She made the call at the opening of the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB).

According to her, the outcome of Ghana’s latest mutual evaluation carries significant implications for the country, making it critical for institutions responsible for combating financial crime to deepen collaboration and strengthen enforcement efforts.

“The outcome of this assessment carries real weight,” she said, adding that the financial cost of being grey-listed could be significant.

“So we definitely don’t want to go back there to being grey-listed,” Mrs Asante Asiedu stressed.

The Second Deputy Governor said recent collaborative efforts under COCLAB had resulted in a number of successful interventions, including the arrest of 430 people, among them three foreign nationals, in an intelligence-led operation against illegal online operators in parts of Accra.

The operation, carried out in 2023, was among several coordinated efforts aimed at disrupting financial crimes and illegal activities within the financial ecosystem.

She said collaboration among member institutions had also helped to disrupt fraud syndicates, recover illicitly transferred funds and support successful investigations and prosecutions.

Mrs Asante Asiedu further cited the conviction of a bank employee who was sentenced to 10 years in prison for embezzling GH¢1.2 million, following improved information sharing among relevant institutions.

The warning comes at a time when financial crime is increasingly shifting towards digital platforms.

According to the Bank of Ghana’s 2025 fraud report, fraud incidents across the financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025, representing a 48% increase.

While fraud incidents within the traditional banking system declined, cases involving digital transactions continued to rise, with fraud incidents in the digital space increasing by 98% between 2022 and 2025.

Mrs Asante Asiedu said the changing nature of financial crime requires a more strategic and proactive approach, as criminals continue to exploit the growing use of digital financial services.

She said COCLAB is therefore being restructured around dedicated working groups focusing on public sensitisation as well as information sharing and investigation, with a steering committee of heads of member institutions providing strategic direction.

According to her, the success of the collaboration should not be measured by the number of meetings or reports produced, but by concrete outcomes such as stronger intelligence sharing, successful investigations and prosecutions, asset recovery, improved regulatory compliance and a measurable reduction in financial crime.

She stressed that strengthening these efforts would be crucial as Ghana seeks to maintain confidence in its financial system and avoid the potentially costly consequences of returning to the FATF grey list.

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The Ministry’s clarification follows an appeal by the Coalition of Unpaid Newly Posted Staff of the GES over outstanding salary arrears.

In a statement issued on Tuesday, September 8, 2026, the Ministry explained that the government inherited the 6,300 staff in 2025 and subsequently took steps to address their salary payment concerns.

According to the Ministry, Cabinet approval was secured and the required financial clearance was issued to facilitate payment in four tranches.

It said all 6,300 staff covered under the arrangement had now been paid.

The Ministry of Finance further clarified that there are currently no outstanding requests for financial clearance from the GES awaiting action by the Ministry.

It advised any staff member who continues to have an unresolved salary or arrears issue to contact the Ghana Education Service for assistance with the relevant payroll or administrative matter.

The Ministry said the clarification was issued to address concerns raised by the affected teachers and staff regarding their outstanding payments.

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Dr Forson, accompanied by his deputy, the Ministry’s Chief Director and other senior officials, met with the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, and officials of her ministry.

The engagement forms part of preparations for the programme, which seeks to move Ghana beyond economic stabilisation towards job creation, wealth generation and sustainable economic growth.

Presenting the 2026 Mid-Year Fiscal Policy Review, Dr Forson said the government’s focus would now shift from stabilisation to transforming the economy.

“Through the New Economy agenda that we will unveil, we will build an economy that does not merely withstand shocks but creates jobs, generates wealth and grows on the strength of what Ghana produces,” he said.

He added: “Stabilisation was never the destination. It was the price of entry. Ghana has paid that price. What comes next is the work that changes lives at scale—the work of transformation.”

President John Dramani Mahama has since announced that the programme will involve a US$10 billion investment in key sectors of the economy.

The President said full details of the transformational programme would be presented in the 2027 Budget in November.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

— Bright Simons (@BBSimons) September 1, 2026

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

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

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

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

Contributing to the parliamentary debate on the Mid-Year Budget Review presented last Thursday, Mr Boamah questioned the government’s commitment to procurement transparency, arguing that the Finance Minister’s actions contradict the reforms outlined in the budget.

He noted that the government has proposed measures to tighten procurement processes by reducing procurement timelines, limiting the use of single-source procurement and strengthening restrictions on restricted tendering.

However, Mr Boamah alleged that several major projects in the Finance Minister’s constituency were awarded through procurement methods the government now seeks to discourage.

He cited the 111-kilometre Mankessim–Ajumako–Swedru Road project, valued at about US$250 million, alleging that it was awarded through single-source procurement.

The Okaikwei Central MP further claimed that a GH¢200 million military barracks project in Ajumako was also awarded through single-source procurement, while a specialist hospital project estimated at GH¢850 million was procured through restricted tendering.

“If the minister comes to tell us that he’s tightening procurement rules and regime, then I don’t believe in what he’s talking about,” Mr Boamah said.

He also raised concerns over a possible conflict of interest, alleging that the Finance Minister’s constituency chairman serves as Chairman of the Central Tender Review Committee, while another person from the constituency is the Deputy Chief Executive Officer of the Public Procurement Authority (PPA), which falls under the supervision of the Ministry of Finance.

According to Mr Boamah, these developments undermine the government’s stated commitment to transparency and accountability in public procurement.

The MP also criticised the Finance Minister for prioritising new infrastructure projects while cocoa farmers are yet to receive outstanding payments owed to them.

He argued that although the government continues to announce major development projects, many cocoa farmers remain unpaid and should be given priority.

Mr Boamah further referred to the Tree Crops Development Authority Act, noting that the legislation was intended to support the development of crops such as oil palm.

He recalled that in the 2026 Budget Statement, the Finance Minister announced plans to invest more than US$500 million to revive Ghana’s oil palm sector through the Ghana Tree Crops Development Authority.

The Okaikwei Central legislator maintained that while the country needs infrastructure and job creation, government must also honour its financial obligations to cocoa farmers, whom he said continue to wait for payments due them.

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According to the Ministry, the government maintained fiscal discipline, reduced inflation, strengthened external buffers and implemented key reforms that have created the foundation for sustainable economic growth.

The Ministry made the statement after Ghana successfully completed the final review of the IMF programme on Monday, July 27, 2026, in Washington DC, United States.

Following the approval of the review, the IMF Board approved the disbursement of the final tranche of US$371 million to Ghana, bringing the country closer to completing the US$3 billion programme approved in May 2023.

The Finance Ministry said the completion of the Extended Credit Facility marks the beginning of a new phase of engagement with the IMF through a 36-month Non-Bailout Policy Coordinating Instrument.

It explained that the new arrangement is non-financing and will support the government’s reform agenda while helping to sustain confidence in Ghana’s economic recovery plan.

The Ministry added that government remains committed to protecting the gains made so far and continuing with reforms aimed at building a stronger, more resilient and prosperous economy for Ghanaians.

In a Facebook post shared on Thursday, July 23, following the presentation of the 2026 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson, Mr. Awuni said the current state of the economy represented an improvement over the previous administration’s performance.

“The first is that the economy looks healthier than it was in the previous administration. Some say the recovery started when the IMF came in, but the fact remains that even the NPP members who love Ghana would dread putting the economy back in the hands of Ken Ofori-Atta should a second chance present itself,” he wrote.

Despite acknowledging the gains, Mr. Awuni argued that the country’s economic difficulties remain significant and do not justify excessive celebration.

He noted that while budget presentations often generate optimism, they are based on projections whose implementation has historically fallen short.

“The second fact obvious to ordinary minds like mine is that Ghana’s economy is far from the ululations that greeted the Finance Minister’s reading of the mid-year budget yesterday,” he stated.

Mr. Awuni expressed concern about Ghana’s low production levels, warning that the country risks becoming overly dependent on imported goods as more foreign-owned retail businesses expand their operations.

According to him, the success of the government’s proposed 24-hour markets would be limited if the country fails to increase local production.

“The 24-hour markets, if they will succeed at all, will end up retailing what is produced elsewhere, thereby creating jobs there,” he said.

The journalist also highlighted unemployment as one of the country’s biggest economic challenges, arguing that the high demand for limited public sector jobs reflects the weak state of employment.

“Today, unemployment is the norm; getting a job is the exception,” he wrote, pointing to the recurring stampedes during recruitment exercises by the security services as evidence of the problem.

Mr. Awuni further revealed that discussions with maize and rice farmers indicated many were considering reducing production or abandoning farming altogether after suffering losses from a food glut, which they partly attributed to restrictions on grain exports.

He stressed that while the government deserves credit for stabilising parts of the economy, the country should remain focused on addressing the underlying structural weaknesses.

“I do not intend to blight the government’s bright spot. It’s not out of place to point out the modest gains made and give credit,” he said, adding that Ghana’s economy still requires substantial reforms to achieve sustainable growth and job creation.

See the post below:

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Speaking on Asempa FM’s Ekosii Sen show after the presentation of the budget review in Parliament, Mr Nyarko Ampem said the government’s fiscal performance demonstrated that President John Dramani Mahama and the Finance Minister had successfully steered the economy onto a path of recovery.

“The mid-year budget, in one word, is splendid. Everyone who listened and knew where Ghana was and where Ghana is now will applaud President Mahama and the Finance Minister,” he said.

According to the Deputy Finance Minister, one of the highlights of the budget review was the Finance Minister’s transparency in accounting for government expenditure.

He noted that contrary to claims by the Minority in Parliament that government was not spending on approved programmes, the budget review clearly outlined payments made across key sectors during the first six months of the year.

“My boss gave an honest account of Ghana’s budget. The appropriations Parliament approved for us to work with, we were not asking for more money. Whatever we are doing is within the ceiling Parliament approved. We are only realigning our contingency vote,” he explained.

Mr Nyarko Ampem said government had spent GH¢48 billion on compensation for public sector workers across all sectors by the end of June.

He also dismissed suggestions that statutory funds were in arrears, insisting that payments to institutions such as the Ghana Education Trust Fund (GETFund) and the National Health Insurance Scheme (NHIS) were up to date.

“We have no arrears. Not GETFund or the Health Insurance Scheme, we don’t owe them. Health insurance is now begging people to bring claims so they can be paid,” he stated.

The Deputy Finance Minister further disclosed that government had honoured its debt obligations by paying US$700 million in Eurobond debt service during the year, while domestic bondholders had received GH¢10 billion.

He said government had also established a sinking fund to prepare for upcoming debt repayments, with seven per cent of revenue being set aside to meet future obligations.

According to him, more than GH¢15 billion has already been accumulated in the sinking fund, with government targeting nearly GH¢30 billion by the time the 2027 Budget is presented in November.

He explained that the funds would be used to settle about GH¢30 billion in debt due in February 2027 and another GH¢28 billion due in August next year.

“We are managing what we have,” Mr Nyarko Ampem said, stressing that the government remains committed to prudent fiscal management while delivering on its policy commitments.

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Dr Amin Adam, who is the Ranking Member on Parliament’s Finance Committee, said the review presented to Parliament on Thursday, July 24, confirmed the opposition New Patriotic Party’s earlier assessment that the 2026 Budget lacked substance and failed to address the needs of Ghanaians.

According to him, the budget had “only burns and no meat”, describing it as a “kwashiorkor budget” because, in his view, it lacked the necessary policies and programmes to improve the living conditions of citizens.

“This government from what has been submitted in Parliament can best be described as talk more, do little government because the review has confirmed our description of the original 2026 budget as having only burns no meat and for that matter can best be described as kwashiokor budget,” Dr Amin Adam said.

He argued that the Finance Minister attempted to present a positive picture of the economy but was undermined by the government’s own data contained in the Mid-Year Budget Review.

“The Minister tried his best to do what he does best which is propaganda but his own data gave him out and his own data showed that the honeymoon is over and they are now faced with the reality,” he said.

Dr Amin Adam added that the government had resorted to blaming the previous administration because it lacked achievements to highlight after 18 months in office.

“Because this budget is empty and because it has no meat and they have no story, the Minister resorted to blame game and they have been doing this blame game from the time they assumed office in 2025,” he stated.

He maintained that Ghanaians voted for the government to deliver on its promises rather than spend time blaming its predecessors.

“The Ghanaian people voted for them to deliver just that and not to blame the previous government but we all saw in his address, there is nothing to tell the people of Ghana,” Dr Amin Adam added.

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Speaking to journalists on Thursday, July 24, after Finance Minister Dr Cassiel Ato Forson presented the review to Parliament, the former Finance Minister said the document exposed what he described as the government’s inability to fulfil its promises to Ghanaians.

Dr Amin Adam, who is also the Member of Parliament for Karaga, argued that the figures presented by the Finance Minister contradicted the government’s attempts to project success.

He said the government’s economic narrative had changed because it was now confronted with realities it could no longer avoid.

“The Minister tried his best to do what he does best which is propaganda but his own data gave him out and his own data showed that the honeymoon is over and they are now faced with the reality,” Dr Amin Adam said.

According to him, the 2026 Budget Review did not contain enough policies or programmes capable of delivering significant improvements to the lives of ordinary Ghanaians.

He described the budget as lacking substance and repeated his earlier criticism that it was a document filled with promises without enough practical measures.

“This budget is empty and because it has no meat and they have no story, the Minister resorted to blame game,” he stated.

Dr Amin Adam said the government had consistently blamed the previous administration since assuming office in 2025, instead of focusing on delivering on its campaign commitments.

“They have been doing this blame game from the time they assumed office in 2025 and after 18 months in government they are still doing blame game,” he added.

The former Finance Minister urged the government to focus on providing results rather than explanations, insisting that citizens expected action after voting for change.

“The Ghanaian people voted for them to deliver just that and not to blame the previous government,” Dr Amin Adam said.

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Dr Amin Adam, who is the Ranking Member on Parliament’s Finance Committee and MP for Karaga, made the comments while addressing the press on Thursday, July 24, after Finance Minister Dr Cassiel Ato Forson delivered the review in Parliament.

He said the presentation failed to provide evidence of significant progress under the John Dramani Mahama administration and instead relied heavily on explanations and criticisms of the previous government.

According to him, the government’s own figures presented in the budget review revealed challenges that contradicted the positive picture it attempted to paint.

“The Minister tried his best to do what he does best which is propaganda but his own data gave him out,” Dr Amin Adam said.

He added that the government’s current situation showed that the period of public excitement following its assumption of office had ended.

“His own data showed that the honeymoon is over and they are now faced with the reality,” he stated.

Dr Amin Adam further criticised the government’s decision to continue blaming the previous administration after more than a year in office.

He argued that voters expected the government to focus on fulfilling its promises rather than explaining inherited challenges.

“The Ghanaian people voted for them to deliver just that and not to blame the previous government,” he said.

The former Finance Minister also maintained that the Mid-Year Budget Review did not provide enough answers for Ghanaians who were looking for evidence of improved economic conditions.

“We all saw in his address, there is nothing to tell the people of Ghana,” Dr Amin Adam concluded.

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Dr Amin Adam, who is the Member of Parliament for Karaga and Ranking Member on Parliament’s Finance Committee, made the remarks while addressing the press on Thursday, July 24, after Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament.

According to him, the Mid-Year Budget Review confirmed the opposition New Patriotic Party’s earlier assessment that the original budget lacked substance and contained insufficient measures to improve citizens’ lives.

He said the document contained many promises and announcements but lacked the necessary resources and practical interventions required to deliver meaningful results.

“This government, from what has been submitted in Parliament, can best be described as talk more, do little government because the review has confirmed our description of the original 2026 budget as having only bones,s no meat, nd for that matter, can best be described as kwashiorkor budget,” Dr Amin Adam said.

The former Finance Minister argued that the government’s own data presented during the review exposed weaknesses in its economic management and showed that the administration was struggling to meet expectations.

He accused Finance Minister Dr Cassiel Ato Forson of attempting to present a favourable picture of the economy through what he described as propaganda, but said the figures contained in the document told a different story.

“The Minister tried his best to do what he does best, which is propaganda, but his own data gave him out, ut and his own data showed that the honeymoon is over and they are now faced with the reality,” he stated.

Dr Amin Adam further criticised the government for repeatedly blaming the previous administration instead of focusing on delivering on its campaign promises.

He said Ghanaians voted for the government to solve problems and improve their living conditions, rather than continue with explanations about inherited challenges.

“The Ghanaian people voted for them to deliver just that and not to blame the previous government, but we all saw in his address that there is nothing to tell the people of Ghana,” he added.

He maintained that the Mid-Year Budget Review did not provide the level of detail and action required to convince citizens that the government had a clear plan to address economic difficulties.

Dr Amin Adam insisted that after 18 months in office, Ghanaians expected measurable achievements and not continued accusations against the previous government.

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Delivering the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr Forson said every cedi collected through taxes, borrowed or spent comes with a responsibility to ensure it is used wisely and in the national interest.

“The true measure of a Finance Minister is not how much he spends, but how faithfully he protects the resources entrusted to him,” he told Parliament.

According to him, public funds do not belong to government officials but to the people of Ghana, and must therefore be managed with honesty, accountability and prudence.

“My assurance to this House and to every Ghanaian is simple: your money is safe,” Dr Forson said.

He added that under the leadership of President John Dramani Mahama, the economy is in safe hands, pledging to continue managing the country’s finances responsibly.

The Finance Minister said government will remain transparent about the state of public finances and will communicate both achievements and challenges honestly to Ghanaians.

“We will neither conceal our challenges nor exaggerate our successes. Trust is built on truth, and truth must remain the foundation of sound economic management,” he said.

Dr Forson emphasised that economic stability requires continuous commitment through prudent financial management, fiscal discipline and accountability.

He said government’s focus is not only on celebrating recent economic gains but also on preserving them for future generations.

“Ghana is not going back! Under the leadership of President Mahama, and with the determination of the Ghanaian people, Ghana is moving forward, steadily, honestly and together,” he stated.

The Finance Minister concluded his presentation by submitting the 2026 Mid-Year Fiscal Policy Review, themed “Resetting for Growth, Jobs, and Economic Transformation,” to Parliament for consideration.

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Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr Forson said government has remained committed to transparency and accountability by providing details of expenditure made so far in line with the approved 2026 Budget.

He told Parliament that GH¢48.8 billion has been paid as compensation for public sector workers, including GH¢4 billion in contributions to SSNIT and the Tier 2 Pension Scheme.

The Finance Minister also disclosed that government has paid GH¢21.5 billion in interest obligations and US$700 million towards Eurobond debt service and interest payments.

He said GH¢10 billion has been paid to domestic bondholders as part of efforts to restore confidence in Ghana’s financial system.

Dr Forson highlighted payments made across various sectors, including GH¢4.5 billion to the National Health Insurance Scheme (NHIS), GH¢1.1 billion to MahamaCares, GH¢4.2 billion to the Ghana Education Trust Fund (GETFund), and GH¢1.8 billion to support the Free Senior High School programme.

According to him, government has also paid GH¢7.1 billion to the energy sector to support stable power supply, GH¢11.5 billion in capital expenditure for infrastructure development, and GH¢6.5 billion towards the Big Push Infrastructure Programme.

On social interventions, Dr Forson said GH¢485 million has been paid to beneficiaries of the Livelihood Empowerment Against Poverty (LEAP) programme, while GH¢877 million has been released for the Ghana School Feeding Programme.

He added that GH¢537 million has been paid under the No Fees Stress Policy to reduce financial barriers to tertiary education, with additional payments made for teacher and nursing trainee allowances.

The Finance Minister also mentioned government’s support for agriculture, including GH¢1.1 billion allocated to the Ministry of Food and Agriculture for flagship programmes such as Feed Ghana, fertiliser and certified seed distribution, and irrigation projects.

He said GH¢551 million has also been placed in an escrow account to support the establishment of Farmer Service Centres aimed at modernising agriculture.

Dr Forson maintained that the expenditure demonstrates government’s commitment to moving the economy “from the emergency room to the wellness centre.”

“We have kept that promise. And I give this House my firm assurance: this economy will never return to the emergency room under our watch,” he said.

He added that the achievements recorded belong not only to government but to the people of Ghana.

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Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr Forson said the Gold Board was established to formalise the gold trade, curb smuggling and ensure that a larger share of the country’s mineral wealth benefits the Ghanaian economy.

According to him, the initiative has had a major impact on Ghana’s external position, resulting in a significant improvement in the country’s current account balance.

“This single policy measure improved Ghana’s current account balance by 6.4 percentage points, from a surplus of 1.9% in 2024 to 8.3% in 2025,” he told Parliament.

Dr Forson described the development as a four-fold increase in the current account surplus within one calendar year, adding that the Gold Board was more than a revenue mobilisation programme.

“It is a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy,” he said.

The Finance Minister said government is working to sustain the gains through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which seeks to increase Ghana’s international reserves to 15 months of import cover by the end of 2028.

He further disclosed that government has reached an agreement with large-scale mining companies for the purchase of 30% of their annual gold production for local refining.

Dr Forson said the arrangement would promote domestic value addition while supporting efforts to build Ghana’s foreign exchange reserves.

He also announced amendments to the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the central bank.

The Finance Minister explained that the move is aimed at improving coordination between fiscal and monetary policies to achieve greater economic stability.

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Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Forson said the IMF Executive Board is expected to approve the final review of Ghana’s Extended Credit Facility (ECF) programme, paving the way for the country to exit the financial support arrangement.

“Next week, the Executive Board of the IMF is expected to approve the final review of Ghana’s Extended Credit Facility programme, bringing to a successful conclusion the financial bailout IMF programme,” he told Parliament.

The Finance Minister said Ghana’s engagement with the IMF would not end with the completion of the ECF programme, explaining that government intends to transition to a Policy Coordination Instrument (PCI), a non-financing programme designed for countries that no longer face balance of payment challenges.

According to him, the PCI will serve as a framework to sustain economic reforms, strengthen macroeconomic stability and maintain fiscal discipline while supporting broad-based economic growth.

Dr Forson said the new arrangement will focus on six key priority areas, including growth-friendly fiscal consolidation, debt sustainability, fiscal transparency and governance, stronger monetary and exchange rate policy frameworks, financial sector stability, and economic diversification.

He noted that the PCI would also include quantitative performance targets and structural reform benchmarks, which would be assessed through semi-annual reviews to ensure the continued implementation of critical economic reforms.

The Finance Minister expressed confidence that Ghana’s performance under the IMF programme and the successful implementation of the PCI would improve investor confidence and strengthen the country’s prospects of regaining investment-grade status.

According to him, achieving that objective would enhance Ghana’s ability to attract concessional financing and development funding for critical public investment.

Dr Forson said the reforms implemented by the Mahama administration over the past 18 months had restored fiscal discipline, improved macroeconomic stability and rebuilt confidence in the Ghanaian economy.

“Ghana is not going back. Ghana is moving forward,” he declared, reaffirming government’s commitment to reforms aimed at securing long-term economic growth and prosperity.

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Livestream: Finance Minister presents 2026 mid-year budget review

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr. Forson said the government has prioritised technology-driven reforms to improve revenue mobilisation instead of imposing new taxes on Ghanaians.

According to him, the AI-powered customs system has enhanced enforcement and significantly improved the efficiency of revenue collection.

“Since the introduction of the AI-powered customs reforms, monthly customs revenue has increased by approximately 17 per cent, reflecting stronger compliance, more effective enforcement and significantly reduced leakages,” he told Parliament.

Dr. Forson also announced reforms to the Tax Refund Account, saying the government has ended the misuse of funds meant for legitimate tax refunds.

“We amended the misuse of the Tax Refund Account to ensure that resources intended for legitimate tax refunds are no longer used as a slush fund,” he said.

The Finance Minister noted that the reforms have yielded positive fiscal outcomes despite the abolition of several taxes and the government’s decision not to introduce new ones.

He disclosed that non-oil tax revenue increased from 12.6 per cent of Gross Domestic Product (GDP) in 2024 to 13.1 per cent in 2025, representing a 0.5 percentage point increase.

Dr. Forson said the improvement demonstrates that government can generate more domestic revenue through efficient administration rather than increasing the tax burden on citizens.

“Simply put, government collected more taxes in 2025 even after abolishing the nuisance taxes, including the E-Levy,” he stated.

He maintained that stronger compliance, effective policy implementation and smarter tax administration provide a more sustainable path to increasing government revenue than imposing higher taxes.

“The lesson here is simple: better policy, stronger compliance and smarter administration will always deliver more sustainable revenue than higher taxes,” the Finance Minister said.

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2026 mid-year budget: Economic gains reflect deliberate reforms, recovery not by chance – Ato Forson

Livestream: Finance Minister presents 2026 mid-year budget review

Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr. Forson said the achievement was driven by sustained economic growth since 2025 and reflected the impact of the government’s economic reform programme.

According to him, Ghana’s real Gross Domestic Product (GDP) grew by 6.0 per cent in 2025, the fastest rate recorded since 2019.

He added that non-oil GDP expanded by 7.6 per cent, the highest growth recorded in 14 years, demonstrating that the country’s recovery extends beyond the oil sector.

“This demonstrates that Ghana’s recovery extends well beyond favourable commodity prices,” Dr. Forson told Parliament.

The Finance Minister noted that the positive economic momentum has continued into 2026, with real GDP growth reaching 6.4 per cent in the first half of the year, surpassing government projections.

“For the first time in our nation’s history, the size of Ghana’s economy exceeded 100 billion dollars, firmly establishing Ghana as a major emerging market economy,” he said.

Dr. Forson further disclosed that Ghana is now ranked as the eighth-largest economy in Africa.

He also revealed that Ghana’s per capita income increased by more than $850 within a year, rising from $2,527 in 2024 to $3,385 by the end of 2025.

“These are not mere statistics. They represent higher incomes, stronger businesses, greater opportunities and an economy with an enhanced capacity to invest in its people,” he stated.

The Finance Minister said the figures underscore the progress made through the economic reforms introduced by the Mahama administration since assuming office in January 2025, arguing that the measures have strengthened macroeconomic stability and placed the country on a path of sustained growth.

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Presenting the 2026 Mid-Year Budget Review in Parliament on Wednesday, Dr. Forson highlighted improvements in key macroeconomic indicators, including declining interest rates, a stronger cedi, lower inflation and an improving debt profile.

According to him, Ghana has already achieved its statutory debt target of 45 per cent of Gross Domestic Product (GDP), while borrowing costs have declined significantly over the past year.

He noted that the 91-day Treasury bill rate fell from 11 per cent in December 2025 to 5.73 per cent in June 2026, representing a reduction of 536 basis points. The 182-day Treasury bill rate also declined from 12.52 per cent to 7.69 per cent, while the 364-day bill rate dropped marginally from 12.94 per cent to 12.82 per cent.

Dr. Forson added that government bond yields had also fallen sharply, with two-year, three-year and five-year bonds now trading between 11 and 12.6 per cent, compared to about 20 per cent a year ago.

The Finance Minister further disclosed that the Bank of Ghana’s monetary policy rate has been reduced by a cumulative 1,300 basis points, from 27 per cent in January 2025 to 14 per cent in July 2026.

“These are not merely lower interest rates; they are lower borrowing costs for households and businesses, creating room for entrepreneurs to invest, expand and create jobs,” he told Parliament.

On the external sector, Dr. Forson said Ghana recorded a current account surplus equivalent to 8.3 per cent of GDP in 2025, with the strong performance continuing through the first half of 2026.

He also stated that the cedi appreciated by 40.7 per cent against the US dollar in 2025, reversing years of sharp depreciation and helping to restore confidence in the economy.

According to the Finance Minister, the latest economic data demonstrates that the government’s fiscal programme remains on course.

“These results demonstrate that the 2026 Budget is firmly on track. The targets we set at the beginning of the year were not aspirational; they were grounded in sound policy, disciplined implementation and realistic assumptions,” he said.

He added that economic growth was exceeding projections, inflation had fallen below the projected range, fiscal performance was outperforming programme targets and the country’s debt trajectory was improving faster than expected.

“The commitments we made to the people of Ghana are being honoured, and the results are evident,” Dr. Forson told Parliament.

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2026 mid-year budget: Economic gains reflect deliberate reforms, recovery not by chance – Ato Forson

2026 mid-year budget: Gov’t allocates additional funds for flood control

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

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

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

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

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

Understanding what the rating ‘b with positive outlook’ means

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

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

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

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

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

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

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

Pillars of the upgrade

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

1. Fiscal consolidation and record primary surpluses

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

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

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

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

2. Successful debt restructuring and declining debt burden

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

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

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

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

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

3. Surging international reserves and external position

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

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

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

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

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

4. Inflation at historic lows

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

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

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

5. Strong and sustained real GDP growth

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

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

What the positive outlook signals

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

Specifically, the Positive Outlook reflects expectations that Ghana will:

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

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

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

Peer validation: A chorus of positive signals

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

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

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

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

Practical implications for Ghana: Access to capital markets

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

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

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

Foreign Direct Investment

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

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

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

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

Exchange rate stability and cedi confidence

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

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

Banking sector and domestic credit

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

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

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

Investor and business confidence

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

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

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

Risks and cautionary notes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Conclusion: A turning point, not a destination

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

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

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

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

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

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

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

Finance Ministry’s position

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

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

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

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

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

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

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

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

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

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

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Speaking during the opening session of the Korea High-Level Invitational Visit by the Ghanaian delegation under the Ghana Tax Modernisation Project (2023–2026) in the South Korea, Mr. Ampem said the improvement reflects gains being made through ongoing tax and public financial management reforms.

According to him, the government remains focused on sustaining macroeconomic stability following the successful completion of Ghana’s IMF-supported bailout programme while pursuing policies aimed at strengthening domestic revenue mobilisation and promoting inclusive economic growth.

While welcoming the improvement in revenue performance, Mr. Ampem noted that Ghana still has work to do to bring its tax effort in line with countries at similar levels of development.

“Ghana’s tax-to-GDP ratio, although improving from approximately 12.3 percent to about 14 percent in 2025, remains below the average for countries at similar levels of development,” he said.

He stressed that the situation underscores the need for continued reforms to improve efficiency, reduce revenue leakages, expand the tax net, and strengthen voluntary tax compliance.

The Deputy Minister identified modern and integrated revenue administration systems, stronger institutional capacity, enhanced collaboration among state institutions, and greater use of technology as critical elements required to sustain progress.

He said this is why the Ghana Tax Modernisation Project has become strategically important to the government’s revenue mobilisation agenda.

The project, being implemented with support from the Korea International Cooperation Agency, the Korea Institute of Public Finance, and other partners, seeks to transform Ghana’s tax administration system through innovation, technology, institutional strengthening, and capacity development.

Mr. Ampem, who chairs the project’s Steering Committee, said the initiative is expected to culminate in a comprehensive Tax Modernisation Master Plan that will guide future reforms and support the creation of a more efficient, transparent, and citizen-centred revenue administration system.

He noted that beyond improving revenue collection, the broader objective is to establish a modern, technology-driven tax administration framework that enhances efficiency, promotes transparency, strengthens public trust, and supports Ghana’s long-term development agenda.

The Deputy Minister also expressed appreciation to the Government of Korea and its development partners for their continued support, describing the partnership as critical to Ghana’s efforts to consolidate recent economic gains, strengthen fiscal sustainability, and accelerate institutional reforms.

He expressed confidence that lessons from Korea’s development experience and the recommendations emerging from the project will help Ghana build a more resilient and effective tax system capable of financing the country’s development priorities.

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In a supervisory directive issued on June 12, 2026, signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank expressed concern over the growing operation of fiat currency wallet arrangements denominated in foreign currencies and supported through bank transfers, payment cards and other payment channels provided by regulated financial institutions.

According to the Bank of Ghana, these services typically involve activities that require regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.

The central bank noted that the crypto platforms offering such services have not been authorised to undertake those activities in Ghana.

As a result, banks, specialised deposit-taking institutions, electronic money issuers, payment service providers and other regulated financial institutions have been instructed not to establish or maintain arrangements that facilitate the funding, operation, settlement or customer access to the unauthorised foreign currency wallet services.

The directive further requires institutions currently providing banking, payment, card acquiring, settlement or related support services to such platforms to take immediate steps to discontinue those services.

The Bank of Ghana warned that failure to comply with the directive could attract supervisory sanctions or enforcement actions against the affected institutions.

The move forms part of the central bank’s efforts to strengthen oversight of financial services and ensure compliance with existing regulations governing payment systems, foreign exchange transactions and digital financial services.

The Bank of Ghana also advised institutions seeking clarification on the directive to contact its Virtual Asset Service Provider (VASP) registration support desk.

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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 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.

In a press release issued on Tuesday, May 26, 2026, the central bank said the suspension was to allow for broader stakeholder engagement and review, and formed part of efforts to ensure fairness in the mobile financial services ecosystem.

“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial wellbeing,” the Bank of Ghana stated.

The proposed fee had sparked public debate over its potential impact on digital transactions and financial inclusion. The Bank of Ghana did not indicate when the consultations would conclude or whether the fee would eventually be revised or withdrawn entirely.

Read the full statement below:

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Speaking on Joy FM’s Super Morning Show on Monday, May 25, following a recent Reuters report on currency movements, Prof Asuming said the cedi’s depreciation has so far remained within a manageable range.

“So far, we haven’t seen the wide range when we study the system. The Central Bank has been able to moderate swings. I think it is generally kept at a low level, and on that note, I don’t think we should start raising alarms,” he said.

He explained that concerns should only arise when the currency comes under sustained pressure and records sharp, repeated depreciation over a short period.

“If we begin to see so much pressure on the currency that, within a two-week period, we experience massive losses, then you begin to worry because that is when things get out of control,” he stated.

Prof Asuming stressed that exchange rate fluctuations are normal in any economy and should be assessed within the broader macroeconomic context rather than treated as isolated events.

The report paints a mixed picture of cautious recovery and lingering financial vulnerability.

While 37 percent of respondents say they are earning more than they did a year ago — up from 22 percent in 2023 — many households remain financially exposed. Some 39 percent of Ghanaians are still worried about losing their income, and more than half, 53 percent, risk running out of funds within three months if they lose their jobs or income streams.

The findings suggest that although macroeconomic conditions and consumer confidence are improving, many households still lack adequate financial buffers to withstand economic shocks.

In response to income instability, more Ghanaians are diversifying their earnings through side jobs and freelance work.

The report notes that 27 percent of working Ghanaians are now “poly-jobbers” — people earning income beyond their primary jobs — up from 21 percent in 2024. Young people are leading this trend, with 32 percent of Ghanaians aged between 20 and 29 reporting additional income streams, driven largely by limited job opportunities and rising financial obligations.

The three-member panel overturned an earlier High Court ruling that had upheld the revocation, directing that all assets of the company be returned to its original owners and that the Receiver hand over management to the former management team.

The dispute dates back to 2018, when GN Savings and Loans was caught up in the Bank of Ghana’s banking sector clean-up exercise. The institution was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited on January 4, 2019.

Speaking to journalists after Thursday’s ruling, Dr Nduom was visibly emotional, expressing gratitude to his family, employees, and God for sustaining them through the lengthy battle.

“It’s been a difficult, very, very difficult seven years. We want to thank the family. We want to thank all of our employees who have stood with us all these years,” he said.

“We give thanks to the Almighty for keeping us healthy enough to be where we are, because this has been a very, very tough, very difficult time. It’s just unimaginable,” he added.

Dr Nduom also attributed the court victory in part to what he described as a favourable political climate following the change in government, saying a “wind of change” had contributed to the outcome. He added that the company would hold a press conference in due course to brief Ghanaians on the full extent of the challenges it endured.

“We are expecting that with the licence restored, we will now play our part in making sure that this country achieves the level of prosperity that is needed,” he said.

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The local currency traded at GH¢11.4125 to one US dollar in the first week of May, weakening from GH¢10.95 at the end of January. Against the British pound, the cedi depreciated by 7.5 per cent year-to-date, trading at GH¢15.2055 to the pound, while against the euro, the cedi also recorded a 7.5 per cent depreciation, closing at GH¢13.2695.

The Real Effective Exchange Rate, which measures the cedi’s value against a basket of trading partner currencies adjusted for inflation, stood at 93.5 in April 2026, indicating that the currency remains broadly competitive despite the nominal depreciation.

Inflation hits 3.4 per cent in April

Consumer inflation continued its downward trajectory, falling to 3.4 per cent year-on-year in April 2026, up marginally from 3.2 per cent in March but still within striking distance of the central bank’s single-digit target band. Food inflation stood at 2.2 per cent, while non-food inflation rose slightly to 4.2 per cent.

The disinflationary trend has been driven by base effects from the previous year, stable exchange rates, and tight monetary policy. The Monetary Policy Rate was reduced to 14.0 per cent in April 2026, down from 15.5 per cent in January and sharply lower than the 28.0 per cent rate recorded in April 2025.Business News Analysis

Monthly inflation remained subdued, with April recording a 0.9 per cent increase in consumer prices, driven by a 0.8 per cent rise in food prices and a 1.1 per cent increase in non-food prices.

Gold and oil prices diverge

International commodity prices presented a mixed picture. Gold prices surged 9.4 per cent year-to-date to US$4,724.10 per fine ounce in April 2026, providing strong support to Ghana’s export revenues. The realised gold price averaged US$4,466.20 per ounce, up 6.7 per cent for the year.

Dormant Accounts Access Bank

Brent crude oil prices rallied sharply, climbing 67.4 per cent year-to-date to US$103.20 per barrel in April, raising concerns about potential imported inflation and additional pressure on the cedi from higher fuel import bills. The realised crude oil price stood at US$110.70 per barrel.

Cocoa prices continued their long-term decline, falling 43.2 per cent year-to-date to US$3,350.10 per tonne, as global supply conditions improved following two years of production shortfalls.

Interest rates fall across the curve

The Bank of Ghana’s policy rate reductions have fed through to the broader economy, with the average lending rate falling to 16.33 per cent in April 2026, down from 27.40 per cent a year earlier. The 91-day Treasury bill interest rate fell to 4.90 per cent, while the 182-day and 364-day bills traded at 6.84 per cent and 10.02 per cent respectively.Ghanaian Culture Blog

The interbank weighted average rate declined to 10.36 per cent in April, reflecting improved liquidity conditions in the banking system.

External reserves remain adequate

Gross international reserves stood at US$13.95 billion in April 2026, sufficient to cover 5.5 months of import cover, well above the conventional adequacy benchmark of three months. Net international reserves were recorded at US$10.99 billion.

The country’s total public debt stood at GH¢674.1 billion as of March 2026, equivalent to 42.2 per cent of GDP. External debt accounted for GH¢313.6 billion (19.6 per cent of GDP), while domestic debt stood at GH¢360.4 billion (22.6 per cent of GDP).

Stock market rallies on favourable conditions

The Ghana Stock Exchange Composite Index surged 72.5 per cent year-to-date to 15,130.5 points in April 2026, reflecting renewed investor confidence in the economy. Market capitalisation rose to GH¢281.8 billion, up 63.8 per cent since the beginning of the year.

The GSE Financial Stock Index performed even more strongly, gaining 90.2 per cent year-to-date to 8,839.4 points, as banking sector stocks continued their remarkable recovery following the Domestic Debt Exchange Programme.

Mobile money transactions surge

Mobile money transaction values reached GH¢493.2 billion in April 2026, with 967 million transactions processed during the month. Registered mobile money accounts grew to 83 million, with 26 million active accounts. The value of mobile money interoperability transactions stood at GH¢5.8 billion for the month.

Outlook

The sharp depreciation of the cedi, combined with the dramatic rally in crude oil prices and persistent weakness in cocoa revenues, presents ongoing risks to the external accounts. However, the continued decline in inflation and the reduction in interest rates provide a favourable backdrop for private sector credit growth and economic expansion.

The Bank of Ghana’s next monetary policy committee meeting will be closely watched for signals on the future direction of interest rates and any potential interventions to stabilise the local currency.

According to him, the government has continued to release funds to ministries, departments and agencies (MDAs) in line with approved budgetary allocations while maintaining prudent economic management.

Speaking in an interview on Asempa FM’s Ekosii Sen show, Mr. Ampem said the Finance Minister remains committed to Ghana’s development agenda and would not deny any ministry funding out of personal interest or vendetta.

“It is laughable to say that Ato Forson is not releasing funds to certain ministries. Every ministry has received its funds. Even the Ministry of Education has received 4.5 billion cedis from us,” he stated.

He stressed that all funding requests that fall within the approved national budget are being honoured, adding that government has already carried out significant budget allocations for MDAs.

“If there is anyone who has Ghana at heart and is committed to the development of the country, it is Ato Forson. He isn’t petty, and there is no way he would refuse to release funds because of personal vendetta,” he said.

Mr. Ampem disclosed that close to 40 percent of the budgetary allocation for MDAs has already been released, insisting that no ministry has been denied funding.

“We have done budget allocations and there is no ministry that has not received its funds,” he noted.

Addressing concerns about delays in employing trained teachers and nurses, the Deputy Finance Minister acknowledged the existence of a backlog but explained that government is unable to absorb all qualified personnel onto the payroll at once due to financial constraints.

“There are genuine concerns about a backlog of trained teachers and nurses who are not yet on the payroll. We gave the Education Ministry clearance for about 7,000, but the numbers are more than that and we cannot accommodate all at once,” he explained.

He further revealed that aside from staff compensation, the government has released approximately GH¢4.5 billion to the education sector to support ongoing operations and programmes.

“Education alone, apart from staff costs, has received about 4.5 billion cedis, and we are on course,” he added.

Mr. Ampem reiterated that the Finance Ministry remains focused on prudent economic management while ensuring that key sectors continue to receive the necessary financial support.

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According to him, the PCI arrangement is fundamentally different from traditional IMF support programmes Ghana has undertaken in the past because it does not involve borrowing.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Ampem explained that the government’s engagement with the IMF after the completion of the current programme is aimed at supporting economic reforms through technical expertise and policy coordination.

“We have not requested another IMF programme. What we requested is IMF technical support. Our PCI with the IMF is not another programme,” he stated.

He explained that unlike traditional IMF bailout arrangements Ghana has entered into multiple times, the proposed 36-month PCI does not involve financial assistance or additional borrowing from the Fund.

“The difference between the IMF programmes we are used to and have done for 17 times and the PCI is clear. The PCI that we are going to do for 36 months is different. We are not borrowing from the IMF,” he said.

Mr. Ampem noted that the IMF possesses technical expertise that is made available to countries seeking policy guidance and economic reforms, even in the absence of financial assistance.

“The IMF comes with conditions, but it also has technical expertise that is available to any country that needs it. So even though we are done with the IMF programme, we want to undertake a number of reforms in the country using their technical assistance,” he added.

The Deputy Finance Minister further explained that the PCI arrangement would allow the IMF to monitor and validate Ghana’s economic reform agenda, thereby strengthening investor confidence within the international community.

“The PCI is to work with the IMF on our programme so they will be witnesses for us in the international community,” he noted.

Mr. Ampem also reiterated President John Dramani Mahama’s assurance that Ghana will not return to another IMF bailout programme, insisting that the country has built sufficient reserves to manage its economy independently.

“Our President has assured us that we are not going back to the IMF. We have been able to build enough reserves,” he said.

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According to him, the current administration restored confidence in the programme and stabilized key economic indicators without seeking waivers or extending the programme period.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Ampem contrasted the government’s performance with that of the previous New Patriotic Party (NPP) administration, which he said had to renegotiate and extend the IMF programme after missing critical targets.

“We were able to meet our targets and even exceed them, unlike the NPP government, which sought a one-year extension of the IMF programme,” he stated.

Mr. Ampem explained that when Ghana entered the IMF programme in 2023, the country’s gross international reserves had nearly been depleted, creating severe economic challenges.

He noted that by the end of 2024, key programme targets were missed, including the inflation target of 16 percent, with inflation eventually ending the year at 23.8 percent.

“So the programme was derailed. When we came, we engaged stakeholders and went to Parliament to legislate measures that would help us achieve the targets, including a 1.5 primary surplus, to send a strong signal that the government was committed to bringing the programme back on track,” he explained.

The Deputy Finance Minister said the government implemented prudent financial management measures, fiscal consolidation policies, and closer coordination between fiscal and monetary authorities to stabilize the economy.

According to him, these interventions led to consistent reductions in inflation throughout 2025, improved debt sustainability, and greater exchange rate stability.

“Within 2025, inflation was going down every month. We committed to prudent financial management and fiscal consolidation, and through collaboration between the fiscal and monetary authorities, we were able to achieve those targets,” he said.

Mr. Ampem further disclosed that Ghana did not accumulate any arrears in 2025, while the country’s debt-to-GDP ratio reduced significantly and the cedi remained relatively stable.

“Now, for the first time, we have been able to finish the IMF programme and exceed the targets we set. The difference between us and the NPP is that they went to renegotiate the programme and extended it for another year. They also went for waivers. Today, we have met all the targets without waiver,” he added.

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In a statement issued on May 16, the bank acknowledged the recent Supreme Court ruling and reiterated its commitment to respecting the judicial process and the rule of law.

“As a responsible financial institution, Ecobank Ghana PLC respects the judicial process and will continue to uphold the rule of law,” the statement said.

The bank further moved to calm public concerns, stressing that the legal developments have not affected its operations or service delivery.

“We wish to reassure our customers that the Bank’s financial position remains strong and resilient, and our services continue without disruption,” the statement added.

The assurance comes after the Supreme Court dismissed Ecobank’s latest attempt to overturn an earlier judgment in favour of Mr. Ofori in a long-running dispute linked to a 2008 investment transaction involving shares in CAL Bank PLC.

In its May 6 ruling, the apex court reaffirmed that Mr. Ofori is entitled to 30 percent monthly compounded interest on an investment sum of GH¢6.16 million from June 2, 2008, to July 25, 2018 — the date of the original judgment.

The court further ordered Ecobank to pay post-judgment interest at 13.5 percent per annum on the full judgment debt until final settlement, in addition to GH¢50,000 in legal costs awarded to Mr. Ofori.

The ruling reinforces earlier Supreme Court decisions delivered in favour of the businessman and marks another significant development in the legal battle that has spanned several years through reviews, applications, and multiple court hearings.

Earlier court clarifications indicated that the 30 percent compound interest must first be applied up to the 2018 judgment date before the statutory post-judgment interest takes effect on the total judgment debt until payment is completed.

Despite the latest ruling, Ecobank maintains that all banking operations across its branches and digital platforms remain fully functional without any interruption to customer transactions.

At the opening of the Africa Forward Summit at the University of Nairobi in Nairobi, Kenya on Monday, May 11, Dr. Agyepong rejected the mindset that forces Africans to access capital markets only under restrictive conditions.

“Why should Africa export her problems when she can build industries to solve them? Why does Africa not have access to capital markets without tough conditions and restrictions? And why has Africa not yet fully utilised and harnessed the wealth of natural resources and human capital available to her?” he asked, presenting the three questions that have guided every decision he has made.

The two-day summit (11–12 May 2026), co-hosted by Kenya’s President William Ruto and France’s President Emmanuel Macron, marked the first Africa-France summit co-chaired with an English-speaking African nation.

Under the theme “To Build Together,” the gathering includes seven thematic pillars ranging from energy transition and AI to blue economy and reform of the international financial architecture.

From $3 and the Streets
Dr. Agyepong revealed his humble beginnings, growing up with sixteen siblings and selling goods as a street hawker due to financial difficulties. “My initial capital of 3 dollars from my mother as investment launched me into the world of entrepreneurship, birthing resilience and enthusiasm,” he said.

From those footsteps, he told the audience, the Jospong Group has grown into a conglomerate with 82 independent subsidiaries across nine business clusters, active in 29 countries, employing 10,000 direct staff and creating more than 250,000 indirect jobs.

Waste: An Unmined Resource, Not a Failure
Addressing the summit’s focus on financial growth through entrepreneurship in waste management, Dr. Agyepong laid out stark global figures: the world generates 2.1 billion tonnes of municipal solid waste annually, set to reach 3.8 billion tonnes by 2050. Sub-Saharan Africa alone produces over 174 million tonnes a year, yet less than 4% is properly managed or recycled – compared to Europe’s 48% recycling rate.

“Every tonne of unmanaged waste in Africa is not a failure. It is an unmined resource waiting for the entrepreneur bold enough to claim it,” he stressed.

He noted that Jospong has spent 20 years building capacity, operating 40 treatment plants across material recovery, liquid waste, medical waste and hazardous waste – making it the largest waste management operator in Africa. “We have the technical solutions and the financial models. What is still needed is the capital and the partnerships to grow.”

A Direct Challenge to Investors and Rating Agencies
Turning to global finance, Dr. Agyepong urged investors to rethink how they assess risk. “Long-term capital put into African circular economy businesses generates returns that short-term models simply cannot match. In waste management, demand never goes down. Investing here is not being generous. It is building a long-term partnership with a continent.”

He warned that “Asians have developed a way,” and called on development partners to remodel their financial architecture to support African-led solutions. He specifically invited collaboration alongside the African Development Bank, BPI, AFD Group, the International Finance Corporation, European development finance institutions, European EXIM and European ECA.

Call to African Entrepreneurs and Commitment to Expansion
On young African entrepreneurs, who make up about 60% of the continent’s population, he called them “our greatest hope and our most urgent responsibility,” urging them to become founders and builders of a digital era in waste management. Dr. Agyepong committed Jospong Group to open collaboration, co-investment and leading continent-wide conversations on circular economy financing. He also committed to scaling its environmental platform to five new African markets by 2028, creating 50,000 green jobs and opening its models to co-investment on equal terms.

“The green economy is not coming to Africa. We are building it. The invitation is open to all who choose to build with us,” he said.

“Africa’s story is being written right now, in this room. When historians look back at this time, they will not see a continent held back by its challenges. They will see the moment Africa chose to turn its greatest challenges into its greatest industries. Waste is not Africa’s shame. Waste is Africa’s next frontier,” he said.

Earlier, French President Emmanuel Macron opened the summit by calling for a new partnership rather than influence.

According to him, the changing geopolitical landscape meant that France can “disagree” with West African governments but “never disagrees with the people”.

In his welcome address, Kenyan President William Ruto underscored the importance of the summit becoming a “turning point” towards a better partnership.

Also present at the summit were the Chairperson of the African Union Commission, nearly 30 CEOs from Africa and France, tech and innovation leaders and some 400 youth delegates whose voices are integrated into the final declaration.

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The Bank of Ghana has trimmed its benchmark Monetary Policy Rate (MPR), which stood at a punishing 30% at the close of 2023, in consecutive reductions through 2025 to reach 14.0% by March of this year.

Inflation, meanwhile, has plunged to 3.30% well below the central bank’s target band and the cedi has appreciated over 40% against the US dollar from 2025 to date.

This confluence of improved macroeconomic fundamentals is a structural opening for industry, manufacturing, and enterprise to flourish.

KEY INDICATORS AT A GLANCE

↓  14.0%                        3.30%  ↓                                  ↑    6.0%

MPR (Mar. 2026)              Inflation (Feb. 2026)              GDP Growth (Q4 2025)

The great unshackling: From 30%+ to 14.0%

Ghana’s current easing cycle did not happen overnight. It is the product of painful structural reforms, credible fiscal consolidation under an IMF-supported recovery programme, and persistent disinflation driven by tighter monetary policy over the preceding two years.

From a peak of 30% in late 2023, the Bank of Ghana’s MPR (monetary policy rate) stood at 27% at the close of 2024.

Then, in a series of increasingly bold moves through 2025, the committee slashed the rate by 300 basis points in July, another 350 basis points in September, and a further 350 basis points in November, bringing the MPR to 18%, its lowest level in several years.

The policy pivot reflects a broader macroeconomic reset, improved external buffers, a strengthening cedi, and growing domestic confidence.

Ghana’s 91-day Treasury bill rate, a key short-term benchmark that directly influences commercial lending, had similarly declined to around 4.76% by March 2026, down from the high-twenties territory that had frozen credit access for most businesses.

The trajectory is evident: Ghana’s monetary policy has become accommodative, with the private sector poised to reap the most benefits. To understand the magnitude of the current opportunity, one must recall the recent past.

In 2024, policy and commercial lending rates peaked at a staggering 47%, a level that made credit a luxury few businesses could afford.

This resulted in a vicious cycle, trapping companies in “survival mode” and preventing them from investing in new equipment, expanding capacity, or even maintaining optimal inventory.

Unlocking cheaper capital: The first gear of industrial growth

The primary conduit for the transmission of lower policy rates to industrial growth is the cost of credit. When the Bank of Ghana sets a lower benchmark rate, commercial banks, which borrow from the central bank, can in turn reduce the cost of loans extended to businesses.

For years, Ghana’s lending rates hovered between 30 and 40%, effectively shutting out small and medium enterprises (SMEs), start-ups, and even mid-sized manufacturers from the formal credit market.

Businesses that could not self-finance had to contend with debt servicing costs that consumed a disproportionate share of revenues.

The easing cycle changes this calculus materially. Even a reduction of several hundred basis points in commercial lending rates can shift investment decisions from negative to positive net present value (NPV), unlocking factory expansions, equipment upgrades, and working capital injections that were previously unviable.

For Ghana’s manufacturing sector, which represents a critical pathway to economic diversification, this is especially significant.

The Bank of Ghana itself cited credit-sensitive sectors; manufacturing, construction, and agribusiness, as primary targets of the monetary easing, signalling a deliberate intent to catalyze productive investment.

Beyond the headline rate, falling interest rates improve the overall financial environment for businesses by reducing their weighted average cost of capital.

Companies looking to raise equity financing also benefit indirectly, as lower rates tend to compress required returns and boost asset valuations, making Ghana a more attractive destination for foreign direct investment and domestic institutional capital alike.

The Bank of Ghana’s benchmark rate now stands at 14.0%, and this is already translating into lower commercial lending rates.

The Ghana Reference Rate (GRR), a key benchmark for bank loans, was recently reduced to 11.71%, a move that the Ashanti Business Owners Association (ABOA) hailed as a “timely and strategic intervention”.

A Competitive edge for Ghana’s manufacturing sector

Ghana’s manufacturing sector has long operated under a triple burden: high input costs, expensive energy, and prohibitively priced capital. The current rate environment addresses the third constraint directly.

With lending rates beginning to track downward, manufacturers can more feasibly finance plant and machinery, invest in automation and technology adoption, and expand production capacity to serve both domestic and regional markets.

Sectors with strong potential stand to gain enormously. Agro-processing, where Ghana has abundant raw materials in cocoa, cashew, shea, and palm oil has been constrained by the inability to invest in value-added infrastructure, which has limited the sector’s growth and competitiveness in international markets.

Cheaper credit enables processing firms to move up the value chain, export finished goods rather than raw commodities and capture a larger share of the global value chain.

The same logic applies to textile and garment manufacturing, light assembly industries, and the growing pharmaceutical sector.

It is worth noting that real GDP in Ghana expanded by 6.0% year-on-year in the last quarter of 2025, with non-oil GDP accelerating to 7.1%.

Agricultural and services growth were primary drivers, but the signal from the broader economy is one of momentum and lower interest rates provide the fuel to sustain and broaden that momentum into the industrial and manufacturing base.

Strengthening the ecosystem: SMEs and the banking sector

Small and medium enterprises (SMEs) are the backbone of Ghana’s economy, accounting for the overwhelming majority of businesses and a significant share of employment.

Yet they have historically been the segment most disadvantaged by high interest rates. Banks, wary of lending to smaller borrowers who lack collateral or credit histories, price risk heavily into SME loans making formal credit essentially inaccessible.

As benchmark rates fall and liquidity conditions ease, this access gap can begin to narrow. Lower rates reduce the risk-adjusted return required by lenders, making it economically viable to extend credit to a broader base of businesses.

Government-backed credit guarantee schemes and development finance institutions can help more businesses get affordable credit in this lower-rate environment, especially in sectors that are productive but often overlooked.

Furthermore, the banking sector itself is becoming a more willing partner in growth. As Kwamina Asomaning, Managing Director of Stanbic Bank Ghana, noted, lower interest rates lead to lower loan defaults because businesses become more viable and their ability to repay improves.

This creates a positive feedback loop: banks, seeing a healthier borrower base, are more inclined to lend, further accelerating business expansion.

Attracting investment: The foreign direct investment multiplier

Interest rate trends are among the variables foreign investors and multinational corporations consider when evaluating emerging market destinations.

A country with a stable, declining rate environment signals macroeconomic credibility, lower operational risk, and a business climate that is improving rather than deteriorating.

Ghana’s current trajectory of declining inflation, a stable exchange rate, and a central bank confidently easing policy represents precisely this kind of favourable signal.

The cedi’s appreciation of 40% against the US dollar in 2025 further strengthens Ghana’s attractiveness as an investment destination.

For foreign investors, a strengthening currency reduces the risk of capital erosion on repatriated earnings and reduces the cost of importing capital goods, machinery, and technology needed for industrial projects.

Ghana’s progress under its IMF-supported programme has also restored institutional credibility, an underrated but powerful magnet for investment.

Multilateral endorsement of Ghana’s fiscal and monetary management reassures private sector actors that the policy environment is durable, not transient.

Infrastructure and construction: Building the backbone

Few sectors are as sensitive to interest rates as infrastructure and construction. Long gestation periods and high upfront capital requirements mean that even modest changes in borrowing costs have an outsized effect on project viability.

At a 30% interest rate, the internal rate of return (IRR) required to justify a major infrastructure project whether a logistics park, industrial estate, or energy facility is extraordinarily difficult to achieve.

As rates fall toward the high teens and eventually lower, an entire class of infrastructure projects that were previously unfinanceable becomes economically viable.

This shift matters enormously for Ghana’s industrialization agenda. Industrial estates and special economic zones require roads, utilities, warehousing, and connectivity infrastructure.

The IMF programme’s need for fiscal consolidation means that the public sector can’t pay for all of these projects on its own. Lower interest rates pave the way for public-private partnerships, sovereign bond issuances, and project finance structures that can mobilise private capital for critical infrastructure, thereby creating the physical foundation for industrial growth.

The construction sector itself is a significant employer and multiplier of economic activity. A revival of construction driven by lower financing costs generates jobs, increases demand for domestic building materials, and stimulates upstream and downstream economic activity across cement, steel, logistics, and professional services.

Challenges and the path forward

We must temper the optimism surrounding Ghana’s rate-easing cycle with a clear-eyed acknowledgement of residual risks.

The Bank of Ghana has itself cautioned that utility tariff adjustments could introduce renewed inflationary pressure, potentially complicating the disinflation narrative.

Global commodity price volatility, external demand shocks, and any slippage in fiscal consolidation could also interrupt the easing cycle or even force a policy reversal.

Critically, the transmission of lower policy rates into actual lending rates is not automatic or immediate. Commercial banks, still processing legacy non-performing loans from the crisis period, may remain cautious in their credit extension even as the policy environment improves.

Building a more competitive and efficient banking sector, one that passes on monetary easing rapidly and fully to borrowers remains a structural priority that complements the cyclical benefits of rate cuts.

The long-term interest rate on Ghana’s 10-year government bond also remains elevated relative to the policy rate, reflecting lingering risk premiums embedded in sovereign debt pricing.

As fiscal credibility deepens and the debt restructuring process matures, these long-term rates should decline, further reducing the cost of long-horizon capital that industrial projects require.

In this context, sustaining the rate-easing cycle requires continued vigilance on inflation, disciplined fiscal management, and structural reforms that enhance the business environment including improvements in the ease of doing business, land titling, and contract enforcement.

Monetary easing is a necessary condition for industrial growth; it is not, by itself, sufficient.

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

Why Banks Still Say No

For decades, the problem was simple: no traceable identity, no loan. Banks lend deposits, so they fear default. Most SMEs run informal businesses and cannot offer collateral. Digital ID systems are fixing the first hurdle. Ghana’s upgraded Ghana Card now links citizens to verifiable, traceable identities and even works for payments. Nigeria’s NIN and BVN, Kenya’s Maisha Namba, and Rwanda’s national digital ID do the same. “Once we can authenticate and trace a borrower online, we can lend faster, safer, and at greater scale,” says one Accra-based credit head.

From Collateral to Cashflow

The second shift is how banks judge risk. Collateral-heavy models are giving way to cashflow-based lending. Banks now read MoMo histories, POS data, and supplier payments to score SMEs. Non-interest banking is also opening doors. By using risk-sharing and partnership models instead of interest-bearing loans, NIB eases collateral pressure for firms with irregular cash flows. Nigeria and Kenya already run Islamic finance windows that serve traders locked out of conventional credit.

Mobile Money Isn’t Enough

Digital channels cut costs and speed up approvals. But current products still miss the mark. MTN’s Qwikloan in Ghana offers quick, collateral-free loans – yet caps out at GHS 2,500. Kenya’s M-Pesa has Fuliza Biashara and Taasi Till for MSMEs, with limits up to KES 400,000. Better, but network downtime and thin business data still block bigger tickets. Add rural connectivity gaps, and it is clear: digital lending has arrived, but most SMEs still cannot fund real working capital.

The GHS 400,000 Question

Beyond microloans, SMEs need trade finance to grow. Letters of credit, invoice discounting, and supply chain finance free up cash and cut risk for importers, manufacturers, and agribusinesses. The catch: SMEs lean on risky advance payments instead of documentary credits. That can trigger regulatory trouble with central banks. Banks must guide them toward safer instruments.

De-Risking With Government

Governments now see SME finance as a national priority. Banks are tapping credit guarantee schemes, interest rate subsidies, Development Financing Institutions (DFI) co-financing, and partial risk-sharing facilities to reach youth- and women-led firms. These public-private partnerships lower the cost of lending to segments that banks once avoided.

Finance Alone Won’t Work

Credit without skills still fails. Leading banks now bundle loans with bookkeeping training, cashflow tools, market access, and digital skills. When SMEs keep better records, survival rates rise. That strengthens bank portfolios and the wider economy.

The Road Ahead

Africa’s SME finance future rests on five things: innovative credit assessment, digital delivery, public-private partnerships, data-driven risk management, and AfCFTA market integration.

Financial institutions sit at the centre, but fintechs, credit bureaus, telcos, governments, and DFIs all have roles. The World Bank, IFC, and other development partners are already backing stronger financial sector capacity. By moving from collateral to cash flow, and from paperwork to data, banks can unlock millions of entrepreneurs. If they do not, Africa’s 80% jobs engine stalls. If they do, they power the continent’s next decade of growth.

Short Profile – Oliver Tackie

The writer, Oliver Tackie, is a seasoned banker with over nineteen years of experience in Ghana’s financial and banking sector. He is currently the Sector Head, Government & Parastatals at Prudential Bank LTD. His work spans a broad range of areas, including financial institutions, investment analysis, private sector development, government and public sector, and the assessment of risk across diverse debt and equity financing structures. He is an award‑winning chartered banker and a chartered accountant, bringing a strong blend of technical expertise and strategic financial insight to his work.

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However, the outlook is increasingly exposed to downside risks, including higher energy prices, tighter financial conditions, and trade disruption linked to ongoing conflicts. In volatile times, business leaders and government departments turn to their finance and accounting professionals for trusted guidance.

This evolving economic environment is reshaping the demands placed on organisations. Governments, businesses and investors are operating amid heightened uncertainty, ongoing regulatory reform, rapid digital transformation, and growing expectations around corporate sustainability. In response, finance teams are being asked to move beyond traditional reporting roles to provide strategic insight, manage complex risks, and support decision‑making that drives performance and long‑term value creation.

Yet as expectations of the finance function rise, skills constraints are becoming increasingly apparent. In countries like Ghana, Kenya, Nigeria and South Africa, shortages of qualified finance and accounting professionals continue to constrain capacity in both the public and private sectors. Africa’s accounting skills deficit is well recognised, particularly in areas such as financial analysis, risk management, auditing, and public finance where demand significantly outstrips supply. In South Africa, several finance and accounting roles including management accountant, tax professional, external auditor, financial accountant, forensic accountant, and internal auditor appear on the national list of occupations in high demand, a pattern mirrored across many African economies.

Closing this gap requires a rethinking of how the finance and accounting talent is developed. The profession must move beyond traditional technical training towards education that reflects how organisations now operate – complex, data‑driven, technology‑enabled and increasingly expected to make decisions that are commercially sound, resilient, and sustainable over time. Professional bodies have a pivotal role to play in this shift by modernising learning models and widening access to the profession.

The CGMA Professional Qualification – prepared for the future of finance

The Chartered Global Management Accountant (CGMA) Professional Qualification, by The Chartered Institute of Management Accountants (CIMA), is designed with this reality in mind. Rather than focusing solely on traditional finance and accounting competencies, it develops professionals who understand strategy, performance, governance and decision‑making.

To keep pace with the rapid transformation of business, we have moved beyond the traditional, linear model of learning. Instead, we have adopted a spiral curriculum – a dynamic framework that builds and reinforces interrelated skills at every stage of the qualification. This means students do not simply accumulate knowledge level by level – they revisit and deepen their ability to solve increasingly complex business problems and add value as they progress. 

From day one, learners begin developing critical thinking, problem-solving, and communication skills – no longer waiting until the final stages of their qualification. As a result, they are equipped to tackle real-world business challenges early in their journey and deliver meaningful value to their employers from the outset, including:

• A future‑ready, strategic mindset – CGMA professionals are trained to support strategic decision‑making, value creation and long‑term performance, skills increasingly demanded by employers across sectors.
• Stronger credibility and employability – The CGMA designation, achieved upon completing the CGMA Professional Qualification and gaining the required experience, is globally recognised, enhancing career mobility, and positioning professionals for leadership, finance partnering and strategy roles.
• Relevance in a technology‑driven environment – The CGMA Professional Qualification develops digital and analytical capabilities, enabling professionals to operate effectively as finance and accounting roles evolve in a world shaped by AI and data.
• The ability to drive sustainable and ethical outcomes – CGMA professionals integrate sustainability, governance, and risk into decision‑making, supporting resilient and responsible organisations.
• Professional confidence and influence – Beyond technical expertise, the CGMA Professional Qualification strengthens communication, judgement, and stakeholder influence, enabling CGMA professionals to be high-performance finance business partners and act as trusted advisers.

Developing future‑ready professionals also means widening access to the profession. This is why the CGMA Professional Qualification offers multiple entry points, enabling young people, graduates and career changers to enter the profession and progress based on ambition and capability, not just prior exposure to finance and accounting. School leavers can begin at the Certificate level, while graduates and degree holders are often able to enter directly into the Professional levels.

The impact of these capabilities extends beyond individual careers to the organisations and economies they serve. Organisations that employ CGMA professionals also see clear advantages:

• Stronger decision‑making and strategic insight, driven by finance and accounting professionals who connect data to business strategy.
• Finance teams that operate as true business partners, aligned with leadership and operational teams.
• Improved governance, risk management, and organisational resilience, particularly in complex and volatile environments.
• Greater readiness for digital and technological change, including the responsible adoption of AI.
• More sustainable long‑term performance, balancing financial outcomes with broader economic, environmental and societal considerations.

Africa’s growth potential is real but realising it depends on people as much as it does policy or capital. Without a strong pipeline of skilled, forward‑looking finance and accounting professionals, organisations will struggle to build resilience and create long‑term value. Investing in modern, accessible and globally relevant qualifications is therefore not optional, it is essential to building future-ready organisations that can withstand the test of time and support sustainable growth across the continent.

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Addressing a session on “Macro-Fiscal Developments and Outlook in Sub-Saharan Africa,” Dr. Forson said Ghana’s experience over the past fifteen months demonstrates that African economies can not only navigate crises but also turn them into opportunities for deep structural reform.

He recalled that Ghana faced severe economic challenges in 2022/2023, but noted that a combination of policy measures and sustained reforms since 2025 has helped restore macroeconomic stability and strengthen the fundamentals of the economy.

Providing evidence of the recovery, the Finance Minister highlighted improvements across key macroeconomic indicators. Real GDP growth rose to 6% in 2025, up from 5.8% in 2024, while inflation declined sharply from 23.8% in 2024 to 5.8% in 2025, falling further to 3.2% as of March 2026.

He also pointed to stabilisation of the local currency, with the cedi appreciating by more than 40% against the US dollar in 2025, with gains continuing into 2026.

On the fiscal front, Dr. Forson noted that Ghana’s primary balance, measured on a commitment basis and serving as the fiscal anchor, improved from a deficit of 2.9% of GDP to a surplus of 2.6% of GDP in 2025. Public debt levels also declined, with the debt-to-GDP ratio falling from 61.8% to 45.3% at the end of 2025, well ahead of the initial 2034 target.

In addition, international reserves have strengthened, now covering 5.8 months of imports, while policy credibility has been reinforced through stronger institutions and the adoption of clearer fiscal rules.

Dr. Forson emphasised that the gains reflect disciplined fiscal management and a deliberate strategy to anchor economic policy in credible institutions, ensuring sustainability over the medium term.

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The conference, now in its third edition, brought together key suppliers and vendors of the Bank, as well as various internal and external stakeholders from across the country, to discuss efficiency, sustainability, and the role of technology in strengthening the supply chain. The event provided a platform for open dialogue, feedback, and collaborative planning for the year ahead.

Addressing the session held in Accra, the Executive Head of Operations at PBL, Felix Apau Awuku, reinforced the Bank’s commitment to nurturing mutually beneficial relationships. He noted that suppliers are integral to the Bank’s ability to deliver value to customers and should be regarded as partners in progress rather than transactional stakeholders.

Mr. Awuku highlighted the Bank’s priorities for the year—efficiency, sustainability, and technology—noting that Prudential Bank has streamlined processes to reduce lead times and improve reliability, and is actively exploring AI-driven insights to anticipate demand and optimise supply chain performance.

“Trust that we will honour our commitments. Trust that we will grow together. Trust that when challenges arise, we will tackle them side by side,” Mr. Awuku assured the suppliers. “Together, we are not just suppliers of greatness. We are protectors of our progress.”

He encouraged suppliers to use the conference not only to exchange ideas but to strengthen relationships, saying the Bank has renewed energy and shared goals to build a supply chain that is efficient, ethical, sustainable, and future‑ready.

Earlier in a welcome address, Head of Procurement at the Bank, Carlis Ebow Arko, emphasized that the purpose of the meeting was simple: to build better working relationships, solicit feedback, and improve collaboration going forward.

He highlighted that the Bank views its suppliers not merely as vendors, but as strategic partners who play a vital role in delivering value, indicating that strong supplier collaboration significantly enhances operational efficiency and contributes meaningfully to overall business performance.

Laying further emphasis on this strategic partnership, Mr Arko stated . “All over the world, suppliers play an important role in ensuring that operational efficiency is achieved. Statistically, businesses that partner with suppliers in digital integration see a 25% improvement in business performance.”

The conference ultimately served as a platform to renew commitments, exchange ideas, and strengthen the shared vision of building a resilient, ethical, and future-ready supply chain. Prudential Bank continues to demonstrate that excellent customer service begins with strong, trusted relationships behind the scenes.

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In a statement signed by the Head of Corporate Affairs, Williams Ampomah Emmanuel Darlas, the Authority clarified that the Ghana Card has not been activated for such purposes.

The NIA urged the public to disregard the reports and rely solely on official communications from the Authority.

It acknowledged that discussions are ongoing among policymakers, financial institutions, and regulators regarding the potential future use of the Ghana Card within the banking and payments system.

However, the Authority stressed that these deliberations remain inconclusive as of April 8, 2026.

The NIA assured the public that any decision on rolling out financial transaction capabilities will be formally communicated through its official channels, reaffirming its commitment to the security and integrity of the national identification system.

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Delivering the welcome address, Minister Forson highlighted the rising expectations of citizens across the sub-region, stressing that institutions such as EBID must deliver tangible results that impact lives and accelerate economic transformation.

“The expectations of our citizens are high. They look to us for results,” he stated, calling on delegates to match ambition with concrete outcomes.

He emphasised that the long-term relevance and effectiveness of EBID depends not only on discussions held during the meeting but, more critically, on the commitments implemented afterward.

Describing the AGM as a defining moment for the institution, Minister Forson encouraged stakeholders to embrace bold thinking and a shared commitment to delivering measurable development impact across the ECOWAS region.

He also expressed appreciation to member states, partners, and stakeholders for their continued support, acknowledging their role in sustaining EBID’s operations and strategic direction.

As host nation, Ghana welcomed delegates to experience its rich culture and heritage, with the Minister encouraging participants to explore the country during their stay.

The 24th EBID AGM brings together policymakers, financial experts, and development partners to review the bank’s performance and chart a path for enhanced regional investment and economic integration.

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The Ministry emphasized that all relevant stakeholders, including MDAs and the Bank of Ghana, were fully informed about payments and bond issuances used to settle government arrears.

The issue arose during a hearing by the Public Accounts Committee of Parliament on Thursday, April 2, where officials addressed allegations that some payments were made without the knowledge of the beneficiary ministries.

Emmanuel Mammara, Director of Finance at the Ministry of Roads and Highways, told the committee that repeated attempts to obtain details from the Finance Ministry were unsuccessful. He claimed that certain contractors, including those owed over GH¢2 million, were paid without the ministry’s knowledge and were not listed in its submitted payment records.

The Finance Ministry, however, strongly refuted these claims, stating that the Ministry of Roads and Highways and other stakeholders were copied on all relevant communications.

Documentation presented by the Ministry shows that multiple institutions were included in correspondence regarding bond issuances used to settle arrears. The Ministry insisted that no payments were made in secrecy and that due process was strictly followed.

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The bank posted a profit before tax of GH¢3.2 billion, representing a 67.4 per cent year-on-year increase, alongside an operating income of GH¢6.3 billion—both described as industry firsts. The performance also saw the bank lead across key indicators, including deposits, loans and total assets.

Managing Director of the bank, Farihan Alhassan, said the milestone reflected sustained strategic execution and customer confidence.

“Crossing the GH¢3 billion profit threshold is a significant milestone for the Bank. It reflects years of disciplined execution, a clear strategic direction, and the continued trust of our customers,” he said.

He added that the bank would focus on sustaining growth by strengthening customer relationships, diversifying income streams and maintaining prudent risk management.

Mr Alhassan noted that the performance also highlighted strong internal collaboration and investment in talent and organisational culture.

The bank said its 2025 results underscore its contribution to Ghana’s socio-economic development, particularly through support for sectors such as small and medium enterprises (SMEs), agriculture, trade and infrastructure.

According to the bank, its growth strategy remains aligned with national priorities, with a focus on delivering impact for businesses and communities while promoting inclusive and sustainable economic development.

With over 70 years of operations and a nationwide presence, GCB Bank said it would continue to build on its market knowledge to deliver innovative financial solutions.

Looking ahead, the bank says it plans to sustain its growth by enhancing digital capabilities, expanding support for businesses and deepening customer engagement.

GCB Bank is Ghana’s largest commercial bank, operating 183 branches and more than 340 ATMs across the country.

In a statement titled “Misinformation Alert,” the CAGD described the claims as false, baseless, and entirely fabricated.

The Department clarified that it does not have the legal mandate or administrative authority to delete or unilaterally cancel salary arrears owed to public servants. It stressed that any suggestion otherwise is a serious misrepresentation of its statutory functions.

“The claim is misleading and inaccurate,” the statement emphasised, warning that the circulation of unverified information could cause unnecessary anxiety among public sector workers, particularly nurses and teachers.

The CAGD urged media houses and content platforms to exercise due diligence by verifying allegations with the appropriate authorities before publication or broadcast. It further cautioned against spreading misinformation or disinformation that could undermine public confidence in state institutions.

Reaffirming its commitment to transparency and accountability, the Department assured the public that it remains focused on the lawful discharge of its mandate within Ghana’s public financial management framework.

MISINFORMATION ALERT

The attention of the Controller and Accountant-General’s Department (CAGD) has been drawn to a video purportedly from Sompa FM in which a gentleman alleges that the CAGD has deleted arrears owed to nurses and teachers.

The CAGD states unequivocally that this claim is false, baseless and entirely fabricated.

For the avoidance of doubt, the CAGD does not have the legal mandate or administrative authority to delete or unilaterally cancel salary arrears owed to public servants. Any suggestion to the contrary is misleading and constitutes a serious misrepresentation of the Department’s functions.

We strongly caution against the circulation of unverified and inaccurate claims capable of causing unnecessary anxiety among public sector workers.

We urge media houses and content platforms to exercise due diligence, verify claims with the appropriate authorities, and refrain from amplifying misinformation and disinformation.

The CAGD remains committed to transparency, accountability and the lawful discharge of its mandate.

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Speaking on Ghana’s improving economic fortunes at the 23rd anniversary and thanksgiving service of First Sky Construction Company on Sunday, January 25, President Mahama said he was convinced the world would rise in a standing ovation as evidence of recovery and growth becomes more visible.

“I am sure by the end of 2026, the whole world will stand and be clapping for Ghana,” he said.

“In my own imagination, I thought that we would need about two years to begin to see a turnaround… but Ebenezer, this is how far God has brought us,” he added.

President Mahama highlighted the stability of the cedi and other macroeconomic fundamentals as proof of Ghana’s strengthening economic outlook.

“To bring inflation from 23.8 per cent to 5.4 per cent in one year—how did we manage that? For the first time, to see our long-suffering Ghanaian currency, the cedi, appreciate by 37 per cent in one year—it is only God, by His grace,” he stated.

He attributed the country’s rapid progress to divine intervention and effective leadership, noting that his government remains committed to sustaining the current momentum.

President Mahama also announced that his administration will continue to organise a national thanksgiving to honour God for the achievements recorded under his leadership and the nation’s development.

Speaking on Adom TV’s Badwam, Madam Osei Asare highlighted that Ghana recorded strong economic indicators between 2017 and 2020 under Mr. Ofori-Atta’s leadership at the Finance Ministry.

“From 2017 prior to 2020, the numbers were good. Our growth was a minimum of about seven percent, we had single-digit inflation, and our currency compared to other foreign currencies was stable. There was certainty in the business environment until COVID hit us and things didn’t go the way we expected,” she stated.

According to her, the economic difficulties that later confronted Ghana were not unique and must be understood in the context of a worldwide crisis.

“So far, from the time we took over until COVID, we did a very good job,” she said. “He did a very good job as Finance Minister. We went into a global crisis. It was not just Ghana.”

Madam Osei Asare noted that even advanced economies are still struggling to fully recover from the impact of the pandemic.

“As of now, the UK is yet to come back to the economic settings they were in before COVID,” she observed.

She also stated that former President Nana Addo Dankwa Akufo-Addo acted appropriately when he later reshuffled the Finance Ministry.

“So he did his best, and when it was time for former President Akufo-Addo to change him, he did. Dr. Amin Adam also came in to do his part until the NDC took over,” she explained.

Her comments come amid renewed public debate over Mr. Ofori-Atta’s performance following his exit from office, with critics blaming him for Ghana’s recent economic hardships.

However, Abena Osei Asare insisted that history must fairly separate pre-COVID achievements from post-pandemic challenges. She maintained that Mr. Ofori-Atta’s tenure should be remembered for stabilising the economy, improving growth, and providing business confidence before global disruptions altered Ghana’s economic trajectory.

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Dr Mumuni explained that this is why protecting the cedi must be seen as a collective responsibility.

“Protecting the cedi is not the task of one institution, but a collective responsibility of policymakers, businesses, households, and yes, the media,” he said.

He made the remarks in a speech on reporting on the Bank of Ghana’s operations and their impact on markets, delivered as part of the Governor’s New Year Media Engagement.

Dr Mumuni noted that the cedi ended the year much stronger, reflecting improved economic fundamentals, disciplined policy choices and growing confidence in the policy framework.

“And just as instability hurts everyone, stability benefits everyone,” he added.

He praised the media for its role during the Cedi@60 campaign, saying coverage during the period demonstrated the power of responsible reporting.

“By reinforcing responsible currency handling and national ownership of the cedi, your reporting helped turn policy into public action,” he said.

However, the First Deputy Governor cautioned against sensational reporting, warning that it can amplify anxiety, while incomplete context can distort public understanding.

He maintained that responsible journalism can help stabilise expectations and strengthen confidence in the economy.

“This is not about silencing criticism,” he said. “It is about recognising that in macroeconomics, perception often precedes reality.”

Cedi’s performance

The Ghana cedi ended 2025 with an appreciation of more than 40 per cent against the US dollar, making it one of the best-performing currencies in Africa for the year.

Market analysts have attributed the strong performance largely to the Bank of Ghana’s decisive measures to stabilise the local currency.

Central bank’s losses and the media

Dr Mumuni also stressed the need for context when reporting central bank losses, noting that such outcomes are not unusual.

“Central banks across the world can incur losses while taking decisive actions to stabilise their economies during periods of crisis,” he said.

According to him, such losses reflect policy choices made in the public interest rather than financial recklessness.

“These outcomes reflect policy choices made in the public interest, not financial recklessness,” he emphasised.

He warned that failing to clearly explain this distinction could erode public trust.

“When this distinction is not clearly explained, public trust can be eroded,” he said.

Dr Mumuni added that the broader policy outcomes should not be overlooked.

“The thrust of policy must not be lost; inflation fell sharply, reserves were rebuilt, and the cedi strengthened,” he noted.

Speaking during the questions and answers segment at the Beginning the Year Right Series 2026 Conference held at the Mövenpick Ambassador Hotel in Accra, Dr. Mante told participants that many people delay starting businesses because they believe they lack resources, when in reality, what they need most is trust.

“You don’t know anything to start a business; what you really need is networking,” he stated.

To illustrate his point, Dr. Mante shared a personal example involving his wife’s entrepreneurial journey.

He explained that her business began not with capital, but with trust built through relationships.

“My wife runs a business. Someone held her hand, helped her to start and introduced her as a sibling. She was given some items to sell, with the agreement that she would sell and come back to pay,” he recounted.

According to him, she stayed committed and trustworthy, paying back consistently until she was able to grow the business independently. Over time, he said, her credibility opened doors to international trade.

“She did that up to a point where she started travelling to China, Turkey and other places to source her goods,” he added.

Dr. Mante stressed that honesty is a non-negotiable foundation for entrepreneurship, warning that a lack of truthfulness is the downfall of many businesses.

“The most important way to start a business is your credibility and your network. When you say something, be truthful. Some people don’t like to speak the truth, and that is where the problem comes from,” he said.

On the issue of funding, Dr. Mante advised aspiring entrepreneurs to start small, even if their long-term vision is big.

“Some businesses require small capital, and even when capital is needed, my recommendation is start small but think big,” he said. “Who will give you a huge amount of money to start a dream? It is better to start small and grow.”

The session formed part of the Beginning the Year Right Series 2026 Conference, which brought together professionals, entrepreneurs and young people seeking practical guidance on personal growth and financial decision-making for the year ahead.

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Speaking at the Ekosiisen “Beginning the Year Right” Series 2026 Conference at the Movenpick Ambassador Hotel in Accra on Saturday, Mr. Frimpong said the new year presents an opportunity to reorganize life and start afresh—but only for those who act intentionally.

“To be financially independent is something you have to be deliberate about,” he told participants.

He encouraged attendees to write down five key areas of their lives which, if managed well, could bring everything else into place. He also urged them to clearly define what success means to them personally.

Mr. Frimpong stressed the importance of inventive thinking, advising participants to write down their vision and clearly state what they want to change in their lives.

“Success requires action, not just ideas,” he said. “You must be action-oriented. Take a step every day toward what you want to achieve and give yourself a deadline.”

He further challenged participants to reflect on what would truly fulfill them, identify their passions, assess their abilities, and pay attention to their personalities and daily routines. According to him, aligning these elements is what ultimately drives real and lasting change.

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