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Middle East Conflict Drives 50% Surge in Bitumen Costs, Threatening African Road Infrastructure Projects
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Middle East Conflict Drives 50% Surge in Bitumen Costs, Threatening African Road Infrastructure Projects

African road construction projects are facing significant hurdles as the ripple effects of the Middle East conflict drive up the cost of bitumen, a critical material for paving. Nations including Madagascar, Guinea, and Cameroon have reported price increases of between 40% and 50%, primarily due to supply chain disruptions and a forced shift from traditional Middle Eastern suppliers to more expensive European alternatives. This sudden surge is causing widespread financial strain for contractors and threatening to stall vital infrastructure development across the continent. In Madagascar, which depends entirely on imported bitumen, the situation has become particularly dire. Major construction firms like Colas and Inframad have expressed deep concern over extended delivery times and the sheer scale of the price hikes. Previously, the island nation relied heavily on suppliers from the Gulf region; however, the ongoing regional instability has pushed contractors to source material from Europe. This shift not only increases the raw material cost but also introduces logistical complexities that significantly delay project timelines and increase overhead costs. The economic shock is echoing across other parts of Africa, with similar price volatility reported in Guinea and Cameroon. To manage this volatility, some construction firms are pushing for contract renegotiations to reflect the reality of rising expenses. This flexibility is becoming essential for the survival of construction firms that would otherwise face insolvency due to fixed-price agreements established before the current market instability. The ability to adjust financial terms has become a lifeline for maintaining the momentum of ongoing national infrastructure projects. In response to these persistent supply chain vulnerabilities, African construction companies are increasingly adopting new risk-management strategies. These include the creation of strategic buffer stocks to mitigate future shocks and more cautious procurement planning. While these measures may provide some short-term stability, the long-term progress of African road infrastructure remains heavily dependent on global geopolitical stability and the capacity of local governments to provide financial cushioning for the construction sector during global market fluctuations.

Finance Ministry Appoints Dr. Stephen Lartey as Technical Adviser Amid Calls to Leverage $7.8bn in Diaspora Remittances
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Finance Ministry Appoints Dr. Stephen Lartey as Technical Adviser Amid Calls to Leverage $7.8bn in Diaspora Remittances

In a significant move for Ghana’s economic management team, Dr. Stephen Lartey has been appointed as the Technical Adviser to the Minister for Finance, Dr. Cassiel Ato Forson. Dr. Lartey joins the ministry with over 15 years of experience in economic research and financial-sector leadership. Known for his evidence-based analysis, his professional background includes extensive work on the International Monetary Fund (IMF) programme, fiscal policy, and various economic relief measures. His appointment is expected to strengthen the ministry's analytical capacity as it navigates the nation's ongoing fiscal challenges. While the Ministry of Finance bolsters its technical leadership, economic experts are also calling for a strategic shift in how Ghana utilizes its external financial resources. Prof. Stephen Kwaku Asare has advocated for the creation of structured financial instruments designed to channel the country’s massive remittance inflows into productive economic sectors. With Ghana receiving approximately $7.8 billion annually from its diaspora, Prof. Asare argues that these funds must be transformed from simple household support into long-term investment capital to drive national development. The proposed financial strategy includes the introduction of diaspora bonds, SME investment funds, and specialized infrastructure vehicles. These instruments would aim to redirect capital into critical areas such as agriculture and housing, which are essential for sustainable growth. Prof. Asare noted that for these vehicles to be successful, the government must prioritize trust, transparency, and professional management. He cited successful international models where diaspora bonds have effectively funded large-scale infrastructure, suggesting that Ghana could achieve similar results by providing secure investment options for its citizens abroad. The convergence of new technical expertise at the Finance Ministry and the push for innovative funding models like diaspora bonds marks a potential turning point for Ghana's economic strategy. As Dr. Lartey begins his tenure, the implementation of such sophisticated financial instruments may provide a viable path to reducing reliance on traditional debt. Ultimately, the successful mobilization of these billions in remittances could provide the fiscal space necessary to stabilize the economy and support the nation's long-term industrial and agricultural goals.

Ghana’s Natural Resource Sector Expands with Historic Voltaian Basin Oil Drilling and Jomoro Responsible Mining Initiative
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Ghana’s Natural Resource Sector Expands with Historic Voltaian Basin Oil Drilling and Jomoro Responsible Mining Initiative

Ghana is entering a significant phase of development in its extractive industries as the government pushes forward with both onshore oil exploration and sustainable mining reforms. These developments are marked by the historic plan to drill the first exploration well in the Voltaian Basin by late 2026 and the concurrent rollout of the Responsible Cooperative Mining and Skills Development (rCOMSDEP) programme in the Western Region. These initiatives represent a dual-track strategy to unlock the nation’s untapped geological potential while ensuring that local communities benefit directly through employment and environmental restoration. In the petroleum sector, the Petroleum Commission has revealed that drilling for the first exploration well in the Voltaian Basin is scheduled to commence between the fourth quarter of 2026 and the first quarter of 2027. Emeafa Hardcastle, the CEO of the Petroleum Commission, highlighted the immense strategic importance of this onshore basin, which spans approximately 104,000 square kilometers. Covering nearly 40% of Ghana’s total landmass, the successful exploration of the Voltaian Basin could fundamentally diversify the country’s oil production landscape, which has historically been centered on offshore activities. Simultaneously, the mining sector is seeing a shift toward community-led sustainability through the rCOMSDEP initiative. Residents of Nungua and Apatase within the Elubo enclave of Jomoro have expressed strong support for the programme, viewing it as a vital intervention for job creation and the rehabilitation of degraded lands. By fostering responsible cooperative mining and providing technical skills development, the initiative aims to mitigate the negative impacts of unregulated mining while providing stable, legal livelihoods for local youth. Community members have lauded the programme as a timely solution to unemployment that aligns economic growth with environmental stewardship. These advancements in the oil and mining sectors underscore a broader shift in Ghana’s economic policy toward more inclusive and ecologically conscious resource management. As the nation prepares for the milestone drilling in the Voltaian Basin and continues the implementation of rCOMSDEP, the focus remains on balancing rapid industrial expansion with the long-term health of the environment. The successful execution of these projects will require close coordination between the Petroleum Commission, the Ministry of Lands and Natural Resources, and local stakeholders to ensure that Ghana’s mineral and petroleum wealth translates into sustainable national prosperity.

Ghana Standards Authority and NPA Intensify Industrial Oversight Amid Manufacturer Appeals
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Ghana Standards Authority and NPA Intensify Industrial Oversight Amid Manufacturer Appeals

Ghana’s regulatory landscape is undergoing significant shifts as state agencies intensify enforcement of safety and quality standards while private sector players voice concerns over the pace of policy implementation. The Ghana Standards Authority (GSA) has issued a stern one-month ultimatum to six mattress manufacturing companies to recall substandard products, coinciding with the National Petroleum Authority’s (NPA) renewed push for Liquefied Petroleum Gas (LPG) safety. Simultaneously, the Ghana Plastic Manufacturers’ Association (GPMA) is seeking a major reprieve from the government regarding a planned ban on Styrofoam, highlighting a complex tension between environmental goals, public safety, and economic stability. The crackdown on the mattress industry follows a series of compliance checks conducted by the GSA in collaboration with the Police SWAT Team earlier this year. Six companies—Jin Yuan Jia Mattress Manufacturing Plant, Monda Ghana Mattresses, ZXZ Company Limited, Rockfoam Mattress, and 5A Home Company—have been ordered to remove products made from substandard materials from the market. The GSA’s Greater Accra Regional Manager emphasized that this one-month window is a final opportunity for compliance, warning that stricter enforcement actions will follow if these companies fail to protect consumers from inferior goods. This move underscores a broader effort by the Authority to monitor market activities and ensure that locally manufactured goods meet national benchmarks. In the environmental and packaging sector, the GPMA is actively lobbying the government and the Environmental Protection Authority (EPA) to delay the scheduled January 1, 2027, ban on Styrofoam products. GPMA President Ebbo Botwe argues that the current timeline provides insufficient time for the industry to transition, potentially endangering over 41,000 jobs and threatening investments totaling approximately GH₵1.493 billion. The association is advocating for an extension to 2030, suggesting that the focus should shift toward improved recycling infrastructure and waste management rather than an outright production ban. They warn that a premature ban could lead to factory closures and a spike in imports, further straining the domestic economy. Amidst these regulatory and industrial negotiations, the National Petroleum Authority has also pivoted its focus toward public safety and awareness. During the 2026 World LPG Day celebrations in Accra, the NPA urged Ghanaians to adopt more responsible usage habits for LPG. Beyond the industrial applications, the authority is championing a culture of safety to prevent domestic accidents and increase public confidence in gas as a primary energy source. Collectively, these developments reflect a critical period for Ghanaian businesses, as they navigate the fine line between meeting rigorous state-mandated standards and maintaining operational viability in a transitioning economy.

Abraham Aidoo Empowers 300 Kpone-Katamanso Women with Vocational Skills in Soap and Balm Production
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Abraham Aidoo Empowers 300 Kpone-Katamanso Women with Vocational Skills in Soap and Balm Production

Abraham Aidoo, an aspiring Parliamentary Candidate for Kpone-Katamanso, has spearheaded a community empowerment initiative by training approximately 300 women in Oyibi. The program focused on providing practical vocational skills in soap and balm production to help participants establish sustainable livelihoods. This move comes as a response to the growing need for economic self-reliance and entrepreneurship in the region, particularly among women facing the brunt of current economic challenges. During the intensive workshop, the beneficiaries were taught the specialized processes of manufacturing powdered soap, liquid soap, and pain-relief balms. These specific products were chosen for their high market demand and relatively low barrier to entry for small-scale production. Aidoo emphasized that vocational training is a critical tool for improving household incomes, urging the women to take the skills seriously as a foundation for their own small businesses. Beyond the technical skills, the initiative sought to change the mindset regarding employment. Aidoo noted the importance of reducing over-reliance on the government for job creation, suggesting instead that the private sector and individual entrepreneurship are the true engines of local economic development. By fostering a culture of self-employment, the program aims to build a more resilient community capable of weathering economic fluctuations. The participants expressed profound gratitude for the initiative, describing it as a timely intervention given the rising cost of living. Many noted that the skills acquired would allow them to contribute more significantly to their families' finances while providing essential goods to their local community. As these 300 women transition from trainees to entrepreneurs, the long-term impact on the Kpone-Katamanso local economy is expected to be substantial, serving as a model for community-led economic development.

Ghana Intensifies Agricultural Value Addition as Development Bank Ghana and Ministry Support Food Processing Expansion
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Ghana Intensifies Agricultural Value Addition as Development Bank Ghana and Ministry Support Food Processing Expansion

Ghana is making a concerted effort to shift from a primary producer of agricultural goods to a value-addition powerhouse. As Development Bank Ghana (DBG) marks its fifth anniversary with a strategic focus on industrializing the oil palm sector, the Minister for Food and Agriculture, Eric Opoku, has reinforced the government's commitment to supporting local food processing firms. These dual initiatives aim to modernize the country’s agricultural value chain, mitigate market volatility for farmers, and significantly reduce Ghana’s staggering $3 billion annual food import bill. Development Bank Ghana's anniversary activities underscore a strategic pivot for the oil palm industry. The bank has pledged to facilitate the transition of smallholder farms into substantial processing entities, moving beyond the traditional reliance on raw production. By providing the necessary financial framework and technical support, DBG seeks to stimulate industrial growth and job creation while encouraging the local consumption of Ghana-processed palm oil. This transformation is expected to enhance the country's export potential, moving away from the exportation of raw materials toward high-value, refined products that can compete more effectively on the global market. In tandem with these financial initiatives, the Ministry of Food and Agriculture is actively engaging with private sector players like P&A African Food International Limited. During a recent facility tour in Accra, Minister Eric Opoku pledged government support to help the firm expand its processing capabilities in maize, cassava, eggs, and palm oil. The expansion is viewed as a critical step in addressing the supply challenges often faced by farmers, particularly within the egg industry. The Minister highlighted a GH150 million government-supported fund, backed by German cooperation, which is available to bolster such enterprises. P&A African Food International reportedly requires approximately GH84 million of this funding to reach full operational capacity and scale its impact. The overarching goal of these interventions is to create a resilient agricultural economy that fosters sustainable jobs and ensures long-term food security. By adding value to raw crops locally, Ghana aims to retain more economic benefit within its borders and decrease its heavy reliance on foreign imports. The Minister also called for increased media advocacy to promote local food manufacturers, stressing that a collective national effort is required to reshape the economy. As DBG and the Ministry align their industrial strategies, the focus remains on building a robust industrial base that empowers local producers and secures the nation's economic future.

FAGE and GEPA Project US$15 Billion Non-Traditional Export Earnings for Ghana by 2030
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FAGE and GEPA Project US$15 Billion Non-Traditional Export Earnings for Ghana by 2030

Ghana is on a trajectory to significantly expand its non-traditional export (NTE) sector, with projections suggesting earnings could surpass US$15 billion by the year 2030. This ambitious target was highlighted during the Eye on Port media forum, organized by the Ghana Ports and Harbours Authority (GPHA), where industry leaders and trade officials gathered to discuss the future of the nation’s export economy. The discussions centered on the sector's current rapid growth and the necessity of strategic institutional support to sustain this momentum over the next decade. Davis Korboe, President of the Federation of Associations of Ghanaian Exporters (FAGE), underscored that achieving this multi-billion dollar milestone is contingent upon deeper collaboration between the government, financial institutions, and private stakeholders. He stressed that the potential for growth is immense but requires a deliberate shift toward value addition and robust export development. By moving beyond the export of raw materials and focusing on processed, high-quality goods, Ghana can capture a larger share of value in global markets, providing a critical boost to the national economy and currency stability. Contributing to this optimistic outlook, Rashid Raymond Kramer, Deputy CEO of the Ghana Export Promotion Authority (GEPA), revealed that the handicrafts sector has emerged as a powerhouse within the NTE category. According to GEPA data, the handicrafts segment recently recorded a staggering 500 percent growth in exports, officially making it the fastest-growing segment in the country's non-traditional portfolio. This surge not only illustrates the untapped potential of Ghanaian artisanship but also serves as a proof of concept for the effectiveness of recent export promotion and diversification strategies. As Ghana looks toward the 2030 horizon, the primary focus remains on creating a conducive environment for local exporters to scale their operations. The synergy between FAGE’s strategic policy goals and GEPA’s sectoral successes indicates a strengthening ecosystem for non-traditional trade. However, realizing the $15 billion goal will require sustained investment in modern infrastructure, easier access to affordable credit for exporters, and continuous innovation in value-added production to maintain a competitive edge on the international stage.

Zenith Bank’s SME Empowerment Lab Urges Businesses to Embrace Digital Innovation and Regulatory Compliance
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Zenith Bank’s SME Empowerment Lab Urges Businesses to Embrace Digital Innovation and Regulatory Compliance

Zenith Bank Ghana has concluded the second edition of its SME Business Empowerment Lab, a dedicated platform designed to equip small and medium-sized enterprises (SMEs) with the tools necessary for survival in an evolving marketplace. Under the theme “Building a Sustainable Business in a Changing Economy,” the webinar brought together industry experts and business owners to address the critical pillars of resilience, innovation, and legal adherence. The event underscored a growing consensus that for SMEs to remain competitive, they must pivot from traditional operational methods toward technology-driven solutions while maintaining a firm grasp on regulatory frameworks. Joshua Uwedinisu, Chief Operating Officer of Zenith Bank Ghana, emphasized that the current economic landscape demands a high degree of adaptability and proactive risk management. He noted that rapid technological advancements present both challenges and opportunities, making digital transformation no longer optional but a necessity for business continuity. This sentiment was echoed by Habiba Sumani from the Ghana Enterprises Agency (GEA), who provided practical insights on building resilient business models. Sumani stressed that sustainability is rooted in a business’s ability to anticipate market shifts and maintain lean, efficient operations that can withstand economic shocks. A significant portion of the session was dedicated to the complexities of the Ghanaian regulatory environment, particularly tax obligations. Lawrence Hotsonyame of the Ghana Revenue Authority (GRA) highlighted the risks associated with non-compliance, urging business owners to educate themselves on their specific tax liabilities to avoid heavy sanctions and legal hurdles. Experts at the lab argued that while tax compliance is often viewed as a burden, it is a fundamental requirement for long-term legitimacy and access to institutional support. By formalizing their operations and meeting state requirements, SMEs position themselves for easier access to credit and international partnerships. Zenith Bank reaffirmed its commitment to the SME sector by positioning itself as more than just a financial service provider, but as a strategic partner in growth. Beyond hosting empowerment labs, the bank aims to provide tailored financial solutions and continuous capacity-building initiatives to bridge the knowledge gap for local entrepreneurs. As Ghana’s economy continues to navigate global and local shifts, the bank’s initiative serves as a vital resource for SMEs seeking to transition from informal operations to structured, sustainable, and digitally-integrated enterprises.

Ghana Government Records 20% Undersubscription in Treasury Bill Auction as Interest Rates Rise
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Ghana Government Records 20% Undersubscription in Treasury Bill Auction as Interest Rates Rise

The government of Ghana has failed to meet its latest Treasury bills target, recording a significant 20% undersubscription according to the latest auction results from the Bank of Ghana. Against a programmed target of GH5.27 billion, the government managed to secure GH4.20 billion in total bids. This shortfall represents a notable shift in market dynamics, as it follows a period where the government had consistently achieved oversubscription in its short-term debt instruments. Despite the failure to reach the auction target, the government opted to accept all bids tendered by investors to meet its immediate financing needs. The 91-day bill remained the most preferred instrument among market participants, attracting GH2.25 billion in bids, which accounts for approximately 53.6% of the total bids received. The concentration of interest in the shorter-dated 91-day bill suggests that investors are prioritizing liquidity and remain cautious about committing funds to longer-term debt amid shifting economic indicators. The auction results also highlighted a continuing upward trend in interest rates across the yield curve. According to the Bank of Ghana, yields have seen a steady increase, with the 91-day bill yield rising to 5.30% and the 182-day bill reaching 7.13%. The 364-day bill recorded the highest yield at 11.36%. These rising rates reflect the increasing cost of domestic borrowing for the government as it competes for capital in a market where investor demand appears to be moderating. This undersubscription and the subsequent rise in yields signal potential challenges for the government’s domestic borrowing strategy. As the state continues to rely on treasury bills to fund budgetary requirements and manage its debt profile, the cooling demand from investors may necessitate further adjustments in interest rates to attract the necessary capital. Moving forward, market analysts will be closely monitoring whether this moderation in demand is a temporary fluctuation or a broader trend of tightening liquidity in the Ghanaian financial market.

SIC Insurance PLC Unveils Electric Vehicle Fleet and Plans Nationwide Solar Expansion to Lead Green Transition
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SIC Insurance PLC Unveils Electric Vehicle Fleet and Plans Nationwide Solar Expansion to Lead Green Transition

SIC Insurance PLC has officially launched a new fleet of electric vehicles (EVs), marking a pivotal step in the company’s "Green Transition Agenda." Managing Director James Agyenim-Boateng described the initiative as a historic milestone, underscoring the insurer's commitment to Ghana’s climate action and sustainable development goals. The rollout is designed to significantly reduce the company’s carbon footprint while promoting cleaner, more sustainable transportation alternatives within the corporate sector. The adoption of electric vehicles follows a successful pilot program involving the installation of solar energy systems at various SIC Insurance branches. According to management, the success of these solar pilots provided the necessary confidence to expand their sustainability efforts beyond office infrastructure. By integrating EVs into their daily operations, the company is transitioning from merely discussing environmental responsibility to implementing tangible, technology-driven solutions that mitigate climate impact. During the unveiling event, which was attended by stakeholders, staff, and media representatives, Mr. Agyenim-Boateng emphasized that corporate sustainability is essential for the nation's future. He highlighted that the investment in green technology reflects SIC Insurance’s responsibility toward environmental stewardship and the achievement of global climate targets. The Managing Director also called upon other Ghanaian institutions to join the green movement, suggesting that a collective corporate effort is required to build a more resilient and eco-friendly national economy. Looking forward, SIC Insurance aims to build on this momentum by pursuing a nationwide expansion of its solar energy projects. This broader transformation strategy seeks to create a comprehensive ecosystem of renewable energy and low-emission mobility. As the company monitors the performance of its new electric fleet, it intends to set a benchmark for environmental responsibility within the Ghanaian insurance industry, demonstrating that operational efficiency and ecological sustainability can go hand-in-hand.

Emirates Airlines to Increase Ghana Operations with Four Additional Weekly Flights Starting July 2026
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Emirates Airlines to Increase Ghana Operations with Four Additional Weekly Flights Starting July 2026

Emirates Airlines has announced a significant expansion of its flight operations in Ghana, increasing its weekly frequency from Dubai to Accra. Starting July 12, 2026, the airline will introduce four additional weekly flights, bringing its total service to 11 weekly flights. This move is designed to meet the growing demand for air travel in the region and reaffirms the carrier's commitment to the Ghanaian market as a critical hub in West Africa. The expansion reflects a strategic response to the rising interest in international travel and the need for enhanced connectivity between the Gulf region and the African continent. The new service will utilize the Boeing 777-300ER aircraft, known for its efficiency and passenger comfort. The scheduled flights, designated as EK789 and EK790, will operate on Tuesdays, Thursdays, Saturdays, and Sundays. Flight EK789 is slated to depart Dubai at 03:30 hrs and arrive in Accra at 07:40 hrs. The return leg, EK790, will depart Accra at 10:25 hrs and reach Dubai at 22:40 hrs. This schedule is strategically timed to offer Ghanaian travelers seamless connections to Emirates' extensive global network, linking Accra to major cities across Europe, Asia, and the Americas through its Dubai hub. Beyond passenger travel, the expansion is expected to provide a substantial boost to Ghana’s trade and tourism sectors. By increasing the frequency of flights, Emirates is also expanding its bellyhold cargo capacity, which supports local businesses in reaching international markets. This is particularly vital for Ghanaian exporters, facilitating the swift transport of perishable goods, such as fresh fruits, to markets in Europe and beyond. The increased connectivity is also anticipated to foster stronger business ties and enhance tourism inflows, supporting the broader growth of Ghana’s aviation and commercial landscape. This operational growth highlights the strengthening economic relationship between the United Arab Emirates and Ghana. As the aviation industry continues to expand globally, Emirates’ decision to increase its presence in Accra underscores the city’s rising importance as a commercial destination. For frequent flyers and business professionals, the added flights offer greater flexibility and convenience, ensuring that Ghana remains well-integrated into the global economy and continues to serve as a gateway for the West African sub-region.

Ghana Records Highest Lending Rate in Africa as Bank of Ghana Maintains Policy Rate at 14%
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Ghana Records Highest Lending Rate in Africa as Bank of Ghana Maintains Policy Rate at 14%

Ghana has emerged as the country with the highest cost of credit in Africa, according to the African Development Bank’s (AfDB) 2026 African Economic Outlook. Despite a dramatic halving of the central bank's policy rate over the past year, the nation’s average lending rate stood at 16.33% in April 2026. This ranking places Ghana at the top of 44 African nations surveyed, followed by the Democratic Republic of Congo and Egypt, highlighting a persistent gap between monetary policy easing and actual commercial borrowing costs. The high lending environment persists even after the Bank of Ghana aggressively reduced its Monetary Policy Rate from 28.0% in early 2025 to 14.0% by May 2026. This 14-percentage-point drop was part of a broader continental trend where cooling inflation prompted central banks to lower rates by an average of 1.33 percentage points. Ghana was one of only four countries on the continent to implement cuts exceeding eight percentage points. Consequently, the average lending rate in the country did see some improvement, falling from 20.58% in January 2026 to the current 16.33%, while the Ghana Reference Rate dropped to 10.06%. Despite the downward trend, the Bank of Ghana’s Monetary Policy Committee elected to maintain the policy rate at 14.0% during its May 2026 meeting. The committee cited ongoing risks to the inflation outlook and overall economic growth as primary reasons for this cautious stance. To further manage liquidity and stabilize the financial sector, the central bank also announced an adjustment to the Cash Reserve Ratio (CRR), setting a uniform rate of 20% for all banks, effective June 4, 2026. The AfDB report underscores that while monetary policy in 2025 adapted effectively to shifting inflation dynamics across Africa, Ghana’s credit market remains exceptionally expensive for businesses and individuals. Moving forward, the Committee plans to monitor global and domestic economic conditions closely, particularly the impact of geopolitical tensions on trade and prices. The disconnect between the policy rate and commercial lending rates remains a critical area for structural reform if Ghana aims to stimulate private sector investment and sustain long-term economic recovery.