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Ghana’s Economic Transition: Bank of Ghana Slashes Rates and Introduces Non-Interest Banking Ahead of IMF Exit
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Ghana’s Economic Transition: Bank of Ghana Slashes Rates and Introduces Non-Interest Banking Ahead of IMF Exit

The Bank of Ghana (BoG) has signaled a decisive shift from economic crisis management to private-sector stimulus by cutting its Monetary Policy Rate (MPR) by 250 basis points to 15.5%. Announced by Governor Dr. Johnson Pandit Asiama during the 128th Monetary Policy Committee (MPC) meeting, this reduction brings the policy rate to its lowest level since March 2022. The move is underpinned by a remarkable disinflation trend, with headline inflation plummeting from a peak of over 54% in late 2022 to just 5.4% in December 2025. This aggressive easing cycle, which began in 2025, aims to lower borrowing costs and provide a critical lifeline for businesses in the agriculture and manufacturing sectors that have long struggled under high interest rates. In tandem with the rate cut, the central bank has announced that it will soon begin issuing licenses for non-interest (Islamic) banking operations. Governor Asiama highlighted that this initiative follows increasing investor interest and aims to bolster financial inclusion and job creation. By providing an alternative funding avenue grounded in principles that avoid interest-based transactions, the BoG intends to offer small and medium-sized enterprises (SMEs) more flexible financing options. Professor John Gartchie Gatsi, an advisor to the Governor, emphasized that while the legal framework was established under the 2016 Banks and Specialised Deposit-Taking Institutions Act, the formal rollout will provide a much-needed boost to sustainable development and infrastructure financing. However, this period of monetary easing is met with professional caution from the Ghana Association of Banks (GAB). As Ghana prepares to exit the IMF Extended Credit Facility programme in August 2026, the Association has warned lenders to brace for a landscape without external support. Potential risks include renewed currency volatility, fluctuations in global interest rates, and capital flow reversals that could tighten liquidity and increase funding costs. The GAB is urging financial institutions to enhance their risk management frameworks and maintain prudent lending practices to ensure that the current gains in macroeconomic stability are not erased post-IMF exit. Looking ahead, the success of this transition depends on the effective transmission of the lower MPR from commercial banks to the real economy. Analysts forecast that average lending rates could fall to between 17% and 20% by mid-2026 if transmission is successful. While the outlook remains positive with single-digit inflation projected to hold through the year, both the central bank and the Association of Banks agree that fiscal discipline and structural reforms remain essential. The coming months will be a critical test of Ghana’s ability to sustain private-sector growth and financial stability as it navigates the final stages of its international recovery program.

Nigeria Police Arrest Six in N7.7 Billion Cyber Fraud Case Against Telecom Company
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Nigeria Police Arrest Six in N7.7 Billion Cyber Fraud Case Against Telecom Company

The Nigeria Police Force has arrested six individuals linked to a significant cyber-enabled fraud scheme that resulted in losses exceeding N7.7 billion for a telecommunications company. The arrests were made following a petition from the company, which reported unauthorized activities in its billing systems. Investigations revealed that the suspects had compromised staff login credentials, allowing them to manipulate airtime and data resources illegally. The police conducted operations in Kano, Katsina, and the Federal Capital Territory, leading to the recovery of various high-value assets, including properties, electronics, and substantial cash from bank accounts connected to the suspects. Inspector-General of Police Kayode Egbetokun praised the professionalism of the officers involved and reaffirmed the police's commitment to combating cybercrime and safeguarding digital and financial systems.

Mahama Highlights AfCFTA as Africa's Key to Industrial Integration at Trade Summit 2026
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Mahama Highlights AfCFTA as Africa's Key to Industrial Integration at Trade Summit 2026

During the Africa Trade Summit 2026 held in Accra, President John Mahama underscored the transformative potential of the African Continental Free Trade Area (AfCFTA), describing it as the most ambitious integration project in Africa's history. He emphasized that the AfCFTA, which creates a single market of over 1.3 billion people, is crucial for enhancing Africa's manufacturing and investment opportunities. Mahama articulated that achieving industrialization through AfCFTA requires deliberate policies focused on infrastructure investment, enterprise development, and digital trade initiatives. He pointed out the necessity of reducing non-tariff barriers, simplifying customs processes, and improving logistics to foster a conducive environment for trade and investment. The President called for a collaborative effort among governments, private sectors, financial institutions, and development partners to turn the vision of a prosperous, integrated Africa into reality. He urged African leaders to shift from mere agreements to actionable implementation, ensuring that the benefits of AfCFTA are fully realized across the continent. Mahama's remarks highlight the importance of coordinated efforts and strong governance to achieve the ambitious goals set forth by the AfCFTA.

Bank of Ghana Reports Increased Lending as Liquidity Improves
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Bank of Ghana Reports Increased Lending as Liquidity Improves

The Bank of Ghana (BoG) has reported a significant increase in loan offers from commercial banks, indicating improved liquidity and a strengthening banking sector. Governor Dr. Johnson Asiama announced during a press briefing on January 28, 2026, that banks are actively reaching out to customers with loan proposals, a trend attributed to a recent reduction in the Monetary Policy Rate (MPR) from 18% to 15.5%. This 250 basis point cut is part of the BoG's strategy to support economic growth and enhance access to credit for the private sector. Dr. Asiama emphasized that the lowered interest rates are a positive sign of renewed confidence in the financial system, which is expected to stimulate private-sector investment and consumption. He noted that while inflation forecasts remain within target, ongoing geopolitical tensions and changes in utility tariffs could pose risks to the economy. Nevertheless, the overall outlook for GDP growth in 2026 remains robust, bolstered by the anticipated increase in lending activity. This shift towards more accessible credit is seen as a crucial factor in fostering economic recovery and growth, as banks become more willing to extend loans at lower rates, reflecting a more favorable lending environment in Ghana.

Bank of Ghana to Receive Government Support for Recapitalisation Amid DDEP Challenges
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Bank of Ghana to Receive Government Support for Recapitalisation Amid DDEP Challenges

The Bank of Ghana (BoG) is set to receive government support for its recapitalisation efforts following financial strains resulting from the Domestic Debt Exchange Programme (DDEP). BoG Governor Dr. Johnson Asiama confirmed that discussions with the government have been constructive, emphasizing the importance of restoring the Bank's financial health for its credibility and operational independence. Although former Finance Minister Dr. Cassiel Ato Forson previously ruled out taxpayer funding, advocating for internal reforms instead, the current dialogue suggests a shift towards government involvement in the recapitalisation process. Furthermore, improvements have been noted in the commercial banking sector, with 21 out of 23 banks meeting capital adequacy requirements by the end of December 2025. The remaining banks have until March 2026 to comply with these standards, indicating a positive trend in the sector's resilience and regulatory adherence.

Public Outcry for Clarity as Ghana's Gold Reserves Plummet by Nearly 19 Tonnes
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Public Outcry for Clarity as Ghana's Gold Reserves Plummet by Nearly 19 Tonnes

Economist Dr. Frank Bannor has raised alarms over a significant decline in Ghana's gold reserves, which plummeted from 37.1 tonnes in September 2025 to just 18.6 tonnes by December 2025—a staggering drop of 18.5 tonnes within three months. This sharp decrease has prompted calls for a public explanation from the Governor of the Bank of Ghana, as it contrasts sharply with the country's rising Gross International Reserves, which increased from $9.11 billion to $13.83 billion during the same period. Dr. Bannor emphasized the strategic importance of gold as a national asset and questioned the methods behind the reserves' decline, speculating whether it involved sales, swaps, or other arrangements. He underscored the need for transparency in reserve management to restore public confidence amid ongoing economic recovery efforts. The economist's demands highlight the critical need for accountability from the central bank to maintain trust in its monetary governance.

Ghana Secures $2 Billion Gas Agreement with Jubilee Partners to Lower Prices and Boost Consumption
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Ghana Secures $2 Billion Gas Agreement with Jubilee Partners to Lower Prices and Boost Consumption

On January 27, 2026, Ghana's Energy and Green Transition Minister, John Jinapor, announced a significant $2 billion agreement with Jubilee Partners aimed at reducing gas prices from $3.1 to $2.5 per unit. This initiative is designed to enhance domestic gas consumption and support the country's energy transition efforts. The agreement has already received Cabinet approval and will soon be presented to Parliament for further consideration. In addition to the Jubilee Partners deal, the government has also signed a $1.5 billion agreement with Sankofa Partners. This collaboration is expected to further strengthen Ghana's energy sector by stabilizing energy supply, reducing production costs, and increasing oil and gas output. These strategic agreements reflect the government's commitment to improving the energy landscape in Ghana and ensuring a more sustainable energy future.

Amazon Confirms New Round of Layoffs Following Accidental Email Leak
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Amazon Confirms New Round of Layoffs Following Accidental Email Leak

Amazon has inadvertently confirmed a new round of layoffs through a draft email mistakenly sent to employees by Colleen Aubrey, senior vice president at Amazon Web Services (AWS). The email disclosed job cuts affecting workers in the US, Canada, and Costa Rica, as part of the company's strategy to enhance efficiency. This follows an earlier announcement in October regarding 14,000 job cuts, with expectations that total layoffs could reach around 30,000. Employees who are laid off will have the opportunity to reapply for limited open positions, but severance pay will be based on their tenure if they do not secure new roles. This move is part of a broader trend in the tech industry, which has seen approximately 700,000 job cuts over the past four years. Under CEO Andy Jassy's leadership, Amazon is implementing stricter workplace policies, including mandatory in-office attendance five days a week, as part of its cost-cutting measures. Additionally, the company has recently closed its remaining Amazon-branded grocery stores, further indicating a shift in its corporate strategy amidst ongoing workforce reductions.

AGRA President Advocates for Increased Investment in Smallholder Farmers at World Economic Forum
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AGRA President Advocates for Increased Investment in Smallholder Farmers at World Economic Forum

At the World Economic Forum in Davos, AGRA President Alice Ruhweza called for enhanced investments in smallholder farmers, emphasizing their critical role in stabilizing markets and strengthening global food systems. She highlighted that if smallholder farmers were considered a nation, they would represent the largest underperforming economy, yet they also hold significant potential for growth. The African food system is projected to reach a value of $1 trillion by 2030, driven by increasing demand and technological advancements. Ruhweza stressed that improving farmer incomes is essential for creating resilient and sustainable food systems, which can also address broader societal issues such as poverty alleviation and nutrition enhancement. She urged African governments to fulfill their commitment to invest at least 10% of their budgets in agriculture, a sector she described as vital for economic growth and food security. AGRA, celebrating its 20th anniversary, is focused on translating operational evidence into effective strategies for increasing farmer incomes and implementing sustainable agricultural practices across the continent. Additionally, Ruhweza discussed the transformative potential of artificial intelligence (AI) in agriculture, advocating for Africa to lead in this technological advancement to improve efficiency and equity in food systems, particularly for women farmers. The discussions at the forum also included insights from industry leaders like Elon Musk, who highlighted the economic potential of AI and robotics across various sectors.

Ghana Cedi Begins 2026 with 4% Depreciation Against Major Currencies
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Ghana Cedi Begins 2026 with 4% Depreciation Against Major Currencies

The Ghana cedi has commenced 2026 under significant pressure, depreciating by an average of 4% against major currencies. As of January 2026, the cedi is trading at GH¢10.88 to the US dollar, down from GH¢10.45 in December 2025. It has also experienced declines of 4.9% against the British pound, now at GH¢14.77, and 4.1% against the euro, trading at GH¢12.80. In the retail market, the dollar is exchanging at approximately GH¢12.00, reflecting ongoing demand pressures. This early depreciation is attributed to seasonal foreign exchange demand, portfolio adjustments at the start of the year, and sensitivity to global financial conditions. The Bank of Ghana is maintaining a cautious stance, closely monitoring the situation to assess whether this weakness will stabilize or indicate a longer-term recalibration, especially following the cedi's notable performance in 2025, where it appreciated significantly after an initial decline. The current depreciation, while concerning, is considered modest compared to the strong gains of the previous year.

Ghana's Youth Face Housing Crisis Amid Economic Recovery and Currency Depreciation
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Ghana's Youth Face Housing Crisis Amid Economic Recovery and Currency Depreciation

Ghana's housing market is in crisis, with a deficit of nearly two million units significantly impacting the predominantly youthful population, where 60% are of working age. Despite a recovering economy, marked by a GDP growth of 5.8% and reduced inflation to 5.4% in 2025, the rising costs of housing and burdensome advance-rent practices are locking many young Ghanaians out of home ownership. In urban centers like Accra, Kumasi, and Takoradi, property prices have soared, making homeownership increasingly unattainable. Many landlords demand upfront payments of two years' rent, often violating the Rent Act of 1963, forcing young adults into overcrowded living situations or back to parental homes. Government initiatives such as the National Rental Assistance Scheme and the National Homeownership Fund aim to alleviate these challenges by providing lower interest loans and accessible mortgages. However, experts emphasize that significant investments in housing infrastructure and regulatory reforms are essential for sustainable solutions. Compounding these issues, the Ghana cedi has depreciated by 4% against major currencies in early 2026, trading at GH¢10.88 to the US dollar, down from GH¢10.45 at the end of 2025. This depreciation, attributed to seasonal demand pressures and fluctuations in the foreign exchange market, raises concerns about the long-term stability of the currency and its impact on the economy. The Bank of Ghana is closely monitoring the situation, as the cedi's performance contrasts sharply with its significant gains of 40.7% against the dollar in 2025. As the youth grapple with these economic challenges, the need for comprehensive policy reforms and infrastructure development becomes increasingly urgent to secure their future in a rapidly changing housing landscape.

Telecel Ghana Launches Third Cohort of Digitech Academy to Boost STEM Education
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Telecel Ghana Launches Third Cohort of Digitech Academy to Boost STEM Education

The Telecel Ghana Foundation has officially launched the third cohort of its Digitech Academy, a program designed to enhance digital skills and STEM education among Ghanaian youth. This initiative, which runs from January to March 2026, aims to reach approximately 500 learners from 19 schools across five regions: Volta, Central, Upper West, Ahafo, and Upper East. In collaboration with the Ghana Education Service and the Ghana STEM Centre, the Digitech Academy will provide a 12-week after-school training program that aligns with Ghana's ICT curriculum. Students will receive hands-on training in electronics, programming, and robotics, allowing them to construct circuits, code, and build functional robots. To promote gender equality in STEM, 70% of the training slots are allocated for female students. Telecel Ghana's External Affairs Director, Komla Buami, highlighted the initiative's commitment to equipping students with essential digital skills, emphasizing that the program is accessible to all, regardless of background or location. The Digitech Academy underscores the Foundation's dedication to fostering youth development and enhancing digital literacy across Ghana.