News Guide Africa

Category: Business, Small Business

Business, Small Business

  • GoldBod Is Thriving: Sammy Gyamfi rubbishes minority loss claims, points to audited GH¢5.44bn surplus

    GoldBod Is Thriving: Sammy Gyamfi rubbishes minority loss claims, points to audited GH¢5.44bn surplus

    By Adnan Adams Mohammed 

     

    Lawyer Sammy Gyamfi has mounted a fierce defense of the Ghana Gold Board (GoldBod), dismissing recent claims by the New Patriotic Party (NPP) Minority Caucus in Parliament that the institution is running at a loss and mismanaging funds.

    Setting the record straight following opposition criticisms, Gyamfi described the Minority’s allegations as completely unfounded and driven by political mischief. He urged the public to rely on verifiable financial reports rather than false narratives aimed at undermining the board’s work.

    “It is an incontrovertible fact that the GoldBod declared an operational surplus of GHS 909.7 million and an overall surplus of GHS 5.44 billion for the year 2025,” Gyamfi declared. “These facts are contained in the 2025 audited Annual Report and Financial Statements of the GoldBod prepared by the Auditor-General and published on the GoldBod’s website.”

    He noted that the achievements were realized despite significant external economic headwinds and structural adjustments within the industry over recent months.

    “In spite of the substantial slump in international gold prices by over 23% since February this year, and the significant reduction of GoldBod’s pricing incentives due to the cutting down of baseline program implementation from about 14% to 6%, the GoldBod has remained on course,” Gyamfi stated. He added that the board continues to achieve remarkable success in “the volume of gold purchases, foreign exchange generation, support for gold reserve accumulation, local value addition, support for sustainability initiatives, and the achievement of our surplus target for the 2026 financial year.”

    Turning his attention directly to the opposition, Gyamfi criticized the Minority leadership for spreading what he termed misinformation intended to mislead the public regarding state institutions.

    “The media and general public are respectfully advised to treat with utmost contempt, the discredited cacophony of lies being rehashed in recent times about GoldBod’s operations by certain elements in the Minority Caucus in Parliament,” he urged.

    “Led by their pathetically ignorant Leader, Afenyo-Markin, these Members of Parliament continue to make spurious claims to the effect that the GoldBod is recording losses and siphoning public funds. These ridiculous claims can only be a figment of the imaginations of these incorrigible MPs who ought to know better,” Gyamfi added. “Sadly, they have no interest in learning nor any regard for the truth. You take them serious at your own peril.”

    Concluding his address, Gyamfi reiterated that the GoldBod remains steadfast in executing its strategic objectives and will not be sidetracked by political commentary.

    “The GoldBod remains focused on the delivery of its mandate for the benefit of Ghanaians. We will not be distracted by misguided noise,” he asserted. “For we know, that the impact of the success story of the GoldBod shall outlive the hate-driven campaign of calumny being waged by our detractors.”

     

     

     

     

     

     

     

     

     

     

     

  • KGL Group and GMTF break ground for diagnostic centre at Ridge hospital

    KGL Group and GMTF break ground for diagnostic centre at Ridge hospital

    By Adnan Adams Mohammed

     

    In a major boost to healthcare infrastructure, the Ghana Medical Trust Fund (GMTF) and KGL Group, through the KGL Foundation, have officially kicked off the implementation phase for a state-of-the-art diagnostic centre at the Greater Accra Regional Hospital (Ridge).

    ​The milestone follows a joint site inspection led by the Administrator of the Ghana Medical Trust Fund, Adjoa Obuobia Darko-Opoku, and the Executive Chairman of KGL Group, Alex Apau Dadey.

    ​Going Beyond the Ask

    ​The initiative stems from a call to action issued by the GMTF on February 5, urging Corporate Ghana to assist in retooling Ridge Hospital with modern medical equipment. KGL Group responded with an investment that exceeded initial expectations funding the total construction and outfitting of a standalone, single-roof diagnostic facility.

    ​Once completed, the modern centre will house a comprehensive suite of advanced diagnostic equipment, including:

    ​Magnetic Resonance Imaging (MRI) machine

    ​CT scanner

    ​Digital Mammography unit

    ​Digital X-ray machine

    ​Fluoroscopy unit

    ​Transforming Patient Outcomes

    ​The specialized facility aims to resolve long-standing diagnostic bottlenecks in the public health system, allowing doctors to detect and treat complex medical conditions with greater accuracy and speed.

    ​Speaking during the project walkthrough, GMTF Administrator Adjoa Obuobia Darko-Opoku commended KGL Group for stepping up as a key corporate partner.

    ​”We are deeply grateful to KGL Group for responding to our call with such an extraordinary commitment. This partnership demonstrates what can happen when Corporate Ghana and the Government come together to transform healthcare and improve lives. Truly, Mahama Cares!”

    ​Highlighting the vision behind the initiative, Alex Apau Dadey, Executive Chairman of KGL Group, emphasized the private sector’s responsibility in driving national development.

    ​”When the call came to retool Ridge Hospital, we recognized that providing individual equipment wasn’t enough to solve the systemic challenge. Investing in a fully integrated, state-of-the-art diagnostic centre ensures sustainable, long-term impact for thousands of Ghanaians who deserve access to world-class medical care right here at home.”

    ​Strengthening Tertiary Care

    ​Hospital authorities and health advocates have praised the partnership, noting that housing all major imaging and diagnostic services under one roof will dramatically reduce wait times, lower referral delays, and lessen the financial strain on families seeking specialized care.

    ​The construction phase is officially underway, with both teams committing to swift execution to bring the facility into operational status as quickly as possible.

  • Foundation of the economy is “SOLID” — Ato Forson tells Parliament

    Foundation of the economy is “SOLID” — Ato Forson tells Parliament

    By Adnan Adams Mohammed

     

    Ghana’s economic foundations are now firmly in place, with key performance indicators outperforming full-year targets as the nation prepares to officially wrap up its IMF Extended Credit Facility (ECF) program, Minister for Finance Dr Cassiel Ato Forson has informed Parliament.

    Delivering the Mid-Year Fiscal Policy Review on the floor of the House, Dr Forson declared that the macroeconomic stability achieved over the past 18 months proves the foundation of the economy is “solid,” paving the way for sustainable, long-term growth under the leadership of President John Dramani Mahama.

    Speaking directly to the nation, the Finance Minister highlighted how fiscal discipline has begun translating into real relief for everyday Ghanaians.

    “Mr. Speaker, I now wish to speak directly to every Ghanaian listening to me this afternoon,” Dr Forson stated. “To the market trader whose purchasing power has improved because inflation has fallen. To the entrepreneur who can now borrow at lower interest rates to expand their businesses, and to the worker whose income now stretches further because the cedi has stabilized. These improvements are not abstract statistics; they are the dividend of sound and competent economic management.”

     

    Acknowledging the hardships endured throughout the stabilization process, Dr Forson expressed appreciation for the sacrifices made by citizens while assuring the House of a brighter economic trajectory.

    “We recognize that the sacrifices required to restore the economy were significant, and that many households continue to face challenges,” he noted. “But we also know that the foundations of Ghana’s economy are now firmly in place… Under the leadership of His Excellency President John Dramani Mahama, Ghana is not going back; Ghana is moving forward.”

     

    Exit from Bailout Program and Transition to PCI

    A major focus of the Minister’s address was the impending conclusion of Ghana’s IMF bailout program and the strategic move toward a non-financing arrangement.

    “My Honorable Speaker, next week the Executive Board of the IMF is expected to approve the final review of Ghana’s extended credit facility program, bringing to a successful conclusion the financial bailout program,” Dr Forson announced.

     

    To anchor upcoming structural reforms without relying on fund debt, the government will transition to a 36-month Policy Coordination Instrument (PCI).

    “The Executive Board is also expected to approve a 36-month policy coordination instrument, a non-financing arrangement designed for countries that no longer have and are not expected to face balance-of-payment needs,” the Minister explained. “The PCI will anchor our next phase of reforms: strengthening macroeconomic resilience, supporting broad-based growth, and signaling our unwavering commitment to sound and disciplined macroeconomic policy.”

     

    The PCI framework focuses on six key pillars: fiscal consolidation, debt sustainability, governance, monetary and exchange rate frameworks, financial sector stability, and economic diversification. The program includes quantitative goals and 26 reform targets evaluated through semiannual reviews.

    H1 2026 Macroeconomic Highlights

    Presenting the performance metrics for the first half of 2026, Dr Forson presented figures indicating that major macroeconomic targets had been comfortably surpassed:

     

    Macroeconomic Indicator Target (Full Year 2026) Performance (H1 2026)

    Overall GDP Growth 4.8% 6.4% (Q1)

    Non-Oil GDP Growth 4.9% 6.3% (Q1)

    Headline Inflation 8.0% (±1%) 5.3% (June)

    Primary Surplus 1.5% of GDP 0.9% of GDP (On track)

     

    “Mr. Speaker, Ghana has not merely met its first-half year targets; it has exceeded them,” Dr Forson declared. “Overall GDP growth was 6.4% in the first quarter of 2026, well ahead of the 4.8% full-year target… Inflation has more than halved, falling from 13.7% in June 2025 to 5.3% by end of June 2026.”

     

    Concluding his presentation, Dr Forson reiterated that government reforms under the PCI will help restore Ghana’s investment-grade rating and unlock concessional financing for essential public infrastructure.

     

  • BoG wages ‘War’ on coin rejections and currency “Spraying” at social events

    BoG wages ‘War’ on coin rejections and currency “Spraying” at social events

    By Adnan Adams Mohammed

     

    The Bank of Ghana (BoG) has issued a stern warning to the public, traders, and commercial operators against the rejection of legal tender coins and the widespread abuse of currency notes during public celebrations and social functions.

    The announcement comes in response to growing public complaints regarding business owners refusing small-denomination coins for transactions, as well as the increasing trend of “spraying” banknotes and using paper currency for ornamental bouquets at parties, weddings, and funerals.

    Legal Tender Mandate: Coins Must Be Accepted

    Addressing journalists during a press briefing, the Governor of the Bank of Ghana reaffirmed that all notes and coins issued by the central bank remain legal tender and must be honored across all trade and service transactions in the country.

    “The notes and coins we issue are legal tender for the payment of goods and services,” the Governor affirmed. “So long as these are genuine notes and coins from the Bank of Ghana, they should be accepted.”

     

    The central bank emphasized that rejecting valid coins issued by the authority constitutes a breach of currency regulations, adding that public sensitization campaigns will be stepped up to educate citizens and vendors on their legal obligations.

    Immediate Halt to Money “Spraying” and Currency Bouquets

    In a major policy shift targeting currency defacement and public mishandling of local tender, the central bank chief declared an immediate ban on the practice of spraying money on individuals at social gatherings, as well as crafting currency notes into gift bouquets or structural packages.

    “One practice we want to discourage is those who spray notes at functions,” the Governor declared. “We are going to make sure that practice is stopped immediately.”

     

    The Governor warned that formal administrative notices have already been served and that the central bank, in collaboration with relevant law enforcement agencies, will strictly enforce compliance across the country to protect the physical integrity and dignity of the national currency.

    “Notice has been issued, and we are going to ensure that we enforce that practice is discontinued,” the Governor added.

     

    The Bank of Ghana reiterated that proper handling of currency is essential to extending the lifespan of physical banknotes, reducing government re-printing costs, and maintaining public respect for national economic symbols.

     

  • LSE hosts Royal African Society’s 125th anniv. as UK–Africa trade links deepen

    LSE hosts Royal African Society’s 125th anniv. as UK–Africa trade links deepen

    The Royal African Society (RAS) marks a historic milestone today, 22 July 2026, celebrating 125 years of advancing understanding, collaboration, and shared prosperity between Africa and the United Kingdom.

    To commemorate the anniversary, the Society is hosting a high-profile ceremony at the iconic London Stock Exchange (LSE).

    The event brings together influential leaders across finance, business, diplomacy, technology, culture, and policy for a day of strategic engagement designed to position London as a premier global gateway for African capital.

    Key Event Highlights

    The day’s proceedings showcase the depth of UK–Africa economic and cultural ties:

    Closing Bell Ceremony: A symbolic market closing and bell-ringing at the London Stock Exchange.

    Strategic Dialogues: High-level sector panel discussions and intimate fireside chats.

    Brand Recognition: The official announcement of the Top African Brands in the UK and Top British Brands in Africa.

    Philanthropy Awards: Presentation of the 125th Anniversary Philanthropy Awards recognizing outstanding contributions to cross-border development.

    Networking Reception: An exclusive gathering for global investors, policy makers, and business leaders.

    Honouring Heritage, Eyeing the Future

    Speaking on the significance of the 125th anniversary, Arunma Oteh OON, Chairperson of the Royal African Society, highlighted the organization’s enduring mission:

    “For 125 years, the Royal African Society has served as a bridge between Africa and the United Kingdom, bringing together academia, leaders, innovators, investors, artists, and policy makers to build strong partnerships founded in mutual respect and shared opportunity. As we celebrate this remarkable milestone, we are honouring this rich heritage. We are looking ahead to Africa’s extraordinary future and its role globally as where Africa goes, is where the world will go.”

     

    High-Profile Speakers and Dignitaries

    The anniversary gathering features an impressive roster of prominent global figures, including:

    ● HRH Muhammadu Sanusi II, Emir of Kano and Khalifa

    ● Samaila Zubairu, ONL, President & CEO, Africa Finance Corporation (AFC)

    ● Leslie Maasdorp, CEO & Executive Director, British International Investment (BII)

    ● Benedict Oramah, Patron of the RAS, Board Member of Kenya’s National Infrastructure Fund, and Chairman of Africa Trading Minerals

    ● Jeanine Mabunda, Managing Partner for Chrysos and Former DRC National Assembly Speaker

    ● Olugbenga “GB” Agboola, Founder & CEO, Nuvion

    ● Stella Nse Okuzu, Director & CEO, Royal African Society

    ● Anne Marie Dias Borges, BBC Journalist and Broadcaster

    Other distinguished guests and panellists include Abi Ajayi (Head of Primary Markets, MEA at LSE Group), Gbite Oduneye (Founder & Managing Partner, ODBA Venture Capital), international music icon Oladapo “D’Banj” Oyebanjo (Founder, DB Records), and Lilian Olubi (CEO, EFG Hermes Nigeria).

    About the Royal African Society

    Established in 1901, the Royal African Society remains the only organization operating under a Royal Charter with the explicit mandate to increase knowledge of Africa in the United Kingdom and promote cross-continental understanding.

    As a London-based membership charity, the RAS works to amplify African voices globally across business, arts, culture, politics, and academia, fostering equitable and informed relations for the future.

    For more information on the anniversary and upcoming initiatives, visit royalafricansociety.org.

     

  • COCOBOD backs Italian investment surge to drive local cocoa transformation

    COCOBOD backs Italian investment surge to drive local cocoa transformation

    By Adnan Adams Mohammed

     

    Ghana’s drive to transform its cocoa sector from exporting raw beans to local processing has received a major boost, following a high-level strategic meeting between the management of the Ghana Cocoa Board (COCOBOD) and an Italian investment delegation led by the Italian Ambassador to Ghana, Her Excellency Laura Ranalli.

    The delegation included top executives from BF International, Italy’s largest agricultural group with an expanding operational footprint across Africa. The meeting sought to explore key investment avenues and cement partnerships within Ghana’s agricultural sector.

    The “Cocoa Connect Initiative”

    Briefing the leadership of COCOBOD, Ambassador Ranalli highlighted Italy’s commitment to spearheading new industrial partnerships between the Italian agribusiness community and Ghana.

    Central to the discussions was the proposed “Cocoa Connect Initiative,” a collaborative framework designed to unite public, private, and scientific institutions to transition Ghana’s cocoa industry beyond raw bean exports into high-value semi-finished and finished chocolate products.

    “My outfit is fully prepared to spearhead these new partnerships between the Italian agribusiness community and COCOBOD,” H.E. Ranalli stated during the briefing. “Through the ‘Cocoa Connect Initiative,’ we aim to unite our public, private, and scientific institutions to ensure we move Ghana’s cocoa industry beyond raw bean exports and directly into high-value semi-finished and finished products.”

     

    A flagship feature of the initiative is a proposed 3,000-hectare mechanized cocoa development zone in Ghana. The state-of-the-art facility, to be established by BF International, will serve as the technological engine powering the project’s broader processing and export goals.

    COCOBOD Pledges Full Institutional Backing

    Responding to the proposal, the Chief Executive of COCOBOD, Dr. Ransford Anertey Abbey, expressed strong enthusiasm for the venture, affirming the Board’s readiness to provide technical, agronomic, and institutional backing to bring the project to fruition.

    “Local value addition sits at the very heart of Ghana’s cocoa transformation agenda,” Dr. Abbey emphasized. “We welcome BF International’s desire to invest directly within our economy. Both Ghana and Italy stand to leverage our respective strengths to expand our global market share while significantly boosting our local processing capacities.”

     

    Dr. Abbey assured the Italian delegation that COCOBOD would deploy a specialized team of experts to ensure the smooth rollout of the technology-driven farm.

    “I want to assure the delegation that a dedicated team of COCOBOD experts will support this investment every step of the way with top-tier research, agronomy, and all necessary technical services,” the Chief Executive added.

     

    The partnership represents a significant step in Ghana’s ongoing efforts to retain greater value from its cocoa production, modernize farming practices through technology, and deepen bilateral trade relations with Italy.

     

  • Policy Rate held at 14% … amid rising global energy pressures and robust domestic growth

    Policy Rate held at 14% … amid rising global energy pressures and robust domestic growth

    By Adnan Adams Mohammed 

     

    The Monetary Policy Committee (MPC) of the Bank of Ghana has unanimously voted to maintain the Monetary Policy Rate at 14.0%, citing the need to safeguard price stability while navigating heightened global uncertainty caused by renewed geopolitical conflicts in the Middle East.

    The decision was announced following the committee’s 131st regular meeting, held from July 20 to 22, 2026, where members reviewed global and domestic macroeconomic developments and evaluated risks to the country’s inflation and growth outlook.

    Addressing journalists during the policy announcement, the central bank highlighted that renewed conflict in the Middle East has reignited volatility across global energy markets, leading to supply chain disruptions and a rebound in crude oil prices above $85 per barrel.

    “The easing of geopolitical tensions around mid-June proved short-lived. The renewed escalation of the conflict has led to another closure of the Strait of Hormuz and triggered instability in energy markets,” the MPC statement revealed. “Disinflation trends in several countries have stalled as energy prices have risen sharply, prompting many central banks to pause their monetary policy easing cycles in response to emerging inflationary risks.”

     

    Despite these headwinds, global economic activity has shown resilience, supported by substantial investments in artificial intelligence within the United States and China, leading the International Monetary Fund (IMF) to project global growth at 3.0% for July 2026.

    Strong Real Sector Growth and Credit Expansion

    On the domestic front, the central bank painted a picture of robust economic momentum, driven by strong growth in the services and industry sectors. Real GDP expanded by 6.4% in the first quarter of 2026, up from 6.2% recorded in the corresponding quarter of 2025.

    Furthermore, the Bank’s Composite Index of Economic Activity (CIEA) recorded a year-on-year growth of 13.4% in May 2026, compared to 4.4% in May 2025. This expansion was further bolstered by significant easing in credit conditions across the banking sector. The benchmark 91-day Treasury bill yield dropped to 5.3% in June 2026 from 14.7% a year earlier, while average commercial bank lending rates fell to 15.6% from 27.0%.

    In response to cheaper borrowing costs, private sector credit growth expanded sharply by 41.2% year-on-year in June 2026 (34.1% in real terms), compared to 8.6% recorded in June 2025.

    “The latest confidence surveys conducted in June 2026 showed positive consumer and business sentiments, supported by optimism about growth prospects, subdued inflation, and declining lending rates,” the committee noted.

     

    Inflation Uptick Driven by Base Effects and Transport Costs

    Headline inflation saw a moderate uptick, rising to 5.3% in June 2026 from 3.7% in May 2026, driven by higher food (3.9%) and non-food (6.3%) prices following temporary hikes in transport fares and base effects. However, the MPC emphasized that inflation remains well below the lower bound of the central bank’s medium-term target band (8\% \pm 2\%).

    “The July forecast remains broadly unchanged from the previous MPC round, with headline inflation projected to rise gradually into the target band,” the MPC stated. “Potential upward adjustment in utility tariffs, together with escalating geopolitical tensions in the Middle East and the associated increase in crude oil prices, present upside risks to the inflation outlook.”

     

    Robust External Sector and Banking Solvency

    Ghana’s external position remained firm, supported by high export earnings from cocoa and gold. The trade surplus widened significantly to $8.8 billion in the first half of 2026, up from $5.8 billion in the same period in 2025, while the current account surplus rose to $5.1 billion.

    Gross International Reserves stood at $12.9 billion at the end of June 2026 equivalent to 5.0 months of import cover providing an adequate buffer against external shocks despite higher energy import costs. On the currency market, the Ghana Cedi experienced a year-to-date depreciation of 9.5% against the US dollar as of July 17, 2026, after facing demand pressures in May.

    The banking sector also demonstrated strength, with total industry assets expanding by 30.7% to GH¢502.4 billion, while the Capital Adequacy Ratio (CAR) doubled to 20.4% from 10.6% in June 2025. Non-performing loans (NPLs) improved, declining to 16.1% from 23.1% over the same period.

    Unanimous Stance to Hold Rate

    In concluding its deliberations, the committee determined that maintaining the policy rate at 14.0% balances the need to anchor inflation expectations while supporting ongoing recovery in the real sector.

    “Given these considerations, the committee, by a unanimous decision, maintained the monetary policy rate at 14.0%,” the central bank announced. “The committee judged that the current policy stance remains appropriate to guide inflation into the medium-term target band while allowing time to assess the evolving geopolitical developments and their potential impact on the domestic economy.”

     

    The next regular meeting of the Monetary Policy Committee is scheduled for September 22 to 24, 2026, where the central bank will re-evaluate its stance based on new economic data.

     

  • BoG to sell remaining ADB and NIB shares, clamp down on currency abuse

    BoG to sell remaining ADB and NIB shares, clamp down on currency abuse

    By Adnan Adams Mohammed

     

    The Bank of Ghana (BoG) has taken a decisive stance to fully divest its residual holdings in commercial banks, including the Agricultural Development Bank (ADB) and National Investment Bank (NIB), reinforcing its primary mandate as an independent industry regulator.

    Addressing journalists and media executives during an interactive session following the Monetary Policy Committee (MPC) meetings, the Governor of the Bank of Ghana outlined major policy updates covering state divestments, climate-risk banking frameworks, currency enforcement, and monetary policy dynamics.

    Exit from Commercial Banking Ownership

    Clarifying the central bank’s strategy regarding state-owned and commercial financial institutions, the Governor confirmed that the BoG Board has formally resolved to sell off its remaining equity stakes in ADB and NIB.

    “We still have some residual shares about 13% in ADB. The Bank of Ghana Board has taken the decision that we should dispose of that shareholding, and with time, later this year, that will be done,” the Governor stated. “In NIB, we have just around 1% shareholding. That will also be disposed of. Bank of Ghana certainly will get out of the space. We are a regulator and will continue to be a regulator in that regard.”

     

    Discipline, Consensus, and Interest Rate Trajectory

    On monetary policy voting mechanics and the committee’s decision-making process, the Governor clarified that recent policy holds stem from exhaustive risk assessments by all seven MPC members balancing global economic shocks against domestic recovery.

    “Talking about inflation and growth, it is the balance of those two types of factors and where they are tilting towards that informs the decision,” the Governor explained. “There are seven of us. Since last year, we’ve moved on to not just a consensus, but towards a majority decision. So the decision is based on what the majority decides, and that becomes binding on everybody.”

     

    Reaffirming the central bank’s broader long-term objective regarding credit accessibility, the Governor expressed optimism that borrowing costs will decline once current external pressures clear.

    “Lower interest rates are good for everyone. Private sector people can borrow lower. We are still committed to that; we want to see businesses access cheaper funding so they can expand and create jobs,” the Governor assured. “When these global shocks edge out, we will see a return to that lower interest trend.”

     

    Climate Risks, Unclaimed Balances, and Local Sentiment

    Addressing concerns over environmental sustainability, the central bank emphasized that recent severe flooding across parts of the country underscores the necessity of integrating climate risks into corporate lending decision-making. Commercial banks face a compliance timeline running through 2027 to implement these green framework guidelines.

    “The experience with recent flooding proves that we need to take these risks seriously going forward,” the Governor stressed. “We will do that as a central bank to make sure that credit decisions made by commercial banks always integrate environmental concerns.”

     

    Regarding recent shifts in consumer and business confidence surveys, the Governor described the shift as marginal and largely reflective of wider global financial instability, while encouraging formal legal applications for official inquiries into unclaimed bank balances.

    Crackdown on Coin Rejections and Currency “Spraying”

    Addressing public reports regarding traders and individuals refusing legal tender coins, as well as the mishandling of paper currency at public functions, the Governor issued a firm warning on upcoming enforcement drives.

    “The notes and coins we issue are legal tender for the payment of goods and services. So long as these are genuine notes and coins from the Bank of Ghana, they should be accepted,” the Governor affirmed.

     

    The central bank chief further announced an immediate halt to public currency abuse, specifically targeting money “spraying” and currency bouquets at celebrations.

    “One practice we want to discourage is those who spray notes at functions. We are going to make sure that practice is stopped immediately,” the Governor declared. “Notice has been issued, and we are going to ensure that we enforce that practice is discontinued.”

     

  • Growing Beyond Stabilisation: Ghana’s new economic agenda as expected in mid-year budget

    Growing Beyond Stabilisation: Ghana’s new economic agenda as expected in mid-year budget

    By Adnan Adams Mohammed

     

    In what is being positioned as a decisive turning point for Ghana’s economy, the Minister for Finance, Dr. Cassiel Ato Forson, is scheduled to present the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, 2026.

    The presentation will mark a major shift in the economic management of the Mahama administration. Following months of strict fiscal consolidation, the government is ready to transition from defensive stabilisation measures to an aggressive, productivity-driven growth strategy designed to directly impact jobs and standard of living.

    Locking in the Gains of the Economic “Reset”

    The mid-year review is presented in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), comes on the heels of better-than-expected macroeconomic performance in the first half of the year. Inflation has continued a steady downward trajectory, food inflation has plunged significantly, and the standard VAT rate reduction from 21.9% to a flat 20% has provided breathing room for local markets.

    Speaking ahead of the presentation, a senior economic analyst at the Ministry of Finance explained that the initial stabilization groundwork has been fully laid:

    “The era of stopping the economic bleeding is behind us. Having achieved a highly predictable macroeconomic environment in the first half of the year, Dr. Ato Forson’s presentation on July 23 will focus on unlocking the country’s productive capacity. This is about pivoting from basic stability to visible, tangible expansion.”

     

    What Is on the Horizon?

    The mid-year review is expected to offer crucial updates on several key policy initiatives, including:

    ● The IMF Transition: The planned transition from the IMF’s Extended Credit Facility (ECF) to the Policy Coordination Instrument (PCI).

    ● Debt Restructuring: Progress on external debt negotiations and updated debt sustainability metrics.

    ● Strategic Investments: Funding updates for major pillars like the “24-Hour Economy” and “Big Push” infrastructure projects.

    Lawmakers in Parliament are anticipating a highly detailed presentation. Reflecting on the significance of the July 23 sitting, a member of the parliamentary Finance Committee observed:

    “The business community is looking for policy predictability. We want to see how the fiscal discipline of the last six months translates into structural support for local industries and small enterprises. The Minister has been very disciplined with public spending, and now we want to see the blueprint for accelerated growth.”

     

    A Discipline-First Growth Framework

    Despite the shift toward expansion, Ministry officials maintain that the transition will not trigger reckless public spending. The government remains legally anchored to a strict target of a 1.5% primary surplus, a cap reinforced by the newly established independent Value for Money Office.

    Dr. Ato Forson has previously defended this dual approach of holding the line on discipline while pursuing development, stating:

    “Macroeconomic stability is not an end in itself; it is the foundation upon which we build jobs, attract investments, and drive industrialisation. But as we pivot to growth, our commitment to keeping the integrity of public finances sacred remains absolute.”

     

    With consultations with Cabinet concluding this week, all eyes will be on the floor of Parliament next Thursday as Dr. Ato Forson outlines the financial roadmap for the rest of the fiscal year.

     

  • Edudzi hails energy sector pioneers at 2026 Ghana Downstream Awards

    Edudzi hails energy sector pioneers at 2026 Ghana Downstream Awards

    The National Petroleum Authority (NPA) Chief Executive, Mr. Godwin Kudzo Tameklo Esq., has issued a resounding praise for the trailblazers of the country’s energy sector, describing the nominees and winners of the 2026 Ghana Downstream Awards as the essential catalysts driving the nation’s petroleum industry toward a sustainable future.

    Speaking at the prestigious second edition of the Ghana Downstream Awards and Gala Night held on Saturday, Mr. Tameklo emphasized that the collective efforts of the industry players are what keep the nation’s energy sector moving forward.

    “Every nominee and award recipient represents the progress and professionalism driving our industry forward,” Mr. Tameklo stated, addressing a gathering of industry captains, regulators, and stakeholders.

     

    A Vision Built on Innovation

    The NPA Boss highlighted that the sector must look toward modern solutions and strategic partnerships to navigate the evolving global energy landscape. He maintained that maintaining high standards is non-negotiable for future success.

    “The future of Ghana’s downstream petroleum industry will be built on innovation, collaboration and unwavering commitment to excellence,” he added.

    Fueling National Development

    Beyond corporate success, Mr. Tameklo stressed that the downstream petroleum sector remains a critical backbone of the Ghanaian economy. He urged players to maintain high operational standards, noting that the country’s broader economic health relies heavily on their efficiency.

    “A strong downstream petroleum industry is fundamental to Ghana’s economic growth and national development,” the NPA Chief Executive stressed, reaffirming the regulator’s commitment to creating an enabling environment for compliant businesses to thrive.

    The Ghana Downstream Awards and Gala Night has fast become the premier platform for recognizing excellence, innovation, and compliance among operators in the country’s petroleum downstream sector.