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  

Sources with knowledge of Ghana’s IMF programme in Washington, D.C., told Joy Business that this date follows a staff-level agreement reached with Ghana in October 2025.

According to insiders, the board meeting is scheduled for December to allow sufficient time for the final staff report on Ghana to be prepared for the Executive Board’s consideration.

A key document currently awaited is the Audit Report on Arrears, which is expected to be released by the government later this week.

The report will undergo scrutiny across several IMF departments before submission to IMF Management for review.

Following this process, a slot will be secured for the Executive Board to assess the report. If Ghana passes the assessment, the board is expected to approve a disbursement of approximately $380 million to the Bank of Ghana, likely before mid-December 2025.

Sources indicate that, given Ghana’s current performance, it is highly likely the Executive Board will approve the Fifth Programme Review.

Impact on Markets and Investors

Market analysts note that the significance of the board approval goes beyond the US$380 million disbursement.

The decision will send a strong signal to donors and investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions.

Government officials have also assured markets that fiscal discipline will continue after Ghana exits the IMF programme in May 2026.

While concerns have been raised about the risk of unsustainable spending post-programme, sources insist that Ghana’s current performance under the IMF demonstrates a strong commitment to prudent economic management.

To further bolster investor confidence, the government is reportedly considering subscribing to one of the IMF’s policy instruments, though not a full programme.

Officials argue this would provide an additional signal of stability and assure markets that fiscal discipline will be maintained.

IMF Highlights Ghana’s Progress

The IMF has acknowledged Ghana’s meaningful progress in establishing a foundation for fiscal discipline post-programme.

During a press conference in Washington, D.C., IMF Director of Communications Julie Kozack highlighted key initiatives, including a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management aimed at enhancing the efficiency of public spending.

Fifth Programme Review Details

On October 10, 2025, the IMF announced it had reached a staff-level agreement with Ghana following a two-week mission to assess developments on the ground.

The agreement is subject to IMF Management approval and Executive Board consideration.

Once the Executive Board review is complete, Ghana will have access to SDR 267.5 million (approximately $385 million), bringing total IMF financial support under the arrangement since May 2023 to SDR 1,975.5 million (about $2,825 million).

The IMF staff report also commended Ghana’s progress in key areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience.

“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.

Source: Joy Business  

Speaking in an interview with the IMF during the ongoing IMF/World Bank Spring Meetings in Washington DC on October 16, he said recent interventions by the Bank of Ghana were temporary measures to cushion the market during a period of heavy outflows and lumpy payments.

“Yes, there were allegations about whether we were intervening in the market,” he said. “But that was not exactly the case.”

He explained that between the second and third quarters, the central bank had to meet large financial obligations, including billions of dollars in arrears owed to Independent Power Producers (IPPs).

The period also saw some domestic debt exchange bondholders deciding to exit their investments following the appreciation of the cedi.

“There were all these large arrears in payments to some of the IPPs,” he said.

“And we also had some of the domestic debt-affected bondholders that wanted to exit. Because the currency had appreciated, they felt it was the right time to take up their investment. We had to allow them to go.”

Dr Asiama said the Bank of Ghana was compelled to make significant payments between July and August to settle those obligations, leading to perceptions that it was heavily intervening in the FX market.

“All these inflows accrue to the central bank, and it was happening at the time when we saw some decline in remittance inflows,” he explained.

“Remittance inflows are another huge source of FX injection — over six billion US dollars per year. However, immediately after the currency appreciated, we saw a decline.”

He said the combination of reduced remittance inflows and large outflows caused a temporary strain on the interbank market.

“During that time, the interbank FX market had dried up, and so the central bank needed to provide that support,” he said.

Dr Asiama, however, expressed confidence that the market had since recovered. “I’m happy to say that the interbank FX market has come back,” he said.

He disclosed that the Bank of Ghana had instructed mining companies to channel all foreign exchange inflows through commercial banks.

“We have written to the mining firms, for example, to take all their inflows through the commercial banks,” he stated. “So we are beginning to see some pickup in interbank FX market activity.”

He clarified that gold inflows remain an exception but noted that the trend points to a more vibrant, self-sustaining FX market.

“What we have now is to intermediate what comes from the Gold Board, and then the rest is taken into our reserves,” he said.

Dr. Asiama gave specific figures to show that demand on the market had normalised.

“As of yesterday, we had committed to make available 150 million US dollars,” he said.

“This morning, when I checked, the market had picked up only 90 million dollars, so 60 million automatically goes into our reserves. Same thing Tuesday — we made available 150 million dollars, and the market picked up less than half that.”

He stressed that the Bank of Ghana is not over-supporting the market. “We do not over-support the markets at all,” he said.

“All we seek to do is to limit the volatilities in the markets, to ensure that we have that smooth dynamic in the market, and that’s the framework we will maintain going forward.”

Source: Myjoyonline

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The BoG, in a statement, said it had to take the action due to the rising number of dud cheques, despite warnings issued by the central bank.

“The Bank of Ghana has observed with grave concern the high issuance of dud cheques by some customers of banks and SDIs. This development has consequential effects on the acceptance of cheques for transactions,” the BoG warned.

The central bank said a bank or SDI is now obliged to levy an account holder who issues a dud cheque for the first time 10% of the cheque’s face value and issue a Warning Notification to the affected customer on the consequences of repeating the offence.

In addition, the bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana.

“The bank or SDI shall place the customer under surveillance for a minimum period of one year. The warning should be documented and may be in the form of a Short Message Service (SMS), an email, or any other established means of communication between the bank or SDI and that customer. The notification shall also indicate further sanctions that will be applied in the event of subsequent breaches,” the BoG said.

Where a customer issues a dud cheque for the second time within one year of the first offence, the drawee bank or SDI is required to impose a levy of 15% of the cheque’s face value and issue another Warning Notification to the customer on the consequences of repeating the offence.

The drawee bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana.

“Where a customer issues a dud cheque on a third occasion within one year of the first offence, the drawee bank or SDI shall impose a levy of 20% of the cheque’s face value. The drawee bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana,” it said.

According to the Bank of Ghana, it shall ban such a customer from issuing cheques within the country for a minimum period of three years.

The customer may, however, be permitted to receive cheques and funds into the affected account and perform other electronic transactions on the account. In addition, the Bank of Ghana shall ban such a customer from accessing new credit facilities from the banking system for one year and notify all banks and SDIs of the ban.

Upon receipt of the notification of the ban by the Bank of Ghana, the drawee bank or SDI shall notify the customer within five working days of the ban, recall all unused cheque books and shall not issue new cheque books to the affected customer until the sanctions are lifted. The Bank of Ghana may publish the list of the third-time offenders.

Where a customer fails to return the unused cheque books within a period of ten days from the notification date, the customer shall be reported to the Bank of Ghana.

The Bank of Ghana may ban such a customer from operating any current account. In addition, the customer shall be added to the Directory of High-Risk Cheque Issuers to be created by the Central Bank, which shall serve as a reference point for the Bank of Ghana and the banking industry.

Source: Lawrence Segbefia  

The celebration, which was initially planned for August, was suspended after the helicopter crash in the Ashanti region that claimed eight lives.

A statement issued by the central bank said as part of the activities to mark the 60th anniversary of the cedi, there will be a national launch ceremony at the Accra International Conference Centre with President John Mahama as the Special Guest of Honour.

There will also be a Cedi Van Regional Roadshow, exhibitions, education, and outreach, as well as public education campaigns on clean note handling, currency security features, and history of the currencies since independence.

In addition the Bank of Ghana will organize currency conference featuring stakeholders from central banks across the world, academia, and the private sector.

“The Cedi@60 anniversary presents a strategic opportunity to reflect on six decades of monetary sovereignty, engage the public on the history and future of the currency, and promote pride in Ghana’s financial and cultural identity.

It is also an occasion to strengthen policy literacy, promote the Bank’s Clean Note Campaign, and inspire the next generation to appreciate and protect the integrity of the cedi”, the statement said..

Background and Rationale

On July 19, 1965, Ghana officially adopted the Cedi as its national currency, symbolizing economic independence and the country’s transition from colonial rule.

Since its inception, the Cedi has undergone significant reforms, redesigns, and policy evolutions, serving as both a monetary instrument and a national emblem of resilience, self-determination, and progress.

Source: Joy Business   

With a year-to-date gain of 20%, the World Bank pointed out that the local currency was buoyed by tight fiscal and monetary policy, rising export revenue, and improved market sentiment.

During the same period in 2024, the cedi had lost about 19% to the American greenback.

The second-highest currency in Africa this year is the Zambian kwacha, with a year-to-date appreciation of 16%.

The World Bank said addressing barriers to structural transformation and prudent fiscal management will help sustain the gains in both currencies.

The weaker currencies in Africa in 2025 are the South Sudanese pound and the Ethiopian birr. They have done year-to-date reductions in value that exceed 10%.

The cedi has appreciated by 21.0% against the US dollar in nine months of 2025.

However, the local currency lost about 19% in value between late July 2025 and September 2025, after recording 40.5% appreciation as of July 2025.

According to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data, the cedi traded at GH¢12.15 to one US dollar on the interbank market. However, in the retail market, the cedi is going for about GH¢13.60 to one American greenback.

Source: Joy Business

According to the July 2025 Domestic Money Banks Income Statement, the total provision was in respect of loan losses, depreciation and others.

In June 2024, the total write-off was GH¢654.2 million, about 24.2% drop from the same period on 2023.

According to the Bank of Ghana, the asset quality of the banking industry improved in the first-half of 2025.

The banking industry’s Non-Performing Loan (NPL) ratio declined to 23.1% in June 2025 from 24.2% in June 2024.

When the fully provisioned loan loss category is adjusted for, the industry’s NPL ratio decreased to 8.5% from 10.8%, reflecting decreasing stock in the sub-standard category of nonperforming loans.

The decline in the NPL ratio during the period under review is explained by the lower growth in the NPL stock relative to the growth in total loans.

Similarly, the banking industry’s NPL stock increased by 1.3% to GH¢20.7 billion in June 2025, from GH¢20.4 billion in June 2024. This represented 49.4% year-on-year growth although there was a decrease in the share of foreign currency NPL.

Private Sector NPL

The private sector accounted for the most non-performing loans, being the largest recipient of the industry’s credit.

The proportion of NPLs attributable to the private sector rose marginally to 96.4% in June 2025 from 95.6% in June 2024, while that of the public sector inched down to 3.6% from 4.4% a year earlier.

The commerce and finance sector, and the agriculture, forestry and fishing sector recorded increases in their NPL ratios while that of the manufacturing sector remained unchanged in June 2025 compared with the same reference period in 2024.

Source: Joy Business

Speaking on Joy FM’s Super Morning Show today, September 16, the Professor of Finance at the University of Ghana Business School assured that the situation is “not out of control” and urged Ghanaians not to panic.

According to him, the cedi’s rapid gains in the first half of the year had “jumped the gun” and gone “far ahead of the recovery,” making a correction inevitable.

He described the cedi’s performance in the first half of 2025 as unprecedented, noting that by the end of June the currency had appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro. This was in sharp contrast to the same period in 2024, when the cedi depreciated by 18.6%, 17.9%, and 16.0% respectively.

Prof. Bokpin’s analysis comes amid a mix of positive economic indicators. Provisional data from the Ghana Statistical Service shows that the economy grew by 6.3% in the second quarter of 2025, up from 5.7% in the same period last year. He explained that growth is “broadening” across sectors but cautioned that it is still emerging from “a state of low productivity” and has yet to trigger a structural transformation.

The ICT sector was identified as the main driver of growth, expanding by a robust 21.3% in Q2.

On inflation, Prof. Bokpin pointed to a sharp decline from 23.8% in December 2024 to 11.5% in August 2025—the lowest rate since October 2021. This, he said, reflects the effectiveness of fiscal consolidation measures, with 2025 marking the eighth consecutive month of disinflation.

He further explained that the cedi’s sharp appreciation earlier in the year had encouraged speculative activity, which is now unwinding. The Bank of Ghana, he added, has been “stepping strongly” to stabilise the currency.

Prof. Bokpin concluded that the current depreciation is a natural market correction, not a sign of economic failure. He expressed confidence that the cedi will stabilise as government continues to strengthen fiscal discipline and maintain disinflation.

Source: David Apinga

In an exclusive interview on Joy FM on Monday, September 16, Prof. Bokpin urged Ghanaians to remain calm and focus on the country’s economic fundamentals, describing the Cedi’s recent volatility as a natural market phenomenon.

“We have our peak period and then we have our low period as well. In the peak period, when we experience what we call cash flow mismatch in terms of inflows and outflows… businesses import in anticipation of Christmas and all of that. So the demand will pick up,” he explained, adding that rising government spending is also likely to put pressure on the currency.

The Cedi’s performance this year has been a story of two halves. In the first half, it staged a remarkable comeback, appreciating by about 40.5% against the dollar by the end of May. This surge, its strongest in years, was driven by improved investor sentiment, a robust disinflationary trend, and a successful debt restructuring programme.

However, Prof. Bokpin cautioned that such rapid appreciation was unsustainable, noting that the currency had “jumped the gun” and raced ahead of the real economy.

He also pointed to a troubling “wide divergence” in exchange rates across the formal banking sector, forex bureaus, and the black market, warning that this gap fuels speculative activity. “The divergence is too wide,” he said, calling on the Bank of Ghana to act to ensure transparency.

Prof. Bokpin further cautioned against the national fixation on daily exchange rate movements. “I get a bit concerned because every now and then, if you look at extreme rate discussions and you do a market survey, it’s more or less dominating our economic discussions much more than anything else, and I think that is not good enough,” he stressed, urging a shift in attention to the real sector.

Despite the volatility, Ghana’s macroeconomic data offers reasons for optimism. Inflation dropped to 11.5% in August 2025—its lowest since late 2021—while GDP growth hit 6.3% in the second quarter, buoyed largely by the services sector.

These indicators, Prof. Bokpin said, suggest Ghana has “exited the peak of our crisis recovery,” with current fluctuations being part of a normal, though complex, market adjustment.

Source: David Apinga

Dr. Asiama made the disclosure while opening the 126th Monetary Policy Committee meeting on Monday, September 15, 2025. He also noted that despite seasonal pressures on the cedi and a moderation in remittance inflows in recent weeks, the country’s International Gross Reserves stood at $10.7 billion in August, covering roughly 4½ months of imports.

On the cedi, he stated that the local currency remains among the strongest globally year-to-date, appreciating by about 21% as of September 12. “It now ranks alongside high performers such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, Euro, and British pound. This outperformance reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign-exchange inflows,” he added.

Banking Sector Development
Dr. Asiama assured that the banking sector remains stable and improving, with the capital adequacy ratio (without reliefs) rising to 19.5% in July 2025. While non-performing loans (NPLs) remain elevated at 21.7%, they drop to 8.4% when fully provisioned losses are excluded, highlighting resilience amid ongoing recapitalisation and strict underwriting.

On fiscal performance, he noted: “Execution in the first half of 2025 signalled consolidation: the deficit on a commitment basis was contained at 0.7% of GDP, below target, contributing, together with cedi strength and external restructuring, to a decline in the public debt ratio by mid-year.”

Regarding monetary policy, Dr. Asiama said the committee is ready to adjust rates as the disinflation process continues and risks, including global trade disruptions or prospective utility tariff adjustments, are assessed. He added that the tight monetary stance and fiscal consolidation helped headline inflation fall to 11.5% in August 2025.

Source: Joy Business

According to JoyBusiness sources, the full amount will not be released at once but disbursed in tranches, with a significant portion expected before the end of the year. The arrangement is designed to secure COCOBOD’s commitment to meet bean supply obligations.

COCOBOD’s New Financing Model

In 2023, COCOBOD rolled out a new funding model for cocoa purchases, which requires international buyers to deposit at least 60% of the value of their forward contracts at the beginning of the season.

This model replaced the three-decade-old pre-export syndicated loan facility from international banks. Under the new arrangement, part of the traders’ deposits is channeled through licensed cocoa buying companies (LBCs), which are financed by the traders to purchase beans, with COCOBOD serving as the intermediary.

Boost For The Cedi

Analysts believe the cedi will be among the biggest beneficiaries of the inflows, as they are expected to significantly improve the Bank of Ghana’s international reserves.

As of July, the Bank of Ghana reported reserves of $11.1 billion in its Economic and Financial Data.

Speaking to JoyBusiness’s George Wiafe, Governor of the Bank of Ghana, Dr. Johnson Asiama, said the inflows should reassure the market of the central bank’s capacity to intervene when necessary to meet the demands of businesses and commercial banks.

“This development demonstrates a favourable outlook for the cedi despite recent pressures. As regulator, we have taken the needed actions to ensure that things do not get out of hand,” Dr. Asiama stated.

He stressed that Ghana’s macroeconomic fundamentals remain solid and should boost business confidence in the cedi’s stability and the ongoing measures to strengthen market liquidity.

JoyBusiness has also gathered that Ghana could receive additional inflows from development partners, which would further consolidate the country’s external reserves.

Source: JoyBusiness

Concerns have been raised that the country could return to unsustainable spending once the IMF programme ends. But government sources told Joy Business that such fears are unfounded, insisting Ghana’s current performance under the arrangement demonstrates a strong commitment to prudence.

To boost investor confidence, officials say government is considering subscribing to one of the IMF’s policy instruments — not a full programme — as a signal of stability to assure markets that fiscal discipline will hold.

This comes amid arguments by some donors that Ghana’s macroeconomic recovery has been driven largely by IMF oversight. A government official, however, rejected this, stressing that the fiscal checks are the result of deliberate policy choices, not merely IMF enforcement.

Still, market watchers remain cautious. Ratings agencies are said to be factoring in the risk of post-IMF slippages in their upcoming assessments of Ghana’s creditworthiness. Analysts warn that sustaining discipline beyond May 2026 will be one of government’s biggest challenges, especially after President John Mahama announced that the programme will not be extended.

Meanwhile, an IMF staff mission is expected in Accra at the end of September 2025 for the fifth review of Ghana’s programme. This penultimate review — following the fourth assessment earlier this year — will evaluate economic data up to June 2025. The final review is scheduled for April 2026.

According to Joy Business sources, the review will focus on key indicators, including inflation, reserve sustainability, revenue shortfalls, arrears audits, and challenges facing state-owned and private banks in need of recapitalisation. Particular attention will also be given to arrears in statutory funds such as the NHIL, GETFund, and Road Fund, as well as gaps in social spending.

The $3 billion IMF programme, approved in May 2023 under a 36-month Extended Credit Facility (ECF), has been critical in stabilising Ghana’s finances. Its priorities include restoring public finances through improved revenue mobilisation and spending efficiency, expanding social protection, implementing structural tax and financial reforms, addressing energy and cocoa sector weaknesses, and tightening monetary policy to control inflation.

While donors continue to urge Ghana to build “shock absorbers” to maintain stability after IMF support ends, government insists its commitment to discipline is genuine and long-term.

Source: Joy Business

The Bloomberg published a story titled “Ghana Cedi’s World-Beating Performance Upended by Imports Surge”. The story indicated that the Ghanaian currency, which had recently been performing well against the dollar, is now recording losses.

This, according to the story, was because of a surge in demand for dollars by companies paying for imports.

However, checks by Fact-check Ghana from Bloomberg indicate that the Ghana cedi is not the worst-performing currency in the world now.

According to Bloomberg, the year-to-date gains of the Ghana cedi, which was in June this year around 50% against the dollar, have indeed been reducing. The cedis’ gains waned through July and August.

Currently, according to Bloomberg’s currency ranker, the Ghana cedi has a net gain of 21.99% against the dollar. At 21.99%, the cedi is the second-best-performing currency in the world, after the Russian ruble.

Which currency is the worst-performing currency?

The worst-performing currency, according to Bloomberg’s currency ranker, is the Argentine Peso, which has a net loss of 24.33 against the dollar since January 2025. The Turkish lira and Ethiopian Birr follow with net losses of 14.11% and 10.66%, respectively.

The Ghana cedi is therefore not among the list of worst-performing currencies.

Fact-check Ghana has observed that Graphic Online edited its initial headline of the Ghana cedi being the world’s worst-performing currency to the worst-performing currency in the third quarter.

The Ghana cedi has indeed lost about 13% of its gains to the dollar, which is relatively the highest loss since July.

While it is true to say the cedi has relatively lost considerable value within the period of consideration, the currency is still among the highest-performing currencies at a net gain of 21.99% and cannot be counted among the worst-performing currencies in the world currently.

In conclusion, claims that the Ghana cedi is the worst-performing currency in the world now are completely false.

Source: FactcheckGhana

He stressed that the era when businesses could demand to walk away with as much as $10 million over the counter has ended.

“Imagine a corporation wanting to withdraw $10 million over the counter. What do they use that for? Their payments are abroad, and they don’t carry physical cash to settle anything,” Dr. Asiama explained.

According to him, companies earning money through export rights into their foreign currency accounts must channel payments abroad electronically, rather than cashing out locally.

The Governor clarified that the directive is not aimed at individuals who may need smaller amounts of foreign currency for personal use.

“For individuals like you and me, probably you need a few $100 or $200 to do something, that’s understandable. You can negotiate with your bank,” he said.

Responding to claims that the central bank was being too rigid, Dr. Asiama dismissed the criticism, noting that the measures are meant to protect the market and curb illegal cash movements.

He revealed that intelligence reports showed some people had been carrying huge sums of dollars out of the country without declaring them.

“Some people are carrying over a million dollars just out of Ghana, without declaring them. Those are leakages, and as a regulator, we must work with other agencies to ensure such sums are accounted for. That also supports the fight against money laundering,” he said.

Dr. Asiama emphasised that the directives were the result of consultations with banks, adding that financial institutions had been engaged extensively before the notices were issued.

“We are just redefining the framework within which the market has to work efficiently. These are things we should have been enforcing earlier, but now we are making the rules clearer,” he added.

Source: MyJoyOnline

Dr. Asiama gave the assurance when he received the leadership of the Importers and Exporters Association of Ghana (IEAG), led by its Executive Secretary, Samson Awingobit Asaki, during a courtesy call at the Bank of Ghana’s Head Office.

Governor of the Bank of Ghana, Dr. Johnson Asiama, addressing the delegation
The delegation, which was welcomed by the Second Deputy Governor, Matilda Asante-Asiedu, commended the Bank for its strong leadership in stabilizing the cedi and improving the macroeconomic outlook.

Executive Secretary of the IEAG, Samson Awingobit, praised the Bank’s policies under Dr. Asiama’s leadership and called for further support to address outstanding concerns that require the Central Bank’s intervention.

Source: Joy Business