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.

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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.

Life coach and author urges youths to see ‘the big picture’…

Beginning the Year Right Series 2026: Dr. Paul Mante outlines steps…

Speaking at the Ekosiisen “Beginning the Year Right” Series 2026 Conference at the Movenpick Ambassador Hotel in Accra on Saturday, Dr. Mante challenged participants to ask themselves a critical question:

“If you stopped working today, how long could you survive without a salary?”

He emphasized the importance of knowing one’s net worth and understanding the difference between assets and liabilities.

“Many of the things we buy are actually liabilities,” he noted, adding that it is possible to have a good job and still be financially poor. According to him, most employees cannot survive three months without a paycheck.

Dr. Mante highlighted financial education as a key to freedom, stressing that success requires both the “God factor” and the right information.

“The human mind is the most powerful asset you have. You must believe you will succeed so that, with or without a salary, you can live the lifestyle you want,” he said.

He outlined seven keys to achieving financial independence: deciding to become financially independent, listing all assets and liabilities, planning finances, paying oneself and investing all windfalls, building assets while shutting down liabilities, planning to give back, and enjoying some of the money.

The conference brought together professionals, entrepreneurs, and young people seeking practical guidance on building sustainable wealth and achieving long-term financial freedom.

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The strong response reflects growing public appetite for practical, results-driven conversations around finance, career growth, and personal development, especially at the start of a new year.

The conference will feature two respected thought leaders: Richmond Kwame Frimpong, Investment Consultant, Life Coach and Author, and Paul Mante, Managing Director of EDC Investment Ltd.

Both speakers are expected to deliver actionable insights on financial discipline, investment strategy, and intentional life planning, core themes of the BYR initiative.

Powerful partnerships, real opportunities

The credibility and early oversubscription of BYR 2026 have been significantly boosted by strong institutional partnerships.

The event is powered by Hubtel and EDC (Ecobank Development Corporation), two organisations deeply embedded in Ghana’s financial and digital ecosystem.

Their involvement underscores the conference’s focus on real-world financial solutions and accessible innovation.

In addition, strategic sponsorship support from Legacy Crop Improvement Centre Ltd (LCIC) and the National Petroleum Authority (NPA) adds depth to discussions around long-term security, pensions, and structured financial planning.

Beyond inspiration, BYR 2026 is designed to deliver tangible value. Participants will benefit from:

• An official conference book
• A 2026 personal improvement worksheet to guide goal-setting throughout the year
• One-on-one personal coaching sessions

Job placement opportunities under the Ghana Skills for Jobs Programme, linking learning directly to employability and career advancement

Limited slots still available

Organisers say while the programme is currently oversubscribed, a few slots may still be available, urging interested participants to act quickly.

How to sign up:

Prospective attendees are encouraged to register through Asempa FM’s official platforms and designated registration channels announced on-air and online.

Early confirmation is advised, as seating is strictly limited.

In a public notice issued on January 14, 2026, SSNIT said the adjustment, made in consultation with the National Pensions Regulatory Authority (NPRA), raises the ceiling from GH¢61,000 to GH¢69,000.

According to the Trust, the revision is in line with Section 63(3) of the National Pensions Act, 2008 (Act 766), which mandates periodic reviews of pension contribution thresholds to reflect prevailing economic conditions.

With the new ceiling, the maximum annual contribution payable to SSNIT will increase to GH¢9,315 from 2026, affecting contributors whose earnings meet or exceed the revised limit.

SSNIT has urged employers and affected members to take note of the change and ensure that correct pension contributions are made from the effective date.

The Trust said the adjustment is expected to enhance long-term pension benefits for contributors while boosting inflows into the national pension scheme.

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According to a leading market and research firm, IC Securities, it expects the double-digit real policy rate to persist through the first half of 2026 as the government seeks to avert a potential second-round effect from the tariff hike.

In its analysis of the Bank of Ghana’s policy rate, it said a likely increase in the real policy rate above the 12.0% mark by the end of 2025 indicates the Monetray Policy Committee is likely to hit a pause in January 2026.

The Monetary Policy Committee of the Bank of Ghana voted by a majority decision to reduce the policy rate by 350 basis points to 18.0% at its final MPC meeting for 2025 in November.

“The magnitude of the rate cut was broadly in line with our expectation but came in 50 basis points lower than our maximum expected cut of 400 basis points. We view this deep, yet cautious, rate cut as a signal of the MPC’s continued preference for double digits real policy rate at every point in this phase of the rate cutting cycle which began in July 2025”, it said.

The cut effectively reduced the real policy rate from 13.5% (pre-MPC) to 10.0% (post-MPC), retaining the monetary stance in a very restrictive zone.

“We expect this double-digit real policy rate to persist through first-half of 2026 as the authorities will seek to avert a potential second-round effect from the tariff hike”, it added.

It concluded that the monetary stance will align with the 2026 budget statement, which note that “monetary easing will be cautious and conditional on continued stability, and the Bank stands ready to act swiftly should inflationary risks resurfaced”.

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He issued the caution during a visit to the palace of the Jasikanhene, who also serves as the Adontehene of the Buem Traditional Area, as part of his working tour of the Oti and Volta regions. The visit focused on engaging cocoa farmers regarding rising cases of cocoa smuggling and other activities harming the sector.

Dr Ofosu Ampofo stressed that the destruction of cocoa trees—whether for illegal mining, land development, or other commercial purposes—has severe long-term consequences. He called on communities, traditional authorities, and security agencies to take decisive action against the use of heavy machinery on cocoa farmlands.

“I want the media to capture this very well. Just three days ago, I saw a video of someone using an excavator to pull down cocoa trees, claiming that if cocoa farmers are not well paid, they will destroy the farms and do galamsey instead,” he said. “COCOBOD, under the Ministry of Finance, is submitting a new law to Parliament this October to classify cocoa trees as protected species. Anyone found destroying cocoa trees will face the full rigours of the law.”

He acknowledged farmers’ frustrations due to pricing challenges and the pressures of smuggling but urged them not to resort to destroying plantations. He encouraged closer collaboration between farmers, regulatory bodies, and security agencies to tackle smuggling activities, which have become increasingly rampant.

Farmers expressed optimism that the visit and renewed governmental attention would help safeguard their farms and stabilise the cocoa industry.

Dr Ofosu Ampofo reaffirmed COCOBOD’s commitment to pushing for stronger policies, improved security, and better support systems to protect Ghana’s cocoa sector—one of the country’s most critical economic pillars.

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Presenting the 2026 Budget Statement and Economic Policy to Parliament on Wednesday, November 13, Dr. Forson said the sector, once burdened by high debt, smuggling, and weak output, is now on a path to revival.

He revealed that cocoa output rose from 530,783 metric tonnes in 2023/2024 to 603,840 metric tonnes by the end of 2024/2025, driven by targeted anti-smuggling interventions. Production for 2025/2026 is projected at 650,000 metric tonnes, supported by government allocations of GH¢2.4 billion for CODAPEC (mass spraying) and GH¢2.7 billion for free fertiliser distribution.

To further curb smuggling, the government has increased the farm-gate price from GH¢49,600 per metric tonne to GH¢58,000, narrowing price gaps with neighbouring countries.

Dr. Forson also highlighted significant debt reduction achievements, with COCOBOD’s debt falling from GH¢32 billion in March 2025 to GH¢20.6 billion in September 2025, and cocoa roads debt reduced from GH¢21 billion to GH¢6.9 billion following rationalisation efforts.

He added that 243,000 metric tonnes of low-priced forward sales have been settled, with the remaining 90,000 metric tonnes (valued at about US$234 million) set to be regularised in the 2025/2026 crop year.

The Minister further disclosed that legislative processes are underway to amend the COCOBOD Act, 1984 (PNDCL 81) to transfer oversight from the Ministry of Food and Agriculture to the Ministry of Finance, a move aimed at strengthening fiscal risk management and accountability within the sector.

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Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, Dr. Forson revealed that total public debt fell from GHS726.7 billion, representing 61.8% of GDP in 2024, to GHS630.2 billion, or 45% of GDP, by October 2025.

“For the first time in over a decade, we have recorded a negative rate in debt accumulation, from a positive 19.1% in 2024 to a negative 13.3% in 2025,” he announced.

The Minister attributed the decline to strengthened fiscal discipline, prudent borrowing practices, and a more stable cedi, noting that these measures have firmly placed Ghana’s public debt on a sustainable downward trajectory.

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Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, Dr. Forson said the administration has restored fiscal discipline, curbed inflation, stabilised the cedi, and renewed investor confidence.

He described the government’s economic strategy as more than a recovery, calling it a “reset” and a “rebuilding process” following the challenges inherited from the previous administration.

“We have restored fiscal discipline, brought inflation under control, stabilised the cedi, and rekindled investors’ confidence. This is not just a recovery, it’s a reset. It is a rebuilding from the ashes of a daunting inheritance, a heavy burden laid on us by the previous administration,” Dr. Forson stated.

He assured Parliament that the government remains committed to prudent fiscal management and to safeguarding the gains achieved so far.

According to Dr. Forson, confidence in Ghana’s economy is steadily returning, with clear signs of renewed strength and optimism.

“Confidence is returning, the Black Star is rising once more. Ghana is back, strong and full of hope. The tide has finally turned, and Ghana’s economy has now recovered, marked by renewed investor confidence. Our economy has regained its rhythm,” he told Parliament.

“This budget is about building on the foundation we have laid,” he added.

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Presenting the 2026 Budget Statement in Parliament on Thursday, November 13, Dr. Forson highlighted the government’s efforts to stabilise the economy and restore public trust.

“Mr. Speaker, when this administration took office, we met an economy in distress — weighed down by debt, weakened by mismanagement, and stripped of confidence. The 2025 budget was our first act of courage, a declaration that Ghana would rise again through reforms, discipline, and visionary leadership,” he said.

Dr. Forson noted that the 2026 Budget aligns with President John Dramani Mahama’s 2025 State of the Nation Address, which pledged to resolve Ghana’s economic crisis and place the nation on a sustainable growth trajectory.

He described the budget as a continuation of the government’s “reset agenda,” a comprehensive plan to revive and transform the economy.

“This is not just a recovery. It is a reset — a story of a nation that refused to stay down. This is a rebirth from the ashes of a daunting inheritance, the heavy burden laid upon us by the previous administration,” Dr. Forson stated.

The Minister emphasized that fiscal discipline, structural reforms, and renewed investor confidence remain central to Ghana’s economic transformation, job creation, and long-term growth.

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The budget is expected to outline the government’s fiscal strategy, revenue measures, spending priorities and economic policies for the year ending 31st December 2026.

It will also provide updates on the performance of key sectors, ongoing reforms, and initiatives aimed at stabilising and growing the economy.

The presentation will reviewed and discussed in Parliament before receiving formal approval.

Watch the full video below:

Finance Minister Dr. Cassiel Ato Forson described the agreement as a major milestone in Ghana’s economic recovery, noting that it will strengthen fiscal stability and support long-term economic progress.

Dr. Forson expressed gratitude to the Government and people of Germany for their continued partnership and confidence in Ghana’s future, highlighting that the agreement reflects the strong cooperation between the two nations.

German Ambassador to Ghana, Frederik Landshöft, congratulated Dr. Forson and praised the government for its progress in stabilising the economy.

He reaffirmed Germany’s commitment to deepening bilateral and economic cooperation with Ghana.

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In a notice issued on November 3, 2025, the central bank stated that unlicensed entities must submit the required documentation and meet all licensing requirements by June 30, 2026.

“Failure to comply with this notice will result in appropriate regulatory action being taken against the non-compliant entities,” the statement warned.

The Bank of Ghana also confirmed that, effective November 3, 2025, it has begun accepting applications from entities seeking to operate as Digital Credit Service Providers..

Speaking at the Cedi@60 celebrations in Accra, Dr Johnson Asiama said the economy has “turned a decisive corner,” backed by compelling evidence of progress.

He revealed that headline inflation continues to decline and is expected to end the year even lower, reflecting the effectiveness of the Bank’s monetary policy measures.

Dr. Asiama also highlighted the impressive performance of the local currency, noting that the Cedi has appreciated by 37 percent as of October 17, 2025.

“I’m proud to say we have turned a decisive corner, and indeed the evidence is compelling. Headline inflation is down, and the Cedi has appreciated strongly. These gains reflect the impact of sound and disciplined economic management,” the Governor said.

He added that the Bank remains committed to sustaining the gains through prudent policy interventions aimed at maintaining price stability and strengthening confidence in the Ghanaian economy.

“The Bank of Ghana remains fully committed to sustaining the gains we have made. We will continue to implement prudent and forward-looking policies to maintain price stability, strengthen the Cedi, and support overall economic growth”, he said.

The Bank of Ghana on Tuesday, October 28, 2025, launched a year-long commemoration of the milestone at the Accra International Conference Centre under the theme, “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

Speaking on the floor of Parliament, Second Deputy Minority Whip, Jerry Ahmed Shaib, said all leaders who have played a role in strengthening the Cedi deserve to be acknowledged.

“I want to look at it from the angle that whoever has contributed to the proper evolution of the Cedi must be commended and celebrated. We have a list of names, and President Mahama is one of them, but anybody who has been president since the inception of the Cedi must be commended,” he stated.

He further stressed that former President Nana Addo Dankwa Akufo-Addo, who served for eight years, should be recognized as a major contributor to the Cedi’s stability.

Speaking at the official launch of the 60th anniversary of the Cedi in Accra on Tuesday, October 28, Dr Asiama noted that the improved reserves position reflects prudent monetary management, favourable trade inflows, and ongoing fiscal consolidation efforts.

“Our gross international reserves are currently $12 billion,” he said.

He explained that the current reserve level is offering “a robust cushioning against external volatilities,” safeguarding the cedi and supporting stability in the foreign exchange market.

He reiterated the Bank’s resolve to pursue sound monetary policies aimed at preserving the gains achieved so far, while continuing to promote a resilient and inclusive financial sector that supports sustainable economic growth.

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Speaking at the launch of the 60th anniversary of the cedi in Accra, Dr Forson cautioned against the growing trend of pricing goods and services in foreign currencies, particularly the US Dollar, describing it as a practice that undermines the stability and integrity of the cedi and Ghana at large.

“Let me use this opportunity to once again stress that as Ghanaians, the Ghana Cedi remains the only legal tender; the US dollar is not our currency; the Cedi is our only currency,” he said.

He emphasised that trading in foreign currencies fuels exchange rate pressures and weakens confidence in the domestic economy.

“The continued pricing of goods and services in the US dollar will only hurt us; let’s stop it and let us stop it now.”

The minister, therefore, called on all citizens, traders, and institutions to demonstrate patriotism by supporting the cedi and reinforcing its use in daily economic activity.

“The Cedi is the only currency we have, let us protect it, let us trade with it and let us defend it with all vim within us. Let us talk about the Cedi with pride not as a burden.”

Source: Albert Kuzor  

Speaking at the Cedi@60 celebrations in Accra, the Vice President said rebuilding trust in the Ghanaian currency requires coordinated efforts between the central bank, financial institutions, and the private sector.

“The Bank of Ghana must continue to work closely with banks, businesses, and market players to strengthen stability and rebuild confidence in the Cedi,” she said.

She noted that while recent data shows encouraging signs of recovery including a stronger Cedi and easing inflation the gains must be consolidated through discipline and partnership.

The Vice President also called on the Ministry of Finance to uphold strict fiscal responsibility, noting that prudent public spending and debt management remain critical to sustaining macroeconomic stability.

“The Ministry of Finance must continue to uphold fiscal responsibility. Monetary stability can only be effective when supported by sound fiscal policies,” she added.

Professor Naana Opoku Agyeman commended the Bank of Ghana for its decisive policy measures in recent years, which have helped curb inflation, stabilize the Cedi, and restore investor confidence.

She said government remains committed to working with the central bank and other economic actors to build a resilient, self-reliant economy capable of withstanding future shocks.

Source: James Eshun   

Speaking at the launch of the Cedi@60 celebrations on Tuesday, October 28, at the Accra International Conference Centre, Dr. Forson described the milestone as a “new dawn” in Ghana’s journey toward economic sovereignty and resilience.

“For 60 years, through cycles of inflation, devaluation, redenomination, and recovery, the Cedi remains the enduring symbol of our national sovereignty,” he said. “Our commitment to fiscal discipline has strengthened the Cedi, and we shall stay the course to ensure its continued stability.”

He cautioned against quoting prices in foreign currencies, particularly the US dollar, noting that such practices weaken public confidence and distort the local market.

“As citizens, we have a shared duty to preserve the sanctity of the Cedi as our legal tender,” he said. “We must eschew acts that undermine its value, especially the pricing of goods and services in foreign currency.”

The Cedi@60 celebration, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” commemorates Ghana’s replacement of the Ghanaian pound with the Cedi in 1965 — a milestone that affirmed the country’s monetary independence.

Government officials say sustained fiscal discipline, prudent monetary policy, and stronger oversight of currency practices will be key to restoring and maintaining confidence in the Cedi, supporting long-term economic stability and growth.

Soure: AdomOnline

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He said the Cedi@60 celebration should be seen not merely as a ceremonial milestone but as a renewed call to defend the country’s economic sovereignty.

Speaking at the anniversary event themed “Sovereignty, Stability, and Resilience” in Accra, Dr. Asiama said the occasion was a time for reflection on Ghana’s financial journey and the collective responsibility to preserve the gains made over the decades.

“Let me be clear, this is not just another policy event. It is a moment for Ghana to pause and reflect — not on what we have built so far, but on what we must now protect and advance,” he stated.

“This anniversary belongs to all of us because when we celebrate the Cedi, we celebrate our journey towards economic self-reliance and national confidence,” he added.

Dr. Asiama recounted Ghana’s landmark decision in 1965 to replace the Ghanaian Pound with the Cedi, describing it as a “powerful declaration” of economic independence and self-determination.

“Sixty years ago, Ghana made a powerful declaration. We said farewell to the Ghanaian Pound and introduced the Cedi, our very own national currency. In doing so, we were not just changing banknotes — we were affirming that Ghana’s independence must include the ability to define and defend our own monetary destiny,” he said.

Reflecting on the Cedi’s evolution, the Governor highlighted key reforms, including redenominations in 1967 and 2007, as well as the addition of security features, commemorative editions, and Adinkra symbols that celebrate Ghanaian heritage.

“Each transformation over the years — from the integration of advanced security features and commemorative notes to the use of indigenous symbols and portraits of our national heroes — reflects Ghana’s story: one of resilience, innovation, and pride,” he remarked.

He emphasised that the Cedi remains more than a means of exchange — it is a symbol of national pride and shared determination.

“Whether it’s exchanged in bustling markets, used to pay salaries, or saved for future dreams, the Cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny,” Dr. Asiama said.

The Cedi@60 celebration marks six decades since Ghana introduced its national currency, replacing the Ghanaian Pound in 1965, symbolising the nation’s continuous pursuit of economic sovereignty and stability.

Source: Adomonline

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Speaking on Joy FM’s Super Morning Show, he said key economic indicators such as inflation, interest rates, and fiscal deficit are trending in the right direction — helping to support the cedi’s performance.

“I think the cedi has relatively stabilised and confidence in holding the currency has really increased,” Prof. Quartey stated.

He explained that the government’s efforts to reduce overspending and maintain a “decent deficit” while stimulating sustainable economic growth are contributing to the positive outlook.

The ISSER economist also praised the Bank of Ghana for its active communication and engagement efforts, which he believes help strengthen public trust in monetary policy.

“You need to get people to have confidence in the economy and confidence in the cedi,” he said, recommending that financial education be extended to young people, similar to practices by the Bank of England.

This year marks 60 years since the introduction of the Ghana cedi as a symbol of national sovereignty and economic resilience. The celebration has revived discussions about ensuring long-term currency stability.

With the cedi expected to end the year appreciating against the US dollar — a rare occurrence since the redenomination in 2007 — Prof. Quartey noted that there is hope for sustained progress but emphasised the need to “continue building confidence” in the local currency.

Source: Caleb Ahinakwah  

This is relative to GH¢6.7 billion recorded during the same period in 2024.

According to the September 2025 Monetary Policy Report, the banking sector posted a growth in all income lines in August 2025, with other income growing at 47.3% compared to a contraction of 2.9% for the same period last year.

Net interest income picked up by 21.8% to GH¢19.2 billion from 16.9% in August 2024.

On year-on-year basis, interest income improved by 21.5% to GH¢29.3 billion in August 2025 from GH¢24.3 billion in August 2024.

Interest expense also increased to GH¢10.2 billion in August 2025 from GH¢8.4 billion in August 2024, representing a growth rate of 20.9%, relative to the 22.1% growth recorded in August 2024.

The growth in net interest income is attributable to the slowdown in interest expense due to lower interbank lending rates in August 2025 compared to August 2024.

Net fees and commissions recorded a growth of 13.1% in August 2025, down from 22.9% a year ago, while “other income” surged by 47.3% to GH¢4.8 million compared to a contraction of 2.9% in August 2024.

These developments resulted in a 28.0% growth in the industry’s net operating income in August 2025, compared with the 10.9% growth recorded a year ago.

The cost lines also recorded similar increases in August 2025; however, the difference in growth rates between August 2025 and August 2024 was marginal.

According to the report, the banking industry’s operating expenses grew by 19.5% in August 2025, compared to 18.9% in 2024, on the back of a negligible growth in staff costs and other operating (administrative) expenses.

The provisions for depreciation, bad debt and impairment losses on financial assets contracted further by 46.0% in August 2025, compared to the 19.2% contraction recorded in August 2024. This is on account of the increase in write-offs and recoveries during the review period.

Return on Assets and Return on Equity

The banking sector’s profitability indicators, namely, return-on-assets (ROA), and return-on-equity (ROE), improved during the period under review.

This follows the robust growth of profit-before-tax and profit-after-tax.

The ROE increased from 31.4% in August 2024 to 32.2% in August 2025, while the ROA also went up to 5.6% from 4.9% over the same comparative period.

Source: Joy Business

This was supported by improved market sentiment and steady central bank interventions.

It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.

Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢17.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.

Over the past two weeks, the cedi has clawed back most of its losses as enhanced foreign exchange liquidity from the central bank has eased negative sentiment, likely triggering sell-offs by some market participants to unwind earlier high positions.

This corrective reaction most likely fuelled the sharp appreciation.

“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook. With gold’s reclassification as a top-tier liquidity asset under Basel III ‘Endgame’ reforms and shifting reserve preferences among central banks, confidence in hard assets has strengthened,” Databank Research said.

Together with the expected US$385 million disbursement in December 2025, its near-term outlook for a stronger cedi remains firm.

Meanwhile, the local currency started this week recording some further gains against the US dollar.

It is going for GH¢12.10 to one American greenback in the retail market.

Its year-to-date gain stands at 28.84% to one US dollar.

Source: Joy Business

Speaking on Joy FM’s Super Morning Show during the launch of Cedi@60 on Tuesday, Mr Awuah said the banking sector had faced supply constraints at the peak of Ghana’s economic crisis in 2022 and 2023, when the Central Bank assumed temporary control over forex inflows from major exporters such as mining, oil, and telecom companies.

“At the height of the crisis, the Central Bank took some temporary measures of having almost absolute control over the currency in terms of supply,” he explained.

“Given the level of stability we’ve had, the Central Bank has revised or unwound that policy, which is a very key one because all the market is looking for is assurance of supply.”

He noted that routing export proceeds directly to the BoG limited the ability of commercial banks to intermediate effectively. The reversal, he said, now allows mining and oil companies to channel forex through the banking system again, ensuring improved liquidity.

Mr Awuah also highlighted changes to the net open position policy, which regulates how much foreign currency banks can hold at any given time. The BoG has reduced the long position threshold from +5 to zero.

“If you are a bank and you get dollar supply, you have no business keeping it on your balance sheet,” he stressed.

“As dollars or euros are coming in, you have to offload to the market. When you do that, you improve the supply.”

The GAB CEO said the policy is designed to discourage hoarding and strengthen market confidence by ensuring forex reaches importers and businesses that need it.

Cedi@60 — themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience” — marks six decades since Ghana introduced the cedi as its national currency.

The celebration comes at a time when the government and central bank continue efforts to support sustained currency stability amid global economic pressures.

Mr Awuah reaffirmed the banking sector’s commitment to working closely with the BoG and the Ministry of Finance to maintain the cedi’s stability and reinforce public confidence in Ghana’s currency.

Source: Caleb Ahinakwah