Ghana Business News

Follow the latest Ghana business and economy news: the cedi, inflation, companies, banking, and trade. Coverage is curated from Ghana's leading newsrooms and kept current through the day, newest first.

Anthony Kwasi Sarpong, Commissioner-General of GRA, speaking to the media
business|

Ghana Revenue Authority Cracks Down on Tax Defaults and Transit Fraud: Electrochem Offices Sealed as Confiscated Oil is Donated

The Ghana Revenue Authority (GRA) has ramped up its enforcement actions to secure national revenue, targeting both corporate tax defaults and international trade fraud. In a high-profile move, the Authority sealed the administrative block of Electrochem Ghana Limited over an outstanding tax liability of GH¢8.6 million. Simultaneously, the GRA announced the donation of nearly 40,000 jerrycans of confiscated vegetable oil to the National School Feeding Programme following a major investigation into transit diversion and fraudulent declarations. These actions signal a renewed commitment by the revenue collector to meet its annual targets and ensure compliance across all sectors of the economy. The enforcement action against Electrochem Ghana Limited, a major player in the salt mining sector, follows unsuccessful attempts to recover taxes owed since 2021. Led by Joseph A. Annang, the Accra Area Enforcement Manager, the GRA team opted to restrict access only to the company’s administrative offices to mitigate the impact on general operations and employee welfare. While Electrochem has made a partial payment of GH¢200,000, the GRA has issued a strict seven-day ultimatum for the company to clear the remaining debt or negotiate a formal payment plan. Failure to comply within this timeframe will result in more severe sanctions, including the potential sealing of the entire mining facility. In a separate but equally significant operation, Commissioner-General Anthony Kwasi Sarpong revealed that 39,256 jerrycans of vegetable oil, originally destined for Côte d’Ivoire but falsely declared as transit goods from Togo to Niger, have been confiscated. The cargo, which originated from Malaysia and Indonesia, was subject to various irregularities, including under-declaration and misclassification to evade higher tariffs. As part of the fallout, four GRA officers have been interdicted to face disciplinary proceedings for their alleged roles in the scheme. To benefit the public, the confiscated oil will be handed over to the National School Feeding Programme, turning a case of economic sabotage into a social intervention. These recent developments highlight the GRA’s dual strategy of aggressive enforcement and institutional accountability. By targeting high-value tax debtors like Electrochem and uncovering sophisticated transit fraud, the Authority aims to deter future non-compliance and plug revenue leakages. Officials have emphasized that while the GRA prefers "friendly engagement," enforcement remains a necessary last resort for companies that fail to regularize their tax affairs. As the government seeks to bolster domestic revenue, businesses and traders are urged to ensure their documentation and payments are accurate and timely to avoid similar disruptions.

President Mahama Announces Major Infrastructure and Energy Milestones to Fuel Ghana's Economic Transformation
business|

President Mahama Announces Major Infrastructure and Energy Milestones to Fuel Ghana's Economic Transformation

President John Dramani Mahama has outlined a series of ambitious infrastructure and utility reforms designed to anchor the country’s '24-Hour Economy' and drive industrial competitiveness. Central to this strategy is a massive 1.5-gigawatt (GW) utility-scale solar-hydropower project integrated with Battery Energy Storage Systems (BESS) at Buipe in the Savannah Region. This initiative, co-developed with private partners, aims to drastically reduce industrial electricity tariffs from the current 18-23 cents per kilowatt-hour to a more competitive 7-9 cents. The first phase, a 100-megawatt solar facility, is scheduled to begin construction shortly, signaling a pivot toward affordable and reliable renewable energy to support local manufacturing and job creation. Parallel to these energy developments, the government has reported significant financial recovery within the utility sector. President Mahama revealed that comprehensive reforms at the Electricity Company of Ghana (ECG) have successfully boosted monthly revenue collections to nearly GH"2 billion. This financial turnaround has enabled the state to settle long-standing debts owed to Independent Power Producers (IPPs) and gas suppliers, bringing much-needed stability to the energy value chain. By addressing these legacy debts and commercial losses, the administration aims to create a more resilient foundation for private sector growth and utility reliability. In the transport and agricultural sectors, the construction of the new Afram River bridge at Ekye Amanfrom is being hailed as a 'game-changer' for regional development. President Mahama urged Ghanaian investors to seize emerging opportunities in the Afram Plains, an area historically hindered by geographical isolation. With the bridge facilitating easier access, the region is poised for a surge in large-scale agribusiness, specifically in cashew cultivation, rice production, and palm oil plantations. Local entrepreneurs have been encouraged to invest promptly in these agro-processing ventures and tourism opportunities around Volta Lake to ensure that domestic stakeholders lead the region's economic awakening before foreign interests dominate the market. Further supporting this nationwide infrastructure drive is the progress of the Adenta-Dodowa Road Project, which is currently 63% complete. Despite challenges related to property acquisition and utility relocation, the project remains on track for substantial completion by March 2027. These interconnected efforts—spanning renewable energy, financial reforms in the power sector, and strategic road and bridge construction—represent a unified push to lower the cost of doing business in Ghana. By providing the necessary infrastructure and cheaper power, the government expects to foster a more attractive environment for both local and international investment, ultimately driving the nation's industrialization and economic transformation.

Dr John Abdulai Jinapor (left), Minister of Energy and Green Transition, confering with Godwin Kudzo Tameklo, Chief Executive of the National Petroleum Authority
business|

Ghana Intensifies Global Investment Drive through 7th Trade Week and 24-Hour Economy Advocacy

Ghana has launched a comprehensive series of high-level trade and investment initiatives aimed at positioning the nation as a premier industrial hub in West Africa. The 7th edition of the Ghana Investment and Trade Week (GITW) commenced on July 7, 2026, at the Palms Convention Centre in Accra, drawing over 100 speakers and 300 international delegates from countries including China, India, and Italy. Organized by MIE Events, the summit focuses on attracting foreign direct investment (FDI) with a particular emphasis on renewable energy, sustainable technologies, and smart infrastructure. MIE Group Chairman David Wang highlighted the importance of establishing local manufacturing hubs to drive economic transformation, while Senior Presidential Advisor Dr. Augustus Goosie Tanoh underscored the need to reduce raw material exports in favor of value-added local production. This domestic push is complemented by aggressive international outreach, most notably at the Ghana-Canada Investment Forum held on June 15, 2026, in Toronto. Attracting 135 participants, including government officials and business executives, the forum served as a platform to promote Ghana’s "24-Hour Economy" initiative. Keynote speaker Ras Mubarak invited Canadian investors to explore opportunities in manufacturing and tourism, emphasizing that Ghana is more open for business than ever before. The event, organized by the GHFA Global Investment Forum Initiative and Stratcomm Africa, also explored economic reforms and AI literacy, reinforcing the diaspora's role in Ghana’s growth through networking and cultural ties, including support for the Ga Mantse Foundation. Strategic sector-specific dialogue continues with the upcoming Ghana International Petroleum Conference (GhIPCon 2026), scheduled for July 16-17 in Accra. Under the theme "Building a Resilient Downstream: Policy, Innovation and Investment for Growth," the conference will feature a keynote address by President John Dramani Mahama. This event aims to enhance regulatory frameworks and integrate natural gas into the national energy mix. Simultaneously, the Ghana Insurers Association (GIA) has launched its 4th International Educational Seminar, where President Boatemaa Barfour-Awuah called for bold leadership to address emerging risks like climate volatility and cyber threats, urging the industry to embrace technological innovation to build public trust. Broader societal and industrial development remains a key focus through the Lausanne Workplace Forum 2026 and the revitalization of the Ghana Trade Fair Company. Scheduled for August 6-9 at the Pentecost Convention Centre in Gomoa Fetteh, the Lausanne Forum will gather professionals to discuss integrating ethics and faith into the workplace to combat corruption and unemployment. On the infrastructure front, the CEO of the Ghana Trade Fair Company, Squadron Leader Naa Amerley Bamba (Rtd), has reaffirmed the company's commitment to redeveloping the Trade Fair Centre into a modern venue. This project aims to provide Small and Medium-sized Enterprises (SMEs) with the essential skills and partnerships needed to scale their operations within the modern global economy. Collectively, these forums and investment weeks signal a coordinated effort between the government, private sector, and international partners to modernize Ghana’s economic landscape. By aligning foreign investment with local industrialization and renewable energy projects, the nation seeks to build a more resilient economy. The convergence of these events reflects a holistic approach to development, spanning energy, insurance, trade, and workplace ethics, ensuring that Ghana’s transition toward a green and 24-hour economy is supported by robust policy frameworks and international collaboration.

Bank of Ghana Reports 48% Surge in Financial Fraud as Digital Scams Outpace Traditional Bank Theft
business|

Bank of Ghana Reports 48% Surge in Financial Fraud as Digital Scams Outpace Traditional Bank Theft

The Bank of Ghana’s 2025 Fraud Report reveals a complex and challenging landscape for the nation's financial security. While traditional banks and Specialized Deposit-Taking Institutions (SDIs) recorded a decline in the number of fraud incidents, total cases across the entire financial sector surged by 48%, reaching 24,778 incidents compared to 16,733 the previous year. This spike was primarily driven by a 54% explosion in fraud within the Payment Service Provider (PSP) sector. Consequently, the total value at risk has exceeded GH¢100 million, signaling a decisive shift where fraudsters are increasingly targeting electronic payment platforms as Ghana's economy digitizes. Despite the overall rise in incidents, the report highlights a significant 40% decrease in employee involvement in fraud, with cases dropping to 219 in 2025. However, the financial impact of internal crimes remains severe, particularly through cash suppression. This specific fraud type became the most damaging in the sector, with its risk value increasing 18-fold. A single, massive case involving GH¢36 million pushed the total cash suppression risk to GH¢40.7 million. Troublingly, the report also notes a low accountability rate; only 34% of implicated staff were dismissed, and financial institutions managed to recover only 5% of their total fraud exposure, retrieving just GH¢3.7 million of GH¢68.2 million lost. Sector-specific data shows that Rural and Community Banks (RCBs) are particularly vulnerable to internal lapses, accounting for 51% of all cash suppression cases in the SDI sector. Amid these rising risks, a regulatory dispute has emerged between traditional banks and fintech companies, with each sector claiming the other is less supervised. Elhanan Owureku Asare, head of fintech at the Bank of Ghana, has cautioned that this division distracts from systemic fraud risks. He argues that weaknesses in any part of the financial chain provide entry points for criminals, necessitating a unified regulatory approach and better coordination across the industry. Despite the alarming fraud statistics, economic experts maintain that Ghana must continue its transition toward a cash-lite economy. Professor Godfred Bokpin of the University of Ghana Business School argues that digital payments are essential for reducing the high costs associated with physical currency replacement and for driving financial inclusion in the informal sector. He emphasizes that the solution lies in enhancing risk management and building public confidence rather than retreating from digitization. As digital assets and stablecoins become more prevalent, the Bank of Ghana is calling for strengthened internal controls and robust cybersecurity measures to protect the integrity of the nation's evolving financial ecosystem.

The Minister of Finance, Dr Cassiel Ato Forson
business|

Ministry of Finance Settles $700m Eurobond Debt Amidst Fiscal Restraint and Growing Canadian Investment Ties

The Ministry of Finance has successfully settled a $700 million Eurobond obligation ahead of schedule, marking a significant milestone in Ghana’s ongoing economic recovery. The payment, which includes $525.2 million in principal and $174.8 million in interest, brings the total disbursement to Eurobond holders since January 2024 to $2.1 billion. Finance Minister Dr. Cassiel Ato Forson emphasized that this move is designed to bolster investor confidence and reduce outstanding debt as the country continues to adhere to the fiscal disciplines required under its $3 billion IMF bailout program. This commitment to debt management occurs alongside a strategic push to modernize the financial sector, highlighted by the Bank of Ghana’s new partnership with the Digital Assets Summit Africa (DASA) 2026 to advance digital finance regulation. However, the government’s latest fiscal report for the first quarter of 2026 reveals a complex economic landscape. Total revenue and grants for the quarter amounted to GH¢57.531 billion (3.6% of GDP), falling slightly short of the GH¢59.646 billion target. This underperformance was largely attributed to lower international oil prices and the appreciation of the local currency, which impacted tax mobilization. In response, the government exercised significant expenditure restraint; total spending reached GH¢62.089 billion, a 21.2% decrease compared to the target of GH¢78.831 billion. While employee compensation remained relatively stable, capital expenditure lagged significantly behind targets, despite a year-on-year increase of 61.3%. Despite these fiscal challenges, Ghana’s capital markets have shown robust activity. The secondary bond market recorded a 56.45% week-on-week increase in turnover, totaling GH¢2.44 billion, with heavy trading in the 2031-2034 maturity brackets. Simultaneously, interest rates on Government of Ghana Treasury bills saw marginal increases across all maturities in recent auctions; the 91-day bill rose to 5.87%, while the 364-day bill reached 12.93%. This trend reflects strong investor participation and a market adjusting to a new issuance calendar for the third quarter of 2026, which aims to extend debt maturity and mitigate refinancing risks. On the diplomatic and corporate fronts, international partnerships and leadership transitions are shaping the business environment. Bilateral trade between Ghana and Canada reached US$752 million in 2025, a 56% increase driven by "responsible mining" and private sector collaboration. Canadian High Commissioner Myriam Montrat highlighted the Asanko Gold Mine as a model for local capacity building, positioning Ghana as a strategic gateway to the broader African market. Meanwhile, the banking sector enters a new era as Tony O. Elumelu retires as Group Chairman of United Bank for Africa (UBA) after 12 years of leadership. He is succeeded by Emmanuel N. Nnorom, who inherits a Pan-African financial group serving over 50 million customers across 20 countries, signaling a period of stable transition for one of the continent's largest financial institutions.

Ghana Retailers Slash Prices After Black Stars Exit as Samsung Profits Soar on AI Boom
business|

Ghana Retailers Slash Prices After Black Stars Exit as Samsung Profits Soar on AI Boom

The early exit of the Black Stars from the 2026 FIFA World Cup has triggered a sharp downturn in Ghana's sports merchandising sector, forcing retailers to slash prices of jerseys and memorabilia to clear excess inventory. Traders who stocked up in anticipation of a deep tournament run now face significant financial pressure, with jerseys originally priced at GH¢250 being marked down to as low as GH¢130. This local retail slump stands in stark contrast to the global tech market, where Samsung Electronics has reported a staggering 1,800% jump in quarterly profits, driven by the insatiable global demand for AI-related semiconductors. Retailers like Frederick Ashley have expressed readiness to cut costs by nearly 50% to recover investments, while others, including Bernard Asamoah, remain hesitant to sell below cost despite the declining demand. Some dealers are sitting on stocks of over 5,000 jerseys, hoping that upcoming national events like Independence Day might provide a secondary boost to sales. The situation has prompted calls for wholesalers to lower their prices, allowing small-scale vendors to pass savings on to consumers and stimulate a stagnant market. Beyond physical merchandise, the issue of value and compensation extends into the digital and intellectual property space. Musicians and industry stakeholders continue to clash with telecommunications giants like MTN Ghana over Caller Ring Back Tone (CRBT) royalties. Despite a 2021 court ruling, artists claim telcos retain approximately 70% of revenues, leaving creators with a mere 12% share after various deductions. This systemic challenge was echoed by Listowell Yesu Bukarson, CEO of LYB Sports and Entertainment, who recently warned Ghanaian personalities to prioritize intellectual property protection to avoid post-career financial instability. In the high-end investment sector, however, Accra’s real estate market remains resilient. Developments such as the Zenwood Apartments in the Airport Residential Area are marketing units starting at $130,000, targeting expatriates and corporate professionals with projected rental yields of up to 26% for short-term stays. This highlights a bifurcated economy where luxury investments and high-tech manufacturing thrive while traditional retail and creative sectors struggle with structural and demand-driven hurdles. Looking ahead, the global semiconductor boom, which saw Samsung’s quarterly profits reach 89.4 trillion won ($58.4bn), suggests that AI will remain a dominant force in the business landscape through 2026. For Ghana, the immediate focus remains on economic recovery within the retail and creative sectors, balancing the volatility of sports-driven commerce with more stable long-term investments in property and intellectual capital. While other luxury markets like private aviation remain shrouded in opaque pricing, the general trend indicates a necessity for diversification and stronger regulatory frameworks to ensure fair compensation across all industries.

The new piggery facility built by AngloGold Ashanti mines
business|

Resilience and Innovation Drive Growth in Africa's Beverage Industry and Ghana's Agribusiness Sectors

Africa’s beverage industry is poised for a significant transformation, with market experts projecting a compound annual growth rate (CAGR) of up to 8% by 2030. During a recent webinar previewing the 2026 New Pour Summit, industry leaders emphasized that future success in this sector—which is expected to see consumer spending surpass $2.5 trillion—will depend more on brand resilience and informed decision-making than on company size. Key figures, including Tosin Balogun and Walter Serem, highlighted that urbanization and rising disposable incomes are creating a youthful population hungry for authentic and value-added products, such as coffee and tea. For instance, Ethiopia's coffee industry already generates over $3 billion in exports, signaling the massive potential for local branding and storytelling to compete on a global stage. Despite this optimistic outlook, the continental beverage market faces stiff hurdles, including counterfeiting, inflation, and persistent supply chain disruptions. Industry captains are urging manufacturers to shift their focus toward innovative brand positioning and the use of local ingredients to build emotional connections with consumers. To address the need for better market intelligence and operational accuracy, the Ghana Statistical Service (GSS), in collaboration with the Ministry of Food and Agriculture, recently released the Non-Standard Units Survey (NSUS). This landmark report provides scientifically derived conversion factors to translate traditional measurements like "tins" and "cups" into standard metric units. This initiative is expected to improve the accuracy of agricultural data, aiding policymakers in making the informed decisions necessary to navigate market volatility. In tandem with these data-driven reforms, Ghana’s aquaculture sector is undergoing an innovation-led push to meet the rising demand for fish and strengthen the "blue economy." Collaborative programs like the Blue Food Innovation Hub are providing technical training and business incubation to smallholders. However, the sector still grapples with structural bottlenecks, such as inconsistent hatchery performance and the high cost of feed. Experts argue that a comprehensive reform of the value chain is required to bridge the gap between policy and practice, ensuring that innovations reach the producers who need them most to improve food security and national livelihoods. Adding to this momentum of agricultural diversification, AngloGold Ashanti (AGA) has inaugurated a modern piggery production center in Sanso, near its Obuasi Mine. Representing an investment of approximately GH¢1.49 million, the facility is part of AGA’s 10-Year Socio-Economic Development Plan aimed at creating sustainable livelihoods outside of the mining sector. By partnering with local contractors like X-Mell Construction, the project not only enhances local food production but also stimulates job creation within indigenous businesses. Together, these developments across the beverage and agribusiness sectors illustrate a broader trend of leveraging resilience and structural innovation to drive economic growth in Ghana and across the African continent.

Tema Industrial Hub Faces Operational Hurdles Amid Significant Infrastructure Investment and Financial Partnerships
business|

Tema Industrial Hub Faces Operational Hurdles Amid Significant Infrastructure Investment and Financial Partnerships

Ghana’s industrial landscape, particularly within the Tema enclave, is navigating a period of both recovery and significant infrastructure expansion. While major facilities like the Tema Shipyard and Melcom are rebounding from environmental and safety incidents, the transport sector has received a substantial boost through a $21 million European Union (EU) grant aimed at finalizing the Tema-Mpakadan railway line. These developments highlight the resilience of the nation’s industrial core as stakeholders work to balance immediate operational challenges with long-term growth and modernization goals across the manufacturing, maritime, and transport sectors. Several key businesses in the Tema region have recently faced disruptions requiring urgent management intervention. The state-owned PSC Tema Shipyard is on track to resume full operations following a flooding incident that disrupted its pump house. Board Chairman Dr. George Sipa-Adjah Yankey and CEO Alhaji Osman Sulemana have implemented engineering interventions to enhance drainage, ensuring the shipyard remains a key maritime asset. Concurrently, Three Dreamer Manufacturing Co. Ltd has issued a public safety warning after severe flooding contaminated warehouse stock, alerting consumers and retailers against purchasing compromised goods from unaccredited sources. Additionally, the Melcom Group of Companies confirmed a fire at its Tema Free Zones warehouse; while no casualties were reported, the company is focused on restoring operations and maintaining supply chain integrity. Amid these localized challenges, the Ghana Railway Development Authority (GRDA) has secured a vital $21 million grant from the European Union Commission to address safety gaps on the Tema–Mpakadan railway line. A recent forensic audit revealed that essential signalling and public address systems were incomplete or non-functional. GRDA CEO Dr. Frederick Appoh confirmed that the funding will specifically facilitate the installation of an ETCS Level 1 signalling system, which is critical for the full operationalization of the corridor. This investment is a cornerstone of Ghana’s railway modernization strategy, expected to enhance the reliability of cargo and passenger transport from the port to the hinterlands. Beyond industrial and state-led infrastructure, the private sector is also intensifying efforts to support the housing market through strategic media partnerships. Ecobank Ghana has been named the official financing partner for "The Build Project," a television series produced by Lexis Bill that educates the public on home renovation and construction. By providing expertise on mortgage options and home improvement financing, Ecobank aims to address the common financial hurdles faced by Ghanaian homeowners. Collectively, these events—ranging from disaster recovery in manufacturing to strategic investments in rail and retail finance—underscore a multifaceted approach to strengthening Ghana’s economic foundations and supporting sustainable business growth.

GRA Intercepts 18 Fraudulent Cargo Trucks as Experts Highlight Trade and Consumer Risks
business|

GRA Intercepts 18 Fraudulent Cargo Trucks as Experts Highlight Trade and Consumer Risks

The Ghana Revenue Authority (GRA) has successfully intercepted 18 truckloads of transit cargo that were being illegally diverted into the Ghanaian local market. Following a rigorous investigation prompted by the Ministry of Finance, the GRA uncovered a sophisticated transit fraud scheme involving goods originally sourced from Malaysia and Indonesia. These shipments, which included large quantities of vegetable oil and tomato paste, were falsely documented as being destined for Niger or Côte d’Ivoire to evade local tariffs. Instead of reaching their stated destinations, the goods were being funneled into domestic markets, causing significant revenue leakage for the state. In response to the discovery of documentation fraud, under-declaration, and potential identity theft, the GRA has interdicted four Customs officers suspected of involvement in the scheme. The intercepted cargo has since been allocated to the National School Feeding Programme, turning a potential economic loss into a resource for social welfare. The GRA investigation revealed a pattern of tariff misclassification, where high-value products were mislabeled to benefit from lower duties. This enforcement action signals an intensified commitment to border compliance and the reduction of smuggling activities that undermine the domestic economy. Complementing these enforcement efforts, CDA Consult has launched a nationwide 'Verify Before You Buy' campaign to safeguard Ghanaian consumers from the influx of counterfeit and smuggled goods. Executive Director Francis Ameyibor highlighted that the availability of cheap, unverified products poses severe health and financial risks to the public. The initiative encourages consumers to prioritize product authenticity and quality over low prices, urging a collaborative approach between regulatory agencies, retailers, and the public. By fostering a culture of verification, the campaign aims to protect public health and support legitimate businesses that are often undercut by fraudulent trade. On the macroeconomic front, trade experts are highlighting the importance of regional stability for long-term growth. Prof. William Kwasi Peprah of Andrews University has warned that shifting diplomatic ties and trade tensions, particularly involving partners like South Africa, could have severe consequences for the economy. He cautioned that a decline in trade relations could lead to export losses and unemployment in key sectors such as mining, tourism, and manufacturing. He emphasized that as the African Continental Free Trade Area (AfCFTA) gains momentum, resolving trade conflicts through diplomacy is essential for maintaining investment and economic integration. These developments collectively underscore the need for robust enforcement, consumer vigilance, and stable international partnerships to secure Ghana’s economic future.

Dr John Abdulai Jinapor (left), Minister of Energy and Green Transition, confering with Godwin Kudzo Tameklo, Chief Executive of the National Petroleum Authority
business|

President Mahama Leads Ghana’s Downstream Petroleum Revitalization as GOIL Regains Market Dominance and TOR Eyes Local Crude

Ghana’s downstream petroleum sector is entering a transformative phase aimed at building long-term resilience through policy innovation, domestic refining, and strategic investment. This momentum is headlined by the upcoming seventh edition of the Ghana International Petroleum Conference (GhIPCon 2026), scheduled for July 16-17 at the Palms Convention Centre in Accra. Organized by the National Petroleum Authority (NPA) in collaboration with CBOD and COMAC, the event will focus on the theme "Building a Resilient Downstream: Policy, Innovation and Investment for Growth." President John Dramani Mahama is expected to deliver the keynote address, underscoring the government’s commitment to enhancing regulatory frameworks and digital transformation within the energy sector. A central pillar of this resurgence is the remarkable performance of GOIL PLC, which has successfully navigated intense competition from indigenous Oil Marketing Companies (OMCs) to regain its market leadership. In early 2026, GOIL reported a 45.9% increase in sales volume, securing a 13.6% market share. This operational turnaround has been mirrored in the capital markets, where GOIL’s share price surged from GH¢1.52 at the start of 2025 to GH¢8.01 by May 2026. This growth occurs against a backdrop of volatile global oil prices, with Brent crude recently trading at $72.29 and U.S. West Texas Intermediate at $68.84, as traders balance supply increases from OPEC+ and the UAE against shifting demand forecasts. To further secure energy independence, the Tema Oil Refinery (TOR) and the Ghana National Petroleum Corporation (GNPC) have initiated high-level talks to secure Ghanaian crude oil for domestic refining. This collaboration, led by TOR Managing Director Edmond Kombat and the GNPC leadership, aligns with a strategic vision to utilize local resources to stabilize the downstream industry and ensure the refinery's long-term viability. This domestic focus is particularly timely as regional competition intensifies, highlighted by Aliko Dangote’s confirmation of a 700,000-barrel per day mega-refinery in Lamu, Kenya, which aims to serve the East African market and underscores the continent-wide push for localized refining capacity. Supporting these structural shifts are renewed efforts in international cooperation and strict regulatory enforcement. President Mahama recently hosted a high-level delegation from the United Arab Emirates (UAE), led by Sheikh Abdullah bin Zayed Al Nahyan, to discuss bilateral energy investments and enhance cooperation between the two nations. Simultaneously, the NPA has ramped up its compliance drive, engaging retail outlet operators and tanker drivers to eliminate the sourcing of fuel from unauthorized depots. By enforcing strict standards on fuel quality and storage, the NPA aims to protect the industry's contribution to Ghana’s GDP and ensure that the sector remains a competitive, safe, and transparent environment for all stakeholders.

Bank of Ghana Injects $2.01 Billion to Stabilise Cedi as July Inflation Forecast Eases Below 5%
business|

Bank of Ghana Injects $2.01 Billion to Stabilise Cedi as July Inflation Forecast Eases Below 5%

The Bank of Ghana (BoG) has undertaken a significant market intervention, injecting $2.01 billion into the foreign exchange market in June 2026 to address rising demand for US dollars and maintain the stability of the cedi. A substantial portion of this liquidity—approximately $1.2 billion—was distributed through the central bank's Forex Intermediation Programme. This strategic move successfully triggered a 3.30% appreciation of the cedi against the dollar, marking the currency’s first monthly gain of the year. Despite this success, the currency faced a slight correction on July 7, 2026, with the interbank selling rate at GHS 11.40 and forex bureaus trading at GHS 12.15, as the market continues to recalibrate. Simultaneously, economic analysts at Databank Research are projecting a cooling of inflationary pressures for July 2026. After inflation rose for three consecutive months to reach 5.3% in June—largely due to spikes in fuel, utility costs, and food shortages—projections now suggest it could drop to between 4.6% and 5.0%. This anticipated relief is attributed to improved food supply conditions ahead of the August harvest season and a downward trend in global petroleum prices. While June’s inflation was driven by high costs for staples like tomatoes and fish, the coming month is expected to offer the first reprieve for households and businesses in the current cycle. Industry experts, including Vish Ashiagbor, Country Senior Partner at PwC Ghana, maintain a positive medium-term outlook for the national currency. Ashiagbor noted that the central bank’s interventions have significantly bolstered investor confidence and provided a necessary buffer for the cedi to trade within its current range without excessive volatility. He anticipates that the Bank of Ghana will likely maintain its current monetary policy stance in upcoming meetings as it evaluates the sustainability of these declining inflation risks and broader macroeconomic stability. As the economy prepares for the August harvest, the focus shifts to how these improved supply chains and currency interventions will impact the broader financial sector. PwC’s 2026 Banking Survey suggests that while the macro-environment is stabilising, commercial banks must remain agile. With interest rates expected to decline alongside inflation, financial institutions are being encouraged to adjust their business models to compensate for potential pressures on traditional income sources. Overall, the combination of aggressive forex management and favourable seasonal food cycles has positioned Ghana for a period of improved economic predictability.

SSNIT to Launch Membership Value Programme Amid Auditor-General’s Discovery of GH¢7.5m Illegal Pension Payments
business|

SSNIT to Launch Membership Value Programme Amid Auditor-General’s Discovery of GH¢7.5m Illegal Pension Payments

The Social Security and National Insurance Trust (SSNIT) is set to launch its new Membership Value Programme this Wednesday, an initiative designed to enhance benefits for contributors and pensioners beyond traditional statutory pensions. This move aims to improve the overall customer experience by offering tangible rewards and support services to all members, including those who are self-employed. The program follows the Trust’s recent introduction of the SSNIT Telehealth Service, which provides pensioners with remote access to healthcare, signaling a broader commitment to innovative service delivery and social security value. Despite these advancements in member benefits, the Trust is currently under significant scrutiny following the release of the latest Auditor-General’s report. The audit, covering the fiscal year ending December 31, 2025, uncovered a major breach of financial regulations involving the payment of GH¢7,494,975.34 to four deceased pensioners. According to the Public Accounts Report, these illegal payments occurred over a seven-year period between February 2019 and March 2026, highlighting critical lapses in the verification processes used to confirm the status of beneficiaries. The upcoming Membership Value Programme launch will bring together key stakeholders to discuss the specific perks and accessibility of the new rewards system. SSNIT leadership maintains that such initiatives are vital for reinforcing the importance of the national pension scheme and strengthening the affiliation between the Trust and its members. By providing value-added services, the Trust hopes to attract more contributors into the scheme and boost the long-term sustainability of the fund. However, the discovery of multi-million cedi overpayments to deceased individuals provides a sober backdrop to the Trust’s expansion plans. While the new Membership Value Programme focuses on enhancing the member experience, industry analysts suggest that the Trust must equally prioritize the modernization of its internal controls and digital tracking systems. The contrast between new service offerings and the audit findings underscores the ongoing challenge for SSNIT to balance institutional innovation with the rigorous financial oversight required to protect the national pension fund.