Monday, September 14

Business

Mahama swears in five-member Independent Fiscal Council
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Mahama swears in five-member Independent Fiscal Council

President John Dramani Mahama has sworn in a five-member Independent Fiscal Council with a mandate to strengthen fiscal discipline, improve public financial management and help restore confidence in Ghana’s economy. The Council was established under the Public Financial Management (Amendment) Act, 2025 (Act 1136) and was expected to play an independent role in scrutinising government expenditure and monitoring the country’s debt sustainability. The body was also expected to promote transparency and accountability in the management of public resources. Speaking at the swearing-in ceremony, President Mahama said fiscal responsibility went beyond simply complying with laws, stressing that it was a duty to both the present and future generations. “Fiscal responsibility must not be ...
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IFAD AND EQUITY GROUP KICK OFF US$200 MILLION MECHANISM TO MAKE CLIMATE ADAPTATION FINANCE REACH EAST AFRICA’S FARMERS
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IFAD AND EQUITY GROUP KICK OFF US$200 MILLION MECHANISM TO MAKE CLIMATE ADAPTATION FINANCE REACH EAST AFRICA’S FARMERS

Twelve-year blended finance mechanism to reach 260,000 smallholder producers and 500 rural enterprises across Kenya, Uganda, Tanzania and Rwanda, with Equity Group matching concessional capital from its own balance sheet. KIGALI, Rwanda, 4 September 2026 - Access to climate adaptation finance remains a significant challenge for smallholder farmers and rural businesses across Africa, with available capital often failing to reach those who need it most. To help bridge this financing and delivery gap, the International Fund for Agricultural Development (IFAD) and Equity Group today kicked off the Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) - a US$200 million, private sector-led mechanism built to close that gap for smallholder farmers and rural businesses across ...
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Government Pays GH¢10.8bn DDEP Coupon in Full and in Cash
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Government Pays GH¢10.8bn DDEP Coupon in Full and in Cash

The Government of Ghana has paid GH¢10.82 billion to bondholders under the Domestic Debt Exchange Programme (DDEP), marking the third coupon payment made fully in cash. The Ministry of Finance said GH¢10,816,840,318.26 was paid to bondholders in full and on schedule, bringing the total amount paid to DDEP bondholders since 2025 to GH¢41.36 billion. According to the government, the latest payment underscores its commitment to meeting its debt obligations and maintaining discipline in the management of the country’s public finances. The payment is also expected to boost investor confidence and strengthen Ghana’s standing in domestic and international financial markets following the country’s recent debt restructuring. Government said the timely settlement of the coupon would help...
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IMF approves final review of Ghana’s US$3bn bailout programme
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IMF approves final review of Ghana’s US$3bn bailout programme

The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, marking the successful completion of the country’s three-year economic recovery programme. The approval also unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing total disbursements under the programme to the full US$3 billion. A statement issued by the Government on Monday said the successful completion of the programme reflected the significant progress Ghana had made in restoring macroeconomic stability following the economic crisis of 2022, which necessitated the IMF-supported bailout programme launched in May 2023. It said the Government had maintained fiscal discipline, reduced infl...
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GCB Bank and PAPSS deepen partnership to accelerate Africa’s cross-border payments revolution
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GCB Bank and PAPSS deepen partnership to accelerate Africa’s cross-border payments revolution

PAPSS hails GCB Bank's leadership in transforming cross-border payments across Africa GCB Bank's leadership in advancing seamless cross-border payments across Africa has earned high praise from the Pan-African Payment and Settlement System (PAPSS), with the Bank being recognised as one of the platform's most strategic partners on the continent. The recognition came during a courtesy call by a PAPSS delegation to GCB Bank's Head Office in Accra, where both institutions reaffirmed their commitment to deepening financial integration and accelerating intra-African trade. The PAPSS delegation, led by Chief Executive Officer Mike Ogbalu III and accompanied by Chief Information Officer and Head of Operations Ositadinma Ugwu, commended GCB Bank for its support since the platform's incepti...
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Ato Forson Defends Government Spending, Details Billions Disbursed Across Key Sectors
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Ato Forson Defends Government Spending, Details Billions Disbursed Across Key Sectors

Finance Minister Dr. Cassiel Ato Forson has dismissed claims that the government is not spending enough, insisting that it is investing heavily in key sectors while maintaining fiscal discipline. Presenting the 2026 Mid-Year Budget Review in Parliament, Dr. Forson said the government had been “steadily and responsibly” deploying resources based on the principle of spending only what is available and using public funds wisely. He said the government had paid GH¢48.8 billion in compensation for public sector workers, including GH¢4 billion in contributions to the Social Security and National Insurance Trust (SSNIT) and the Tier 2 Pension Scheme. According to him, GH¢21.5 billion had been spent on domestic interest payments, while US$700 million had been used to service Eurobond debt...
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BoG warns public against rejecting coins
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BoG warns public against rejecting coins

The Bank of Ghana (BoG) has warned traders, transport operators and other businesses that refusing to accept Ghana cedi coins is against the law and could lead to arrest, prosecution, fines or imprisonment. The warning was contained in a public notice issued by the central bank, following reports of the widespread refusal of people to accept 1 pesewa, 5 pesewa, 10 pesewa, 20 pesewa and 50 pesewa coins, as well as the GH¢1 and GH¢2 coins, for payments. According to the BoG, all coins it has issued remain legal tender and have not been withdrawn from circulation. It said no individual or business has the right to reject the coins because of their low value, inconvenience or personal preference. The notice follows an earlier directive issued on July 14, 2026, which warned against ...
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Policy Rate At 14%: Middle East Crisis Is The Elephant In The Room – BoG Boss
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Policy Rate At 14%: Middle East Crisis Is The Elephant In The Room – BoG Boss

The Governor of the Bank of Ghana, Johnson Pandit Asiamah, has defended the decision by the Monetary Policy Committee (MPC) to maintain the policy rate at 14 percent, insisting that lingering geopolitical tensions in the Middle East continue to pose serious risks to Ghana’s inflation outlook and economic stability. Responding to questions from journalists during the 130th MPC press briefing in Accra yesterday, Dr. Asiamah described the ongoing Middle East conflict as the “elephant in the room” influencing the central bank’s cautious policy stance. According to him, although current economic indicators suggest there is room for further monetary easing, the MPC decided to pause and monitor developments because of uncertainties surrounding the global crisis. “The committee evaluated ...
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Finance Minister, Deputy Publicly File Tax Returns, Urge National Compliance
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Finance Minister, Deputy Publicly File Tax Returns, Urge National Compliance

Ghana’s Finance Minister, Cassiel Ato Forson, and his Deputy, Thomas Nyarko Ampem, have publicly filed their annual tax returns, setting what they describe as a standard of leadership through action. According to the Minister, the decision to file publicly underscores the principle that leadership must be demonstrated rather than merely proclaimed. The move forms part of efforts to promote transparency and encourage voluntary tax compliance across the country. Dr. Forson commended Ghanaian taxpayers for their consistent contribution to national development, noting that tax compliance remains essential for sustaining government operations and driving progress. He emphasized that paying taxes is not only a legal obligation but also a shared civic and moral responsibility. “Publi...
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Mahama Reaffirms Commitment to Private Sector-Led Growth at CEO Engagement
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Mahama Reaffirms Commitment to Private Sector-Led Growth at CEO Engagement

President John Dramani Mahama has reaffirmed his administration’s commitment to fostering a business-friendly environment, positioning the private sector as the engine of Ghana’s economic transformation. Speaking during a courtesy call by the Ghana CEO Network at the Presidency, President Mahama highlighted significant strides in Ghana’s economic recovery. He revealed that the country’s Gross Domestic Product (GDP) has risen to an estimated $114 billion, making Ghana the eighth-largest economy in Africa. According to the President, the progress is the result of prudent fiscal management, reduced public sector waste, and renewed investor confidence. He assured business leaders of sustained government collaboration to maintain economic stability and growth. President Mahama also und...
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