Kofi Ahovi

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BoG: Ghana’s Economic Stability Must Be Protected as IMF Programme Nears End

Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, has declared that Ghana's economy has achieved significant stability following two years of difficult reforms but warned that sustaining those gains will require continued discipline from government, businesses and financial institutions. Delivering the keynote address at The Money Summit 2026 in Accra, Asante-Asiedu said Ghana's economic recovery has been stronger and faster than many expected, with inflation, interest rates and borrowing costs all declining significantly while external reserves and economic growth continue to improve. Speaking on the theme, "Building Trust, Capital and Stability for Ghana's Economic Future," she described the economy as stable but cautioned that global uncertainties, including geopolitical tensions and volatility in oil markets, remain potential threats. Through discipline and no small measure of sacrifice, we have secured stability. That is the achievement o...

Govt Defends Interim Operations at Damang Mine Ahead of Parliamentary Ratification

The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has defended government’s decision to allow operations to continue at the Damang Mine despite the absence of parliamentary ratification for its new management arrangement. The mine is currently being operated by Engineers and Planners after taking over operations following the expiration of the lease previously held by Gold Fields. Government declined to extend the former lease, with Engineers and Planners reportedly winning the bid process with over 90 percent. Speaking in an interview, Buah disclosed that government is preparing to send several pending mining agreements to Parliament for ratification, including the Damang arrangement. We are very shortly going to go into Parliament with a lot of ratification, not only with Damang Mine, but a lot of other outstanding ratification,” the Minister said. “We have already engaged the leadership of Parliament on giving them a list of ratification that we intend to...

BoG boosts June market support to $1.2bn as cedi faces renewed pressure

The Bank of Ghana (BoG) is increasing the amount of foreign exchange it will make available to the market under its Forex Intermediation Programme for June 2026, as the cedi continues to come under pressure. The central bank plans to auction up to $1.2 billion this month, up from the US$1 billion it sold in May. It is not immediately clear whether the decision was influenced by the recent depreciation of the cedi or forms part of the Bank’s broader forex support strategy for 2026. However, a circular to commercial banks sighted by JOYBUSINESS indicated that future monthly auction volumes will be determined by prevailing market conditions. New FX operations framework In its June FX Intermediation notice to banks, the central bank said its actions will be guided by its newly approved foreign exchange operations framework. The Bank explained that it has begun implementing measures to support reserve accumulation while ensuring FX interventions are available to dampen excessive marke...

We don’t see inflation increasing above 5% by December 2026 – Ato Forson

Finance Minister Dr. Cassiel Ato Forson is optimistic inflation will not go beyond 5% by the end of the year. He, however, sees inflation rising further in the coming months, from the current 3.4 % due to developments in the Middle East and rising crude prices. The finance minister disclosed in an interview with Bloomberg in London. According to him, the government has implemented measures to stabilise the economy, and so far, the country has managed those shocks well. He was, however, worried about the rising fuel prices and the impact on the country’s balance of payment, since the country will have to use more forex from the reserves to shore up the cedi. We are also worried about the impact on fertiliser and how that could also affect farming”, the minister noted Ghana’s Growth Numbers for 2026 The finance minister in the 2026 Budget projected that Ghana will end the year with a growth rate of 4.8%. However, speaking in an interview with the Bloomberg, Dr. Ato Forson said the ...

GRA to automate treaty benefit applications amid major international and local tax reforms

The Head of the Ghana Revenue Authority’s (GRA) International Tax Office, Nana Mensah Otoo Esq., says the GRA is set to fully digitalise the application process for taxpayers and multinational companies seeking treaty benefits, a move aimed at improving efficiency and accessibility. Speaking during a UK-Ghana Chamber of Commerce (UKGCC) and PwC Ghana webinar on “Double Taxation Agreements (DTAs) & International Tax Cooperation: what multinationals need to know”, Otoo disclosed that the move has significant implications for businesses operating across borders. By streamlining applications, the GRA aims to lower compliance costs, improve certainty in tax treatment, and enhance access to treaty benefits for qualifying taxpayers. Otoo noted that at present, verification processes, including confirmation of tax residency certificates with treaty partners, can extend processing periods. A major challenge is that most taxpayers fail to submit critical contract details. They al...

NADMO, Zoomlion Launch 12-Week ‘No Do No Do’ Campaign to Combat Flooding

The National Disaster Management Organisation (NADMO) and Zoomlion Ghana Limited have launched a 12-week nationwide flood awareness campaign aimed at promoting responsible waste disposal and reducing the impact of flooding during this rainy season. The initiative, dubbed “No Do No Do,” seeks to educate the public on the dangers of indiscriminate waste disposal, particularly the practice of dumping refuse into drains and waterways, which authorities say remains a major contributor to flooding across the country. Speaking at the launch in Accra on Tuesday, June 2, the Greater Accra Regional Director of NADMO, Dennis Adjannor Nartey, described blocked waterways and poor drainage systems as persistent challenges that continue to claim lives, destroy property and disrupt livelihoods whenever heavy rains occur. According to him, flooding should not be viewed as an unavoidable natural disaster but rather as a preventable challenge that requires collective action from government instituti...