Ghana Business News

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International Oil Surge Driven by US-Iran Conflict Triggers Fuel Price Hikes Across Ghana
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International Oil Surge Driven by US-Iran Conflict Triggers Fuel Price Hikes Across Ghana

Global oil prices have surged as Brent crude climbed to $95.40 and West Texas Intermediate rose to $90.66, fueled by escalating military tensions between the United States and Iran. Following a series of airstrikes and retaliatory threats, market analysts warn of significant disruptions to supply routes through the critical Strait of Hormuz, a vital global shipping artery. This geopolitical instability, coupled with a 2.6 million-barrel drop in U.S. crude inventories, has forced international markets to price in a risk premium for a potentially prolonged conflict, driving up the cost of refined products globally. In Ghana, the opening of the September pricing window has seen mixed responses from Oil Marketing Companies (OMCs) as they navigate these international pressures. While market leader GOIL and Shell have chosen to maintain their prices—keeping petrol at GH•15.43 and diesel at GH•17.26 to provide consumer relief—others have implemented upward adjustments. Star Oil increased its diesel price to GH•17.26 and petrol to GH•15.43, while TotalEnergies raised its petrol price to GH•16.18. These shifts occur alongside the National Petroleum Authority (NPA) setting revised price floors of GH•14.53 for petrol and GH•15.60 for diesel. The price fluctuations have sparked significant concern among residents and commercial drivers in Keta and other parts of the Volta Region. With petrol projected to rise by approximately five percent to roughly GH•16.21 per litre and diesel potentially reaching GH•17.60, local commuters fear a subsequent spike in transport fares. Commercial drivers, such as Raphael Gemegah, noted that household budgets are already strained by the rising costs of spare parts and general living expenses. While the Ghana Private Road Transport Union (GPRTU) is yet to announce formal fare adjustments, the atmosphere remains one of anxiety over the cascading impact on food prices and general household stability. Economic analysts point out that the recent appreciation of the Ghana cedi against the U.S. dollar has been insufficient to offset the rapid rise in global crude costs. Although the government has extended a GH•2 per litre reduction on diesel to mitigate the burden on consumers, residents are calling for further intervention to stabilize the local economy. As the geopolitical situation in the Middle East remains volatile, Ghanaian consumers face an uncertain outlook regarding energy costs, with the Chamber of Oil Marketing Companies suggesting that further increases may be inevitable if international market conditions do not stabilize.

World Bank Commends Ghana’s Historic Disinflation as Lending Rates Plunge to 15.6% Under BoG’s Easing Cycle
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World Bank Commends Ghana’s Historic Disinflation as Lending Rates Plunge to 15.6% Under BoG’s Easing Cycle

The World Bank has lauded Ghana’s economic turnaround, describing the country’s recent disinflation as one of the most dramatic in global history. Under the leadership of President John Mahama and Bank of Ghana (BoG) Governor Dr. Johnson Pandit Asiama, the nation has moved from severe debt distress toward fiscal discipline. Key indicators show a significant easing of financial conditions, with real GDP growth reaching 6.4% in the first quarter of 2026, signaling a robust recovery. This growth has been supported by a strategic rebalancing of gold reserves, which the World Bank credits for strengthening the country’s foreign reserve buffers and enhancing economic resilience. A cornerstone of this recovery is the sharp decline in borrowing costs across the banking sector. According to the World Bank’s 10th Ghana Economic Update, average bank lending rates plummeted from 27.0% in June 2025 to 15.6% by June 2026. This shift was facilitated by the BoG’s aggressive monetary easing, which saw the Monetary Policy Rate slashed from 28% to 14% over a twelve-month period ending in March 2026. Further relief for the private sector came as the Ghana Reference Rate (GRR) fell to 10.18% in September 2026, down from 23.8% a year prior. These adjustments are now actively reaching businesses and households, with some borrowers securing competitive loan rates as low as 11% to 12.5%. The inflationary environment has also seen a radical shift, though recent data suggests emerging pressures. After headline inflation crashed from 23.2% in February 2025 to a low of 3.2% in March 2026, the rate experienced a marginal uptick to 5.0% in August 2026. The Ghana Statistical Service identifies non-food items and services, including housing and transport, as primary drivers of this recent increase. Notably, fresh tomato prices surged by 458.3%, highlighting the impact of domestic supply costs on the consumer price index. Despite this minor rise, the current rate remains significantly lower than the double-digit figures recorded in 2024, supported by a cedi that saw a 28% real effective appreciation in 2025 due to central bank interventions. On the fiscal front, the government is making strides in debt management and reserve building. The BoG’s domestic gold purchase program has been praised for providing macroeconomic value, with experts justifying the program's costs as a necessary investment for stability. Additionally, the government successfully disbursed GH"10.82 billion to Domestic Debt Exchange Programme (DDEP) bondholders in late 2026, bringing total payments since 2025 to GH"41.36 billion. While total revenue for the first half of 2026 reached GH"99.388 billion—falling approximately 10% below target—expenditure was also kept 24.9% below programmed levels, reflecting a cautious and disciplined fiscal stance. Looking forward, the World Bank and local analysts emphasize the need to maintain policy credibility to protect these hard-won gains. While the cedi faced a temporary 8.1% depreciation in mid-2026 due to energy sector demand, the narrowing premium between official and parallel market rates suggests improved transparency. Investors are now being encouraged to diversify into productive sectors such as agribusiness, healthcare, and infrastructure rather than relying solely on government securities. As Ghana consolidates its recovery, the central challenge for policymakers will be balancing growth-oriented monetary easing with the need to contain volatile food and energy costs.

AFP via Getty Images A worker makes clothes at a garment factory that supplies Shein. She is surrounded by piles of clothes stacked on blue shelves.
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Telecel Ghana Launches SME Month Amid Strategic Financial Shifts and Port Cost Controversies

Ghana’s business landscape is undergoing a period of significant activity, led by the launch of Telecel Ghana’s 2026 SME Month campaign and the hosting of the GEF Global Business Forum in Accra. The forum, which gathered international leaders under the theme "The World We Help to Create," featured insights from Sir Sam E. Jonah, who emphasized that the private sector must take the lead in absorbing Africa’s expanding workforce as government capacity remains limited. Complementing this vision, Telecel Ghana’s "Connect to Growth; Unlock More" initiative is spending the month of September providing small and medium enterprises (SMEs) with digital tools, training, and mentorship. This includes the "Train to Scale Up" program and a focus on digital literacy for women in the Oti Region, aimed at fostering a culture of digital adoption and sustainable business growth across the country. In the financial sector, institutions are introducing innovative products and reporting positive economic indicators. First National Bank Ghana has launched new Investment Gift Cards in denominations up to GHS 10,000 to promote a culture of saving, alongside a financial literacy program tailored for Persons with Disabilities (PWDs) in partnership with the Ghana Federation of Disability Organisations. Meanwhile, Fidelity Bank’s Debt Capital Markets Conference highlighted a promising recovery for the Ghanaian economy, citing a 6.4% real GDP growth in the first quarter of 2026 and a drastic reduction in inflation from 54.1% to 4.6%. These developments are part of a broader effort to transform macroeconomic stability into long-term capital for private-sector investment. Despite these gains, the trading community is pushing back against new operational hurdles. David Amoateng, President of the Traders Advocacy Group Ghana (TAGG), has strongly criticized a GH‵720 increase in port administrative charges, warning that these excessive costs will eventually be passed on to consumers. Concurrently, the Communication for Development and Advocacy Consult (CDA Consult) is rolling out a "Verify Before You Buy" campaign to protect consumers from counterfeit goods. In a unique move to address food security and operational costs, the Ghana Immigration Service (GIS) has announced a partnership with Agri-Impact to venture into commercial agriculture, utilizing its own land holdings to produce cereals, livestock, and poultry. On the global stage, major corporations are facing legal and structural challenges that resonate with Ghanaian market analysts. Amazon is currently defending itself against a massive lawsuit from the US Federal Trade Commission and 22 states, alleging the retail giant manipulated ad pricing to generate $20 billion in profit at the expense of over a million advertisers. In the technology sector, the battle for the Twitter brand continues as former Twitter lawyer Stephen Coates launched "Twitter.now," a platform designed to revive the original blue bird identity while challenging Elon Musk’s "X" trademarks. Additionally, the fast-fashion titan Shein has debuted on the Hong Kong stock market with a valuation of approximately $26.3 billion, navigating scrutiny over its labor and environmental practices. Corporate social responsibility also remains a central pillar of Ghanaian business operations. The Faith Group of Companies recently inaugurated new boreholes and a 102-room student hostel in Tamale, while MTN Ghana donated GH‵20,000 and supplies to the Dagbon Traditional Council for the Damba Festival. In the capital, Afro-Arab Properties has commenced work on a 30-unit affordable housing project in Accra named after broadcaster Blakk Rasta, offering interest-free payment plans. These diverse initiatives—ranging from high-stakes international litigation to localized community development—underscore a dynamic and complex environment for businesses operating in and with Ghana.

Leadership Shifts and International Appointments Mark New Chapter for Ghana’s Business and Entrepreneurship Sectors
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Leadership Shifts and International Appointments Mark New Chapter for Ghana’s Business and Entrepreneurship Sectors

Ghana’s corporate and entrepreneurial landscape is undergoing a significant transformation as major institutions announce key leadership changes and high-profile international appointments. At the forefront of these domestic shifts is Japan Motors Trading Company Limited (JMTC), which has appointed Amine Kabbara as its new Managing Director. Kabbara, who previously served as the General Manager for Sales and Marketing, succeeds Salem Kalmoni, who has transitioned to the role of Group Chief Executive Officer for the Japan Motors Network. With over 16 years of experience in market analysis and sales strategy, Kabbara is expected to leverage his deep understanding of the Ghanaian automotive market to enhance the company’s competitiveness across the West African sub-region. In the entrepreneurial sector, the Ghana Chamber of Young Entrepreneurs (GCYE) is also entering a new era following the resignation of its founding CEO, Sherif Ghali. After a decade of leadership, during which he grew the chamber from 15 members in 2015 to over 19,000 today, Ghali is stepping down to focus on the Ghana Youth Federation. Under his tenure, the GCYE became a pivotal advocate for tax waivers and funding for young business owners. Agnes Anyawen has been named as his successor, while Ghali will remain in an advisory capacity to continue supporting the broader entrepreneurial ecosystem through investment and policy advocacy. On the global stage, Ghanaian professional excellence continues to gain recognition with the appointment of Opoku Sanaa as the Head of Sales for the Middle East and Africa at Roland Europe Group. Effective September 2026, the musician and seasoned business executive will oversee commercial strategy and sales operations for the international music technology giant. Sanaa brings nearly two decades of international experience from roles at Yamaha and Isuzu, holding an MBA from the University of Leicester. His move to Roland Europe Group highlights the growing trend of Ghanaian talent occupying top-tier executive positions in multinational corporations. Meanwhile, in the realm of international sports business and finance, venture capitalist Joshua Kushner has expressed regret over his involvement in a failed proposal to sell stakes in the FIFA World Cup. Kushner acknowledged that he underestimated the political complexities of global football governance while attempting to launch the FIFA Forward Enterprise (FFE). Although the plan aimed to increase investment equity among FIFA’s 211 member associations, it faced significant backlash and legal scrutiny from UEFA. These diverse developments—ranging from local automotive leadership to international sales and sports finance—underscore a dynamic period of transition and growth for Ghanaian professionals and the broader business community.

Perseus Mining Pays GH’391m Dividend as Ghana’s Financial Sector Reports Strong Growth and Digital Expansion
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Perseus Mining Pays GH’391m Dividend as Ghana’s Financial Sector Reports Strong Growth and Digital Expansion

Ghana’s corporate landscape is witnessing a period of robust growth and increased state contributions, highlighted by a significant dividend from the mining sector and record profits from community financial institutions. Minister of Finance Dr. Cassiel Ato Forson announced that the government has received a GH¢391.2 million (US$35 million) dividend from Perseus Mining (Ghana) Limited, representing a massive increase from the US$5 million paid the previous year. This surge in revenue is attributed to the company’s improved profitability and the implementation of a new sliding-scale royalty system, which ensures the state benefits more equitably when mining firms earn higher profits from natural resources. In the banking sector, local institutions are reporting exceptional performance metrics for the 2025 financial year. Manya Krobo Community Bank PLC saw its profit after tax soar by 131% to GH¢9.3 million, driven by a 45% increase in net operating income. Despite rising operational costs and investments in human capital, the bank’s total assets grew to GH¢335.1 million. Looking toward future expansion, CEO Godfred Asante Hanson detailed plans for a new banking complex in Accra as part of a three-year strategic plan. Simultaneously, Amantin/Kasei Community Bank has earmarked GH¢21.19 million to support agribusiness growth in the Bono East region, targeting loans for 1,000 local businesses in 2026. The non-bank financial and pensions sectors are also evolving with a focus on digitalization and sustainability. Bayport Ghana’s 2025 ESG Annual Report revealed a 27.4% rise in gross revenue to GH¢541.7 million, with an impressive 99.73% of loan originations now occurring digitally. The firm also reported high levels of gender diversity and substantial tax contributions of GH¢55 million. Meanwhile, Axis Pension Trust, which manages over GH¢600 million for 70,000 contributors, has reaffirmed its commitment to long-term value over short-term gains. CEO Afriyie Oware emphasized that the trust is prioritizing capital preservation and AI-powered digital administration to enhance member convenience. These collective developments reflect a broader trend of modernization and fiscal responsibility across Ghana’s business environment. From the extractive sector’s increased contributions to the national treasury to the community banks’ focus on rural agribusiness and digital transformation, Ghanaian enterprises are leveraging profitability to drive economic stability. The integration of Environmental, Social, and Governance (ESG) principles and advanced technology suggests that these institutions are building a more resilient and transparent framework for future growth.

Ghana Enterprises Agency and Chief of Staff Julius Debrah Align Strategic Investments with 24-Hour Economy Goals
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Ghana Enterprises Agency and Chief of Staff Julius Debrah Align Strategic Investments with 24-Hour Economy Goals

Chief of Staff Dr. Julius Debrah and the Ghana Enterprises Agency (GEA) are spearheading a coordinated effort to transform Ghana’s business landscape through strategic investments and a robust framework for Micro, Small, and Medium Enterprises (MSMEs). Speaking on the government's behalf, Dr. Debrah recently challenged the Greenhouse Group to ensure its large-scale agricultural, forestry, and livestock investments translate into tangible jobs and skill development for Ghanaians. This push is central to President John Dramani Mahama’s 24-Hour Economy vision, which seeks to maximize productivity and value addition through processing and logistics. Concurrently, the GEA has launched intensive stakeholder engagements to finalize its 2026–2030 Strategic Plan, themed "Aligning Development Partnerships for Sustainable MSME Growth and Economic Transformation." GEA Chief Executive Margaret Ansei emphasized that the agency’s future roadmap focuses on enhancing enterprise competitiveness, digital transformation, and access to finance. This strategic shift comes at a critical time for Ghana’s MSME sector, which accounts for 80% of the national workforce and contributes significantly to the GDP, yet faces a daunting US$4.8 billion financing gap. Industry analysts have pointed out that while micro-enterprises often receive significant attention, the "missing middle"—medium-sized enterprises—requires more targeted support to drive the nation’s industrialization. The GEA’s upcoming plan aims to address these structural imbalances by fostering inclusive entrepreneurship and improving the long-term durability of Ghanaian businesses. Parallel to these government-led initiatives, the Ghana Venture Capital and Private Equity Association (GVCA) is advocating for a shift in the domestic investment culture. GVCA CEO Amma Gyampo recently urged institutional investors, particularly pension funds, to look beyond traditional government securities and explore private equity and venture capital opportunities. By diversifying portfolios into growth-stage SMEs within sectors like agribusiness and healthcare, institutional capital can play a decisive role in job creation and long-term economic expansion. This mobilization of domestic capital is seen as essential for reducing the reliance on external funding and building a resilient private market ecosystem. The service sector is also poised for significant expansion following the 24-Hour Economy Authority’s endorsement of the Business Outsourcing Services Association Ghana (BOSAG). A proposed service-export initiative known as "SERVE24" aims to position Ghana as a global outsourcing hub, leveraging the country’s political stability and English-speaking workforce to create an estimated 100,000 jobs. Combined with the Greenhouse Group’s modern agricultural projects, these initiatives represent a multi-sectoral approach to economic modernization. As the GEA refines its 2030 vision, the synergy between private capital diversification, outsourcing exports, and agricultural value addition is expected to define the next phase of Ghana’s economic development.

Ghana’s Economic Recovery Gains Momentum with Strong Q1 Growth, Trade Surplus, and Cedi Stability
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Ghana’s Economic Recovery Gains Momentum with Strong Q1 Growth, Trade Surplus, and Cedi Stability

Ghana’s economic landscape in early 2026 is characterized by robust recovery markers, headlined by a 6.4% real GDP growth in the first quarter and a significant GH¢46.1 billion merchandise trade surplus. Following the implementation of the Domestic Debt Exchange Programme (DDEP), the government has demonstrated fiscal commitment by recently disbursing GH¢10.82 billion to bondholders, bringing total payments since 2025 to GH¢41.36 billion. This period of renewed fiscal discipline coincides with a sharp drop in inflation, which reached 4.6% by July 2026, signaling a return to relative price stability under the current administration of President John Mahama. Central to this stability is the performance of the Ghana cedi, which analysts project will trade within a range of GH¢10.95 to GH¢11.76 against the US dollar through September. The Bank of Ghana (BoG) has played a pivotal role in curbing volatility, injecting approximately US$912 million into the market in August alone. As of September 1, interbank rates stood at GH¢11.26 for selling, while forex bureau rates remained slightly higher at GH¢12.20. While the cedi experienced a 2.67% depreciation in August, its year-to-date loss improved significantly to 6.89%, down from over 10% in July. The BoG is expected to further increase its foreign exchange support to manage rising seasonal import demands as the festive season approaches. Ghana’s trade performance remains a cornerstone of its recovery, with exports reaching GH¢110.3 billion against imports of GH¢64.2 billion in Q1 2026. Gold remains the dominant driver, generating GH¢63.7 billion, followed by cocoa beans at GH¢12.9 billion. On the governance front, the Ministry of Finance reported a major success in public financial management, with financial irregularities across audited sectors falling by 62.9% to GH¢7.69 billion in 2025. This reduction surpassed the government’s target of 50%, highlighting strengthened accountability across ministries, local assemblies, and public boards. Beyond Ghana's borders, the West African sub-region shows varied economic trajectories. Nigeria’s economy expanded by 4.43% in Q2 2026, driven by a surge in oil production to 1.72 million barrels per day, though it remains short of President Bola Tinubu’s 7% growth target ahead of their 2027 elections. Meanwhile, Senegal has secured a staff-level agreement with the IMF for a new $2.2 billion loan program to support economic reforms through 2029, following the discovery of previously unreported debt that had reached 132 percent of its GDP. While these indicators point toward a stabilized Ghanaian economy, experts emphasize that long-term success hinges on diversifying the investment base. Investors are being urged to pivot toward agribusiness, healthcare, and infrastructure rather than relying solely on traditional government securities. Addressing structural weaknesses—such as the "real term" trade deficit and a narrow export market base currently reliant on India and Switzerland—will be essential to insulating the economy from future external shocks and ensuring sustainable growth.

Ghana's Digital Economy Surges as Mobile Money Hits GH¢4.54 Trillion and Regulators Embrace Virtual Asset Innovation
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Ghana's Digital Economy Surges as Mobile Money Hits GH¢4.54 Trillion and Regulators Embrace Virtual Asset Innovation

Ghana’s financial landscape underwent a profound transformation in 2025, characterized by a massive surge in digital transaction values and a strategic pivot toward virtual asset regulation. According to the Bank of Ghana’s (BoG) 2025 Payment Systems Oversight Annual Report, the total value of Ghana Interbank System (GIS) transactions jumped to GH9.45 trillion, up significantly from GH6.13 trillion in 2024. This growth was fueled by a 50.8% increase in mobile money transaction values, which reached GH4.54 trillion, and an 80.7% surge in internet banking transactions totaling GH383.82 billion. These figures underscore a decisive shift away from cash and paper-based instruments toward a more dynamic, digital-first payment ecosystem. The decline of traditional banking tools highlights this transition, with the volume of interbank cheque transactions falling by 4.8% and the number of active debit cards decreasing by 11.8% to 5.7 million. Conversely, credit card issuance grew by 4.8%, and the number of active mobile money customers rose to 26.7 million. Infrastructure is also evolving to meet changing consumer habits; while the number of ATMs saw a slight 0.5% dip as banks decommissioned machines for operational efficiency, Point of Sale (POS) terminals increased by 16.2% to 18,117. The Central Bank attributes these trends to technological innovation and a growing public confidence in cashless services, supported by a rebound in active mobile money agents, which now number nearly half a million following a network clean-up in 2024. Parallel to these volume increases, Ghanaian regulators are aggressively building a framework for the future of virtual assets. Universal Merchant Bank (UMB) has made history as the first bank in Ghana to receive joint approval from the BoG and the Securities and Exchange Commission (SEC) to offer virtual accounts to businesses within the virtual asset ecosystem. This move is designed to integrate emerging tech companies and fintechs into the formal financial system securely. Similarly, One Africa Securities Limited has secured a landmark dual admission into both the BoG’s and the SEC’s regulatory sandboxes. This allow the firm to explore asset tokenisation and bonds within a controlled environment, paving the way for the September 2026 launch of ChainOA, a digital investment platform intended to broaden market access for millions of Africans. These developments signal a new era for Ghana’s financial sector, where innovation and regulation work in tandem to foster inclusion and stability. The move toward virtual asset sandboxes and virtual banking accounts reflects a forward-thinking approach by the BoG and SEC to minimize market friction while protecting investors. As digital payment methods continue to outpace traditional banking, the focus remains on enhancing the resilience of the mobile money ecosystem and expanding the reach of tokenised financial products. With these foundations in place, Ghana is positioning itself as a regional leader in the evolving global digital economy.

President John Dramani Mahama being conducted around the facility by Alhaji Nurideen Mohammed (left), CEO, Northshore Apparel Hub
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President Mahama Drives Industrial Expansion with Northshore Apparel Launch and $270m Poultry Investment

President John Dramani Mahama has inaugurated the Northshore Apparel Hub in Savelugu, marking a significant milestone in Ghana's industrialization agenda. As the nation's first regenerative, zero-waste manufacturing facility, the hub is a cornerstone of the government's 24-Hour Economy Programme. Currently operating around the clock, the facility has already generated over 2,300 direct jobs and is projected to employ 10,000 people at full capacity. Funded through a partnership between GEXIM, KfW, and the ADB, the hub aims to position Ghana as a competitive player in the global garment market while curbing rural-urban migration by providing sustainable employment in the Northern Region. Parallel to the textile expansion, the 24-Hour Economy and Accelerated Export Development Secretariat (24H+) has secured a landmark US$270 million investment for the National Poultry Transformation Programme. The agreement, signed with partners including UK-based Agrium Capital, Petra Trust, and Ghana EXIM Bank, represents the largest UK agrifood investment in Ghana to date. This initiative is designed to create 12,000 direct jobs and develop an integrated poultry value chain capable of producing up to 50,000 tonnes of processed broiler products annually. By boosting domestic production, the government seeks to drastically reduce the US$400 million currently spent each year on poultry imports, retaining that capital within the local economy. The industrial push extends to the Central Region, where Trade Minister Elizabeth Ofosu-Adjare recently inspected the site for a new garment factory in Cape Coast. Following President Mahama’s commitment to establish textile facilities across multiple regions, the Cape Coast project is expected to become operational within the next two months. This expansion is part of a broader strategy to utilize accessible locations for youth employment and industrial growth, mirroring the success of the Savelugu hub. Local community leaders and traditional authorities have expressed strong support for these projects, citing their potential to revitalize local infrastructure and empower the youth. To ensure the long-term viability of these investments, President Mahama has announced plans to amend national procurement policies to prioritize locally manufactured goods. This policy shift is intended to guarantee a domestic market for the increased output from new factories and poultry farms. Presidential Adviser Augustus Goosie Tanoh emphasized that these initiatives, coupled with the development of an air cargo hub at Tamale International Airport and new agricultural corridors, are essential for transforming Ghana into an export-led economy. These integrated efforts signal a robust commitment to reducing unemployment and achieving food security through strategic international partnerships and aggressive local industrialization.

Ghanaian Fuel Prices Projected to Rise from September 1 Amid Escalating US-Iran Tensions and Global Supply Risks
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Ghanaian Fuel Prices Projected to Rise from September 1 Amid Escalating US-Iran Tensions and Global Supply Risks

The Chamber of Oil Marketing Companies (COMAC) has announced an anticipated increase in fuel prices across Ghana effective September 1, 2026, driven primarily by rising international crude oil costs. According to the Chamber's latest Outlook Report, petrol prices are projected to rise by approximately 4.80%, reaching an average of GH¢16.39 per litre, while diesel is expected to see a 2.10% increase to GH¢17.60 per litre. Conversely, consumers of Liquefied Petroleum Gas (LPG) may see a slight reprieve, with prices forecasted to decrease by 0.93% to roughly GH¢13.73 per kilogramme. The National Petroleum Authority (NPA) has responded by setting new price floors for the September pricing window, established at GH¢14.53 for petrol and GH¢15.60 for diesel. The domestic price hike is a direct consequence of a surge in global energy markets, where average crude oil prices rose by 1.75% to US$92.11 per barrel. This volatility is largely attributed to escalating military and diplomatic tensions between the United States and Iran, which have raised significant fears of supply disruptions through the crucial Strait of Hormuz. Recent reports of drone attacks on US forces and oil tankers hitting sea mines have sent Brent crude futures climbing to $91.21 per barrel and West Texas Intermediate (WTI) to $86.28. These geopolitical risks have overshadowed a modest 3.64% appreciation of the Ghanaian cedi, which recently strengthened to GH¢11.3697 against the US dollar but remains insufficient to fully offset the rising costs of refined petroleum imports. To mitigate the impact on consumers, the Ghanaian government has announced it will extend the GH¢2 per litre reduction in the regulatory margin for diesel into the first half of September. Despite this intervention, individual Oil Marketing Companies (OMCs) have already begun adjusting their pumps. For instance, Star Oil has maintained its petrol price at GH¢14.97 per litre while increasing its diesel price to GH¢16.97. Industry experts note that while some of the nation’s 200 OMCs will implement changes immediately at 6:00 a.m. on September 1, others may delay adjustments to monitor competitive pricing and market share. The looming fuel price hike has already triggered concerns regarding the broader cost of living, particularly in the transport sector. The Concerned Drivers Association has hinted at a potential 30% increase in transport fares, arguing that drivers can no longer absorb the rising operational costs. As the September pricing window begins, the government and industry stakeholders continue to monitor the Middle East situation closely, as any further escalation in the Strait of Hormuz could lead to more sustained upward pressure on local pump prices and inflation throughout the month.

Governor Johnson Asiama Assures Safety and Inclusivity as Bank of Ghana Unveils Non-Interest Banking Framework
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Governor Johnson Asiama Assures Safety and Inclusivity as Bank of Ghana Unveils Non-Interest Banking Framework

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has moved to reassure the public and religious leaders that the proposed Non-Interest Banking and Finance (NIBF) framework will be governed by the same rigorous regulatory standards as conventional banking. During a series of stakeholder engagements held between August 31 and September 1, 2026, with the Ecumenical Community and other religious organizations, Dr. Asiama clarified that this financial model is designed to complement, rather than replace, traditional banking systems. The initiative seeks to expand financial access and diversity within Ghana’s financial sector while ensuring that all depositor funds remain secure under the central bank's oversight. Addressing concerns regarding the intersection of faith and finance, Dr. Asiama emphasized that the Bank of Ghana’s role is strictly institutional and regulatory. He stated that non-interest banking is not an attempt to introduce religious doctrine into the banking system but is a recognized financial model already permissible under the Banks and Specialised Deposit-Taking Institutions Act. To support this transition, the central bank has established the Non-Interest Financial Advisory Council (NIFAC). This five-member council will provide expert guidance on the regulation of non-interest products—which typically focus on profit-sharing and asset-backed transactions—without overriding the Bank of Ghana’s ultimate authority over financial administration. The framework aims to foster greater financial inclusion by providing alternative options for those who may have previously opted out of conventional interest-based systems. By linking finance directly to real economic activities and avoiding traditional interest payments, the central bank believes non-interest banking can significantly contribute to Ghana’s socio-economic development. The Governor highlighted that these services are intended for all Ghanaians regardless of their religious background, noting that such models are recognized globally for their commercial benefits and suitability for a wide array of financial needs. Moving forward, the Bank of Ghana has committed to a sustained campaign of public education and continuous dialogue with stakeholders to address lingering concerns and enhance understanding of the framework’s implications. Dr. Asiama reiterated that strict licensing and supervision will be mandatory for any institution seeking to offer non-interest products. By prioritizing transparency and ethical banking practices, the central bank aims to build a more inclusive financial sector that provides diverse choices for consumers while maintaining the overall stability of the national economy.

GoldBod Faces Scrutiny Over GH¢5.45 Billion Surplus as Ghana Mandates Local Gold Refining
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GoldBod Faces Scrutiny Over GH¢5.45 Billion Surplus as Ghana Mandates Local Gold Refining

The Ghana Gold Board (GoldBod) has come under intense financial scrutiny after reporting a surplus of GH¢5.45 billion for 2025. Dr. Mohammed Amin Adam, a Member of Parliament and former Finance Minister, has formally challenged the credibility of these figures, asserting that the reported surplus is fundamentally misleading. According to Dr. Amin Adam, approximately GH¢4.54 billion of the total amount was actually a government capital injection provided just before the close of the fiscal year. He argues that under standard accounting practices, this injection should be classified as capital rather than revenue, and has called for an immediate restatement of GoldBod’s financial statements to accurately reflect its trading performance. Dr. Amin Adam’s critique extends to the broader gold purchase program, which he claims has failed to deliver expected financial benefits for the country. Despite a 62.9% surge in international gold prices—rising from an average of US$2,395 to US$3,441 per ounce in 2025—Ghana reportedly incurred substantial losses. Dr. Amin Adam attributed these losses to unfavorable transaction costs, including significant discounts offered to foreign buyers, exchange-rate discrepancies, and high handling fees. He further questioned the logic of GoldBod reporting a surplus while its primary financing institution, the Bank of Ghana, faced significant losses linked to the same gold purchasing initiatives. In response to concerns regarding the financial burden of new industry mandates, GoldBod has clarified the funding structure for local gold refining. Media Relations Officer Prince Kwame Minkah emphasized that under the Ghana Gold Board Act, 2025 (Act 1140), the costs associated with refining gold to 99.99% purity will be borne by self-financing private aggregators and their foreign offtakers, not the state. This arrangement is designed to protect GoldBod’s revenue while ensuring the country captures the added economic value of domestic processing. Financial economist Dr. Peter Tekper supported the move toward local refining for its job creation potential but cautioned that policymakers must maintain strict cost controls to ensure these requirements do not eventually weigh on GoldBod’s profitability. Amidst these debates over accounting and costs, GoldBod is moving forward with aggressive foreign exchange targets to support the national economy. The institution aims to generate US$1.4 billion in foreign exchange by September 2026 through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). Under this financing model, proceeds will be split evenly, with US$700 million slated for commercial banks and US$700 million dedicated to bolstering the Bank of Ghana’s international reserves. While these targets are viewed as vital for currency stability, the ongoing disputes over financial transparency and transaction costs remain central to the discourse surrounding Ghana's gold sector management.