hoc way will not solve the problem,” Mr Poku said.

According to him, the pressures on petroleum prices are likely to persist, particularly given developments on the international market.

“The war is not going to end any soon. Of course, it’s going to be a month, three months, twelve. We’ve got seven months already,” he said.

Mr Poku therefore urged government to move beyond temporary measures and work with transport operators on a longer-term framework for managing the impact of fuel price fluctuations on transport fares.

Also read:

• Fuel prices rise as Star Oil raises petrol to GH¢16.77, diesel to GH¢17.77

• Fuel prices may rise, but 30% transport fare hike doesn’t add up – GOIL…

The event, held under the theme “MSME Unlocked: Powering Ghanaian Businesses for Sustainable Growth,” brought together entrepreneurs, business owners and industry stakeholders to equip them with practical knowledge and financial solutions to support business expansion.

The clinic forms part of GCB Bank’s commitment to promoting entrepreneurship and enhancing the growth of Ghana’s micro, small and medium-sized enterprises, which play a vital role in the country’s economy.

Speaking at the event, the Head of Micro and Small Enterprises, Gabriel Owusu Siaw, said the initiative is designed to better understand customers’ needs and co-create solutions that will help businesses grow.

He said the bank has identified three main challenges facing SMEs, including business structure, access to financing, and lack of collateral.

To address this, he announced that the bank has introduced an SME Unsecured Business Loan where customers without collateral and without financial statements can access funding based on their account activity.

According to him, under the new initiative, customers only need to open a GCB business account to access up to GH¢1 million to start or expand their businesses.

“We have introduced what we call the SME unsecured business loan, where the MSME who doesn’t have collateral can access financing, and even without financial statements. All we need is for you to channel your business through your account with us.

“We will use your account activity to determine how much we can give you. Today we can give up to one million Ghana Cedis without collateral and without financial statements,” he disclosed.

He added that for customers who need more than GH¢1 million, there are other products that also do not require collateral.

He emphasised that beyond financing, GCB Bank is also providing non-financial support to entrepreneurs, including training on bookkeeping, business management and business formalisation to ensure sustainability and repayment.

“Our focus goes beyond financing to ensuring business sustainability. Many entrepreneurs lack the requisite business acumen and management skills, including knowing when to access credit and when not to. A business goes through three critical phases – the start-up phase where you build the foundation, the growth phase and the maturity phase. At every stage, you need a banker who can provide guidance to help your business thrive. That is why we bring in specialists to train them on bookkeeping and effective business management,” he stated.

Mr Siaw added that the bank has also expanded its digital services to enable businesses to receive payments, make transactions, issue invoices and improve operational efficiency through technology.

The Head of Business Development and Ecosystems at GCB Bank PLC, Mr Abdul Mugiss Ahmed, said the initiative is designed to better understand customers’ needs and co-create solutions that will help businesses grow.

He said it also forms part of efforts to reposition the bank not just as a traditional bank, but as a transformed bank ready to support small and medium enterprises.

“Today people know GCB to be another bank, but we want people to know that GCB is a changed bank, a new branded bank that wants to go far. We want people to know that we have all the available products for our SMEs and MSMEs to transact business with us,” he stated.

Mr Ahmed explained that the focus on Micro, Small and Medium Enterprises is strategic because the sector contributes more than 90 per cent of Ghana’s economy.

“If you look at MSMEs, they are about 90 percent of the businesses in the country. They employ up to 80 percent of the workforce that we have in the country and they contribute 70 percent to our GDP. So it’s a lifeblood issue, it’s the heartbeat of the country,” he revealed.

He urged all SMEs and MSMEs to partner with GCB Bank for their banking needs to benefit from its tailored financial solutions and business advisory support.

“GCB is our bank, GCB has come to stay, GCB is the biggest bank in Ghana. We want all customers to come and experience what we have for them. We have very good products for them and as the biggest bank we are ready to provide financing to our SMEs,” he stressed.

The activation concluded with practical sessions on business growth, financial management, digital banking and access to finance.

The Caravan created opportunities for meaningful conversations where business owners shared their ambitions, discussed challenges and received practical guidance on managing cash flow, accessing finance and building stronger businesses.

GCB Bank PLC is embarking on a nationwide SME and MSME caravan business clinic to engage customers and create awareness about its new business products and rebranded image.

Star Oil is among the first to adjust its prices, raising the price of petrol from GH¢15.17 to GH¢16.77 per litre.

The new price, effective Wednesday, September 16, represents an increase of more than 6%.

Diesel has also risen from GH¢16.97 to GH¢17.77 per litre, a 4.71% increase.

In a social media post, Star Oil attributed the adjustment to higher international petroleum product prices and a slight depreciation of the Ghana cedi.

Joy Business understands that more OMCs are expected to review their prices today, although some companies say they will continue monitoring competition before making adjustments.

GOIL to assess market before increasing prices

The Group Chief Executive of GOIL, Edward Bawa, recently told Joy Business that the company would not rush to increase pump prices when the second pricing window opened on September 16.

He said consumers would remain at the centre of any decision on fuel prices.

Mr Bawa said GOIL was “studying the latest developments and assessing different scenarios before deciding on its next pricing move.”

“That in as much as we need to at least cover our costs, we need to ensure that our actions also go to ameliorate, what do you call it, the effects of increases in prices for them,” he said.

According to him, the company’s decision will depend on the latest market figures and the strategy it adopts to manage prevailing conditions.

Ghana currently has more than 200 OMCs, but indications suggest that only some may increase prices immediately, with others expected to adjust later in the week.

The latest increases could also renew pressure from the Ghana Private Road Transport Union (GPRTU) for higher transport fares, amid concerns over rising operational costs.

Why fuel prices are rising

The Chamber of Oil Marketing Companies (COMAC) attributed the latest increases to rising prices of crude oil and refined petroleum products on the international market, as well as pressure on the cedi.

In its latest pricing outlook, the Chamber said the cedi depreciated by 1.01% to GH¢11.4849 to the US dollar, based on average bank rates between August 27 and September 11, 2026.

It said Bank of Ghana interventions helped ease pressure in the foreign exchange market, curb speculative positioning and narrow the cedi’s year-to-date depreciation.

COMAC, however, noted that prices, particularly diesel, could have been higher without government support through the GH¢2 diesel subsidy.

NPA raises industry price floor

The National Petroleum Authority (NPA) has also increased the price floor for the second pricing window beginning September 16.

Market data picked up by Joy Business show that the petrol price floor has increased from GH¢14.53 to GH¢16 per litre.

The diesel price floor has also risen from GH¢15.60 to GH¢16.77 per litre, while the LPG price floor has been set at GH¢10.97 per kilogramme.

This means OMCs should not sell petrol below GH¢16 and diesel below GH¢16.77 per litre from Wednesday, September 16.

According to an NPA notice, the price floors exclude premiums charged by International Oil Trading Companies, the operating margins of Bulk Import, Distribution and Export Companies, and the margins of marketers and dealers.

These additional margins will be independently determined by companies under the prescribed petroleum pricing framework.

Most OMCs, however, are no longer pricing strictly at the NPA floor, having moved away from the strategy adopted when the price-floor policy was initially introduced.

The IFC Managing Director, Makhtar Diop, made the disclosure after a meeting with Finance Minister Dr. Cassiel Ato Forson in Accra, where discussions focused on Ghana’s recent macroeconomic gains and opportunities to mobilise more private capital.

Mr. Diop commended the government for what he described as significant progress in macroeconomic management, particularly efforts to address inflation and debt challenges.

“In the last few years, Ghana has turned the tide. They have been able to do a solid adjustment, but also to put in place measures that will structurally, hopefully, help Ghana not to go back in a situation where the debt is a problem and inflation is affecting the economy.”

He said the progress had created an opportunity for Ghana to strengthen investor confidence and position itself as a more attractive destination for both domestic and international private capital.

According to Mr. Diop, the Finance Minister outlined several sectors in which the government wants the IFC to deepen its support, with energy, infrastructure and agriculture identified among the key priorities.

He disclosed that the IFC currently has a portfolio of about US$500 million in Ghana, alongside a pipeline of approximately US$1.2 billion, with the potential for further investments.

“We have now a portfolio of 500 million dollars, and we have a pipeline of 1.2 billion. But we will do more.”

Mr. Diop said the IFC was also looking to strengthen domestic businesses through its “Local Champion” initiative, which seeks to support investors from the continent to expand businesses within African markets.

Building a more resilient economy

The IFC Managing Director also called for greater local production as a strategy to strengthen Ghana’s resilience against external shocks, particularly amid heightened global and geopolitical tensions.

He said African economies needed to reduce their vulnerability to disruptions by identifying products that are currently imported but can be produced competitively on the continent.

“What I’m seeing right now is to see more and more how we can [take] things that were imported and can be produced in the continent at a competitive cost, produced locally,” he said.

Mr. Diop cited poultry production in Ghana as an example, noting that the country continues to import significant quantities of poultry despite the potential to expand domestic production.

He argued that strengthening local production would not only reduce exposure to external shocks but also support job creation and build a more resilient economy.

“One of the things that we have been doing is to be able to indigenise the production in certain sectors, which will be helping not only for job creation but to create a much more resilient economy and be able to be better prepared when shocks are happening.”

He identified pharmaceuticals, energy and other strategic sectors as areas where greater domestic production could contribute to economic resilience.

The comments come as the government seeks to consolidate recent macroeconomic improvements while pursuing measures to expand commercial agriculture, add value to locally produced commodities and create more jobs.

Dr. Cassiel Ato Forson has indicated that the government’s next phase of economic transformation will place greater emphasis on commercial agriculture, value addition and job creation.

Speaking on Adom FM’s Dwaso Nsem, Mr Kyerematen said many of the projects were intended to become engines of local manufacturing and job creation, and should instead have received further support to enable them to contribute to the government’s 24-hour economy agenda.

“I am very worried that 1D1F projects have been abandoned. Because, as of the time I left office, there were about 300 projects nationwide,” he said.

Mr Kyerematen questioned why the government did not build on the investments already made under the programme by providing the necessary support to companies to expand their operations.

“So can you imagine if the NDC in 2025 had continued and supported the companies? They should have looked for ways to support these factories so that they can contribute to the 24-hour economy. But with the cancellation, when are they going to support the private sector?” he questioned.

The erstwhile Akufo-Addo-led administration designed the 1D1F programme as a private-sector-led industrialisation initiative, with government providing incentives and support to businesses rather than owning all the factories.

Official records show that 296 projects were at various stages of implementation by June 2023, including 126 operational companies and 143 under construction.

However, Mr Kyerematen disclosed that the programme faced challenges even within the NPP government that introduced it.

“Even within the NPP, there was internal sabotage. Because why would the policy be taken to the Office of the President for an industrialisation policy to be managed from there?” he asked.

He said he resisted the arrangement because of his conviction that the policy needed to be properly managed and implemented.

“I am not soft, so I insisted it was wrong, and I was resolute that even if there was no money, I would do my best and make it happen,” he stated.

He further raised concerns about the fate of the business resource centres established to support entrepreneurs and 1D1F companies.

“We built 67 resource centres but all these have been abandoned by the NDC.”

He alleged that some of the centres had subsequently been allocated to other institutions, including the Driver and Vehicle Licensing Authority (DVLA).

Official records confirm that 67 Business Resource Centres were established to provide business-development support to 1D1F and other companies.

Also read:

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Speaking during a meeting with IFC Managing Director Makhtar Diop, Dr Forson cited the decline in Treasury bill rates as evidence of the progress being made.

“We have worked to reduce the cost of capital for Ghanaian businesses, and the cost of capital is coming down. A typical example is Treasury bill rates, which we have purposefully driven down,” he said.

The Finance Minister said the Government intends to build on the return of economic stability and Ghana’s improving credit rating to transform the economy and accelerate private-sector growth.

“We have seen economic stability return, and we have also seen our credit rating improve from a very difficult past. Going forward, we want to use this stability to transform the economy,” he said.

Dr Forson said Ghana was working towards attaining an investment-grade credit rating by 2030 to access financing at lower interest rates and reduce the country’s debt-servicing burden.

“If we have the opportunity to raise US$1 billion at 10 per cent or US$2 billion at 5 per cent, I would prefer US$2 billion at 5 per cent. We spend too much servicing our debt,” he explained.

He called on the IFC to deepen its support for Ghanaian businesses in areas that could drive economic transformation and create jobs.

Mr Diop congratulated the Finance Minister on Ghana’s recent economic progress, particularly the reduction in inflation, noting that the gains had not been easy to achieve.

He added that the IFC would support the growth of Ghana’s middle class and local investors and encouraged the Government to expand private-sector participation in infrastructure financing.

According to the President, the Ministries of Finance and Trade and Industry are finalising the revised incentive framework, which is aimed at encouraging genuine local manufacturing and adding more value to vehicles assembled in Ghana.

Speaking at the commissioning of Phase Three of the Zonda Tec Ghana Limited Vehicle Assembly Plant, President Mahama said the new system would tie tax exemptions to the level of local production achieved by manufacturers.

“We are going to introduce a percentage threshold that manufacturers must achieve locally before qualifying for the VAT exemption,” he said.

He explained that the move was also intended to prevent companies from importing fully built vehicles and making only minor adjustments locally before presenting them as locally assembled products.

“We do not want companies bringing in fully built vehicles, removing only the steering wheel and tyres, and claiming they assembled them in Ghana,” he stated.

President Mahama said the Finance Minister would provide details of the new incentive package in the upcoming national budget.

He stressed that vehicle assembly should not be the end goal, saying the broader objective is to build an integrated automotive industry with strong participation from local suppliers.

The revised incentives, he said, are expected to promote deeper localisation, facilitate technology transfer, and create opportunities for Ghanaian small and medium-sized enterprises to participate in the automotive value chain.

The President further reaffirmed the government’s commitment to creating quality jobs, reducing Ghana’s reliance on imported vehicles, conserving foreign exchange and developing competitive automotive products for the ECOWAS and wider African markets.

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The analysis forms part of efforts by GNPC to identify ways of using existing petroleum infrastructure to develop resources that may not be commercially viable as standalone projects.

Senior Geomatic Engineer at GNPC, Emmanuel Boadum Donkor, told Citi Business News on the sidelines of the Esri User Conference West Africa 2026, hosted by Sambus Geospatial Limited, that GIS is helping the Corporation identify how existing infrastructure can be connected to stranded resources to reduce development costs.

“With only the Tano Basin that we have done the analysis around, we have been able to identify over 1 billion barrels of oil that we can actually potentially add to our production rate and about 2.5 trillion cubic feet of gas that we can actually add to our current production to boost it,” he said.

Emmanuel Boadum Donkor explained that developing the resources independently could require significant capital expenditure, while a hub-based approach supported by GIS could bring several stranded resources together and make their development more commercially viable.

“If you take up the CAPEX in terms of developing the infrastructure to extract these stranded resources independently, if you compare it to doing it in the hub way, which we are seeking to do, you realise that it brings down the cost of investment, and then it actually boosts our confidence to be able to extract these stranded resources,” he said.

GIS has become an important decision-support tool for GNPC, with Emmanuel Boadum Donkor noting that about 80% of the Corporation’s data contains location information.

“At GNPC it is a very significant part of us, as our data contains about 80% location information, and that tells you how significant positioning is to our industry,” he stated.

He explained that GIS can combine information on wells, pipelines, roads, settlements, farms, and environmentally sensitive areas to support decisions on petroleum infrastructure development while minimising potential impacts.

The proposed approach could therefore allow Ghana to leverage infrastructure already in place rather than developing separate facilities for individual stranded resources.

Mr. Donkor said the next phase will depend on reaching agreement on how the identified opportunities can be implemented.

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Commissioner-General of the GRA, Anthony Kwasi Sarpong, disclosed this at the AGI 2026 Industrial and Exhibition Summit, where he called for stronger tax compliance to ensure businesses compete on a level playing field.

“For every 10 businesses in Ghana, about six are not complying,” Mr Sarpong said.

According to him, businesses that fail to meet their tax obligations can gain an unfair advantage over compliant companies, potentially undermining efforts to build a competitive and sustainable private sector.

“For those of you who are complying, you are doing your best. For those who are not complying, they are then becoming… unfair advantage,” he said.

Mr Sarpong said the GRA is therefore intensifying efforts to improve compliance while making it easier for businesses to meet their tax obligations.

He said the Authority’s approach is centred on broadening the tax base, improving predictability, simplifying tax rules and using digitisation to strengthen compliance.

GRA to intensify digital monitoring

As part of efforts to address non-compliance, the GRA plans to implement the Fiscal and Accounting Devices Act in the last quarter of 2026.

The Commissioner-General said the government-approved devices will be used by businesses in their transactions to help improve VAT compliance.

He said the measure is expected to contribute to a more level playing field by ensuring that businesses properly account for their transactions and tax obligations.

The GRA is also rolling out its Integrated Tax Administration System, which Mr Sarpong described as a major step towards reducing human intervention and making tax administration more efficient.

“This is a game-changer that is going to allow a more efficient and seamless interface… to remove some of the human interventions,” he said.

The system, he explained, will allow taxpayers to engage with the GRA digitally and make it easier for businesses to voluntarily comply with their tax obligations.

Mr Sarpong stressed that the objective is not simply to collect more taxes but to create an environment where compliant businesses are not disadvantaged by those who evade their obligations.

He said the GRA’s success is ultimately linked to the success of Ghanaian businesses and industries.

“GRA succeeds when Ghana’s industries succeed,” he stated.

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• GRA moves to extend Modified Taxation Scheme to small companies

Mr Sarpong said the GRA is seeking to double the revenue it collected in 2024 by 2028, while improving tax compliance and creating a more predictable environment for businesses.

He was speaking at the AGI 2026 Industrial and Exhibition Summit, where he emphasised the need for stronger collaboration between the tax authority and the private sector to support Ghana’s industrialisation and domestic revenue mobilisation.

According to him, the GRA’s revenue performance is directly linked to the strength of the economy and the ability of businesses to expand their operations.

“When your business grows, the nation can collect more without raising a single rate,” he said.

He added that the interests of the GRA and the business community are therefore closely aligned.

“GRA succeeds when Ghana’s industries succeed,” Mr Sarpong stated.

GRA Targets Broader Tax Base

The Commissioner-General said the Authority’s strategy is focused on broadening the tax base, improving predictability in the tax system, simplifying rules and using digitisation to improve efficiency and compliance.

According to him, the GRA is implementing a number of legal and technological reforms to make tax administration more efficient and responsive to the needs of businesses.

Mr Sarpong disclosed that the GRA collected GH¢130 billion in revenue in 2024 and has set a target of doubling that figure by 2028.

He said the Authority collected GH¢182 billion last year and is targeting GH¢225 billion in 2026, adding that the GRA is currently on course to meet this year’s target.

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He said the government would deliberately use its spending power and fiscal policy to drive investment and create opportunities in those sectors.

“The New Economy is coming to create jobs and build prosperity for Ghanaians,” Dr. Forson said.

“We will identify the sectors of the economy that can create jobs at scale. Government will then use its spending power and fiscal policy to create the space for people to enter those sectors and create jobs.”

The approach, he explained, will ensure that government spending supports productive sectors, promotes enterprise and delivers jobs for Ghanaians.

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Ghana remains a prime investment destination in Africa – Ahmed Ibrahim

Mahama urges banks to introduce long-term financing for locally assembled vehicles

He said government is focused on creating a conducive business environment that will attract investors and support projects capable of driving national development.

Speaking at the sod-cutting ceremony for the Sentuo Airport Garden City Project on Tuesday, September 15, Mr Ibrahim urged investors to take advantage of Ghana’s strategic position and the opportunities available in the country.

He described Ghana as the “gateway to Africa” and said the country remained committed to working with the private sector to accelerate development.

“Ghana is the home of investors and is the most attractive place. The heart of the world, all investors are welcome. We are in business,” he said.

The Minister noted that public-private partnerships would remain an important part of government’s strategy to address the country’s infrastructure and housing challenges.

He said increased private sector investment, supported by government initiatives, would be essential to expanding housing delivery and improving access to decent accommodation.

Mr Ibrahim also expressed optimism that the collaboration between government and private developers would contribute significantly to reducing Ghana’s housing deficit, currently estimated at about 1.8 million housing units.

He said government is working towards substantially narrowing the gap in the coming years, with the potential of reducing the deficit to below one million units.

The Minister therefore encouraged investors to explore opportunities in Ghana and partner with government in delivering projects that meet the country’s growing housing and infrastructure needs.

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He said the growth of Ghana’s automobile assembly industry must be matched with accessible financing options that allow workers to acquire vehicles and repay the cost gradually from their salaries.

President Mahama made the call on Tuesday, September 15, when he commissioned the third phase of the Zonda Tech Ghana Assembly Plant.

He said the banking sector had an important role to play in bridging the gap between vehicle production and ownership by Ghanaian workers.

According to him, public sector professionals such as doctors, teachers and nurses, as well as employees in the private sector, could afford new locally manufactured vehicles if appropriate credit facilities were made available.

“It’s good to have these assembly plants producing cars locally, but we must create the instruments for Ghanaians to be able to purchase these cars. And this is where the banking sector comes in,” he said.

The President proposed the introduction of hire-purchase arrangements and other long-term credit facilities that would allow employees with regular incomes to acquire vehicles and make monthly payments over an agreed period.

He said government was prepared to work with financial institutions and vehicle manufacturers to develop financing schemes that would make car ownership more attainable.

“Government is ready to collaborate with the private sector, we’re ready to collaborate with the manufacturers, we’re ready to sit down with the banks and come out with financing instruments that allow people who are employed and engaged and receive an income to be able to take a car of their choice and pay monthly over a certain period until they have defrayed the cost of the vehicle,” President Mahama stated.

He said such financing arrangements would complement the expansion of local vehicle assembly and help create a stronger domestic market for vehicles produced in Ghana.

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The donation, presented on Tuesday, September 15, 2026, is part of the Bank’s corporate social responsibility efforts aimed at widening access to quality healthcare and supporting interventions that can save lives.

A delegation from Fidelity Bank Ghana, led by its Deputy Managing Director, Kwabena Boateng, visited the Fund to formally present the donation.

He was accompanied by John Paul Taabavi, Divisional Director, Corporate and Institutional Banking; Vincent Musah, Director, Public Sector Group; Joshua Elikplim Agbo, Senior Manager, Public Sector Group; Edwin Tei Mensah, Relationship Officer, Public Sector Group; and Ms. Marjorie Myers Quansah, CSR Coordinator.

‘Good health is the foundation of national development’

Speaking at the presentation, Mr. Boateng praised the Ghana Medical Trust Fund for its work in supporting Ghanaians who require specialized medical care, particularly those living with chronic non-communicable diseases.

He said Fidelity Bank was proud to support an institution whose interventions directly improve the lives of vulnerable people while contributing to the development of specialist healthcare capacity in the country.

“We are happy to support an institution which is providing financial assistance and specialist treatment for Ghanaians suffering from chronic non-communicable diseases and also training specialist health professionals,” he said.

Mr. Boateng said the donation reflected the Bank’s belief that access to quality healthcare was not only a social responsibility but also a critical ingredient for national development.

“This donation is not only a demonstration of the Bank’s strong corporate social responsibility agenda but also a reflection of its belief that good health is a foundation for national development,” he stated.

He further assured the Ghana Medical Trust Fund of Fidelity Bank’s continued support for initiatives aimed at strengthening healthcare delivery and improving outcomes for patients.

Donation comes at critical time

Receiving the donation, Administrator of the Ghana Medical Trust Fund, Adjoa Obuobia Darko-Opoku, expressed gratitude to Fidelity Bank Ghana for the timely intervention.

She said the GH¢200,000 would provide much-needed assistance in responding to the increasing burden of chronic non-communicable diseases and improve access to specialised medical care for vulnerable patients.

According to her, the growing demand for specialised healthcare requires strong collaboration between government and the private sector.

She therefore called for continued support from corporate institutions such as Fidelity Bank to complement government’s efforts to build a resilient and responsive healthcare system.

Ms. Darko-Opoku commended Fidelity Bank Ghana for the gesture and assured the Bank that its contribution would be put to its intended purpose.

She pledged that every contribution received by the Trust Fund would be channelled towards saving lives, supporting patients and creating lasting impact.

The GH¢200,000 donation adds to the growing role of private-sector partnerships in tackling Ghana’s healthcare challenges, particularly for patients whose access to specialised treatment is often constrained by financial difficulties.

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The August edition of the report indicates that overall food price conditions changed little from July, although individual commodities recorded varying movements.

The national average price of rice, for instance, remained unchanged at GHS 11,100 per metric tonne.

“Prices were slightly higher than three months earlier (+0.9%) but remained 10.1% below six-month levels and 16.4% lower than a year earlier, reflecting adequate domestic and imported rice supplies.”

Sorghum prices also held steady, with the national average remaining at GHS 5,833 per metric tonne.

“Prices were slightly lower than three months ago (-1.2%) and significantly below six-month levels (-10.3%), indicating improved market supplies compared to earlier in the year,” the report said.

Despite the improvement compared with earlier periods, sorghum prices were still 2.9% higher than they were a year ago, pointing to relatively firmer domestic market conditions.

White maize, however, recorded a notable increase, with its national average price rising by 8.9% month-on-month to GHS 3,141 per metric tonne.

The report said the recent increase had not erased the commodity’s longer-term price gains, noting that prices remained 8.9% below six-month levels and 36.3% lower than a year earlier.

“However, prices remained 8.9% lower than six months ago and 36.3% below year-earlier levels, suggesting that despite recent market tightening, overall supply conditions remain more favourable than a year ago.”

While food prices showed relative stability, the cost of fuel moved in the opposite direction during the month.

Petrol prices increased by 3% in August compared with July, while diesel prices went up by 1%. This pushed petrol and diesel prices to 29% and 19% above their March levels respectively, reflecting continued pressure in the domestic fuel market.

Beyond Ghana, AGRA’s assessment points to broader risks facing food production across Africa.

In West and Central Africa, first-season maize production has generally remained close to average. However, highly variable rainfall, localised moisture deficits and fragile agricultural conditions in parts of Nigeria, Mali, Burkina Faso, Benin, Chad and the Sahel continue to threaten crop performance and food access.

The report says forecasts point to generally average rainfall across much of the region, although some coastal areas and central Nigeria could experience drier-than-normal conditions later in the season.

Fertiliser prices also remained elevated in several East and Southern African countries, although recent declines in Ghana, Zambia and Nigeria indicate some easing of price pressures amid policy interventions.

At the global level, food and agricultural commodity prices increased in August amid tighter supplies, strong demand, weather-related production concerns and trade disruptions.

Global grain markets came under further pressure after 2026/27 production forecasts were reduced because of adverse weather, particularly in Europe, while disruptions to Black Sea exports added to upward price pressures.

The report also raises concerns about the next farming season, pointing to the growing threat posed by climate-related shocks.

It says variable rainfall, localised moisture deficits, conflict, displacement and market disruptions continue to threaten livelihoods and food access across West and Central Africa.

AGRA warns that the combined effects of climate shocks linked to El Niño, conflict, economic pressures and displacement could worsen food insecurity across the continent, increasing the need for early preparedness, climate adaptation and resilience-building measures.

According to the report, a powerful El Niño event is developing in the Pacific and is projected to become one of the strongest on record during the 2026/27 season.

The U.S. National Oceanic and Atmospheric Administration (NOAA) estimates a greater than 90% probability that the event will continue and a 69% chance that it could surpass all El Niño events recorded since 1950.

The development, AGRA cautions, significantly raises climate-related risks for food production across Africa.

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Read the full report below:

Trading was concentrated in the belly, with 2031-2034 maturities accounting for 53.75% of turnover at an average yield of 13.90%.

The 2027-2030 segment contributed 45.06% at 12.01%.

Longer-dated bonds remained largely sidelined, with post-2035 maturities representing just 1.19% of activity at 14.78%.

Meanwhile, the newly issued September 2030 bond attracted GH¢320.99 million in turnover at a weighted-average yield of 11.94%, accounting for 7.8% of total secondary-market turnover.

Databank Research expects secondary-market activity to remain firm, supported by sustained trading interest in the newly issued 4- year Government of Ghana bond.

The indication comes as the government intensifies preparations for its next economic programme, with the Finance Ministry already engaging ministries, departments and agencies over their proposed spending for the coming year.

Speaking in an interview with Kumasi-based Ahenfie FM, Dr Ato Forson said the 2027 Budget would set out a new wave of policies aimed at creating jobs, expanding infrastructure and providing incentives for businesses.

He said the government’s focus was shifting from economic stabilisation to stimulating stronger growth after spending the first two years of the administration addressing the country’s economic challenges.

According to the Finance Minister, businesses can expect fresh incentives designed to support expansion and encourage them to venture into new areas.

The planned measures, he said, would be outlined in detail in the 2027 Budget and form part of the government’s broader strategy to move the economy into its next phase of growth.

Dr Ato Forson also linked the initiatives to the government’s new economic programme, under which it plans to invest about US$10 billion to stimulate economic activity.

Preparatory work for the 2027 Budget is already underway, with the Finance Minister holding engagements with key ministries, departments and agencies ahead of the budget hearings.

Some ministries have already appeared before the Finance Ministry to justify their proposed expenditure for 2027, as government works to identify priority sectors and investment opportunities.

The planned November presentation falls within Ghana’s public financial management framework, which requires the Finance Minister to present the budget for the following financial year no later than November 15.

The timeline allows Parliament to consider and approve the proposed expenditure before the start of the new financial year on January 1, 2027.

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Market data and price quotes from several commercial banks show that the cedi depreciated by 1.86% in July, after appreciating by 3.30% against the dollar in June.

The June gain was largely attributed to increased foreign exchange support from the Bank of Ghana, which injected $2.01 billion into the market to meet demand and support stability.

However, the pressure returned in July, driven largely by increased demand for dollars to finance energy imports.

The situation has persisted into August. Market data show the cedi has recorded week-to-date and month-to-date depreciations of 0.52% and 1.66%, respectively. On a year-to-date basis, the cedi has depreciated by 8.06%.

Christmas Imports Add to Dollar Demand

The latest pressure is being linked to increased demand for dollars by businesses preparing for the December Christmas shopping season.

Market watchers have told JOYBUSINESS that the demand could remain elevated as businesses increase imports ahead of the festive season.

The pressure has also been compounded by crude oil prices and their impact on the amount of foreign exchange required to finance energy imports.

BoG Expects Cedi to Stabilise

The Bank of Ghana, however, has described the latest movements as normal market developments and maintains that the cedi is expected to remain relatively stable for the rest of 2026.

In its July Monetary Policy Report, the central bank said renewed foreign exchange demand ahead of the Christmas season could create pressure but expressed confidence in its ability to manage the situation.

“Over the medium term, the Ghana cedi is expected to remain relatively stable,” the Bank stated.

It added that foreign exchange interventions and remittance inflows would help ease pressure on the currency.

“FX intermediation is expected to moderate the pressures on the cedi, along with remittance flows,” it added.

The Bank of Ghana is expected to supply about US$500 million to the market in September through its foreign exchange intermediation programme.

The Ghana Gold Board is also expected to provide additional support, targeting US$1.4 billion in foreign exchange receipts during the month.

Of this amount, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.

The remaining US$700 million is expected to be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The central bank has also assured the market that it remains prepared to intervene when necessary to maintain orderly market conditions while allowing the exchange rate to remain flexible.

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The initial public offering (IPO) is for roughly 3% of the Dangote refinery, with the billionaire saying he wanted to give ordinary Nigerians the chance to share in the plant’s success.

The refinery, which started production in 2024, is one of the largest in the world and took more than a decade to complete.

It now supplies more than 70% of Nigeria’s energy consumption, and many Nigerians have expressed excitement at the prospect of owning a part of it.

Among them is Isah Salisu, who told the BBC he withdrew 50,000 naira (£28; $37) from his savings to invest.

“My hope is that my small money will one day grow big. I don’t want to miss out as many I know are also investing,” he said.

The IPO lasts for a month and the minimum purchase is 10 shares, costing about $4.

Economy and business expert Dr Abdulrazak Ibrahim Fagge told the BBC that Monday’s event was historic.

But he warned investors that the price of the shares could fall, meaning people could lose some of their money.

“What prospective buyers, especially first-time buyers, should know is that they shouldn’t invest all their money or money they would need in a couple of months,” he said.

“They should invest something they could do without for the next three, four, five years.”

He also warned people to be wary of scammers, saying there are people who would want to take advantage of those without good knowledge of the process.

“I will advise people to only deal with the institutions that have been listed,” he said.

Nigeria is Africa’s biggest oil producer but until the refinery was opened, most of the country’s fuel had to be imported because of a lack of refining capacity in the country.

Born in Kano, Dangote, 67, has a net worth of around $28bn, according to Forbes magazine.

He made his fortune in cement and sugar in Nigeria before expanding to 16 other African countries.

His company Dangote Cement is Africa’s largest cement producer.

The Lagos refinery was first announced in 2013 with an initial estimated cost of around $19bn, but construction did not begin until 2017. It was further delayed by the Covid-19 pandemic.

The site, in the Lekki Free Zone near Lagos, required massive land reclamation, with 65 million cubic metres of sand moved.

The refinery has a processing capacity of 650,000 barrels per day, making it the seventh-largest in the world.

The money raised by the share offer is intended to help double its capacity.

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Market data picked up by JOYBUSINESS showed that the price floor for petrol has been increased from GH¢ 14.53 to GH¢ 16.00 per litre.

Diesel has also been increased from GH¢ 15.60 to GH¢ 16.77 per litre. LPG, on the other hand, will sell at GH¢10.97 a kilogram.

The development should mean that no oil marketing company should sell a litre of petrol below GH¢ 16 and diesel below GH¢ 16.77 from this Wednesday, October 2026.

According to a notice from the National Petroleum Authority, seen by JOYBUSINESS, 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 should mean that we are likely to see some significant increases in the prices of petroleum products from the current levels or price quotes by the various oil marketing companies.

Some industry experts have also maintained that, given the rising costs faced by most oil marketing companies, it is unlikely that these firms will absorb the current round of price increases at the pumps.

COPEC on Pump Prices

The Chamber of Petroleum Consumers, for instance, has projected that we could witness some significant increases in the prices of petroleum products from September 16, 2026.

According to the Chamber, the price of petrol is expected to average at GH¢16.26 per litre, while diesel could sell at GH¢19.07 per litre from

COPEC projects a 4.24% increase in petrol prices from the current average of GH¢15.60 per litre.

Diesel is expected to record a steeper 10.23% increase, rising from an average of GH¢17.30 to GH¢19.07 per litre.

The Chamber attributed the projected increase largely to a sharp rise in international crude oil and refined petroleum product prices.

According to COPEC, the global crude oil price increased from $89.30 to $103.07 per barrel during the pricing window.

COPEC further projects that Liquefied Petroleum Gas (LPG) will sell at GH¢15.32 per kilogramme, following a 16.45% increase in its international FOB price.

The Chamber has appealed to the government to extend its subsidy intervention, proposing a GH¢1 per litre relief for petrol consumers while maintaining the GH¢2 per litre subsidy on diesel.

COPEC also urged Oil Marketing Companies (OMCs) to consider reducing their margins to cushion consumers against the expected increases.

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COPEC calls for strategic fuel reserve to reduce dependence on tax cuts

Ghanaians deserve GH¢5 fuel relief; gov’t can afford it – Egyapa Mercer

At a press conference, Executive Secretary Samson Asaki Awingobit said the current bottlenecks are systemic and span customs processes, inspections, regulatory charges, terminal operations, and truck turnaround times.

Mr Awingobit urged the Chief of Staff, Julius Debrah, to urgently convene and lead a special government team comprising the Ministers of Finance, Trade, and Transport, along with relevant port agencies, to engage stakeholders and implement an immediate action plan to decongest the ports.

Among the key concerns raised is the high rate of containers being sent for physical examination.

The association said about 74 per cent of scanned containers are being routed to the red channel for intrusive checks, a figure it believes is contributing significantly to delays.

He also cited the breakdown of the joint inspection regime, where some regulatory agencies allegedly conduct separate examinations after Customs has completed its checks, leading to multiple handling of the same containers.

IEAG expressed worry that rising regulatory fees from agencies such as the GSA, FDA and EPA, combined with long truck turnaround times at some terminals, are increasing costs and dwell times for importers.

The association warned that if the situation is not addressed quickly, the problem could worsen during the December peak trading period.

Mr. Awingobit said some importers are already considering routing cargo through the Port of Abidjan in Côte d’Ivoire due to the delays and uncertainties in Ghana.

“Once an importer establishes a reliable alternative supply chain through another regional gateway, winning that business back becomes extremely difficult,” the statement noted.

He also announced that IEAG has petitioned the President to remove representatives of the Ship Owners and Agents Association of Ghana (SOAAG) from the boards of the Ghana Ports and Harbours Authority and the Ghana Maritime Authority, citing persistent non-compliance with directives on the Container Administrative Charge.

The association stressed that Ghana cannot pursue an ambitious trade and industrialisation agenda while its ports remain expensive, unpredictable, and time-consuming for importers.

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Speaking on Adom FM’s Dwaso Nsem, COPEC Executive Secretary Duncan Amoah said constantly relying on tax reductions is not a long-term solution to fuel price pressures.

He argued that Ghana needs a structured system where a portion of petroleum products is reserved during periods of lower prices to cushion the market when international prices spike.

“A government should have a strategic reserve program,” Amoah said. He explained that setting aside products over time would allow the country to supply the market at more stable prices during difficult periods without always turning to tax interventions.

According to him, such a system would give government more room to manage price shocks instead of reacting only when prices threaten to rise sharply.

Amoah noted that while short-term measures may provide temporary relief, building a proper reserve would offer a more reliable buffer for the economy and consumers in the long run.

He maintained that Ghana needs a more strategic and forward-looking approach to petroleum pricing rather than depending mainly on tax adjustments.

Also read:

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

• COPEC proposes 50% cut in ‘Dumsor Levy’ to ease fuel prices

Speaking on Adom FM’s Dwaso Nsem, COPEC Executive Secretary Duncan Amoah said while the supply of crude oil to local refineries is a positive step, more deliberate effort is needed to ensure the arrangement actually benefits consumers.

According to him, government must work closely with the refineries to ensure that the crude supplied translates into more affordable products on the market.

“I would encourage local refineries,” Amoah said.

He added that the focus should not only be on supplying crude but also on supervising the process so that the benefit of local refining is felt by Ghanaians.

He noted that local refineries should be supported to operate profitably while keeping prices at reasonable levels for consumers.

Mr. Amoah stressed that Ghana can no longer continue to depend heavily on foreign sources for refined petroleum products.

“We cannot depend on the West any further,” he said, pointing to growing geopolitical risks that could disrupt global fuel supplies.

He called for a clear strategy that combines crude supply with proper oversight so that local refining delivers both energy security and price stability.

Also read:

• Petrol to hit GH¢16.26, diesel GH¢19.07 from Wednesday – COPEC

• COPEC calls for fuel tax cuts, return to strategic reserve programme

Speaking on Adom FM’s Dwaso Nsem, Mercer noted that when the Russia-Ukraine crisis pushed global oil prices to about $150 per barrel, the NDC blamed the erstwhile Akufo-Addo government.

He stressed that international oil prices are largely beyond the control of any Ghanaian government.

However, he described the current high prices as a “blessing in disguise” for Ghana because of increased revenue from the country’s crude oil exports.

According to him, government budgeted oil at $76 per barrel, but prices are now around $100.

This, he said, means the state is earning nearly $30 more on every barrel than it planned for.

Mr. Mercer argued that the extra revenue should be used to provide greater relief to Ghanaians struggling with high fuel prices.

“So they should cushion Ghanaians. We can do 5 cedis relief instead of the 2 cedis so people will be relieved,” he said.

He maintained that with the additional income from crude oil, government is in a better position to expand the current intervention and ease the burden on consumers.

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• Fuel relief must go beyond short-term cuts – Prof. Peprah to gov’t

This was 38% year-on-increase over that of GH¢893.0 million recorded in June 2025.

The provision was classified as loan losses and depreciation.

According to the July 2026 Monetary Policy Report, the asset quality risks remained elevated in the banking sector in June 2026, notwithstanding improvements in key asset quality indicators.

The industry’s non-performing loan (NPL) ratio declined to 16.1% in June 2026 from 23.1% in June 2025.

Similarly, the NPL ratio, adjusted for the fully provisioned loan loss category, improved to 4.6% from 8.5% over the same period.

In addition, the stock of non-performing loans decreased to GH¢19.9 billion in June 2026, compared with GH¢20.7 billion a year earlier. These developments point to an improvement in credit risk conditions, although asset quality vulnerabilities remain a concern.

The decomposition of NPLs continued to reflect the dominance of private sector credit in banks’ loan portfolios.

The private sector accounted for the largest share of NPLs, with its contribution rising to 98.0% in June 2026 from 96.4% in June 2025.

In contrast, the share of NPLs attributable to the public sector declined to 2.0% from 3.6% over the same period.

The distribution of NPLs remains broadly consistent with the sectoral composition of industry credit exposures.

Chief Executive Officer of GOIL, Edward Bawa, says other factors, including the cedi-dollar exchange rate, spare parts and insurance costs, must also be considered before fares are increased.

His comments come as global crude oil prices approach $100 per barrel, raising concerns about another increase in pump prices and its impact on transport costs.

Mr Bawa said GOIL is still assessing the situation but will seek ways to cushion consumers.

“We will get there. We’re still looking, or we’re still studying the various scenarios, still looking at what we should do, but what I can assure Ghanaians is that we will always want to be on their side,” he said.

He said the company must cover its costs but would also consider the impact of any price increases on consumers.

“Prices going up does not necessarily mean that at the pumps it will go up. It again depends on what strategy you are using. So GOIL will definitely find a way of trying to tame the market,” he said.

Mr Bawa said GPRTU’s assessment of transport fares should go beyond fuel prices.

“I understand GPRTU as a union body that the parameters considered in lorry fares are not only fuel. There is also the issue of the exchange rate because of spare parts. There’s an issue of insurance and all other things that come into it,” he said.

According to him, the recent stability of the cedi must also form part of the consideration.

“You realise that over the period, whilst prices of crude oil are going up, you have a fairly good situation within the country; you have a situation where the cedi and everything is still very fairly stable,” he said.

He therefore questioned the basis for automatically increasing fares whenever fuel prices rise.

“And so, it is unfair that anytime there’s in fuel prices, you have lorry commercial drivers at to increase,” he said.

Mr Bawa acknowledged that the Ministry of Transport works with GPRTU on fare adjustment thresholds.

He said that consideration of an increase occurs when the relevant combination of factors reaches the required threshold.

He urged GPRTU to take the broader economic picture into account.

“I think that is the reason why, and I want to believe that GPRTU also knows these factors, and maybe they could add that to it,” he said.

Mr Bawa also said GOIL has a responsibility to make it easier for transport operators to keep fares under control.

“But of course, as for GOIL, as a company, we must also be seen to be making the work of GPRTU and all other driver unions a bit easier for them to be able to insist on their drivers not to increase, having factored in when we are taking our price,” he said.

He admitted that global developments continue to create pressure for oil marketing companies.

“Anytime I see this, consistently you see that I am on my phone and the TV is on either CNN or other networks, just to see what is happening,” he said.

Mr Bawa said that geopolitical developments are a concern for oil marketing companies because of their impact on petroleum prices.

“As a provider of petroleum products to customers, you want to ensure that your customers are not overly burdened because of the pricing,” he said.

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The research arm of Fitch Ratings said Ghana posted a US$4.3 billion merchandise trade surplus in the first half of 2026, significantly above the US$700 million average recorded during the first halves of the previous decade.

The strong showing was largely supported by robust gold exports and increased crude oil shipments.

The performance exceeded Fitch Solutions’ earlier expectations and prompted the firm to revise its previous 5.2% of GDP forecast upwards.

“As such, we have revised up our 2026 current account surplus forecast to 7.8% of GDP, from 5.2% previously,” the firm said.

Fitch Solutions, however, expects the surplus to narrow in 2027, although it projects Ghana will retain a sizeable positive balance.

The outlook highlights the continued importance of gold and other commodity exports to Ghana’s foreign exchange earnings and external position, while the sustainability of the surplus will remain exposed to global commodity prices and export performance.

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• Cocoa bean exports to EU: Ghana ranked 4th in Africa – Fitch Solutions

• Fitch Solutions predicts inflation to rise to 9% by end-2026 despite recent gains

COPEC expects petrol to rise by 4.24% to about GH¢16.26 per litre, while diesel could climb by 10.23% to roughly GH¢19.07 per litre. LPG is projected to increase as well, to approximately GH¢15.32 per kilogramme.

COPEC, a projection dated September 13, 2026, attributed the expected increases mainly to a sharp rise in international crude oil and refined petroleum product prices, which it said outweighed a marginal gain by the cedi.

According to the chamber, global crude oil prices rose from US$89.30 to US$103.07 per barrel during the period under review, while the average interbank exchange rate improved slightly, from GH¢11.5166 to GH¢11.4830 per US$1, a 0.29% appreciation of the cedi.

On petrol, COPEC said the international Free on Board (FOB) price rose from US$1,136.50 to US$1,251.07 per metric tonne, a 10.08% increase. After accounting for the cedi’s marginal gain, it projects a retail price of GH¢16.26 per litre, up 4.24% from the current mean price of GH¢15.60. Factoring in its usual ±5% margin, COPEC expects petrol to sell between GH¢15.44 and GH¢17.08 per litre in the new window.

Diesel is expected to see a sharper rise. Its FOB price increased from US$1,250.50 to US$1,404.73 per metric tonne, a 12.33% jump. COPEC projects this will push the retail price to GH¢19.07 per litre, a 10.23% increase from the current mean price of GH¢17.30.

This is in a major policy shift aimed at making the tax system more responsive to the realities of small businesses.

The proposed reform will allow eligible businesses operating as individuals, sole proprietorships, partnerships or limited liability companies to benefit from a simplified tax regime, rather than being subjected to compliance requirements designed for larger corporate entities.

The Commissioner-General of the GRA, Anthony Kwasi Sarpong, announced the policy direction in a speech delivered on his behalf by his Technical Advisor and Chairperson of the MTS Committee, Elsie Appau-Klu, at an MTS stakeholder workshop in Accra on September 9.

The workshop was organised by Eban Capital, the Association of Small Scale Industries (ASSI), the Microfinance and Small Loans Centre (MASLOC), the Youth Employment Agency (YEA) and the GRA.

Madam Appau-Klu said the proposed expansion was necessary because many young people and women were being encouraged to formally register their businesses as limited liability companies, even when their operations remained very small.

Under the current application of the Income Tax Act, the MTS has largely been applied to individuals and sole proprietors. Consequently, small businesses that adopt a corporate structure may be subject to the standard corporate tax regime, including more stringent accounting and compliance requirements.

According to the GRA, this situation could discourage formalisation and place an unnecessary burden on businesses with relatively low turnover.

“The MTS should not be limited to individuals and sole proprietors,” the Technical Advisor said, announcing the Authority’s policy position that qualifying small businesses with annual turnover not exceeding GH¢750,000 should ultimately be eligible for the simplified regime.

GRA collaborating with Finance Ministry for amendments

She said the Authority’s Legal and Policy teams had been instructed by the Commissioner General to work with the Ministry of Finance towards the necessary legislative amendments to make the inclusion of qualifying small companies explicit.

The proposed GH¢750,000 threshold is also intended to align the MTS with the registration threshold for goods under the Value Added Tax Act, 2025 (Act 1151), creating greater consistency across the tax framework.

The GRA said excluding small businesses solely because of their legal status could undermine efforts by institutions such as YEA, MASLOC, the Ghana Enterprises Agency and other enterprise-support organisations to promote formalisation.

Ms Appau-Klu said the policy would mean that businesses such as salons, laundries, bakeries, carpentry shops and provision stores that operate as limited liability companies could eventually access the simplified tax framework if their annual turnover remains below the proposed threshold.

The Authority’s roadmap envisages stakeholder engagement and administrative guidance in the immediate term, followed by proposals for legislative amendments by December 2026.

In the longer term, the GRA also plans to digitise the MTS through mobile applications, USSD platforms and other digital channels to simplify registration, filing and tax payments, including the potential use of local-language interfaces.

Madam Appau-Klu emphasised that the overarching objective was to ensure businesses were not penalised for formalising their operations.

“We want a Ghana where a small business is not punished for becoming formal,” she said.

She further called for stronger collaboration among business associations, enterprise-support agencies and the GRA to help small businesses grow while gradually adapting their tax obligations as their operations expand.

The proposed reform is expected to strengthen the link between business formalisation and tax compliance by ensuring that entrepreneurs can choose corporate structures without automatically losing access to simplified taxation.

According to him, dedicated lanes would allow buses to spend less time in traffic and make more trips, and this could also cut operating costs by about 30%.

Johnson, who was speaking on Channel One TV on Saturday, 12 September, said congestion not only raises operating costs significantly but also limits the number of trips buses can make within a given period.

“The implication for operations is that the cost of operations increases by 30% when you are stuck in traffic. Then you are losing time; that’s a different parameter. Then every other thing that compounds on top of that,” he said.

He explained that allowing Aayalolo buses to operate in dedicated lanes would let them generate higher returns than when running in regular traffic.

“Your revenue will increase by 45%, comparatively, if you run in a simple and regular traffic lane,” he added.

The Greater Accra Passenger Transport Executive (GAPTE), he said, had gathered sufficient data through years of studying the transport system to support the introduction of dedicated bus lanes.

“We think that we have the measurement parameters now to argue for dedicated lanes for buses,” he said.

His comments follow a proposal by the Minister for Local Government, Chieftaincy and Religious Affairs, Mahama Ayariga, to introduce dedicated lanes for Aayalolo buses during peak hours.

The proposal is aimed at improving public transport efficiency, reducing delays caused by congestion and making bus services more reliable for commuters.

In a statement, the NPP Policy Committee on Energy said the GH¢2-per-litre diesel intervention is being funded by suspending statutory margins that support the petroleum downstream sector, even as government continues to collect taxes and levies on petroleum products.

The Committee estimated that the arrangement is draining more than GH¢500 million every month from the downstream sector, rising to nearly GH¢683 million when the implied support to the Unified Petroleum Price Fund (UPPF) is factored in.

“By our estimate, GH¢2.076 billion has already been withheld from BOST, the distributors, the fuel markers and the UPPF across April, May, August and September 2026. None of it has been replaced,” the statement said.

The NPP cautioned that prolonged withholding of these statutory margins could result in deferred maintenance, unpaid supplier bills and institutional borrowing, steadily building a new debt burden within the petroleum industry.

“In plain words, Government is accumulating debt to BOST and other key players under the guise of ‘intervention’,” the Committee said.

It argued that the situation closely resembles the conditions that previously pushed Ghana into an energy sector debt crisis.

“That is precisely how the historical energy sector debt crisis began: obligations left standing while the revenue meant to meet them was diverted,” the statement said.

The party further noted that pressure on pump prices is intensifying, pointing to rising crude oil and international petroleum product prices alongside a weakening cedi.

“Crude oil has moved from US$92.11 to US$98.18 per barrel, while international petrol prices have jumped 14.57 per cent, diesel 4.85 per cent and LPG 13.47 per cent for the September 16–30 pricing window.”

According to the Committee, these developments may force government to deepen the intervention further, even as diesel could still climb above GH¢18 per litre at the pump.

The NPP recommended that government suspend taxes and levies on fuel instead of withholding the statutory margins that keep the downstream sector running.

It also referenced the 2026 Budget’s crude oil benchmark of US$76.22 per barrel, noting that higher actual prices could have generated an extra GH¢8 billion to GH¢9 billion in revenue.

The Committee maintained that the current intervention is becoming costlier while offering diminishing relief to consumers.

“Government therefore faces a trap of its own making. Keep the GH¢2, and incur a downstream ‘debt’ of more than GH¢500 million every month. Remove it, and consumers absorb the international increase and the restored GH¢2 at the same time,” the statement said.

It called on government to restore the suspended statutory margins, publicly disclose the full cost of the fuel intervention, and suspend taxes and levies on petroleum products for the duration of the crisis.

“Restore the margins. Publish the cost. Stop digging the hole. Suspend the taxes,” the statement concluded.

Read the full statement below:

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• COPEC calls for fuel tax cuts, return to strategic reserve programme

According to the Fund, the energy and commodity-sector SOEs remain the principal sources of financial strain, with arrears accumulation, liquidity constraints, and non-cost reflective tariffs contributing to ongoing fiscal pressures.

In its Technical Assistance Report on Ghana titled “Advancing SOE Fiscal Risks Management, Financial Oversight, Governance and Investment Implementation”, the Bretton Woods institution said while SOE revenues increased markedly in absolute terms – from GH¢19 billion (2015) to GH¢133 billion (2024) – this has not resulted in improved overall SOE performance.

“Despite many entities operating profitably or around break-even point, a few large SOEs continue to drive the portfolio into net losses, which fluctuated around 1.0% of GDP [Gross Domestic Product] between 2016 and 2024. Part of this is due to financing costs of foreign currency denominated debts”.

It explained that this trend highlights a disconnect between reform progress and lack of tangible performance gains, as underlying constraints from quasi-fiscal activities and weak enforcement of hard budget constraints, remain largely unaddressed.

It welcomed the increased financial oversight role and the strengthened fiscal risk assessments of the Ministry of Finance [MOF].

At the same time, it said challenges remain with timeliness, data completeness, and integration of the fiscal risks assessment processes.

The MOF has two parallel fiscal risks reports – the Fiscal Risk Statement (FRS) and the SOE Fiscal Risk Report, which provide complementary but sometimes duplicative analyses, with the latter suffering from significant data lags and lack of focus on macro-critical enterprises.

The fiscal risk assessment is also complicated by the lack of information on quasi-fiscal activities (QFAs) carried out by SOEs, obscuring the key factor of their persistent losses and the true fiscal cost of SOE operations”, it mentioned.

The IMF added that institutional responsibilities for SOE financial oversight are split between the MOF and State Interest and Governance Authority [SIGA], resulting in overlapping functions and fragmented reporting, which reduce efficiency and the effectiveness of fiscal risk management.

In 2019, the government created SIGA, marking a significant shift toward centralized and professional state ownership, with the authority working in concert with line ministries to expand the use of performance contracts and regular evaluations.

Ownership and Governance

On the ownership and governance aspects, the Fund reiterated that Ghana has made notable progress with the establishment of the legislative framework, but implementation gaps persist.

It argued that the Board and CEO appointments remain highly politicised, with active politicians and high-level officials occupying many board seats, undermining boards’ independence and professionalism.

It also expressed worry about compliance with reporting, audit, and performance contracting requirements, which it described as uneven among SOEs, with significant irregularities noted by the Auditor General in procurement, financial management, and audit follow-up.

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The three-day fair, which runs till Sunday, September 13, brings together leading businesses and professionals across Ghana’s housing and property sector under one roof.

Day two offers another opportunity for visitors to explore solutions across mortgage financing, real estate, construction, home improvement, interior décor, security, renewable energy, technology and mobility.

For many prospective homeowners, access to financing remains a major consideration, and Republic Bank Ghana is at the fair to provide information and guidance on mortgage solutions for individuals and families seeking to purchase, build or renovate their homes.

The bank’s mortgage offerings cater to salaried workers, self-employed professionals, entrepreneurs and business owners, with visitors able to engage directly with representatives and learn more about available financing and repayment options.

Beyond financing, exhibitors are showcasing a range of products and services for Ghanaians at different stages of their homeownership journey, from buying land or property to constructing, renovating, furnishing and securing a home.

Visitors can also engage property developers, construction and building material companies, interior and home improvement businesses, security providers, and companies offering alternative power and technology solutions.

After the positive turnout on the opening day, Day 2 is expected to attract more patrons seeking practical information and direct engagement with experts and businesses in the housing and property sector.

The JoyNews–Republic Bank Habitat Fair continues at Marina Mall throughout Saturday, September 12, before concluding on Sunday, September 13.

The public is encouraged to visit the fair and take advantage of the opportunity to compare products, explore financing options and engage industry experts on their housing and homeownership plans.

The three-day fair, which opened on Friday, September 11, has brought together leading players in Ghana’s housing and property sector, offering visitors an opportunity to engage businesses and experts across banking, real estate, construction, home improvement, security, renewable energy and technology.

Throughout the opening day, patrons explored various products and services while seeking advice on financing, property acquisition, construction, renovation and other aspects of homeownership.

Mortgage financing emerged as an important area of interest, with Republic Bank Ghana providing visitors with information on mortgage solutions for purchasing, building or renovating homes.

The bank caters to salaried workers, self-employed professionals, entrepreneurs and business owners, offering financing and repayment options designed around different financial circumstances.

Exhibitors from the property development and construction sectors also showcased building materials and other solutions, while businesses in interior décor, security, alternative power, technology and electric mobility provided visitors with options for building, furnishing and securing their homes.

The positive turnout on the opening day has set the tone for the second day of the fair, with patrons expected to return to continue engaging exhibitors and exploring solutions tailored to their housing needs.

As the fair continues, prospective homeowners will have further opportunities to speak directly with industry experts, compare products and services, and gain practical insights into navigating Ghana’s property and housing market.

The JoyNews–Republic Bank Habitat Fair continues on Saturday, September 12, at Marina Mall, with the final day scheduled for Sunday, September 13.

The initiative, launched in collaboration with the Korklu Foundation, seeks to promote financial inclusion by supporting persons with disabilities to establish and grow sustainable businesses rather than relying on charity.

Speaking at CBG’s Disability Conference at the Du Bois Centre in Accra, Deputy Managing Director of CBG, Shella Azuntaba, said the initiative is aimed at addressing the challenges persons with disabilities face in accessing traditional lending opportunities.

She said CBG is committed to including persons with disabilities in its financial plans and providing the support needed to help them build sustainable businesses.

Ms Azuntaba explained that the five percent interest rate is being introduced as a pilot programme and urged beneficiaries to make effective use of the opportunity to enable the bank to consider expanding the initiative to other regions.

The three-day fair, running from September 11 to 13, is designed to connect prospective homeowners, builders and property owners with businesses and experts offering solutions for building, buying, financing, furnishing and securing homes.

The event also gives Ghanaians an opportunity to better understand mortgage and other financing options as they pursue their homeownership plans.

From mortgage financing and property development to building materials, interior décor, security systems, electric mobility and alternative power solutions, exhibitors will showcase a wide range of products and services under one roof.

Republic Bank Ghana

For prospective homeowners, financing remains one of the major considerations in acquiring property.

Republic Bank Ghana is therefore showcasing mortgage solutions designed to help individuals and families purchase, build or renovate homes.

The bank serves salaried workers, self-employed professionals, entrepreneurs and business owners, with financing and repayment options tailored to different financial circumstances.

Visitors will have the opportunity to engage the bank’s representatives on mortgage options and receive guidance on financing their homeownership plans.

Drive EV GH

Drive EV GH will introduce visitors to electric mobility and the potential savings associated with switching from conventional fuel-powered vehicles.

The company is also developing an electric mobility ecosystem, including X-ChargeEV, a smart charging network designed to make electric vehicle charging more convenient.

Its participation will provide visitors with an opportunity to explore electric vehicles and the wider infrastructure supporting cleaner and potentially more cost-effective mobility.

Virtual Security Africa

Virtual Security Africa (VSA) is showcasing integrated electronic security solutions for homes, offices and other properties.

Its services include CCTV surveillance, access control, intruder alarms, fire alarms and electric fencing.

The company will demonstrate how security technology can help homeowners monitor their properties, improve safety and respond to potential threats.

Akwaaba Building Materials

For those building from the ground up, Akwaaba Building Materials is showcasing construction and finishing products, including wall panels, PVC roofing sheets, PVC marble sheets, plumbing pipes, fittings and accessories.

The company provides materials for different stages of construction, allowing homeowners and builders to compare products and make informed decisions about quality, durability and finishing.

Lesh Fortune Limited

Lesh Fortune Limited is showcasing interior design, furnishing and space-styling solutions for homes, offices, hotels and other properties.

Its products and services include curtains, blinds, carpets, bespoke furniture, décor accessories and remote-controlled curtain rails.

The company caters to homeowners seeking to transform their spaces into functional and comfortable living environments.

DoorMaster

DoorMaster is presenting luxury and security doors designed to combine protection with aesthetics.

The company is also offering selected promotional deals, professional installation and warranties on qualifying products.

Ayuda App

The Ayuda App connects customers with professionals who provide home repair, maintenance and other services through a single platform.

Users can access service providers including electricians, plumbers, air-conditioning technicians, cleaners, painters, carpenters, movers and mechanics.

The platform is designed to make it easier for homeowners to find and engage service providers for a range of household needs.

Western Vilas

For prospective buyers interested in ready-made properties, Western Vilas is showcasing its gated-community development at Ayi Mensah.

The development comprises two-, three- and four-bedroom townhouses and luxury villas, with amenities including security, a gym, a swimming pool, landscaped gardens, children’s playgrounds and private balconies.

The company is also offering payment arrangements that allow prospective homeowners to explore off-plan property ownership without paying the entire cost upfront.

Ctechi Ghana

Ctechi Ghana Limited is showcasing energy-storage and backup-power solutions for homes and businesses.

Its products include lithium batteries, inverters, all-in-one batteries, UPS systems, jump starters and portable power-storage units.

The company also provides solar installation, maintenance and after-sales services for residential, commercial and industrial customers.

Velo West Africa

Velo West Africa Limited is exhibiting locally manufactured construction-material solutions under its ITALKOL brand.

The company uses locally sourced raw materials alongside components from the European chemical-engineering industry, with a focus on construction products and professional application.

Saint-Gobain Weber Ghana

Saint-Gobain Weber Ghana is showcasing waterproofing and damp-proofing solutions for foundations, bathrooms, roofs and retaining walls.

Its products also include technical repair solutions designed to restore damaged concrete and other building elements and extend their service life.

Three days of home solutions

With exhibitors spanning finance, property development, construction, security, interiors, energy, technology and mobility, the second JoyNews Republic Bank Habitat Fair offers visitors a range of options as they plan, build, buy, renovate, furnish or secure their homes.

The public is encouraged to visit Marina Mall from Friday, September 11, to Sunday, September 13, to engage exhibitors and experts on housing, mortgage financing and other solutions for homeownership.

The agreements, involving Eni Ghana, Vitol Upstream Tano Limited and the Ghana National Petroleum Corporation (GNPC), are expected to pave the way for negotiations towards final Petroleum Agreements for the two offshore blocks.

The MoUs were signed on behalf of the government by the Minister for Energy and Green Transition, Dr John Abdulai Jinapor.

The move forms part of efforts to attract fresh investment and unlock Ghana’s remaining hydrocarbon potential at a time when production from some existing oil fields is gradually maturing.

The two blocks span approximately 2,100 square kilometres, with offshore water depths ranging from 750 to 2,800 metres.

Government says the latest development builds on a Memorandum of Intent signed in 2025, which envisaged an investment of about US$1.5 billion.

The administration of President John Dramani Mahama has positioned the agreements as part of broader reforms intended to make Ghana’s petroleum sector more competitive, predictable and attractive to investors.

The location of the blocks could also provide an advantage as exploration progresses, given their proximity to existing producing fields and petroleum infrastructure.

According to the government, investors could leverage infrastructure and services already established within Ghana’s upstream petroleum ecosystem, potentially reducing some of the logistical and infrastructure costs associated with developing new offshore discoveries.

For the country, however, the signing of the MoUs represents only an initial step.

The immediate focus will be on concluding the final Petroleum Agreements, commencing exploration activities and determining whether commercially viable hydrocarbon resources can be discovered.

The government says it intends to continue with reforms aimed at accelerating exploration and production while ensuring that Ghana derives maximum and sustainable value from its petroleum resources.

Also read:

• Ghana has not violated Côte d’Ivoire’s sovereign rights with oil exploration – ITLOS

• Gov’t targets Springfield’s Oil Block in push to boost production

• Analysis: See what Ghana has done with its oil money since 2011