The exercise is expected to provide a more accurate picture of the economy and ensure that key economic indicators better reflect current consumption patterns and economic activity.

Government Statistician, Dr Alhassan Iddrissu, disclosed this when he appeared before Parliament’s Economic and Development Committee on June 9, 2026.

He said the timeline is achievable, provided funds from the Ministry of Finance are released on schedule to support the remaining stages of the exercise.

Dr. Iddrissu acknowledged the support the Ministry of Finance has already provided towards the process.

According to him, the rebasing exercise is critical because it will help policymakers and stakeholders make decisions based on more relevant and up-to-date data.

He also appealed to Parliament and the public to view the production of economic data as a key national infrastructure requirement that deserves sustained investment.

Current Progress

The GSS has already completed significant groundwork for the rebasing exercise, including collecting fresh data to update the weights and structure of both the GDP and inflation calculations.

Earlier this year, Dr Iddrissu explained in an interview with JoyBusiness that the current CPI basket is largely based on data from the Ghana Living Standards Survey 7, conducted in 2017.

He noted that while the weight reference period remains 2017, the price reference period was updated to 2021 to incorporate the six new regions created in Ghana.

According to him, data collection for the Ghana Living Standards Survey 8 has been completed and will provide the foundation for the new CPI and GDP estimates.

“The last one we did was in 2017, and it did reflect the consumption pattern at that time, so this new one will definitely affect the consumption pattern of consumers,” he said.

At present, inflation is measured using a basket of 307 items purchased by households from 57 markets and 8,337 outlets nationwide. The items are classified into 13 divisions, 44 groups, 98 classes and 156 subclasses.

Impact on Inflation and GDP Estimates

The introduction of a new base year is expected to affect how inflation and GDP are measured.

Economists say the revised methodology could result in a lower inflation rate, a higher one, or figures that more accurately reflect prevailing market conditions.

The rebasing could also significantly alter Ghana’s GDP estimates.

A similar exercise in 2010, when the GDP base year was changed from 1993 to 2006, increased Ghana’s GDP by more than 60% and helped move the country into lower-middle-income status.

Analysts believe the upcoming exercise could again reshape perceptions of the size and structure of Ghana’s economy.

Speaking recently on JoyNews’ PM Express Business Edition, Dr Iddrissu acknowledged that the rebasing exercise “will definitely change the dynamics going forward.”

Recent Inflation Trends

Ghana’s inflation rate has fallen sharply over the past year, dropping from 23.5% in January 2025 to 3.7% in May 2026.

However, inflation has started edging up after several months of continuous decline.

Dr Iddrissu recently attributed the slight increase to rising food prices and stressed the need for the government to maintain fiscal discipline while investing in food systems, storage infrastructure, irrigation and transportation.

He also called for measures to address regional inequalities in market access to help contain future price pressures.

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Speaking before Parliament’s Committee on Economy and Development during a public hearing on the 2024 National Annual Progress Report, Mr. Nyarko Ampem said the Ministry of Finance is implementing deliberate measures to prevent a return to the economic challenges experienced between 2022 and 2024.

The Deputy Minister assured the Committee that the government remains focused on maintaining fiscal discipline and supporting growth-enhancing investments.

“I can give you the fullest assurance of Dr. Ato Forson that he will continue to manage the finances of this country very well in order that we do not see what we saw in 2022, 2023 and 2024 again,” he stated.

According to him, the government has consistently reinforced monetary policy with responsible fiscal measures since 2025, in line with recommendations from the NDPC aimed at bringing inflation under control and strengthening economic stability.

He explained that expenditure has been tightly managed while efforts to mobilise revenue have been intensified.

“We have constrained expenditure, we are aggressively pursuing revenue mobilisation, and we are directing expenditure to the right areas that will give us the growth that we require,” he said.

Mr. Nyarko Ampem stressed that the administration is determined to protect the progress made so far.

“And so we will do everything possible to sustain the gains that we have made. We are guarding it jealously,” he told the Committee.

The Deputy Minister also underscored President John Dramani Mahama’s commitment to leaving behind a strong economic legacy by the end of his tenure.

“President Mahama every day talks about his legacy. He wants to leave the management of this country in 2028 with a very high record that will be difficult for anybody to maintain,” he said.

He concluded by assuring Parliament that the commitment to sound economic management remains strong at the highest levels of government and that Ghanaians would continue to see improvements across all sectors of the economy.

“And so that commitment is there at the highest level. I want to assure you that you will continue to see good performance in every sector of the economy going forward,” he added.

The award recognises CIOs who demonstrate exceptional leadership in driving digital transformation, cybersecurity, and innovation in high-pressure, 24/7 operational environments.

Mr. Armah received the honour at the 2026 edition of the summit, which brings together senior technology leaders from across the continent.

“This recognition is not just personal. It reflects the collective work of the team at Prudential Bank and our commitment to building resilient systems, empowering people, and delivering value that lasts beyond any single leader,” he said.

He added that the award validates the bank’s digital transformation strategy, noting: “We are focused on sustainable leadership—building architectures, processes, and talent that continue to perform long after the spotlight moves on.”

Acting Managing Director of Prudential Bank, Ebow Quayson, congratulated Mr. Armah and said the recognition reflects the strength of the bank’s digital strategy.

“Leopold’s recognition on this continental stage speaks to the strength of our digital strategy and the calibre of leadership we are building at Prudential Bank. It reaffirms our commitment to using technology to improve customer experience, strengthen security, and drive innovation,” he said.

The bank has in recent years accelerated investments in digital channels, data analytics, and AI-driven risk management as part of its broader transformation agenda.

The World CIO 200 Summit honours technology leaders who are shaping the future of digital business across industries.

Speaking on The Career Trail on Joy Learning TV and Joy News, he said although the continent presents opportunities, the risks are often significant and unpredictable.

“Africa is a very risky place. You’ve heard so many cautionary tales of businessmen who lose everything. Currency depreciates like crazy. You can lose a lot,” he said.

“It’s just risky for whatever reason. Government doesn’t like you, or there’s some big influence that works against you. It’s unpredictable,” he continued.

He, however, drew a contrast with Ghana, describing it as relatively stable compared to other markets on the continent.

“Ghana is not as bad. The rule of law here is fantastic. It is probably one of the best I’ve seen on the continent,” he stated.

He added that Ghanaian professionals often benefit from a strong continental reputation, which opens doors in other African countries.

“One beautiful thing about being Ghanaian is that we are very respected on this continent. A lot of it has to do with Kwame Nkrumah. I went to Malawi for the first time and walked into regulatory offices. I went to Mozambique and saw Kwame Nkrumah’s bust in the central bank,” he shared.

He noted that this respect often translates into business opportunities and easier access to institutions.

“As soon as they hear you’re from Ghana, there’s a certain level of respect,” he said.

“You don’t always see it when you’re here because the hustle is real. But outside, you realize how much Ghanaian reputation carries weight,” he added.

Despite the challenges, he explained that his experience across multiple countries helped him better understand how to navigate African markets.

“I’ve lived in about 12 countries, and seven of them are in Africa. That experience helped me a lot in understanding different markets,” he concluded.

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The eight-member board paid a courtesy call on the Speaker to brief him on developments within the company and formally introduce the Board Chair, Kuukua Maurice Ankrah. The meeting formed part of the board’s broader stakeholder engagement programme following its inauguration in August 2025.

Speaking during the engagement, GRIDCo’s Chief Executive, Ing. Frank Asirifi Otchere, outlined ongoing restoration works following the recent fire incident at Akosombo and disclosed plans to establish a permanent state-of-the-art control room to strengthen operational resilience. He also highlighted operational challenges facing the company, including the impact of illegal chainsaw activities and illegal mining operations on transmission infrastructure.

“For me, it was eye-opening listening to the Speaker share the history behind GRIDCo and the energy sector. It was clear he has been deeply involved from the beginning,” Ing. Otchere said on the sidelines of the meeting.

“We believe this engagement will deepen collaboration with Parliament as we work to strengthen Ghana’s power infrastructure and support economic growth.” On energy financing and tariff discussions, he stressed the need for sustained investment in the power sector to support industrialisation and long-term economic development. “Ghana’s economic growth is tied to reliable power supply. To grow the economy, we must continue investing in the energy sector,” he added.

Board Chair Kuukua Maurice Ankrah said the current board brought together a strong blend of expertise and experience, adding that the response to the Akosombo incident had demonstrated the technical capacity within GRIDCo. She also called for greater female representation in leadership positions, noting that she was currently the only woman on the board.

“We the board are positioned to lead management in the transformation of GRIDCo. The recent fire outbreak and our swift and efficient response is testament to what is achievable with the right support. I strongly believe that with greater female representation in leadership positions across various sectors of the economy, Ghana’s progress is more than guaranteed. Mr. Speaker, I am the only female board chair in all the agencies and institutions under the Energy Ministry. We need to improve upon that,” she said. 

Speaker Bagbin underscored the importance of energy security to Ghana’s economic stability and industrial ambitions, urging GRIDCo to position itself for rising demand driven by industrialisation. He encouraged the company to expand public education on electricity consumption and energy efficiency while leveraging its assets to support recapitalisation and infrastructure expansion.

The Speaker also called for stronger implementation of the Affirmative Action and Gender Equity framework to increase women’s participation in leadership. He further disclosed that Parliament was exploring opportunities in solar energy deployment and welcomed GRIDCo’s technical support in that effort. The engagement reflects growing attention on the resilience of Ghana’s power infrastructure as policymakers and energy sector leaders seek to secure stable electricity supply to support industrial growth, attract investment and sustain economic activity.

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The cedi, according to the latest market update, weakened in both the interbank and retail foreign exchange markets, with analysts attributing the depreciation to heightened demand for US dollars amid moderate foreign exchange supply.

The cedi traded at GHS 11.85 to the US dollar, down from GHS 11.63 recorded in the previous review period in the interbank market and also depreciated against the British pound and the euro, with exchange rates rising to GHS 15.85 per pound and GHS 13.66 per euro from GHS 15.62 and GHS 13.49, respectively.

The depreciation was also felt in the retail market, with the cedi losing 0.81 percent against the dollar, 1.83 percent against the pound, and 1.40 percent against the euro, closing at mid-rates of GHS 12.30 per dollar, GHS 16.35 per pound and GHS 14.30 euro.

Despite the foreign exchange interventions of approximately $1.1 billion by the Bank of Ghana in May, the cedi depreciated by an average of 4.18 percent between April and May 2026, compared to the 3.23 percent decline recorded at the end of April.

According to a report by citinewsroom.com, analysts have attributed the weakness to demand for foreign currency consistently outpacing supply, compounded by growing global appetite for the US dollar as central banks liquidate non-dollar assets to meet rising import costs driven by persistently high crude oil prices.

Looking ahead, market observers expect speculation in the foreign exchange market to remain relatively contained in June, supported by an announced $1.2 billion monthly foreign exchange support programme.

Analysts, however, warn that the cedi could face additional pressure in the coming weeks as multinational companies begin repatriating profits and dividends during the second-quarter repatriation period.

“Corporate demand typically peaks during the Q2 repatriation window, driven by multinational dividend and profit outflows,” the report noted.

The dollar-cedi exchange rate is expected to weaken further beyond the current interbank level of GHS 11.85 unless foreign exchange inflows strengthen significantly.

Meanwhile, in South Africa, the rand also came under pressure during the review period, weakening by 1.15 percent to close at ZAR 16.28 per US dollar.

Analysts attributed the decline to elevated oil prices and renewed geopolitical tensions that have dampened investor risk appetite and increased concerns over import costs.

The outlook for the rand remains cautious, with elevated crude oil prices and uncertain global market conditions expected to keep the currency under pressure in the near term.

The inauguration and swearing-in ceremony was officiated by Her Ladyship Justice Patricia Quansah, Justice of the High Court, following her nomination by the Acting Chief Justice of the Republic of Ghana. Her presence underscored the importance of corporate governance, accountability, legal compliance, and institutional credibility within the emerging digital financial services sector.

The ceremony brought together distinguished guests, including representatives from the Securities and Exchange Commission (SEC) Ghana, regulatory bodies, the financial sector, legal fraternity, academia, corporate organisations, development partners, traditional authorities, and the media.

During the inaugural board sitting, the Board elected its leadership as follows:

• Mr. Daniel Glover – Board Chairman
• Ms. Grace Kafui Vormawor – Board Vice Chairperson
• Mr. Gershon Ntsri, Esq. – Board Secretary

The full Board of Directors includes:

1. Mr. Daniel Glover – Board Chairman
2. Prof. Hugh Aryee
3. Mr. Gershon Ntsri, Esq. – Board Secretary
4. Mr. Godson Sena Adjavor
5. Dr. Esther Asiedu
6. Dr. Makafui R. Agboyi (PhD)
7. Mr. Stephen Opon
8. Dr. Joshua Doe (PhD)
9. Rev. Flora Lamptey
10. Ms. Grace Kafui Vormawor – Board Vice Chairperson
11. Mr. Hudson Emmanuel Opoku-Mensah

The inauguration comes at a strategic moment as Hanypay progresses within the Securities and Exchange Commission Ghana Regulatory Sandbox Programme, positioning itself among emerging compliant fintech and virtual asset ecosystem participants in Ghana.

Speaking at the ceremony, Prof. Hugh Aryee, Founder and Group CEO of Hanypay Ghana Ltd, expressed appreciation to the Securities and Exchange Commission Ghana for admitting the company into the Regulatory Sandbox Programme. He described the milestone as evidence of the Commission’s commitment to responsible innovation, investor protection, regulatory oversight, and the development of Ghana’s digital financial sector.

He noted that Hanypay’s innovation strategy is anchored on regulation, transparency, accountability, compliance, and responsible digital finance innovation.

Prof. Aryee outlined key innovations currently operating within the Sandbox environment, including:

• A utility payment settlement system enabling users to pay for goods and services using the company’s utility token ecosystem
• Secure peer-to-peer (P2P) and business-to-business (B2B) transaction channels
• Corporate and merchant digital wallet infrastructure
• Integrated fintech interoperability systems
• Hanymarket, a continental digital marketplace platform designed to support commerce across 54 African countries

According to the company, Hanymarket is intended to serve as a digital trade and e-commerce platform where the AKL utility token functions as a payment instrument to enhance financial inclusion, cross-border trade, and digital commerce accessibility across Africa.

Prof. Aryee further emphasised that governance and compliance remain central to Hanypay’s long-term growth strategy as it expands within the Virtual Asset Service Provider (VASP) ecosystem.

He added that the Board was carefully constituted to provide expertise across academia, law, banking, accounting, auditing, governance, technology, business leadership, and financial services.

The Board will provide oversight in key areas including regulatory compliance and risk management, corporate governance, financial sustainability, cybersecurity, strategic partnerships, consumer protection, and operational accountability.

Hanypay reaffirmed its commitment to maintaining the highest standards of integrity, compliance, risk management, and responsible innovation as it builds an inclusive and globally competitive digital financial ecosystem.

ABOUT HANYPAY GHANA LTD

Hanypay Ghana Ltd is a fintech and digital commerce company focused on payment infrastructure, digital wallets, utility payment systems, fintech interoperability, and marketplace solutions across Africa and beyond. The company supports P2P, B2B, C2C, and G2G transactions while promoting financial inclusion, digital trade, and compliant fintech innovation.

The event brought together key stakeholders from government and the energy sector to highlight the role of LPG as a cleaner energy source and to promote greater public awareness, safety compliance, and accessibility.

Speaking at the event, NPA Chief Executive Officer Godwin Kudzo Tameklo stressed that accelerating LPG adoption requires a coordinated approach anchored on effective regulation, sustained public education, and shared responsibility among all players in the value chain.

He noted that collaboration among stakeholders remains essential to achieving the country’s clean energy goals.

Delivering the keynote address, John Abdulai Jinapor reiterated the government’s commitment to increasing local LPG production and expanding clean cooking initiatives nationwide.

He highlighted plans to promote the use of LPG in secondary schools through the Renewable Energy Fund as part of efforts to encourage cleaner and more sustainable energy consumption.

Industry players at the event called for stronger collaboration to address challenges affecting LPG penetration, identifying affordability, investment, public awareness, and regulatory support as critical areas requiring attention.

The Director of Gas at the NPA, Ntiwaa Kwakye, reaffirmed the Authority’s role in coordinating stakeholders, strengthening safety advocacy, and advancing Ghana’s clean energy transition through a unified national LPG agenda.

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The milestone event, attended by government officials, petroleum industry leaders, upstream partners and investors, is being described as a major breakthrough in President John Dramani Mahama’s agenda to promote industrialisation, energy security, local value addition and job creation.

Speaking on behalf of President Mahama, the Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, described the occasion as a defining moment in Ghana’s petroleum sector and a clear demonstration of government’s commitment to ensuring greater value is derived from the country’s natural resources.

“This achievement goes beyond a commercial transaction. It represents a deliberate national policy decision to deepen local value addition, strengthen energy security, promote industrialisation and retain a greater share of the benefits derived from Ghana’s petroleum resources within our economy,” he stated.

Chairman of Sentuo Oil Refinery, Ningquan Xu, described the arrival of Jubilee Crude Oil as a transformational moment for Ghana’s economic future.

“Ghana is moving beyond being simply an exporter of raw resources. This refinery stands as a symbol of confidence in Ghana’s future. Ghana can become the energy gateway of the region,” he said.

The delivery follows interventions by the Government of Ghana through the Ministry of Energy and Green Transition, which facilitated engagements between Sentuo Oil Refinery, GNPC, Explorco, Tullow Ghana, Kosmos Energy, Vitol Ghana and other stakeholders, resulting in the allocation of about one million barrels of Jubilee Crude Oil for local refining.

The development comes ahead of another major milestone for Ghana’s petroleum sector, as President John Dramani Mahama is expected to cut sod on June 24, 2026, for the commencement of Phase Two of the Sentuo Oil Refinery Expansion Project.

The expansion is expected to increase Sentuo’s refining capacity from 40,000 barrels per day to 100,000 barrels per day, making it one of the largest refineries in West Africa and positioning Ghana as a strategic petroleum refining and distribution hub for the West African and Sahel markets.

The project is expected to generate thousands of direct and indirect jobs, strengthen Ghana’s energy security, improve foreign exchange retention, reduce dependence on imported petroleum products, and stimulate investment across the downstream petroleum value chain.

Industry analysts say the expansion will significantly enhance Ghana’s ability to process its own crude oil while supplying refined petroleum products to neighbouring countries, reinforcing the country’s growing status as a leading energy destination on the African continent.

With Jubilee Crude now being refined locally and plans underway to expand capacity to 100,000 barrels per day, Ghana is steadily transitioning from an exporter of raw resources to a country that processes, refines and adds value to its natural wealth.

The June 24 sod-cutting ceremony is expected to attract senior government officials, international investors, petroleum industry executives and development partners, underscoring confidence in Ghana’s energy future and its emergence as a regional hub for industrial growth and petroleum refining.

In the interbank market, the cost of obtaining a dollar edged up to GH¢11.85 from GH¢11.63, while the prices for a pound and a euro increased to GH¢15.85 and GH¢13.66 from GH¢15.62 and GH¢13.49, respectively.

These losses were reflected in the retail market, where the cedi lost 0.81%, 1.83%, and 1.40% of its value, closing at mid-rates of GH¢12.30 to a US dollar, GH¢16.35 against the pound and GH¢14.30 to the euro, respectively.

On a month-on-month basis, the cedi depreciated by an average of 4.18% from April 2026 to May 2026, a 0.95 percentage point increase from the 3.23% recorded by the end of April 2026. This comes despite approximately US$1.1 billion in forex intervention for May 2026.

“Tracking close to our expectations, bearish sentiment amid moderate FX supply conditions underpinned the cedi’s upward adjustment against the three major currencies. Compounding this effect is the increasing demand for US dollars as central banks continue to liquidate non-dollar assets to meet higher import costs, driven by persistently elevated refined crude oil prices”, said Databank Research.

In the coming weeks, it expects speculation to remain relatively anchored, supported by the announced US$1.2 billion monthly forex support for June 2026.

“However, we foresee the USD/Ghana cedi pair weakening further beyond GH¢11.85 in the interbank market, as corporate demand typically peaks during the Q2 [quarter 2] repatriation window, driven by multinational dividend and profit outflows”, it added.

Meanwhile, the cedi started this week going for GH¢12.40 to one dollar at the forex bureaus. It has depreciated by about 1.05% to the American greenback.

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The Centre says efforts to increase Ghanaian participation in large-scale mining are not a signal of hostility toward foreign investors, but rather the next phase in the evolution of the country’s mining industry.

The clarification comes amid discussions over the renewal of Gold Fields’ mining lease for the Tarkwa Mine, one of Ghana’s largest gold-producing assets, which expires in 2027. The issue has divided opinion, with some policy groups pushing for greater Ghanaian ownership of the mine when the lease expires, while industry players warn that uncertainty surrounding the renewal process could rattle investor confidence.

Speaking at a recent media engagement, GIPC Chief Executive Simon Madjie argued that Ghana’s long mining history has produced a strong base of local companies ready to play a bigger role in the sector — not just as service providers and contractors, but as mining operators in their own right.

“Ghana has been mining gold for a very long time, maybe 120 to 130 years. Throughout this period, we have seen the natural growth of Ghanaian businesses that have done well in the mining services sector. So it is only a matter of time that at some point, those that have the ability to do this mining will step up,” he said.

Madjie was quick to dismiss suggestions that the push for local ownership signals a retreat from foreign direct investment.

“It doesn’t mean that the country is anti-foreign direct investment. We are pretty much pro-foreign direct investment into the mining sector,” he said, adding that the government simply wants to test whether Ghana’s private sector can take on a greater role in mineral extraction alongside — not instead of — foreign investors.

“We’ve only gotten to a point where we want to see if Ghana’s private sector can really also take up the mandate of mining to see what the prospects will be for us,” he said.

He described the moment as a turning point, saying Ghana was entering “that defining moment in history where we want to see Ghana’s private participation in the mining sector.”

JOYBUSINESS understands that the refinery will take delivery of approximately one million barrels of Jubilee crude, marking a major step in efforts to increase domestic refining capacity and reduce reliance on imported petroleum products.

Industry analysts view the move as part of the government’s broader strategy to encourage the local processing of Ghana’s crude oil, particularly amid ongoing geopolitical tensions in the Middle East that continue to create uncertainty in global energy markets.

The development is also expected to have implications for fuel pricing in Ghana.

Market watchers note that Bulk Oil Distribution Companies typically factor in freight and insurance costs when pricing imported petroleum products. Refining crude locally could help reduce some of these costs, creating room for more competitive pricing for consumers.

Speaking to JOYBUSINESS, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, described the initiative as timely given current developments in the Middle East.

He commended the government and the Ministry of Energy for facilitating the arrangement, describing it as one of the most significant interventions undertaken in recent times.

Mr Amoah also disclosed that the Tema Oil Refinery (TOR) is expected to receive another parcel of crude oil in July for processing.

Push for Local Processing

The latest development comes weeks after President John Mahama announced in London that TOR would begin processing Ghanaian crude oil in June 2026 as part of efforts to increase local value addition and reduce the country’s dependence on imported refined petroleum products.

According to the President, a shipment of crude oil from Ghana’s offshore fields would be delivered to TOR for processing, reviving an initiative first introduced during his previous administration.

The government has consistently argued that refining more of Ghana’s crude locally will help retain value within the economy, strengthen energy security and support industrial growth.

About Sentuo Refinery

According to information published by the company, Sentuo Oil Refinery has processed more than five million tonnes of crude oil since commencing operations in Ghana.

The refinery was developed under the framework of China’s Belt and Road Initiative and is located within the Tema Industrial Zone.

Phase One of the project, completed in 2022, established an initial processing capacity of two million tonnes per year, while Phase Two, completed in 2024, expanded capacity to five million tonnes annually.

The company says the project aligns with Ghana’s One District, One Factory industrialisation agenda and incorporates modern refining technology, energy-efficiency measures, environmental protection standards, and scalable production systems.

The arrival of the latest crude shipment is expected to further boost local refining activities and strengthen Ghana’s efforts to build a more resilient and self-sufficient petroleum sector.

Mr. Berle joined the Exchange as Manager, Finance and Operations, in January 2004 and rose through the ranks to become the Deputy Managing Director.

Over his distinguished 22-year career at the Exchange, he played a pivotal role in the growth, development and modernisation of the GSE and Ghana’s capital market.

During his tenure as a member of the management team, the Exchange achieved significant milestones, including strengthening its internal control systems and financial reporting mechanisms; enhancing surveillance and compliance activities; automating the trading and settlement system.

The Exchange also established the Clearing and Settlement Department; facilitating the establishment of the GSE Securities Depository and its subsequent merger with Central Securities Depository (GH) Limited; and supporting the introduction of the Ghana Alternative Market (GAX), the Ghana Fixed Income Market (GFIM), the Commercial Paper Market, and the Over-the-Counter Market.

In addition, Mr. Berle served in diverse roles across key functional areas, including Finance, Operations, Human Resource and Administration, Surveillance, and Clearing and Settlement. His extensive experience, dedication and institutional knowledge contributed immensely to the strengthening of the Exchange and the broader capital market.

Throughout his years of service, Mr. Berle demonstrated exceptional professionalism, commitment and leadership, earning the respect of colleagues, market participants and stakeholders.

The GSE Council, Management and Staff extended their sincere appreciation for his distinguished service and wished him every success in his future endeavours.

The exercise forms part of broader reforms being implemented to improve transparency, financial discipline and the management of the Community Development Fund, which is derived from 53 per cent of the margins generated from the sale of subsidized premix fuel and earmarked for development projects in fishing communities.

The accountability exercise follows findings from a special audit led by the Ministry of Fisheries and Aquaculture as part of Government’s bid to reflect its Reset Agenda for key sectors. The audit, which covered the period 2016 to 2024, revealed the need for the accountability series after uncovering financial irregularities, unauthorized transactions, weak record-keeping and weaknesses in the management of the Community Development Fund in some communities.

According to data compiled by the National Premix Fuel Secretariat, 167 Landing Beach Committees have so far been covered under the latest phase of the accountability exercise, with records from 34 committees fully verified.

Of the total amount accounted for by the Landing Beach Committees, GH¢4,189,444.92 represents current payments verified during the exercise, while GH¢486,566.22 represents balances brought forward from previous accounting periods.

The Administrator of the National Premix Fuel Secretariat, Mr. Ebow Mensah, described the exercise as a major intervention aimed at restoring confidence in the management of the Community Development Fund.

“This exercise goes beyond financial reconciliation. It is about promoting transparency, accountability, and responsible stewardship of resources intended to improve the lives of people in fishing communities,” he said.

According to him, the exercise is providing the Secretariat with a clearer understanding of financial management practices at the community level while identifying gaps that require corrective action, capacity building and stronger oversight.Mr. Mensah said steps have already been taken to prevent a recurrence of the irregularities identified through the audit and the ongoing accountability exercise.

These include stronger monitoring, improved account verification, bookkeeping support, compliance checks and closer collaboration with Metropolitan, Municipal and District Assemblies.

The exercise has revealed a number of operational challenges confronting some Landing Beach Committees.

In several districts, records are yet to be fully verified because changes in bank account signatories have delayed access to account statements and affected reconciliation processes.

The monitoring teams also observed that some committees are yet to deposit Community Development Fund proceeds because they are awaiting introductory letters from their respective Metropolitan, Municipal and District Assemblies to facilitate the opening of bank accounts.

Additionally, several committee members demonstrated limited understanding of bookkeeping procedures and bank documentation requirements, particularly in relation to bank statements and account reconciliation.

Mr. Mensah noted that these findings highlight the need for continuous training and support to strengthen financial management systems within Landing Beach Committees nationwide.

“The exercise is helping us identify areas where committees require additional support in bookkeeping, record management, and compliance with financial procedures. These are critical steps toward protecting community development funds and ensuring they are used for their intended purposes,” he stated.

The Secretariat cautioned all Landing Beach Committees to strictly adhere to L.I. 2233, which governs the operations of the premix fuel distribution system.

It said committees must ensure that all proceeds due the Community Development Fund are properly deposited, recorded and used only for approved community development purposes.

Minister for Fisheries and Aquaculture, Hon. Emilia Arthur (MP), has consistently emphasized the importance of accountability in the premix fuel distribution system, describing transparency and proper financial management as essential to the development of fishing communities and the sustainability of the fisheries sector.

The Secretariat said the exercise remains ongoing and will continue across the country as part of broader reforms aimed at improving governance, strengthening accountability mechanisms and ensuring that community development resources directly benefit fishing communities.

The National Premix Fuel Secretariat also said it will continue to deepen its oversight through the Metropolitan, Municipal and District Chief Executives.

It thanked the MMDCEs for their support and cooperation, noting that their role has been critical to the success of the accountability exercise.

The NPFS believes the exercise is already contributing to stronger financial management practices, improved record keeping and greater transparency within the premix fuel distribution system nationwide.

The Community Development Fund is intended to support community development projects in fishing communities across the country. These include CHPS compounds, schools, drainages, toilet and sanitary facilities, markets and other grassroots development projects that directly serve the needs of local fishing communities.

Under existing regulations, Landing Beach Committees serve as trustees of the Community Development Fund and are required to deposit the proceeds into designated community bank accounts and account for their utilization.

The fund is not meant for private use or unauthorized expenditure. It is intended to finance priority projects that promote grassroots development and improve the lives of people in fishing communities.

However, the audit covering 2016 to 2024 uncovered cases of financial irregularities, weak record-keeping, unauthorized transactions and non-compliance with established financial procedures in some communities.

The ongoing accountability exercise is therefore expected to correct these weaknesses, prevent a recurrence and ensure that Community Development Fund resources are used strictly for their intended purposes.

Michael Edem Akafia, the chamber’s outgoing president, who presented its 2025 annual report released late Friday in Accra, the country’s capital, said the performance was due to high output in the small-scale gold sector.

“Small-scale gold production rose by 63.82 per cent from 1.9 million ounces in 2024 to 3.11 million ounces in 2025. As a result, small-scale mining accumulated 52.4 per cent of national output, overtaking large-scale producers for the first time in more than a century,” he said.

Meanwhile, Akafia projected output for 2026 to reach at least six million ounces, with more investment going into the sector.

Ghana is one of the largest gold producers in Africa, with the precious metal remaining a key contributor to the country’s economy.

The clarification follows a dispute between the two ministries after MoFA questioned the Finance Ministry’s announcement that over GH¢1.6 billion had been released to support agricultural programmes and activities.

In a statement, the Finance Ministry said its records clearly show that substantial funds have been made available to MoFA through the government’s financial management system.

According to the ministry, releases for Goods and Services have reached 94.73 per cent of the approved allocation, while releases for Capital Expenditure stand at 74.66 per cent.

“This is clear proof that the Ministry of Finance has released over GH¢1.6 billion to the Ministry of Food and Agriculture, representing 85 per cent of MoFA’s 2026 budget allocation for Goods and Services and Capital Expenditure (CAPEX),” the statement said.

The ministry further explained that most of the requests leading to the releases were initiated by MoFA itself through the government’s financial management platform.

“For Goods and Services, all the requests were initiated by MoFA itself, with the exception of the release made to the National Food Buffer Stock Company,” the statement noted.

The Finance Ministry stated that all transactions were processed through the Ghana Integrated Financial Management Information System (GIFMIS), the platform used by ministries, departments and agencies to request, process and monitor public expenditure.

It explained that the records contain detailed transaction information, including requisition dates, journal numbers, approval dates and warrant numbers, providing a verifiable trail for every release made.

“As shown in the spreadsheet, every transaction is backed by a requisition date, journal number, approval date and warrant number,” the ministry stated.

“The journal and warrant numbers are system-generated through GIFMIS. This is the standard process through which all ministries, departments and agencies generate and process requests on GIFMIS.”

The Finance Ministry’s response comes amid growing public debate over the actual level of funding released to the agriculture sector and the implementation of key government programmes aimed at boosting food production and improving food security.

The disagreement follows an earlier statement from MoFA, which argued that the official allotment and expenditure ceilings communicated by the Ministry of Finance did not support claims that GH¢1.6 billion had been released to the ministry.

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The “Tree for Life” initiative, a flagship programme launched by President John Dramani Mahama, seeks to promote afforestation and agroforestry nationwide.

As part of the programme, 30 million seedlings, including ornamental and food crop species, will be distributed to government institutions, private organisations, and the general public for planting.

The initiative is designed to raise awareness about the critical role trees play in protecting the environment, combating climate change, and restoring degraded lands and water bodies.

Speaking to Adom News during the launch of the programme, the Begoro District Forestry Manager, Vincent Appiah, said the 160,000 trees would be planted mainly in depleted forest reserves, particularly areas affected by human activities.

He underscored the importance of reforestation in maintaining ecological balance and ensuring a sustainable future, while calling on stakeholders and community members to support efforts to nurture and protect the trees.

The Fanteakwa North District Chief Executive, Osman Abubakar, described the initiative as a call to action for communities to work closely with the Forestry Department to restore and safeguard the environment.

He expressed confidence that the programme would help restore degraded ecosystems, increase public awareness about tree planting, and strengthen environmental conservation efforts across the district.

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Agric Ministry challenges Finance Ministry’s claim of GH¢1.6 billion budget release

The Governor stated that “we believe that our resilience now is far better than a year ago and we are hopeful things can be managed going forward, based on current data.”

Dr Asiama disclosed this in an interview with Bloomberg in London.

The Governor also assured that “they [BoG] do not see things getting out of hand, based on the work that we have done by building the necessary reserves to help withstand the shocks”.

He was also of the view that these assurances are based on the fact that the current crisis will be short-term and will not drag.

“What is happening now is actually based on our current projections, and we are not that worried,” the Governor added.

Asked about what will happen if the current shocks should drag, Dr. Asiama said “if it should continue, then the outlook could be impacted”.

Ghana’s Reserve Build-Up and Inflation Rate Spike

Ghana’s international reserves have witnessed a significant increase, reaching over US$14 billion in May 2026.

However, there are fears that the recent sustained depreciation of the Ghana cedi could pushed pressure on the reserves.

But the Bank of Ghana is of the view that embarking on a dollar accumulation programme will see a build-up of more reserves in the coming weeks.

 In its June 2026 FX intermediation notice to banks, the central bank said its actions will be guided by its newly approved foreign exchange operations framework.

This was after it increased its forex intermediation to US$1.2 billion in June 2026, compared with US$1.0 billion in May 2026.

The framework also supports foreign exchange intermediation under the Domestic Gold Purchase Programme.

Inflation

Inflation went up in May 2026 to 3.7 %, influenced by the rising prices of foodstuffs and some external developments.

A recent internal model by the central bank sighted by Joy Business suggested that the Bank of Ghana is concerned about inflation surging above 10 % by the end of this year, due to the rising crude prices.

There are also concerns about the impact of rising crude oil prices on petroleum products, the pass-through effect on transport fares, and the quarterly utility tariff review, all of which could add further pressure to inflation in the coming months.

The development could force the Monetary Policy Committee to increase its policy rate at the next meeting.

In a statement issued on June 6, 2026, the company said it had taken note of accusations made by some groups identifying themselves as civil society organisations, which alleged that the ICUMS platform suffers frequent downtimes that negatively affect trade facilitation activities.

However, Ghana Link, operators of the ICUMS platform, said the allegations are misleading and appear aimed at undermining confidence in a critical national trade facilitation system.

The company challenged the groups behind the claims to provide evidence of any system-wide downtime, insisting that no such incidents have occurred since January 2026.

“For the avoidance of doubt, the groups making these allegations have failed to point to a single verified instance of system-wide downtime on the ICUMS platform since January 2026,” the statement said.

According to Ghana Link, the accusers failed to provide dates, incident reports, affected transactions, technical records, or confirmations from relevant state institutions and port stakeholders to support their claims.

The company maintained that since the completion of its new data centre infrastructure, the ICUMS platform has experienced improved system stability, enhanced infrastructure resilience, and better service delivery.

It added that the platform continues to support customs processing, cargo clearance, risk management, and revenue mobilisation without the disruptions being alleged.

Ghana Link described it as unfortunate that groups claiming to support port sector reforms would make broad accusations without engaging the appropriate institutions or presenting verifiable facts.

“Serious national conversations about trade facilitation must be grounded in facts, not propaganda, conjecture, or politically motivated narratives,” the company stated.

The statement further emphasised that ICUMS remains a key component of Ghana’s digital trade infrastructure and plays a critical role in customs administration, revenue protection, and trade facilitation.

Ghana Link reiterated its willingness to engage constructively with stakeholders, including freight forwarders, customs officials, shipping lines, policymakers, and legitimate civil society organisations.

The company, however, insisted that allegations about the platform’s performance must be supported by credible evidence.

“We therefore challenge the groups behind these allegations to provide specific evidence of any system-wide downtime they claim has occurred since January 2026 or in the last month, or at any time after the completion of the new data centre,” the statement said.

“In the absence of such evidence, their claims must be treated for what they are: false, baseless, and without merit.”

Ghana Link reaffirmed its commitment to improving service delivery, maintaining operational transparency, and providing a secure and reliable customs management platform to support Ghana’s trade and revenue mobilisation agenda.

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The announcement was made at the Ghana–UK Investment Summit 2026 at Raffles London, where President John Dramani Mahama is headlining more than 800 senior stakeholders under the theme “Restoring Investor Confidence to Unlock Opportunities and Shared Prosperity.”

The pilot operationalises a Memorandum of Understanding executed between Government and Wahu Mobility — a Ghana-based manufacturer of smart electric two-wheelers — for the national rollout of eMobility at the district level.

Financed through the DACF Grant Mobilisation Programme, the 280-unit pilot places at least one eMoto across all 261 Local Government Authorities and 16 Regional Coordinating Councils.

The partners describe the pilot as the beginning of a long-term programme and a model of effective private-sector and government collaboration — the first phase of a long-term strategy to decarbonise Ghana’s districts.

“We are excited for this initiative to scale the adoption of electric mobility nationally — and beyond just delivery. Government is setting the example every institution needs: moving away from petrol and driving real efficiencies in operations. We are proud to be part of it, and to create more jobs for Ghana’s youth at the same time.”

— Valerie Labi, Co-Founder & CEO, Wahu Mobility

What the vehicles are for

The eMotos exist to solve a long-standing operational bottleneck: districts cannot collect revenue or deliver services they cannot physically reach. Each vehicle equips a district revenue and service-delivery officer to reach taxpayers and citizens in the field — serving property-rate and business-permit assessments, collecting market tolls, and carrying out sanitation supervision, environmental-health inspections, agricultural extension, social-welfare visits, and disaster response. By replacing ageing, fuel-dependent motorcycles with telematics-enabled smart eMotos, the pilot directly strengthens internally generated funds (IGF) mobilisation and restores the field mobility on which local government performance depends.

Every vehicle transmits GPS location, distance travelled, energy use and uptime to a real-time dashboard, giving district leadership — for the first time — the ability to tie officer field activity directly to revenue collected and services delivered.

Impact and savings for districts

The pilot is engineered for measurable return. Each district equips a lead revenue officer; even a conservative 5–10% lift in IGF collection from improved field reach  scaled across participating districts would return a multiple of the investment within the pilot window. On top of that, each eMoto is projected to avoid roughly GHS 9,000–12,000 in fuel and maintenance costs per year against a petrol baseline — recurring savings that flow back into district budgets and frontline services.

Each electric motorcycle that replaces a petrol one avoids approximately 1.8 tonnes of CO₂ a year, with monitoring infrastructure built to satisfy Paris Agreement Article 6.2 requirements. This positions Ghana as the first African government to monetise district-level fleet electrification through a compliance-market carbon programme, with revenue designed to flow back to the districts themselves.

The beginning of a long-term programme

This pilot is the first part of a long-term strategy to decarbonise Ghana’s districts, and an example of what great collaboration between the private sector and government can achieve. It is designed to open the door to the stages that follow.

In the next phase, the partners intend to launch a commercial paper instrument that allows independent investors to participate in the scale-up of EV operations across the districts beyond the pilot — broadening the capital base from public pre-financing to private investment. The long-term plan also envisions rolling out charging infrastructure to every district, anchoring a reliable, nationwide network that supports fleets well beyond the pilot. In parallel, the data generated during the pilot will be leveraged to monetise the carbon avoided, converting verified emissions reductions into a new, long-horizon revenue line that contributes directly to the internally generated funds of participating districts.

Why Wahu Mobility

Wahu operates Ghana’s first completely-knocked-down (CKD) assembly plant for electric two-wheelers, anchoring jobs, technical skills and supply-chain value at home. Its vehicles are field-validated under Ghanaian road, load and climate conditions. Wahu is the first EV company in Africa — and the second in the world — to secure a landmark Paris Agreement Article 6 deal, a sovereign-grade carbon offtake agreement with Switzerland’s KliK Foundation. The company is led by founder and CEO Valerie Labi, who returned to Ghana to build the plant and co-authored Ghana’s Automotive Development Policy.

“This is not just a fleet of motorcycles — it is the infrastructure of local government, made Ghanaian, electric and intelligent, and it is only the beginning. We are giving every district the means to reach its citizens, grow its own revenue, and own a share of the climate value it creates. Ghana is choosing to electrify first, capture the carbon revenue, and build the industry at home.”

— Harry Yamson, Administrator, District Assemblies Common Fund

A platform to scale

The pilot sits within the DACF Grant Mobilisation Programme — the Fund’s vehicle for introducing new technologies with large-scale impact for Ghana. By giving every district a hands-on stake from day one, it builds the operational evidence base and the political coalition required for the stages that follow. A district that has run an eMoto for six months knows exactly what comes next.

About the District Assemblies Common Fund (DACF)

The District Assemblies Common Fund is a constitutionally body mandated to ensure equitable regional development by transferring a minimum of 5% of the country’s total annual revenues to Local Government Authorities for grassroots development.
Its Grant Mobilisation Programme channels  resources into new technologies and  sustainable projects with large-scale national impact. The DACF × Wahu pilot is sponsored by DACF and endorsed by the Government of Ghana as a flagship of the Reset Agenda.

About Wahu Mobility

Wahu Mobility is a Ghana-based electric two-wheeler manufacturer and e-mobility platform headquartered in Accra. Wahu designs and manufactures eBikes and eMotos, finances them through a path-to-ownership model, and operates Ghana’s first electric two-wheeler CKD assembly plant. It is the first EV company in Africa, and the second worldwide, to secure a landmark Article 6 carbon deal.

The disclosure was made by the Deputy Minister for Finance, Thomas Nyarko Ampem, during the launch of Ghana’s National Pact for Agricultural Transformation, Food Security and Employment (AgriConnect Compact) on Wednesday, June 3, 2026.

The announcement directly challenges claims that the Ministry of Finance has failed to provide adequate funding to key ministries and state institutions.

Speaking at the event, Mr. Nyarko Ampem said the Mahama administration is matching its agricultural transformation agenda with substantial financial commitments and targeted investments.

He noted that government’s commitment to agriculture is reflected in a number of flagship programmes being implemented under the leadership of President John Dramani Mahama.

According to the Deputy Minister, the government’s vision for agriculture goes beyond increasing production, focusing instead on transforming the entire agricultural value chain, improving food security, creating jobs, and strengthening economic growth.

He further announced that significant resources had already been released by the Ministry of Finance to fund key interventions across the sector.

“I am pleased to confirm that we have released GH¢1.677 billion, representing 85 percent of the approved 2026 Budget for Goods and Services and Capital Expenditure (CAPEX) for the Ministry of Food and Agriculture,” he stated.

Providing a breakdown of the releases, Mr. Nyarko Ampem said:

• GH¢581.4 million for the establishment of 50 Farmer Service Centres nationwide to support mechanisation and boost productivity.
• GH¢110 million for irrigation infrastructure projects to promote year-round farming and reduce reliance on rainfall.
• GH¢515.3 million for the supply of fertilisers and certified seeds to increase crop yields and food production.
• GH¢244.9 million for the Poultry Farm-to-Table Project (Nkoko Nkitinkiti) to strengthen the poultry value chain.
• GH¢200 million for the National Food Buffer Stock Company to improve storage, distribution, and trading of agricultural produce.

Addressing participants at the Ghana-UK Investment Summit in London, he acknowledged that private sector credit as a share of Gross Domestic Product remained below levels recorded in many peer economies.

He attributed the situation partly to Ghana’s recent history of high interest rates and economic uncertainty.

According to him, banks were previously lending at rates of between 35 and 40 per cent, creating significant repayment challenges for borrowers.

Such conditions, he said, made financial institutions cautious about extending credit and encouraged investment in government securities instead.

However, Dr. Asiama noted that the return of macroeconomic stability had begun to reverse the trend.

Private sector credit, he said, was gradually recovering as interest rates declined and confidence improved.

The Governor disclosed that discussions with commercial banks revealed a shortage of bankable projects rather than a lack of available funds.

He explained that many entrepreneurs possessed viable ideas but lacked the technical support needed to transform them into investment-ready business proposals.

To address the challenge, the Bank of Ghana and stakeholders were exploring partnerships to help entrepreneurs develop business plans capable of attracting financing.

Dr. Asiama mentioned ongoing discussions involving the Ghana Venture Capital Fund and other institutions to provide technical assistance to startups and small businesses.

He also cited initiatives by the International Finance Corporation aimed at helping businesses convert ideas into bankable projects.

The Governor said strengthening project preparation would unlock more lending opportunities and support enterprise growth.

Beyond business financing, he indicated that the Bank of Ghana was promoting digital credit solutions to expand access to finance.

The initiative would allow individuals and small-scale entrepreneurs to access credit directly through digital platforms and mobile phones.

He said a trader seeking capital to start or expand a business should be able to raise funds digitally without cumbersome procedures.

According to Dr. Asiama, work on the necessary technological infrastructure was progressing steadily.

He expressed confidence that digital finance would help bridge financing gaps and support entrepreneurship.

The Governor said sustaining low interest rates and exchange rate stability would remain essential for expanding credit to the productive sectors of the economy.

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Inflation rate climbs to 3.7% in May

We don’t see inflation increasing above 5% by December 2026 – Ato Forson

According to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service on Wednesday, June 3, headline inflation increased to 3.7 per cent in May from 3.4 per cent in April, representing a 0.3 percentage-point rise.

On a month-on-month basis, inflation also edged up to 1.1 per cent from 1.0 per cent in April, indicating a gradual build-up of price pressures across the economy.

The latest increase marks the second consecutive rise in inflation after several months of steady decline. However, the current rate remains significantly lower than the 18.4 per cent recorded in May 2025.

Food prices were the main driver of the increase. Inflation for Food and Non-Alcoholic Beverages rose sharply to 3.3 per cent in May, up from 2.2 per cent in April. Monthly food inflation also accelerated to 2.0 per cent from 0.8 per cent, reflecting growing pressure on household budgets.

In contrast, non-food inflation eased slightly to 4.1 per cent from 4.2 per cent in April, suggesting that broader price pressures remain relatively stable despite rising food costs.

The data further showed that locally produced goods remained the primary source of inflationary pressure. Inflation for local products increased to 5.0 per cent from 4.7 per cent in April and accounted for more than 92 per cent of the overall inflation rate. Imported inflation, meanwhile, remained subdued at 0.9 per cent.

Across the major expenditure divisions, services recorded the highest inflation rate at 9.9 per cent, significantly higher than the 1.4 per cent recorded for goods, highlighting persistent cost increases within the services sector.

At the regional level, the North East Region recorded the highest inflation rate at 10.1 per cent, while the Savannah Region experienced deflation, with prices declining by 3.0 per cent.

Despite the recent increases, inflation remains far below levels recorded a year ago. The Ghana Statistical Service noted that the decline from 18.4 per cent in May 2025 to 3.7 per cent in May 2026 reflects substantial progress in macroeconomic stability, although the resurgence in food prices may require close monitoring in the months ahead.

He, however, sees inflation rising further in the coming months, from the current 3.4 % due to developments in the Middle East and rising crude prices.

The finance minister disclosed in an interview with Bloomberg in London.

According to him, the government has implemented measures to stabilise the economy, and so far, the country has managed those shocks well.

He was, however, worried about the rising fuel prices and the impact on the country’s balance of payment, since the country will have to use more forex from the reserves to shore up the cedi.

“We are also worried about the impact on fertiliser and how that could also affect farming”, the minister noted

Ghana’s Growth Numbers for 2026

The finance minister in the 2026 Budget projected that Ghana will end the year with a growth rate of 4.8%. However, speaking in an interview with the Bloomberg, Dr. Ato Forson said the projection may be higher, based on current developments.

“We have seen some interesting developments in the oil and gas sector; that will impact the GDP [Gross Domestic Product] numbers at the end of this year”.

The minister added that he will revise the numbers when he present the Mid-Year Budget Review in July 2026”.

On the government’s decision to request for Policy Coordination Instrument (PCI ), after the completion of the Extend Credit Facility with the International Monetary Fund, Dr. Forson said the aim is to sustain the recent gains and assure investors of the government’s fiscal discipline going forward.

The minister also anticipated an improved investment grade after the completion of this Policy Coordination Instrument.

“Our investment grade has been improving over the past years, and we should look forward to hitting BBB after this initiative,” the finance minister added.

The finance minister also disclosed that the government will use the Mid-Year Budget Review to announce its New Economic Policy programe, aimed at stabilising recent gains, while pressing ahead with the needed reforms.

Ghana Reference Rate drops for June marginally to 10.02%, interest rates set…

BoG boosts June market support to $1.2bn as cedi faces renewed…

The figure is based on JOYBUSINESS calculations using the formula adopted by industry players in determining the Ghana Reference Rate each month.

The GRR is the key benchmark used by commercial banks in pricing loans in Ghana.

The decline could lead to a marginal reduction in lending rates for loans negotiated between June 3, 2026 and July 3, 2026.

Reasons

The marginal decline in the reference can be linked to the slight decrease in the 91-day Treasury bill rate from 4.92% to 4.91%.

The rate is also coming down despite the fact that the Bank of Ghana is maintaining its policy rate at 14 percent and also the marginal uptick in the inter-bank rate from 10.07%  to 10.25%

This is because many market analysts had thought that the June Ghana Reference Rate could have gone up or remained unchanged, due to developments with the policy rate and interbank rates.

JOYBUSINESS based its calculation on three key variables — Treasury bill rates, the interbank rate and the monetary policy rate

Impact

The latest adjustment is expected to trigger another round of lending rate cuts by commercial banks.

Borrowers on fixed-rate facilities may not benefit immediately.

However, customers whose loans are linked to variable rates could see a slight reduction in borrowing costs.

Customers with strong credit profiles may also be able to secure loans at single-digit rates.

Checks by JOYBUSINESS indicate that some banks are already offering facilities at the Ghana Reference Rate minus five percentage points to their most creditworthy clients.

Chief Executive of the Ghana Association of Banks, John Awuah, in a recent interview on PM EXPRESS, noted that some commercial banks are already offering single-digit interest rates.

Background

The Ghana Reference Rate serves as the benchmark for loan pricing across the banking sector.

The latest decline comes at a time when businesses continue to face tight credit conditions, largely due to liquidity management measures aimed at controlling inflation and stabilising the economy.

The GRR has been on a downward path in recent months. It fell from 15.58% in January to 14.58% in February, then to 11.71% in March 2026, before declining further to 10.06% in April.

It dropped to 10.03 in May and is now 10.02% in June 2026.

In December 2025, the rate dropped to 15.9% following a 350-basis-point cut in the policy rate to 18%, alongside a slight decline in Treasury bill rates.

In November 2025, however, the GRR rose slightly to 17.96% from 17.86%, driven by increases in Treasury bill and interbank rates.

Overall, the rate trended lower through 2025, falling from 29.72% in January to 19.67% by August.

The Ghana Reference Rate was introduced in 2017 by the Bank of Ghana in collaboration with the Ghana Association of Banks as a transparent benchmark for determining lending rates.

It replaced the previous base-rate model to promote consistency and fairness in loan pricing.

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JOYBUSINESS understands that the central bank plans to auction up to $1.2 billion this month, up from the US$1 billion it sold in May.

It is not immediately clear whether the decision was influenced by the recent depreciation of the cedi or forms part of the Bank’s broader forex support strategy for 2026.

However, a circular to commercial banks sighted by JOYBUSINESS indicated that future monthly auction volumes will be determined by prevailing market conditions.

New FX operations framework

In its June FX Intermediation notice to banks, the central bank said its actions will be guided by its newly approved foreign exchange operations framework.

The Bank explained that it has begun implementing measures to support reserve accumulation while ensuring FX interventions are available to dampen excessive market volatility when necessary.

The framework also supports foreign exchange intermediation under the Domestic Gold Purchase Programme.

Regarding its May operations, the Bank said all forex sales were conducted in a market-neutral manner on a spot basis through twice-weekly auctions accessible to all licensed banks.

It stressed that there were no direct FX interventions in May 2026.

The Bank further assured market participants that it remains committed to transparency and will continue to disclose relevant information on its foreign exchange market activities, including its FX intermediation operations.

Cedi performance

According to the Bank of Ghana’s internal data, the cedi has depreciated by 10.91% against the US dollar year-to-date.

This contrasts sharply with the same period last year, when the local currency had appreciated by more than 20%.

The central bank maintains that the current weakness of the cedi is largely seasonal and driven by increased demand for foreign exchange by the energy sector amid tensions in the Middle East.

The rise in global crude oil prices has increased Ghana’s import bill, raising demand for dollars to finance fuel imports.

Data contained in the Bank of Ghana’s May 2026 Summary of Economic and Financial Data showed that Ghana’s oil import bill rose from US$1.6 billion in April 2025 to US$2 billion in April 2026.

Demand for dollars has also increased as several multinational companies enter their dividend payment season and seek foreign exchange to repatriate profits.

No cause for panic

The Bank of Ghana has sought to calm market concerns, insisting it has sufficient reserves to meet seasonal foreign exchange demand.

As of May 2026, Ghana’s gross international reserves stood at approximately US$14.42 billion.

Market analysts say this provides the central bank with a strong buffer to meet forex demand without placing undue pressure on reserves.

Speaking at the 130th Monetary Policy Committee press briefing, Governor Dr Johnson Asiama said the Bank had adequate currency buffers to support the market and described the current pressures on the cedi as temporary.

He attributed the situation largely to seasonal demand linked to dividend payments and increased foreign exchange requirements in the energy sector.

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Former Finance Minister Dr Mohammed Amin Adam has criticised the government’s economic management, arguing that key fiscal and monetary targets have not been achieved despite claims of macroeconomic stability.

Speaking in Parliament, the Karaga MP said the government had fallen short of important revenue mobilisation targets under the IMF-supported programme.

“They were supposed to achieve a target as far as revenue to GDP is concerned; they have brought it down to 13%, they failed,” he said.

Dr Amin Adam also questioned the government’s claims of economic stability, insisting that improvements in inflation had not translated into lower borrowing costs.

“Stability, when we talk about stability, is supposed to achieve a certain purpose, which is to bring down the cost of borrowing,” he stated.

According to him, the government had not succeeded in lowering financing costs despite a decline in inflation.

“Even with inflation at 23%, they couldn’t achieve it,” he said.

The former Finance Minister argued that economic stability should be measured not only by headline indicators but also by improvements in access to affordable credit and stronger fiscal outcomes.

He urged the government to focus on achieving tangible economic gains rather than relying on political narratives about economic recovery.

Addressing Parliament during a debate on Ghana’s exit from the IMF programme, Dr Amin Adam argued that the PCI arrangement reflects concerns by the IMF over the pace of reform implementation.

“The reason this government opted for the PCI is that, number one, the PCI is more about reforms and that is why they are not going to give you money,” he said.

The Karaga MP expressed surprise that the government had agreed to undertake IMF-monitored reforms without securing additional financial support.

“I am surprised that this government will accept conditionalities without any money coming from the IMF,” he remarked.

Dr Amin Adam asserted that Ghana had fallen short of some structural benchmarks under the programme.

“One of the targets you were supposed to meet in respect of the structural benchmarks, you failed,” he said.

He compared Ghana’s reform implementation record with that of other African countries.

“We brought it to 70 per cent implementation, just like our peers — Kenya at 71 per cent and Zambia at 72 per cent. By the time you exited the IMF programme, you had brought it down to 55 per cent,” he stated.

According to him, concerns over reform implementation largely informed the country’s transition to the PCI framework.

“That is the reason the IMF forced you to accept the PCI because you didn’t implement the structural reforms,” he argued.

The former Finance Minister maintained that the government should focus on meeting its reform commitments rather than portraying the transition as a major policy achievement.

Speaking during a parliamentary debate on Ghana’s exit from the International Monetary Fund (IMF) programme, Dr Amin Adam, who is also the Member of Parliament for Karaga, challenged claims by the Finance Minister that the government had reduced the tax burden on Ghanaians.

The former Finance Minister cited several levies and taxes which, according to him, had either been introduced or extended under the current administration.

“I am very surprised that the Majority side of this House doesn’t know new taxes were introduced,” he said.

Among the measures he listed was the Energy Sector Levy, popularly known as the Dumsor Levy.

“I would like to mention just some of them, including the popular Dumsor Levy (D-Levy),” he stated.

He also criticised the extension of taxes that were originally expected to expire.

“The Growth and Sustainability Levy was supposed to have ended, but you renewed it by extending the sunset clause. The Special Import Levy was supposed to have ended last year, but you again extended the sunset clause,” he said.

The former Finance Minister further alleged that a new 15 per cent VAT charge had been imposed on life insurance services.

“So if you don’t know that you have introduced another 15 per cent VAT on life insurance, then I am telling you that you have introduced new taxes,” he argued.

Dr Amin Adam said the Finance Minister had failed to acknowledge these measures while highlighting the removal of other taxes.

“I am surprised that the Finance Minister mentioned some taxes as nuisance taxes but failed to mention the new taxes you have introduced,” he said.

He also pointed to revenue generated through fees and charges approved by Parliament.

“The government collected GH¢20 million from Ghanaians through fees and charges. Have you forgotten that you brought them to Parliament for approval?” he asked.

According to him, the government should be transparent with Ghanaians regarding the full extent of tax measures introduced since taking office.

Contributing to the debate on the Finance Minister’s statement on Ghana’s exit from the International Monetary Fund (IMF) programme, Dr Amin Adam described the assertion as inaccurate and inconsistent with the IMF’s own assessment of the programme.

According to him, the IMF’s Fourth Review report showed that Ghana met all six performance criteria under the programme by the end of 2024.

“Mr Speaker, in the Finance Minister’s statement, he mentioned that the IMF programme derailed under us and I want to inform them that the use of the word derail is inappropriate and not correct,” he said.

Mohammed Amin Adam argued that the IMF’s performance measures showed the programme remained on track under the previous administration.

“If you go to page 74 in the IMF 4th review document, the IMF put out the performance measures by which they passed an IMF approval and the programme has six targets and by the end of 2024, all the targets were met,” he stated.

He further noted that under the programme’s indicative targets, three out of four benchmarks were achieved.

“You come to the indicative target which also has four targets and three of them were met and only one was not met. So how can someone say this is a programme that was derailed?” he questioned.

The former Finance Minister maintained that under IMF programme rules, a programme is considered derailed only when a performance criterion is missed, requiring a waiver before a review can be approved.

“If you go to the IMF lexicon of programme derailment, the IMF will tell you only when you miss a performance target that the programme will be said to be derailed because by then you have to ask for a waiver before you can pass the review,” he explained.

Mohammed Amin Adam also accused the government of attempting to alter perceptions about the state of the economy through what he described as politically motivated revisions of fiscal data.

“Everybody knows you did politics. You brought your voodoo figures in order to change the narrative about the fiscal outturns and you have no monopoly over that,” he said.

The Karaga MP insisted that the previous administration handed over an IMF programme that was largely on track and urged government officials to present a balanced account of the country’s economic performance.

The unveiling, attended by industry stakeholders, customers, business leaders and members of the media, highlighted Renault’s commitment to innovation, safety, efficiency and modern mobility solutions tailored to the evolving needs of Ghanaian consumers.

Speaking at the launch, Chief Executive Officer of Premium Motors Limited, Jihad Hijazi, described the event as more than the introduction of two new vehicle models.

“Today is a celebration of innovation, progress, and our unwavering belief in the future of mobility in Ghana,” he said.

According to Mr. Hijazi, Premium Motors, the sole partner of Renault in Ghana, is focused on building a trusted automotive brand that delivers quality, reliability, safety and exceptional customer experience.

He noted that modern consumers are increasingly demanding vehicles that combine comfort, advanced technology, performance, safety and efficiency while complementing their lifestyles and ambitions.

“The all-new Renault Grand Koleos and the all-new Renault Kardian embody exactly what today’s customers are looking for,” he said.

The Grand Koleos, Renault’s flagship hybrid SUV, has been positioned as a premium offering for executives, entrepreneurs and families seeking luxury, space and advanced technology. The vehicle combines sophisticated design with hybrid efficiency, offering a balance between performance and fuel economy.

The Kardian, meanwhile, enters the market as a dynamic urban SUV designed to meet the needs of young professionals, growing families and businesses looking for practical and affordable mobility solutions. The model combines modern styling, smart technology, fuel efficiency and advanced safety features at a competitive price point.

Presenting the business case for the two vehicles, Group Business Development Director of Premium Motors, Fadi Fattal, said the launch reflects Renault’s global commitment to intelligent mobility and customer-focused innovation.

“The Grand Koleos delivers luxury, innovation and efficiency without compromise, while the Kardian offers exceptional value with features typically found in vehicles within a much higher segment,” he stated.

Mr. Fattal noted that Ghanaian consumers are increasingly prioritizing reliability, safety, fuel efficiency and long-term ownership value when making vehicle purchasing decisions.

He added that both models have been carefully selected to address these demands while strengthening Renault’s competitive position within Ghana’s growing automotive market.

Beyond the products themselves, Premium Motors used the launch to emphasize its long-term investment in customer support and aftersales service.

Head of Customer Service, Eastwood Thine Baiden, stressed that vehicle ownership extends beyond the initial purchase, making customer experience a critical component of the company’s growth strategy.

“Owning a vehicle is the beginning of a long-term relationship. We are committed to ensuring that this relationship remains rewarding throughout our customers’ ownership journey,” he said.

Mr. Baiden highlighted ongoing investments in technical training, service infrastructure and spare parts availability aimed at reducing vehicle downtime and improving customer satisfaction.

According to him, factory-trained technicians and dedicated support teams are equipped to provide routine maintenance, warranty services, diagnostics and repairs to Renault customers across the country.

Industry analysts view the launch as part of a broader effort by global automotive brands to strengthen their presence in emerging African markets, where demand for technologically advanced, fuel-efficient and value-driven vehicles continues to grow.

For Premium Motors, the introduction of the Grand Koleos and Kardian represents a new phase in its partnership with Renault and its ambition to become a market leader in automotive innovation and customer service in Ghana.

According to the Minister, agriculture offers numerous investment opportunities across various value chains and remains a key driver of economic growth, job creation, and food security.

“The agriculture space is where the money is, so if you’re looking forward to investing, that should be your choice,” he said.

Mr. Opoku made the remarks while discussing government interventions aimed at boosting agricultural production and attracting more people into the sector.

He noted that beyond crop cultivation, opportunities exist in poultry production, livestock farming, food processing, irrigation, agribusiness services, and agricultural technology.

“There are a lot of opportunities within the space,” he stated in an interview on Asempa FM’s Ekosii Sen show.

The Minister said government’s ongoing programmes, including the Feed Ghana initiative, are creating an enabling environment for both small-scale and large-scale investors to thrive in the sector.

He expressed optimism that increased investment in agriculture would help strengthen Ghana’s economy, reduce unemployment, and enhance the country’s food production capacity.

Eric Opoku reiterated government’s commitment to supporting farmers and agribusinesses through policies and programmes designed to improve productivity and expand market access.

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According to him, egg production has risen significantly to the extent that supply now exceeds demand in parts of the country.

“For the first time, we have an abundance of eggs in this country,” Mr. Opoku stated.

Speaking on Asempa FM’s Ekosii Sen show, he said many poultry farmers are struggling to find enough buyers for their produce due to the surplus.

“It’s common knowledge that there are eggs in abundance in this country now. As we speak, there are more eggs than there are buyers,” he said.

The Minister disclosed that some farmers attempted to export eggs to neighbouring Burkina Faso but encountered challenges that led to some of the produce spoiling.

According to him, the situation has prompted discussions with Burkinabe authorities to establish a more structured arrangement for cross-border egg trade.

“Some of the farmers took the eggs to Burkina Faso, but the eggs even spoiled, so they called the Agriculture Minister for Burkina Faso. He said they will bring a delegation so we structure it well,” he revealed.

Eric Opoku attributed the increase in poultry production to government initiatives, including the Feed Ghana Programme and the Nkoko Nkitinkiti project, which are aimed at boosting local poultry farming and improving food security.

He expressed optimism that ongoing interventions would continue to strengthen the poultry sector while creating new market opportunities for farmers both within and outside Ghana.

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According to the Minister, the initiative is designed to address challenges faced by beneficiaries of the government’s “Nkoko Nkitinkiti” programme, who are struggling to find buyers for their birds after production.

Speaking in an interview on Asempa FM’s Ekosii Sen show, Mr. Opoku said some poultry farmers have already contacted the Ministry over difficulties in selling their matured birds.

“Now the Nkoko Nkitinkiti, some people are calling me that the poultry have grown and they want to sell but don’t get anywhere to sell it. That’s also a problem,” he said.

To address the challenge, the Minister disclosed that government and a private partner are jointly funding a poultry processing centre, which will also include a hatchery as part of an integrated poultry development strategy.

“The Government of Ghana together with a private person is funding a project for the poultry processing centre. We will add a hatchery alongside the centre. It’s an integrated approach,” he explained.

Mr. Opoku noted that poultry farmers will be registered under the programme and linked directly to the processing facility to ensure a guaranteed market for their produce.

“The farmers will be registered there. We want the poultry farmers around that enclave to work closely with them so the centre buys their birds and also helps people to produce,” he stated.

He expressed confidence that the establishment of the processing centre would encourage more people to venture into poultry farming by providing assurance of a reliable market.

“So long as there is a market for it, people will continue to produce,” the Minister added.

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Predictably, many have once again pointed fingers at former Finance Minister Ken Ofori-Atta, accusing him of orchestrating the collapse of GN Bank and other financial institutions.

Everyone is entitled to their opinion. However, before we rewrite history, there is one simple question that critics must answer: The first question is this: Did Ken Ofori-Atta personally take the decision to revoke the licence of any bank or financial institution in Ghana? The answer is no.

The authority to supervise financial institutions, determine their regulatory compliance, and where necessary revoke licences rests with the Bank of Ghana under Ghana’s banking laws.

The decisions to revoke licences during the banking sector cleanup were taken by the Bank of Ghana in the exercise of its statutory mandate as the country’s banking regulator.

It is important to be clear about this because much of the public discourse creates the impression that Ken Ofori-Atta personally shut down banks. He did not. He neither possessed the legal authority to revoke banking licences nor signed the revocation notices issued to affected institutions.

Indeed, his role during the cleanup was largely centred on helping government mobilise resources to protect depositors whose savings were at risk. Billions of cedis had to be found to ensure that customers of affected institutions could recover their funds and that confidence in the financial system was preserved.

If Ken Ofori-Atta’s primary role was helping to secure funds to protect depositors and stabilise the financial sector, it is fair to ask why he has become the principal target of criticism for decisions that were legally taken by the regulator. This does not mean every aspect of the cleanup was beyond criticism.

Reasonable people can debate the process, the pace, and the implementation. However, any serious discussion must begin with an accurate understanding of who made which decisions and under what authority.

The second question is equally important: Did Ken Ofori-Atta make the decisions that caused these institutions to fail, or did the owners and managers of those institutions make those decisions themselves? That question lies at the heart of this debate.

The Real Issue Was Governance Much of the public discussion conveniently ignores the actual reasons that necessitated regulatory intervention. Several institutions affected by the cleanup were found to have serious governance and financial challenges.

These included breaches of capital adequacy requirements, liquidity difficulties, related-party transactions, and, in some cases, an inability to meet obligations to customers and creditors. GN Bank itself faced concerns regarding its financial position and ability to satisfy regulatory requirements.

In fact, we were informed that at one point the institution struggled to pay employee salaries and was unable to honour some cheques issued by customers. Such a situation posed serious risks not only to depositors but also to confidence in the broader financial system.

Had the Bank of Ghana failed to intervene when these warning signs emerged, the consequences could have extended far beyond a single institution.

Confidence is the lifeblood of banking. Once depositors begin to fear that a bank may be unable to meet its obligations, panic can quickly spread to other institutions, triggering withdrawals, liquidity pressures, and instability across the sector. The Bank of Ghana’s responsibility is not merely to protect one institution but to safeguard the entire banking system.

Allowing a financially distressed institution to continue operating without adequate intervention could have undermined public confidence in banks generally, threatened depositors’ funds, increased systemic risk, and potentially created a wider banking crisis with serious consequences for Ghana’s economy.

So the obvious question is this: Did Ken Ofori-Atta approve the loans extended to related parties that were never repaid? Did Ken Ofori-Atta authorize the transfer of depositors’ funds to companies connected to bank owners and directors? Did Ken Ofori-Atta instruct management to breach capital adequacy requirements?

Did Ken Ofori-Atta approve loans that were allegedly used by some owners and insiders to acquire private assets? Did Ken Ofori-Atta authorize the use of liquidity support for purposes other than stabilizing troubled institutions? Did Ken Ofori-Atta sit in board meetings and approve the lending decisions that later created huge holes in these banks’ balance sheets?

Did Ken Ofori-Atta direct institutions to grant loans beyond acceptable limits? Did Ken Ofori-Atta instruct banks to ignore prudential regulations and risk management requirements? Of course not. The responsibility for running a bank rests with its owners, directors, and management.

Regulators do not decide who receives loans, how credit is assessed, how depositors’ funds are managed, or whether insiders receive preferential treatment. Those decisions are made within the institutions themselves. If a bank’s resources were diverted into related companies, if loans were granted and not recovered, if liquidity support was misapplied, or if funds found their way into private assets rather than strengthening the institution, responsibility must first lie with those who made those decisions—not with the Finance Minister.

That distinction is important. Government Tried to Save These Institutions First This is the part many critics rarely discuss. Before licences were revoked, regulators attempted to stabilize struggling institutions through various support measures.

Several institutions received substantial liquidity support from the Bank of Ghana. Some received hundreds of millions of cedis, while others reportedly received support running into billions.

If Ken Ofori-Atta’s objective was to destroy these institutions for political, personal, or competitive reasons, why provide financial support in the first place? Why attempt to rescue them? Why inject billions of taxpayers’ money into institutions that regulators supposedly wanted to collapse?

The argument simply does not make sense. One cannot reasonably claim that the government was determined to destroy these institutions while simultaneously providing them with significant financial support in an attempt to keep them afloat. That is a question critics have never satisfactorily answered.

The truth is that intervention did not begin with licence revocation. It began with efforts to save institutions that were already facing serious challenges. The Cleanup Was Never About One Man Another popular narrative is that GN Bank was singled out because of its founder. That argument becomes difficult to sustain when one considers the scale of the cleanup.

The exercise affected hundreds of financial institutions across multiple categories, including banks, savings and loans companies, microfinance institutions, and other deposit-taking entities. Different institutions had different owners, different shareholders, different management teams, and different political affiliations.

Are we seriously expected to believe that an exercise affecting nearly 400 institutions was designed solely to target one individual? That claim requires far more evidence than has ever been presented.

Even Independent Observers Acknowledged There Were Problems One does not have to agree with every aspect of the cleanup to acknowledge a simple fact: Ghana’s banking sector faced genuine challenges. The IMF supported reforms aimed at strengthening Ghana’s financial sector, including tighter supervision and recapitalisation of weak institutions.

The World Bank also consistently emphasized financial stability and stronger regulatory frameworks as essential for economic resilience. Credit rating agencies, investors, and financial analysts similarly acknowledged deep vulnerabilities in parts of the banking system and the need for intervention to protect depositors and restore confidence.

That does not mean every decision was perfect. Reasonable people can debate whether the process should have been slower, less costly, more transparent, or more restructuring-focused. Those are legitimate discussions. What is far less convincing is the suggestion that the entire cleanup was merely a political project directed at a handful of individuals.

A Present-Day Warning We Are Ignoring Recent reports concerning Equity Savings and Loans show thousands of depositors reportedly unable to access their funds, with closed branches and prolonged withdrawal difficulties. Whatever the final outcome of that situation, the lesson is obvious: when financial institutions become distressed and confidence collapses, ordinary people suffer first.

Small businesses stall. Families lose savings. Trust in the financial system erodes. This is exactly why regulators cannot afford to wait until a full collapse before acting. Yet instead of learning from these realities, public discourse is often reduced to political blame games. The Question That Remains Even today, many of those criticizing Ken Ofori-Atta rarely address the actual conduct that led to regulatory action.

If loans were granted beyond acceptable limits, who approved them? If related-party transactions occurred, who authorized them? If liquidity support was diverted from its intended purpose, who made that decision? If capital requirements were breached, who was responsible for ensuring compliance? Surely the answer cannot always be “Ken Ofori-Atta.”

At some point, accountability must rest with those who managed the institutions involved. Lessons from a Painful Chapter The recent Court of Appeal ruling will continue to generate legal and political debate. That is expected in any democracy. There is room for differing views on whether the banking sector cleanup was executed in the best possible way.

There is also room for debate about whether some institutions could have been restructured differently. However, there should be little debate about one fundamental principle: those who run financial institutions must be accountable for the decisions made within those institutions.

Before blaming Ken Ofori-Atta for the collapse of banks and other financial entities, critics should first answer a simple question: Who actually made the decisions that put those institutions in trouble? Until that question is honestly addressed, much of the criticism risks becoming politics rather than analysis.

I am tempted to conclude that many of those who continue to blame the former Finance Minister, Ken Ofori-Atta, are less interested in understanding what actually happened and more interested in finding a convenient political villain. A serious national conversation should not be about assigning blame where it does not belong.

Rather, it should focus on the lessons from this painful chapter in Ghana’s financial history and the reforms needed to ensure that such a crisis never occurs again. That would serve Ghana far better than recycling political narratives that overlook the actions and decisions of those who were actually entrusted with managing these institutions.

This comes after a holiday-induced pause, reflecting thinner participation during the week.

The shorter end (2027–2030 maturities) contributed 86% of market volumes, closing the week at a weighted average Yield-To-Maturity (YTM) of 11.27%.

The belly (2031–2034) and tail (2035–2038) accounted for 14% of volumes traded at a weighted YTM of 12.34%.

“We believe softer week-on-week turnover was driven by the holiday period, with participants tilting towards shorter-duration instruments amid a gradual uptick in yields”, said Databank Research.

It expects cautious trading activity in the coming weeks ahead of the May ’26 inflation announcement on Wednesday, which will anchor yield expectations and guide positioning for this week’s market activity.

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The response follows a publication by MyJoyOnline on June 1, 2026, titled “Bank of Ghana considering sale of new $260m headquarters – sources.”

In a statement, the central bank categorically denied the report, stressing that it is not considering, discussing, or planning the sale of the facility.

According to the Bank, the headquarters was commissioned to support its operations and improve efficiency in carrying out its statutory responsibilities, making it a critical national asset.

“The Bank is not considering, discussing, or planning the sale of its new headquarters,” the statement emphasised.

BoG urged the public and media to disregard the publication, warning that unverified reports of this nature could undermine confidence in Ghana’s financial system and create unnecessary uncertainty in the market.

The central bank also reaffirmed its commitment to transparency, noting that all official communications are released through its website, verified social media platforms, press statements from its Communications Department, and signed statements from the Secretary of the Bank.

It further encouraged media organisations to seek clarification directly from the Bank before publishing reports concerning its operations..

Speaking at the bank’s 3rd Annual General Meeting (AGM) of Shareholders held at its headquarters on Saturday, May 30, 2026, Mr. Azure reaffirmed the bank’s commitment to ethical banking practices and strict regulatory compliance.

He stressed that Subin-Akwaboso Community Bank would not tolerate any form of illicit financial activity within its operations and urged the Bank of Ghana and other regulatory institutions to strengthen anti-money laundering enforcement measures.

According to Mr. Azure, money laundering undermines investor confidence, weakens economic planning, and damages Ghana’s international financial reputation.

He noted that the practice contributes to tax evasion, promotes unfair competition against legitimate businesses, fuels corruption, and distorts market stability and exchange rates.

“Strong anti-money laundering controls are essential to safeguarding Ghana’s financial future and maintaining confidence in the banking sector,” he stated.

The CEO cautioned that failure to address money laundering could have far-reaching consequences for future generations.

He explained that illicit financial activities could slow economic growth, reduce employment opportunities, weaken investment in healthcare and education, worsen poverty and inequality, and expose the country to potential international sanctions.

Mr. Azure further noted that financial institutions linked to illicit financial flows risk losing public trust, facing regulatory sanctions, and incurring significant compliance costs.

To strengthen Ghana’s financial system, Mr. Azure advocated stricter enforcement of anti-money laundering laws, enhanced customer due diligence and Know-Your-Customer (KYC) procedures, improved monitoring and reporting of suspicious transactions, greater investment in financial surveillance technology, regular regulatory audits, and sustained public education on financial crimes.

He emphasized that transparency, accountability, and regulatory compliance remain critical in protecting the integrity of the banking sector.

Meanwhile, two leading promoters of the bank, Mr. Kwadwo Yeboah, popularly known as Elder Afari Gyan, and Elder James Kwadwo Afram, expressed confidence in the institution’s future growth prospects.

They assured shareholders that management remains committed to positioning Subin-Akwaboso Community Bank PLC as the leading community bank in Ghana.

The promoters highlighted the bank’s steady growth and announced plans to expand its operations across the country to increase financial inclusion and improve access to banking services.

As part of the expansion drive, they revealed that the bank’s newly established branch at Diaso, the capital of the Upper Denkyira East District in the Central Region, is expected to be commissioned soon to commence full operations.

Addressing shareholders at the AGM, Lawyer Ben Kwakye Ade3f3, President of the Ashanti Chapter of the Association of Community Banks and Board Chairman of Amansie Community Bank PLC, explained the rationale behind the ongoing transition of Rural and Community Banks into Community Banks.

According to him, the Bank of Ghana’s directive is aimed at modernizing the sector and aligning financial institutions with current economic realities.

He noted that many banks now operate beyond their traditional rural jurisdictions and therefore require a broader identity that reflects their expanded operations and customer base.

Lawyer Kwakye Ade3f3 stated that the transition is mandatory and forms part of broader reforms intended to strengthen governance, improve capitalization, enhance competitiveness, and position community banks to play a more significant role in national development.

He urged stakeholders to embrace the reforms, describing them as necessary steps toward building stronger, more resilient, and customer-focused financial institutions.

The AGM also highlighted the bank’s strong performance during the past financial year, with notable growth recorded in income, deposits, and overall operations.

Management expressed optimism that strategic investments, branch expansion, regulatory compliance, and customer-centred services would further strengthen the bank’s position within Ghana’s community banking sector.

With a focus on ethical banking, sustained growth, and strategic expansion, Subin-Akwaboso Community Bank PLC says it remains committed to contributing to Ghana’s economic development while pursuing its ambition of becoming one of the country’s leading community banks.

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Government had set a target of GH¢5.892 billion for the issuance of 91-day, 182-day and 364-day Treasury bills.

However, total bids accepted at the close of the auction amounted to approximately GHS 4.866 billion, representing a shortfall of about GH¢1.03 billion.

The auction results showed that the 91-day bill recorded the highest subscription, with GH¢3.368 billion tendered, out of which GH¢3.363 billion was accepted.

For the 182-day bill, bids totalling GH¢750 million were submitted, with GH¢706 million accepted.

The 364-day bill recorded full uptake, with GH¢798 million tendered and fully accepted.

Despite strong participation across all tenors, the total amount raised by the Government remained below target, indicating the auction did not meet the intended borrowing level.

Interest rates across instruments remained within expected ranges, with weighted-average interest rates at 4.99 per cent for the 91-day bill, 7.04 per cent for the 182-day bill, and 10.46 per cent for the 364-day bill.

The operators said they have not engaged the Ministry of Transport on any fare adjustment and urged the public to disregard the publication.

In a press release signed by the General Secretary of the Ghana Private Road Transport Union (GPRTU), Godfred Abulbire, and the General Secretary of the Ghana Road Transport Coordinating Council (GRTCC), Emmanuel Ohene Yeboah, the operators stated that the purported fare increment did not follow the approved fare adjustment procedures.

According to them, any decision to review transport fares must go through the agreed protocol between the Ministry of Transport and Road Transport Operators.

“The decision by the supposed group is illegal as it has not gone through the fare adjustment protocol and procedure agreed between the Ministry of Transport and the Road Transport Operators,” the statement noted.

The operators therefore condemned the announcement and called on commuters and the general public to treat it with the contempt it deserves.

They further directed all transport unions, associations, drivers, vehicle owners, loading point managers and other stakeholders to maintain the existing approved fares and refrain from implementing any unilateral fare increases.

According to the statement, the operators are monitoring the next pricing window and will officially communicate any future fare adjustments if the need arises.

They assured the public of their commitment to protecting the interests of both drivers and commuters while working to ensure stability within the transport sector.

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Speaking to JoyNews, several affected customers said they have been unable to access their funds for months, with some branches reportedly closed or no longer in operation.

The development has left depositors unable to meet basic needs, run businesses, or service planned investments, raising fears of significant financial losses.

Even before the apparent shutdown, some customers said they had experienced difficulties withdrawing their funds, describing repeated explanations of liquidity challenges.

One customer, who deals in the importation of phones, laptops and accessories, said he was forced to reconsider his business plans after being denied access to a large withdrawal.

“When the dollar started skyrocketing, I decided to take a huge sum from my account because I am into importation of phones, laptops and accessories so I can restock my shop. The first time I went for GH¢80,000, I was told I cannot take such amount because they don’t have enough money,” he said.

Others said they only became aware of the severity of the situation after visiting branches and finding them closed.

“My friend alerted us that the facility had been locked. I initially didn’t believe it, but when we went to check, it was true,” one customer said.

Some long-term clients reported that operations at certain branches had been suspended for months, with no clear communication from management.

“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” another depositor said.

Another customer described uncertainty and lack of transparency, saying clients were left in the dark about the institution’s status.

“Since I came here, I have never seen the facility operating… people ask about them, but I just tell them they are not around,” he said.

Several customers said they had made repeated visits to access or update their accounts but were met with closed offices and empty premises.

“I made a three-year investment. I hardly visit the facility, but when I came to correct my arrangement, I found the office locked,” one depositor said.

Others claimed they were repeatedly told there was no cash available, despite returning multiple times over extended periods.

“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” another affected customer said.

The inability to access savings has reportedly left many households and small business owners in financial distress. Some say they can no longer restock goods, pay rent, or meet daily living expenses, particularly those who relied on their savings for trading and investment activities.

The situation has also eroded confidence among depositors, with many expressing concern over the safety of their funds and the broader stability of Ghana’s savings and loans sector.

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Speaking at the Ghana-UK Investment Summit 2026 in London, Dr. Forson said the move forms part of a new financing strategy aimed at reducing COCOBOD’s dependence on traditional offshore syndicated loans, which have become increasingly difficult to secure.

According to the Finance Minister, the transaction advisor for the deal has completed its work and submitted its report, paving the way for the issuance of the commercial papers in the coming weeks.

“The transaction advisor just submitted the report and we will issue very soon. We are not solely relying on Ghanaian banks but pension funds and non-resident investors. We will issue it in three tranches,” Dr. Forson disclosed.

He explained that the transaction remains subject to the passage of the new Cocoa Bill by Parliament and subsequent presidential assent. Once those approvals are secured, government will provide further details on the structure and implementation of the fundraising programme.

The planned issuance is expected to raise approximately US$1 billion to support the purchase of cocoa beans during the next crop season, ensuring that COCOBOD has adequate liquidity to pay farmers and maintain operations across the cocoa value chain.

The announcement marks a significant shift in the financing model for Ghana’s cocoa sector. Historically, COCOBOD relied on annual syndicated loans from international banks to fund cocoa purchases. However, the rising debt levels, market volatility and tightening global financing conditions have made that approach increasingly challenging.

Under the new arrangement, COCOBOD intends to issue domestic cocoa-linked debt instruments to create a revolving fund that can be used to purchase cocoa and subsequently be repaid from cocoa sales proceeds within the same crop year.

Industry observers say the strategy could help deepen Ghana’s domestic capital market by attracting investments from pension funds, local institutional investors and foreign investors seeking exposure to Ghana’s cocoa sector.

The new financing framework is also expected to provide a lifeline for indigenous Licensed Buying Companies, many of which have struggled under the existing financing structure. It could further enable COCOBOD to sell greater volumes of cocoa beans to local processing companies, supporting value addition, industrialisation and job creation.

COCOBOD’s financing challenges have come under increasing scrutiny in recent years amid concerns over its debt burden, which stood at approximately GH¢32 billion earlier this year. Analysts believe a successful commercial paper programme could help diversify funding sources and improve the sustainability of cocoa sector financing.

The cocoa sector remains a critical pillar of Ghana’s economy, contributing significantly to export earnings, rural livelihoods and foreign exchange inflows. The government hopes the new financing model will strengthen the sector’s resilience while ensuring uninterrupted support for cocoa farmers across the country.

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Some OMCs begin increase in fuel prices; Star Oil sells petrol at GH¢15.20 

He said a shipment of crude oil from Ghana’s offshore fields will be delivered to TOR for processing, describing the move as a revival of an initiative started during his previous administration.

Speaking at a diaspora town hall meeting in London on Sunday, May 31, 2026, President Mahama said Ghana must take greater control of its natural resources by refining more of them locally instead of exporting raw materials.

“We are just about to make history again. We did it in my first term, but after we left office it didn’t continue. We are about to start refining our own crude. In June, we are delivering a parcel of Ghanaian crude from our own oil fields to the Tema Oil Refinery to process,” he said.

He also criticised the country’s continued reliance on exporting raw minerals such as gold, bauxite, and manganese, only to import finished products at higher costs.

“We process manganese, bauxite, gold and everything and then we ship them out to be processed by somebody else. In that processing, we are creating jobs in that other person’s economy. Then the products for which we sent the ores abroad are made into finished products and exported back to us,” he added.

President Mahama further disclosed that when his administration took office, the energy sector was burdened with significant financial challenges, including debts estimated at US$1.5 billion.

He said a World Bank Partial Risk Guarantee of US$500 million, which supports payments to Italian energy company ENI and its partners for gas supplied from the Sankofa Field, had been fully drawn down before his government assumed office.

“At the time we took over, that World Bank guarantee had been drawn down to zero. Today, through the work of the Minister of Energy and the Minister of Finance, we have restored it fully to US$500 million. As a result, they have also expanded the amount of gas they are giving us, which we use to generate power,” he said.

On investments in the oil and gas sector, the President revealed that partners in the Jubilee Field have committed US$2 billion to drill additional wells to boost production, while ENI is expected to invest a further US$1.5 billion in the Offshore Cape Three Points (OCTP) project.

“The Jubilee partners have signed an agreement to invest another US$2 billion in drilling new wells offshore Ghana to increase oil and gas production. We have also signed with ENI to invest another US$1.5 billion in the OCTP field to increase production,” he said.

Touching on the power sector, he noted that government has refinanced outstanding debts owed to independent power producers through structured payment plans, helping to stabilise the energy sector.

“We have refinanced that debt, given them a payment plan and we have met every single payment. They are happy and producing power, and our power sector is stable,” he said.

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The increase is in line with the two-week review of fuel prices by the various oil firms in the country, as part of the price deregulation policy.

Star Oil took the lead this morning by increasing the price of petrol to GH¢15.20 per litre from GH¢14.60 per litre on May 16, 2025.  It, however, kept the price of diesel at GH¢15.81.

Based on the price quote by Star Oil, it has kept its price floor for petrol. However, that cannot be said of diesel.

It is also not clear for now how the other major players in the industry, including Goil, Shell, Total and Zen Petroleum will react to this development.

The National Petroleum Authority on May 28, 2026, announced the price floor for June 1 to June 16 pricing window, which showed that no oil marketing company should sell a litre of petrol below GH¢15.20. This actually marks an increase from the price quote at the last pricing window.

On the other hand, diesel has been set at GH¢15.49, from the May 16, 2026, quote.

This should mean that OMCs should sell below this price at the pumps from June 1, 2026.

Industry Projection

According to the Chamber of Oil Marketing Companies (COMAC), the price of petrol is expected to go up between 4.20% and 6.20 %. This could result in a litre going for GH¢15.92 at the pumps.

LPG, on the other hand, could go up by as much as 2.24 %, resulting in a kilogramme going for GH¢17.30 

Diesel, however, is expected to go down between 1.65% and 2.00%, resulting in a litre og GH¢17.2.

These projections are based on oil marketing firms that are buying the various petroleum products on credit from the bulk oil distributors.

Reasons for Fuel Price Hikes

According to (COMAC), the mixed price reviews were due to lower global prices and continued government-industry interventions.

It also attributes it to the recent pressure on the Ghana cedi.

COMAC added that the Joint Government-Industry measure that was extended from May 16, 2026, had played a significant role in the pricing outlook for this week, including the margin of increase for petrol. 

Under the revision, the intervention has been zeroed out for petrol and reduced to GH¢1.07 for diesel.

This should mean that consumers continue to receive some cushioning from the full impact of the higher global market prices, while prices progressively adjust towards prevailing international market prices.

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He explained that although he has engaged some transport operators, no final decision has been taken on the planned increment.

“I have heard the conversations about the planned increment. I have engaged some of the transport operators. We will meet this morning over the planned increment. My association has not sanctioned any increment,” he said in an interview on Adom FM’s Dwaso Nsem.

Mr. Ohene noted that the council will meet to deliberate and reach a decision through proper negotiations.

“We will meet and make the necessary plans and negotiations,” he added.

He further explained that June 1 marks the beginning of a new pricing window, cautioning against rushing into fare increases without proper assessment.

“Today, June 1, is the beginning of a new pricing window. So if we rush to increase fares and it happens that the pricing window exceeds the 20%, then it means we are at a loss. Or if the increment doesn’t reach 20%, then it means we are cheating passengers,” he said.

Mr. Ohene stressed that transport operators must wait for guidance from Oil Marketing Companies (OMCs) before making any adjustments.

“We need to wait on the OMCs for the pricing window. If you decide to increase just based on fuel prices, it is very minimal because you need to consider other cost factors,” he explained.

He added that a careful approach is needed before any fare adjustment is made.

“We must pull the brakes and make all the necessary considerations before any increment,” he said.

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According to the Association, spare parts prices have remained stable in recent months, contrary to assertions by the Ghana Private Road Transport Union (GPRTU) and other operators that escalating costs are driving the proposed fare adjustment.

Speaking to Citi Business News, the Head of Communications of the Association, Takyi Addo, insisted there has been no upward review of prices in the spare parts market.

“Spare parts prices have not been increased at all. There is 100% stability in the spare parts business. In fact, the stability of the cedi against the dollar has rather helped to keep prices stable,” he said.

Mr. Addo argued that recent gains in the local currency and relative stability in the foreign exchange market have eased pressure on importers and traders, making claims of widespread price hikes inaccurate.

“We disagree with the transport operators. They should not say they are increasing fares by 20 percent because spare parts prices have gone up. That is simply not true. Traders are happy with the current trend in the market,” he stated.

The Association further commended government’s management of the economy and the exchange rate, noting that the relative stability of the cedi over the past month has positively impacted business operations within the spare parts sector.

Mr. Addo maintained that while traders continue to call for reductions in taxes and other operational costs, current market conditions do not justify claims of significant price increases.

“If you ask me as Head of Communications for the Association, there is no increment in spare parts prices. We have stability in the market and everything is okay now compared to previous periods,” he stressed.

He also urged transport operators to engage government directly on their concerns about operational costs rather than attributing the planned fare increase to spare parts prices.

The comments come amid plans by sections of commercial transport operators to increase fares by 20 percent from June 2, citing rising operational costs, including fuel and vehicle maintenance.

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As part of the summit, Dr. Acquaye will participate in a high-level panel discussion on the theme: “Positioning Ghana as an Agribusiness Investment Hub Beyond Subsistence Agriculture.”

He is expected to make a strong case for investment in Ghana’s expanding agribusiness sector, while highlighting opportunities available to international investors interested in Africa’s agricultural transformation.

The summit will be attended by President John Dramani Mahama, Minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare, Ghana’s High Commissioner to the United Kingdom and Ireland H.E. Sabah Zita Benson, as well as other government, business, and development partners.

Beyond the summit, Dr. Acquaye is expected to hold strategic meetings with investors, development partners, and firms exploring opportunities across Ghana’s agribusiness value chains.

Ahead of the summit, he has engaged representatives of the SEPT Competence Centre at Leipzig University in Germany on potential collaboration in agritech innovation, agribusiness development, and capacity building for agrifirms in Ghana and across Africa. Additional high-level engagements are also scheduled during the visit.

The Ghana-UK Investment Summit 2026 aims to bring together government officials, UK investors, development partners, policymakers, industry leaders, entrepreneurs, and members of the Ghanaian diaspora to explore investment opportunities and strengthen economic cooperation between Ghana and the United Kingdom.

About Agri-Impact Limited

Agri-Impact Limited (AIL) is an agribusiness consultancy and management services firm headquartered in Ghana, with operations across Africa and the Caribbean. The company specialises in agricultural management services, agribusiness project development, enterprise development, value chain strengthening, greenhouse farm management, and investment facilitation within the agriculture sector.

For over two decades, AIL has worked with agro-processing firms, universities and research institutions, investors, trade associations, government agencies, farmer-based organisations, international development partners, and export firms across the agribusiness value chain.

Its partners include 15 international universities, the World Bank, IFAD, Mastercard Foundation, USAID, GIZ, UNDP, ECOWAS, NEPAD, and several other development partners and embassies.

Agri-Impact is currently implementing the Harnessing Agricultural Productivity and Prosperity for Youth (HAPPY) Programme in partnership with the Mastercard Foundation. The initiative has created opportunities for over 270,000 young Ghanaians across the rice, poultry, tomato, and soybean value chains, supporting youth employment and agribusiness development.

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This is based on the price outlook of the various products released by the Chamber of Oil Marketing Companies(COMAC) on May 29, 2026, and sighted by Joy Business.

Breakdown

Based on data picked up from the COMAC, the price of petrol is expected to go up between 4.20% and 6.20 %. This could result in a litre going for GH¢15.92 at the pumps.

LPG, on the other hand, could go up by as much as 2.24 %, resulting in a kilogrammee going for GH¢17.30  

Diesel, however, is expected to go down between 1.65% and 2.00%, resulting in a litre going GH¢17.21

 These projections are based on oil marketing firms that are buying the various petroleum products on credit from the bulk oil distributors.

Reasons for Mixed Price Reviews at Pumps

According to the Chamber of Oil Marketing Companies (COMAC), the mixed price reviews was due to lower global prices and continued Government-Industry interventions.

COMAC added that the Joint Government-Industry measure that was extended from May 16, 2026, had played a significant role in the pricing outlook for this week, including the margin of increase for petrol.  

Under the revision, the intervention has been zeroed out for petrol and reduced to GH¢1.07 for diesel. This should mean that consumers continue to receive some cushioning from the full impact of the higher global market prices, while prices progressively adjust towards prevailing international market prices.

Interestingly, oil prices on average, have decreased in late May from $112.07 a barrel to $110.59

Refined Petroleum products prices on the international market have also shown mixed movements for the 1st June pricing window. LPG recorded the steepest decline at 5.53%, followed by diesel at 5.35%, while petrol increased moderately by 3.0%.

Similarly, the Ghana cedi has depreciated slightly against the major trading currencies. For June 1^st, 2026,  the local currency rose from GH¢11.30 to GH¢ 11. 59 per gallon.

The cedi’s depreciation has been driven by dollar demand, dividend repatriation, gold export disruption and a cautions Bank of Ghana intervention. 

Price Floor

The National Petroleum Authority on May 28, 2026, announced the price floor for June 1 to June 16 window, which showed that no oil marketing company should sell a litre of petrol below GH¢15.20. This actually marks an increase from the price quote at the last pricing window.

On the other hand, diesel has been set at GH¢15.49, from the May 16, 2026, quote. 

This should mean that OMCs should sell below this price at the pumps from June 1, 2026.

According to him, the company had secured a loan facility from a United States-based investment institution prior to the regulatory action, but the arrangement collapsed after GN Savings and Loans lost its operating licence.

Addressing journalists at a press conference on Friday, May 29, 2026, Dr Nduom said the funding would have significantly expanded access to credit for traders, entrepreneurs and small-scale businesses across the country.

He explained that negotiations for the facility had been successfully concluded and all major documentation had been signed, leaving only the release of the funds before the intervention by regulators disrupted the process.

“Before the licence was revoked, we had reached an agreement with what was then known as the Overseas Private Investment Corporation (OPIC) of the United States,” he said.

“I had travelled there, and we signed the contract and agreement for a $20 million loan, which was only awaiting disbursement. The funds were meant to help traders and small business owners do whatever they needed to do. Unfortunately, that opportunity was lost,” he added.

Impact on businesses

Dr Nduom indicated that the facility was designed to support productive economic activity, particularly among micro, small and medium-sized enterprises (MSMEs), which remain a critical pillar of Ghana’s economy.

He suggested that the loss of the financing package deprived many businesses of a potential source of affordable capital at a time when access to credit remains a major challenge for entrepreneurs.

The businessman maintained that GN Savings and Loans had established a strong relationship with thousands of customers across the country before its operations were halted, arguing that the institution had played an important role in supporting local economic development.

Compliance with court directives

Touching on recent legal developments, Dr Nduom said his organisation was committed to complying fully with the directives issued by the Court of Appeal concerning the company’s operations.

He stressed that the company was taking steps to satisfy all legal requirements and obligations outlined by the court as it works towards resuming business activities.

“So, there are many things that need to be completed, and we are going to do them. What I have told you is that we have received our orders from the Court of Appeal, and we are going to comply with those orders. Those orders contain the word ‘immediate,’” he stated.

Dr Nduom said the company remained determined to return to the financial sector because it believed strongly in the value of the services it had previously provided to customers.

“I have also told you that we have a purpose and a reason to return because what we were trying to achieve had become successful,” he added.

Looking ahead

The remarks come amid ongoing discussions surrounding the future of GN Savings and Loans following recent court decisions and efforts by the company to restore operations.

Dr Nduom expressed optimism that outstanding matters would be resolved, allowing the institution to rebuild its operations and continue supporting businesses and individuals who depend on financial services for growth and investment.

He maintained that despite the challenges experienced over the years, the company remained focused on meeting regulatory requirements and fulfilling its long-term vision of expanding financial inclusion and supporting economic activity across the country.

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The increase, which affects intra-city trotro services, inter-city transport and shared taxi operations nationwide, was announced on Friday, May 29, after consultations with stakeholders and transport unions.

According to the operators, the fare hike has become necessary due to the persistent rise in fuel prices and the increasing cost of vehicle maintenance, including tyres, batteries, engine oil and other essential spare parts.

Speaking to MyJoyOnline on Saturday, May 30, National Deputy Public Relations Officer of the GPRTU, Samuel Amoah, said transport operators had delayed the adjustment in anticipation of improvements in economic conditions.

“This increment should have come long ago, but we held on because when the government came in, there was a promise that prices were going to go down. Looking at where prices are now, if we don’t come up with this increment, it will affect our operations. Even the drivers are complaining seriously,” he said.

Mr Amoah added that several engagements had been held with government officials over the matter.

“There have been a series of indoor meetings to discuss this increment, but they kept asking us to hold on because of the promises and expectations,” he explained.

Rising Operational Costs

The transport operators stated that the continuous increase in fuel prices and vehicle maintenance expenses has significantly affected their operations.

“The sustained high cost of fuel and spare parts has made it necessary and legitimate to review fares. The prices of tyres, engine oil, batteries and other essential components have increased considerably over the past months,” the operators said.

They noted that the adjustment would help cushion drivers and vehicle owners against rising operational costs while ensuring the continued provision of transport services.

Compliance Measures

The GPRTU indicated that updated fare schedules would be displayed at lorry parks and transport terminals nationwide before the new rates take effect.

Passengers have been advised to familiarise themselves with the approved fare charts and pay only the officially sanctioned fares.

Transport operators also cautioned drivers, conductors and station managers against charging fares above the approved rates.

To ensure compliance, the union said monitoring teams would work alongside the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service at major transport terminals across the country.

“Our task force, working with the Police MTTD, will monitor compliance at major stations. Anyone found overcharging will face sanctions,” the union warned.

Appeal To Commuters

The transport unions acknowledged the economic difficulties confronting many Ghanaians and admitted that the fare increase would place an additional burden on passengers.

However, they maintained that the decision was taken only after exhausting all available options.

The operators appealed to commuters and the general public for understanding and cooperation as the new fares take effect.

Call For Government Intervention

The transport groups also renewed calls for government intervention to address factors contributing to rising transportation costs.

They urged authorities to review taxes and import duties on vehicle spare parts and implement measures to stabilise fuel prices.

According to the operators, such interventions would help reduce operational expenses and ultimately benefit both transport providers and passengers.

The unions reiterated their commitment to providing safe, reliable and affordable transportation services despite the prevailing economic challenges.

The announcement is expected to spark discussions among commuters, businesses and transport stakeholders, given the likely impact of higher transport costs on household spending and the prices of goods and services nationwide.

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