Ghana Business News

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A close-up portrait of Scott Bessent, the US Treasury Secretary, looking thoughtfully toward the side. He is depicted wearing glasses, a white dress shirt, and a blue patterned tie against a dark, minimalist background.
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US Treasury Secretary Bessent and China's He Lifeng Extend Trade Truce to January 2025

In a significant move to bolster global economic stability, the United States and China have reached an agreement to extend their bilateral trade truce through the end of the year. Originally scheduled to expire on November 10, the truce has been pushed back to January 10, 2025. This development, announced by U.S. Treasury Secretary Scott Bessent, follows high-level negotiations with China’s Vice Premier He Lifeng in Washington. The extension occurs against the backdrop of Chinese President Xi Jinping’s landmark state visit to the U.S., marking his first trip to the country in more than a decade. The agreement, which has been referred to as the Busan Agreement, provides a critical window for both nations to negotiate a more comprehensive economic package. Secretary Bessent indicated that while a broader deal is the primary goal for the January deadline, the two sides remain open to rolling over the current agreement if additional time is required for complex deliberations. During the Washington meetings, Bessent emphasized the necessity for China to fulfill its existing commitments under previous accords, while noting that the current extension serves as a vital tool for maintaining economic predictability in both nations. Subsequent discussions are expected to focus on specific sectors, including substantial purchases of American agricultural products by China and the further liberalization of financial services. Negotiators are also working toward establishing specialized lists for reduced tariffs, with a particular focus on consumer and agricultural goods to provide relief to domestic markets. Beyond traditional trade, the dialogue has expanded to include modern security challenges, with both parties exploring initiatives to address artificial intelligence (AI) security and related hacking incidents. As President Xi Jinping continues his state visit, the focus remains on whether these short-term diplomatic successes can lead to a long-term reset in the complex U.S.-China relationship. While Secretary Bessent acknowledged that certain compliance issues on the Chinese side require further resolution, the extension suggests a mutual desire to avoid immediate economic volatility. The outcome of the upcoming January 10 deadline will likely define the trajectory of bilateral relations for the coming year, influencing global supply chains and international market sentiment.

Ghana Advances Strategic Energy and Infrastructure Projects as Petroleum Commission Targets 2026 Onshore Drilling
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Ghana Advances Strategic Energy and Infrastructure Projects as Petroleum Commission Targets 2026 Onshore Drilling

Ghana is poised to significantly expand its petroleum frontier as the Petroleum Commission announces plans to drill the country's first onshore exploration well in the Voltaian Basin by the end of 2026. According to Emeafa Hardcastle, Acting CEO of the Petroleum Commission, the Ghana National Petroleum Corporation (GNPC) and its subsidiary, GNPC Explorco, are spearheading the TUA-1X exploratory well project in the Mion District. This initiative aims to assess the hydrocarbon potential of what is considered one of Africa’s major frontier basins. Preparations are already underway for the necessary infrastructure, including a 13.5-kilometre access road and rig pads. However, parliamentary support remains cautious; Emmanuel Bedzrah, Chairman of the Energy Committee, has indicated that future budgetary allocations for the project are strictly contingent on the GNPC delivering tangible results regarding commercially viable discoveries. In parallel with energy exploration, Ghana’s industrial landscape is receiving a significant boost through renewable energy and retail infrastructure projects. The International Finance Corporation (IFC) and LMI Holdings have expanded their partnership with a $39.5 million financing package for the first phase of a planned 200MW solar photovoltaic project in the Dawa Industrial Zone. This "Solar for Industries" project is expected to create approximately 750 direct and indirect jobs while providing sustainable power to over 100 businesses in the Tema and Dawa zones. Meanwhile, Local Government Minister Mahama Ayariga confirmed that construction on the Kejetia Market Redevelopment Phase II is set to resume in October following a signed memorandum of understanding with the project firm, Contracta. The facility, which is currently 68% complete, will eventually house over 7,000 stalls and 120 food courts, though funding challenges linked to the Domestic Debt Exchange Programme remain a factor. Despite these growth initiatives, the government faces a substantial financial hurdle following an International Chamber of Commerce (ICC) arbitration award. Befesa Desalination Developments Ghana Limited was awarded $235 million, plus interest, after the termination of a Water Purchase Agreement with Ghana Water Limited regarding the Teshie-Nungua desalination plant. The tribunal dismissed counterclaims from the state, leaving the government liable under existing guarantees while discussions for an amicable resolution continue. This legal liability coincides with a period of global market volatility, where Brent crude prices recently dipped to $102.13 per barrel amid diplomatic signals from Iran and rising US inventories. These international price fluctuations provide a complex economic backdrop as Ghana seeks to secure its energy future through both renewable investments and new onshore oil prospects.

Commuters endure long queues for scarce vehicles ahead of transport fare increases
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Ghana Adjusts Transport Costs: 8% Fare Hike for Commuters as GSA Slashes Shipping Container Fees

Ghana’s transport sector is undergoing significant structural cost adjustments as the Ghana Shippers’ Authority (GSA) implements a major reduction in container charges while public transport fares are set to rise by 8%. Starting Saturday, September 26, 2026, commuters across the country will face higher rates for shared taxis, intra-city 'trotros,' and inter-city services. This fare adjustment, announced by the Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC), marks the first increase since a 15% decrease in May 2025. The unions cite rising operational costs, particularly diesel and vehicle maintenance, as the primary drivers for the change, which will impact approximately 84% of urban residents who depend on public transport. Despite the official announcement, the fare hike has been met with significant pushback from commercial operators who argue the 8% increase is inadequate. In Kumasi, drivers at the Dr Mensah-Buokrom Station have rejected the proposal, with some calling for increases as high as 25% to 30% to cover their expenses. Similar sentiments were echoed at major hubs in Accra, such as the 37 Bus Terminal and Kwame Nkrumah Circle-Odawna, where some unions have postponed implementing the new rates pending further guidance from national leadership. Meanwhile, passengers have expressed concern over the added financial burden amidst a general rise in the cost of living, though many acknowledge the challenges faced by transport owners. In a parallel move to lower the cost of doing business, the GSA has successfully negotiated a reduction in container administrative charges from $165 to $65 per Twenty-foot Equivalent Unit (TEU). This decision, made under the regulatory powers of Act 1122, followed direct intervention and discussions initiated by President John Mahama and the Ministry of Transport. The reduction aims to align Ghana's port charges more closely with the regional average of $45 to $50. While shipping lines initially opposed the total abolition of the fee, a compromise was reached to ensure the sustainability of port operations while providing relief to importers. These developments highlight the complex economic balancing act currently managed by the Mahama administration. While the reduction in shipping fees is expected to alleviate pressure on port users and potentially lower the cost of imported goods, the rise in public transport fares reflects the persistent inflationary pressures on domestic services. The Parliamentary Select Committee on Roads and Transport has indicated it will monitor the implementation of these new rates to address fare discrepancies and ensure that both transport operators and the shipping industry comply with the new regulatory frameworks.

Governor Johnson Asiama and Bank of Ghana Hold Policy Rate at 14% Amid 9.5% Cedi Depreciation
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Governor Johnson Asiama and Bank of Ghana Hold Policy Rate at 14% Amid 9.5% Cedi Depreciation

The Bank of Ghana’s Monetary Policy Committee (MPC) has decided to maintain the benchmark monetary policy rate at 14% for the third consecutive time. During the 132nd MPC meeting held in September 2026, Governor Dr. Johnson Asiama cited balanced risks to inflation and economic growth as the primary justification for the hold. While headline inflation saw a modest increase to 5% in August, primarily driven by non-food factors such as utility tariff adjustments and rising crude oil prices, core inflation measures have shown a moderating trend. The central bank highlighted the resilience of the domestic economy, noting a real GDP growth of 6% in the second quarter of 2026 and a significant rebound in private sector credit. Despite the stable interest rate environment, the Ghana cedi has faced renewed pressure, depreciating by 9.5% against the U.S. dollar during the first nine months of 2026. The currency, which ended 2025 at GH¢10.45 to the dollar, was trading at approximately GH¢11.55 by late September. The cedi also recorded year-to-date declines against the British pound (9.0%) and the Euro (7.3%). According to the central bank, this depreciation is largely fueled by increased foreign-exchange demand from the energy sector and substantial dividend payments by private corporations. In response, the Bank of Ghana has introduced a new Foreign Exchange Operations Framework to manage market volatility while maintaining a flexible, market-determined exchange-rate regime. On the external front, Ghana's trade position remains a point of strength, with the trade surplus widening to $8.85 billion for the first eight months of 2026, up from $6.69 billion during the same period in 2025. This improvement was driven by robust export receipts from gold, cocoa, and crude oil, which managed to offset a significant rise in the value of oil and gas imports. Dr. Asiama clarified that the central bank’s interventions in the foreign exchange market remain strictly rules-based rather than discretionary, focusing on building adequate reserves as a primary objective. As the country navigates global economic uncertainties and Middle East geopolitical pressures, the MPC will reconvene in November to evaluate the impact of these interventions on inflation targeting and macroeconomic stability.

Eric Opoku (3rd from right), the Minister of Food and Agriculture, and James Gunu (right), Volta Regional Minister, and others inspecting packaged fresh tomatoes at the exhibition stands at the launch of the Ghana Tomatoes Self-Sufficiency Initiative at Anloga in the Volta Region
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Volta Region Shifts to Investment Execution with Major Infrastructure Pledges and Stakeholder Unity

The Volta Region is positioning itself as Ghana’s premier investment destination, signaling a strategic shift from merely identifying economic potential to executing tangible investments. Speaking at the Volta Economic Forum in Ho, Regional Minister James Gunu announced that the region is fully prepared to host businesses seeking to relocate or expand outside Greater Accra. Under the theme "From Opportunity Showcase to Investment Execution," the forum emphasized the availability of vast land, natural resources, and a stable environment. Minister Gunu highlighted a three-point agenda focused on peace, infrastructure development, and economic opportunity, urging the private sector to transform these prospects into job-creating enterprises that will improve local livelihoods. To facilitate this transition, Lead Convener Dr. Elikplim K. Apetorgbor proposed the establishment of a Volta Development Advisory Council and a Volta Economic Embassy initiative. These bodies are intended to streamline investment processes and provide a dedicated platform for strategic partnerships. The forum highlighted successful precedents, including new sisal farming and aquaculture projects, as evidence of the region's investability. Supporting this vision, Togbe Afede XIV, the Agbogbomefia of Asogli State, called for enhanced cooperation among traditional leaders, government officials, and the private sector. He identified the proposed Keta Harbour, improved railway connectivity, and energy infrastructure as critical catalysts that will drive regional transformation and sustainable growth. In a major boost to the region's backbone of agriculture, the government has committed to rehabilitating all 22 existing irrigation facilities in the Volta Region by the end of 2027. Minister of Food and Agriculture Eric Opoku revealed that many of these systems, some dating back to the Nkrumah era, are currently operating at only five percent capacity. This rehabilitation effort, supported by financial backing from President John Mahama, is a cornerstone of the Ghana Tomatoes Self-Sufficiency Initiative (GHATSI). The government also plans to introduce subsidized mobile irrigation systems and dredge lagoons to move the region toward year-round irrigation agriculture, especially as regional neighbors have reduced tomato exports to Ghana. International interest in the region is also on the rise, with Mr. Wang Jinxiao, Chairman of Sunon Asogli Power, urging Chinese businesses to capitalize on the Volta Region's strategic advantages in energy, tourism, and agriculture. He emphasized that the upcoming zero-tariff treatment for African exports to China could significantly enhance the region's economic competitiveness. By focusing on local capacity building and technology transfer, stakeholders aim to create a robust economic ecosystem that transitions from talk to real-world outcomes, ensuring that the Volta Region becomes a central pillar of Ghana's national development strategy.

COCOBOD Launches GH"16.3 Billion Domestic Funding Drive as Leadership Engages Global Partners for 2026/27 Season
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COCOBOD Launches GH"16.3 Billion Domestic Funding Drive as Leadership Engages Global Partners for 2026/27 Season

The Ghana Cocoa Board (COCOBOD) is embarking on a significant strategic shift in its financing model, moving away from its traditional reliance on offshore syndicated loans toward the domestic capital market. Under the leadership of Chief Executive Dr. Ransford Abbey, the board aims to raise GH"16.3 billion (approximately $1.4 billion) to fund cocoa purchases for the upcoming season and refinance existing obligations. This transition coincides with high-level diplomatic engagements in London, where COCOBOD officials are meeting with international trading partners to solidify Ghana’s position as a premier global cocoa supplier ahead of the 2026/27 season. To facilitate this domestic fund-raising effort, COCOBOD has established a special purpose vehicle known as Cocoa Capital PLC. This entity is slated to launch a Cocoa Note Programme, which includes the issuance of a GH"2.3 billion bond and GH"4 billion in commercial paper. The decision to pivot to local markets follows challenges in securing traditional funding arrangements with international banks and trading houses. The capital raised will be critical for maintaining liquidity and supporting the Licensed Buying Companies (LBCs) that form the backbone of the internal marketing chain. The urgency of this financing program is underscored by mounting pressure within the sector. COCOBOD currently faces approximately GH"4 billion in pending payments to licensed buying firms and farmers from the previous season. Furthermore, the official opening of the new cocoa season, typically expected in September, has faced delays. While neighboring Ivory Coast has already commenced its season, Ghana’s start remains unannounced, adding further weight to the need for a swift and successful mobilization of domestic capital to ensure a smooth industry rollout. Parallel to these financial maneuvers, Dr. Abbey and his deputy, Mr. Ato Boateng, held constructive dialogues in London with major global cocoa trading and processing firms. Facilitated by the Ghana Cocoa Marketing Company (UK) Ltd., these discussions centered on the Ghana Cocoa Board Act, financing frameworks, and sustainability initiatives. By prioritizing transparency and collaboration with international stakeholders, COCOBOD seeks to reinforce confidence in the Ghanaian cocoa industry. These efforts are designed to ensure that despite the shifts in financing strategy, Ghana remains a reliable and transparent partner in the global cocoa supply chain.

Bank of Ghana Governor Dr. Johnson Asiama Pledges to Rebuild Reserves Following $1.9 Billion Decline
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Bank of Ghana Governor Dr. Johnson Asiama Pledges to Rebuild Reserves Following $1.9 Billion Decline

Ghana’s gross international reserves witnessed a sharp decline of approximately US$1.9 billion between June and August 2026. According to Bank of Ghana (BoG) data, the reserves fell from US$12.94 billion in June to US$11.07 billion by the end of August, leaving the country with 4.2 months of import cover. This represents a significant contraction from the 5.7 months of cover recorded at the start of the year and a retreat from a high of US$14.16 billion seen in March. The rapid depletion has raised concerns regarding the nation’s external economic buffers and its resilience against potential global shocks. The Central Bank attributed this contraction to several emerging risks, most notably a projected current account deficit and a temporary halt in gold exports that began in mid-August. While Ghana initially recorded a trade surplus of US$8.8 billion in the first half of 2026—driven largely by robust cocoa and gold performances—the subsequent pause in shipments significantly hindered foreign exchange accumulation. Governor Dr. Johnson Asiama identified these developments as critical risks to the economy, emphasizing that the external position requires vigilant monitoring as the country enters the final months of the year. In response to the decline, the Ghana Gold Board (GoldBod) has officially resumed substantial gold shipments to assist the BoG in replenishing its foreign exchange reserves. During the 132nd Monetary Policy Committee press briefing, Dr. Asiama confirmed that while shipments had become less frequent during August, export activity has surged in recent weeks. The central bank is now working closely with GoldBod to refine its foreign exchange management strategy and stabilize the market against fluctuations in international gold prices, which remain sensitive to U.S. monetary policy and other global factors. Looking ahead, rebuilding the national reserve buffer remains a primary objective for the Bank of Ghana as it prepares for an expected increase in foreign exchange demand during the traditionally busy fourth quarter. This period of heightened commercial activity typically places additional pressure on the currency, making robust reserves essential for maintaining exchange-rate stability. The BoG aims to balance these interventions with efforts to manage inflation and support sustainable economic growth, ensuring that the country’s macroeconomic foundations remain secure amidst external uncertainties.

Ghana is open for business — President Mahama courts American investors at NASDAQ
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President Mahama Declares Ghana "Open for Business" at Nasdaq, Highlighting $2.6 Billion FDI Surge

President John Dramani Mahama has declared Ghana "open for business" during a high-profile visit to the Nasdaq MarketSite in New York, where he rang the closing bell on September 23, 2026. This symbolic event, held on the sidelines of the 81st United Nations General Assembly, served as a global stage to showcase Ghana’s economic recovery and readiness for international investment. Accompanied by senior officials, the President’s message was amplified by a massive billboard in Times Square, signaling a proactive shift in the country's approach to global capital markets. Mahama emphasized that Ghana is not merely seeking development aid but is focused on forging a new era of economic partnership with the United States centered on trade, technology transfer, and industrialization. The President highlighted the success of his administration’s fiscal reforms, which have led to a significant turnaround in the nation’s macroeconomic indicators. Central to this recovery is a surge in Foreign Direct Investment (FDI), which reached approximately $2.6 billion in 2025. This progress was validated by billionaire industrialist Aliko Dangote during the "Accra Reset" meeting, where he praised Mahama’s leadership for restoring trust in the Ghanaian economy. Dangote noted that "money follows trust" and attributed the decline in inflation and the relative stabilization of the cedi to strategic, disciplined governance rather than luck. The industrialist further bolstered confidence in the region by announcing the Dangote Group’s commitment to invest $46 billion across Africa by 2030. To sustain this momentum, President Mahama detailed several landmark initiatives, including the Ghana Investment Promotion Authority Act of 2026, which removes historical barriers to foreign entry and streamlines the investment climate. He also introduced the "24-hour economy" framework, a policy designed to maximize national productivity and job creation by encouraging continuous production cycles without mandating them. Furthermore, the "Big Push" initiative was presented as an aggressive infrastructure program aimed at enhancing digital connectivity, health facilities, and transportation networks to support a modern, industrializing economy. Mahama urged American investors to view Ghana as more than just a consumer market, but as a strategic production hub for the African Continental Free Trade Area (AfCFTA), which provides access to over 1.4 billion people. By shifting away from raw commodity exports toward high-value domestic processing in agriculture and manufacturing, Ghana aims to ensure that economic growth translates directly into improved living standards for its citizens. The President’s engagements in New York underscore a clear vision: leveraging Ghana's political stability and strategic location to lead a "Ghanaian miracle" that serves as a beacon for the continent’s economic future.

BoG to release upgraded Ghana cedi notes on November 3, 2026
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Bank of Ghana to Launch New ‘Heritage Series’ Banknotes on November 3, 2026

The Bank of Ghana (BoG) has officially announced the upcoming launch of the ‘Heritage Series,’ a new and upgraded collection of Ghana cedi banknotes scheduled to enter circulation on November 3, 2026. Announced by Governor Dr. Johnson Pandit Asiama following the 132nd Monetary Policy Committee (MPC) meeting, the initiative marks a significant modernization of the national currency. The new series aims to strengthen security features against counterfeiting while improving the physical durability of the notes to better withstand the demands of daily circulation. The Heritage Series will encompass denominations ranging from GH¢1 to GH¢200, featuring designs that celebrate Ghana’s rich history, culture, and national identity. According to Dr. Asiama, the current designs have been in use for over two decades, necessitating an update to reflect the country’s evolving economic landscape. The project is being introduced under the theme, ‘The Cedi: Our Future, Secure, Designed to Last,’ emphasizing a commitment to economic sovereignty and the long-term integrity of the national currency. Addressing potential public concerns regarding the transition, the central bank clarified that all existing cedi notes will remain legal tender and will co-circulate with the new Heritage Series. The public is specifically advised not to rush to banks or exchange points to swap their current currency immediately upon the launch. To ensure an orderly rollout, the BoG plans to release a detailed transition program and public education campaign ahead of the November launch date to guide the transition process efficiently. In addition to the technical upgrades, the Bank of Ghana is using the launch to advocate for more disciplined currency handling. Dr. Asiama urged Ghanaians to treat the banknotes with care, noting that proper handling reduces the high costs associated with replacing worn-out notes. By introducing more resilient materials and advanced security, the BoG expects to reduce the frequency of currency replacement, ultimately supporting more efficient currency management and fiscal responsibility within the financial system.

The image shows Master Chief, the iconic protagonist of the Halo video game series, in his signature green Spartan armor while aiming a pistol. The background features a picturesque landscape with mountains, pine trees, and a massive artificial ring structure under a bright, cloudy sky.
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ICU-Ghana and ORC Spearhead Drive for Industrial Scaling and Institutional Resilience Amid Shifting Business Trends

Ghana’s business landscape is undergoing a significant shift as industrial leaders and regulatory bodies advocate for a transition from mere operational growth to sustainable scaling. The Industrial and Commercial Workers’ Union (ICU-Ghana) has called for targeted investment in the textile and garment sectors, specifically urging smock weavers and leather artisans to move toward mass production. General Secretary Morgan Ayawine emphasized that while traditional craftsmanship remains vital, leveraging modern technology and meeting international standards under the African Growth and Opportunity Act (AGOA) is essential for national growth. This industrial push is complemented by the Office of the Registrar of Companies (ORC), which recently launched its 2026 Risk Awareness Week. Registrar Mrs. Maame Samma Peprah highlighted the need for a "risk-smart" culture, urging staff to adopt proactive Enterprise Risk Management (ERM) to ensure institutional resilience and improved service delivery. Central to this evolution is a fundamental redefinition of how Small and Medium-sized Enterprises (SMEs) function. Experts from the University of Professional Studies Accra note that many Ghanaian SMEs suffer from "founder reliance syndrome," where the owner’s heavy involvement limits expansion. To achieve true scaling—expanding output without a proportional increase in costs—businesses are being encouraged to shift from founder-led operations to system-driven models. This entrepreneurial shift is already visible among younger generations; Gen Z and Millennials in Accra are increasingly diversifying their income through side hustles and equities to combat high inflation. Individual success stories, such as Esther Owusu Nkwantabisah of Abukay Cuisine, further illustrate this trend, as she pivoted from survival-focused catering to an innovative model that integrates environmental sustainability through plastic currency payments. Market integrity and compliance also remain high on the national agenda. The Ghana Music Rights Organisation (GHAMRO) has intensified its call for churches to pay music royalties, with CEO Jackson Brefo noting that the Copyright Act (Act 690) provides no exemptions for religious bodies. Simultaneously, consumer protection initiatives are gaining momentum. The CDA Consult has launched the "Trust Economy" campaign to instill a culture of pre-purchase verification among consumers, while brands like Nataraj are actively engaging markets to combat counterfeit stationery. In the technical sector, Delta Equipment Limited has introduced SEM machinery to the Ghanaian market, aiming to provide cost-effective solutions for construction and agriculture, further supporting the infrastructure needed for industrial scaling. While domestic efforts focus on growth, global business developments signal a period of volatile restructuring. Xbox has announced the most significant restructure in its history, cutting thousands of jobs and transferring the development of its flagship Halo franchise to Activision to maintain competitiveness. In the United Kingdom, billionaire Sir Jim Ratcliffe’s Ineos has suspended production at key plants due to high gas prices, illustrating the external economic pressures that even industrial giants face. For Ghana, these global shifts underscore the importance of the local push for financial discipline, strategic planning, and the transition toward structured, scalable business entities that can navigate both local and international economic fluctuations.

GPRTU and GRTCC Implement 8% Public Transport Fare Hike Effective September 26
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GPRTU and GRTCC Implement 8% Public Transport Fare Hike Effective September 26

Passengers across Ghana will begin paying higher fares for public transport starting Saturday, September 26, 2026. The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC) officially announced an 8% upward adjustment across all transport modes, including shared taxis, intra-city trotros, and long-distance inter-city buses. This decision follows intensive consultations with the Ministry of Transport and key stakeholders to address the mounting financial pressure on transport operators across the country. The new fare structure introduces specific increments designed to balance operator sustainability with passenger affordability. For intra-city travel, standard trotro fares previously set at GH¢5 have risen to GH¢5.50. Shared taxi commuters will see short-distance trips of up to 1 kilometer increase from GH¢1.70 to GH¢1.90, while the maximum fare for such services has been capped at GH¢20.20. Long-distance travelers are also impacted, with fares rising proportionally; for instance, a GH¢25 inter-city trip now costs GH¢27, and high-end routes previously priced at GH¢300 have adjusted to GH¢324. The transport unions cited the rising cost of fuel, spare parts, and general vehicle maintenance as the primary drivers for the adjustment. Despite the increase, the GPRTU and GRTCC noted that the 8% hike was relatively moderated compared to earlier projections. This moderation is attributed to recent government interventions regarding diesel pricing, which helped curb even steeper increments that would have further burdened the commuting public. The adjustment aims to reflect the current economic realities of the transport sector without causing excessive hardship for citizens. To ensure transparency and prevent overcharging, all transport operators are strictly mandated to display the approved fare schedules prominently at their respective terminals. Both the GPRTU and GRTCC have issued warnings that any operator found charging above the sanctioned rates will face disciplinary action. Commuters are encouraged to remain vigilant and report any fare discrepancies or violations to the leadership of the transport unions at the terminals to maintain order during the transition to the new pricing regime.

Kwamina Asomaning, Chief Executive, Stanbic Bank Ghana Ltd.
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Stanbic Bank and Graphic Business Advocate for Streamlined Cross-Border Payments to Boost Ghanaian Trade

Financial experts and business leaders are calling for enhanced collaboration and the adoption of modern payment systems to address the complexities of international trade. During the Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel in Accra, stakeholders gathered under the theme “Moving Money. Moving Trade. Moving Ghana.” The forum focused on identifying and removing barriers related to foreign exchange, international payment systems, and compliance requirements that currently hinder Ghanaian businesses, particularly small and medium-sized enterprises (SMEs). Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, emphasized that more efficient payment systems are critical for businesses to manage costs and remain competitive in global markets. He noted that delays in payments often inflate import prices and disrupt supply chains. To mitigate these challenges, speakers including Musah Abdallah of Stanbic Bank and Dr. Paa Kwesi Eduaful Abaidoo of Miniplast Ltd advocated for the digitization of documentation and the utilization of robust frameworks such as the Pan-African Payment and Settlement System (PAPSS) and the Cross-Border Interbank Payment System (CIPS). A significant highlight of the discussions was the launch of CIPS services to facilitate smoother trade between Ghana and China, which accounted for over 22% of Ghana’s imports in 2024. Mr. Asomaning explained that this system allows for direct payments in Chinese yuan (RMB), effectively reducing reliance on US intermediary banks and lowering associated transaction costs. This development, supported by a partnership between Stanbic Bank and the Industrial and Commercial Bank of China (ICBC), represents a strategic shift toward deepening economic ties through technology transfer and financial connectivity. Looking ahead, the experts suggested that emerging technologies like artificial intelligence and digital assets could further enhance the security and speed of international transactions. The meeting concluded with a commitment to develop a communique that will guide future policies on cross-border trade. By leveraging existing frameworks like the African Continental Free Trade Area (AfCFTA) and modernizing payment infrastructure, stakeholders believe Ghana can significantly improve its business performance and streamline trade flows across the continent and beyond.