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PIAC raises alarm over falling oil production, unutilised petroleum funds

  By Kofi Ahovi The Public Interest and Accountability Committee (PIAC) has raised concerns over Ghana’s declining crude oil production and the underutilisation of petroleum revenues, warning that the country risks further setbacks without urgent reforms and new investments in the sector. In its 2025 Annual Report, PIAC disclosed that Ghana’s crude oil production declined for the sixth consecutive year, falling from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, representing an average annual decline of about nine percent. According to the report, the downward trend is being driven by natural depletion of mature oil fields, technical challenges and limited upstream investment. The report confirms a sustained decline in Ghana’s crude oil production, which has now fallen for the sixth consecutive year,” PIAC stated, noting that the situation reflects “a combination of maturing fields, natural reservoir depletion, technical challenges, and limited upstream investment,”...
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Ghana’s financial sector hits GH¢647bn milestone amid robust 6.0% economic growth in 2025

 Ghana’s financial sector staged a significant recovery in 2025, with total assets reaching GH¢647.25 billion, representing roughly 45.1% of the nation’s GDP, according to the latest Financial Stability Review. The milestone comes on the back of a strong domestic economic performance in which real GDP growth accelerated to 6.0%, surpassing the 5.8% recorded the previous year. Launching the review in Accra, the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, said this year’s theme — “From Stress to Stability: Staying on Course” — reflects the financial sector’s resilience following years of economic turbulence and debt restructuring pressures. The theme reflects how the financial sector has navigated through the twin stresses — the macroeconomic shocks and the debt restructuring risks over the past few years — to the current state of stability that we enjoy,” she said. “It also reflects the resolve of the financial sector regulators to stay on course of stability...
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IMF Technical Support to help Ghana attract long-term institutional investors – Gov’t

  Government has explained that the decision to transition to the Non-bailout Technical Assistance Policy Coordination Instrument (PCI) under an International Monetary Fund (IMF) is to complement government’s effort to achieve Investment Grade rating. Ghana today, May 15, successfully completed its Extended Credit Facility (ECF) financial bailout programme with the IMF. A statement released by the Presidency explained that the PCI will help achieve Investment Grade rating to significantly lower sovereign and private sector borrowing costs. In addition, government said the PCI will help attract long-term institutional investors, increase foreign direct investment, and unlock cheaper financing for critical infrastructure development and private sector growth. Ultimately, this engagement will support government’s effort to accelerate sustainable development, create jobs and raise living standards for all Ghanaians”, the statement said. It added that President John Mahama and his admin...
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Konongo mine collapse: 10 rescued, one in critical condition

  A rescue operation at a mining concession in the Asante Akyem Central Municipality ended with a mix of relief and anxiety on Friday, May 15, after 10 miners were pulled from the rubble of a collapsed underground pit. The incident occurred on a site belonging to Northern Mines Limited in Konongo, a well-known hub for gold mining in the Ashanti Region. While nine were successfully rescued with minimal injuries, witnesses say one remains in a critical condition at a local medical facility, battling life-threatening injuries sustained during the cave-in. The collapse reportedly happened when a section of the underground tunnel gave way without warning. Fellow miners and local emergency responders acted swiftly, using manual tools and excavators to reach the trapped men. The Konongo collapse is not an isolated event but part of a safety crisis within Ghana’s mining sector. While the large-scale, multinational mines often maintain rigorous safety protocols, the medium-to-small-scale co...
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Accra to host 7th Africa Ports Forum as maritime leaders gather to advance trade integration

  Accra is set to host the 7th edition of the Africa Ports Forum from May 20 to 21, 2026, bringing together key stakeholders from Africa’s maritime, port and logistics sectors to discuss the future of trade and transport infrastructure on the continent. The two-day forum, scheduled to take place at the Accra Marriott Hotel, is being organised by One Africa Forums under the high patronage of Ghana’s Ministry of Transport and Tanger Med Group. The event is expected to attract participants from about 20 countries, including ministers, port authorities, regulators, terminal operators, shipping lines, logistics providers, investors, development institutions and technology firms. Organisers say the forum has, since its inception in 2019, grown into a leading pan-African platform focused on port development, maritime connectivity and trade facilitation across Africa. Previous editions have been hosted in cities including Tangier, Djibouti City, Douala, Abidjan, Cotonou and Libreville. Thi...
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MTN Ghana Foundation’s Investments In Potential Pays As Its Bright Scholars Emerge As Top Award Winners And Valedictorians

  MTN Ghana Foundation has reaffirmed its commitment to education as a powerful driver of social transformation, as beneficiaries of its flagship Bright Scholarship emerged as top award winners and valedictorians at the end of their tertiary education. The outstanding achievements of the scholars underscore the impact of MTN Ghana Foundation’s deliberate investment in academically gifted but financially constrained students, an intervention designed not only to fund education, but to unlock opportunity, restore confidence and break cycles of disadvantage. Eight Bright Scholarship beneficiaries who distinguished themselves across various tertiary institutions were celebrated by the Foundation for their academic excellence, resilience, and determination, reflecting the Foundation’s belief that when potential is supported with purpose, excellence follows. The event gave the valedictorians a platform to recount the personal journeys that carried them from humble beginnings to the pinna...
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Chamber of Mines Defends Mining Sector’s Economic Contribution, Rejects IMF Claims

  The Ghana Chamber of Mines has rejected claims that Ghana’s repeated engagements with the International Monetary Fund are linked to foreign participation in the mining industry. Speaking at the press conference, Chief Executive Officer of the Chamber, Ign. Kenneth Ashigbey, argued that the mining sector has consistently served as a stabilising force for Ghana’s economy through foreign exchange earnings, taxes and employment generation. According to the Chamber, the mining sector contributed approximately GHS19 billion in taxes in 2025, representing nearly 23 per cent of Ghana’s direct domestic tax collections. Ashigbey maintained that the country’s economic challenges should not be blamed on large-scale mining operations. The empirical evidence does not support such a proposition,” he stated. Instead, the Chamber pointed to the low tax contribution from the small-scale mining sector despite its high gold production levels. It disclosed that small-scale mining operations produced ...
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