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Author name: Business Outlook Africa

Trade

GoldBod Orders Licensed Gold Buyers to Book Transactions Within Five Minutes of Purchase

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The Ghana Gold Board (GoldBod) has ordered all licensed gold buyers to ensure that each gold purchase transaction is communicated to their financing Tier 2 Buyer/Aggregator within 5 minutes of the transaction, effective immediately. The compliance notice, which was issued on 23rd June 2026, is aimed at reminding all licensed gold buyers of their responsibility to ensure that all gold purchases, from licensed miners and licensed gold traders are booked in a timely and accurate manner. GoldBod further added that the communication must be made by telephone call, text message, or any other approved communication channel for the purpose of booking the transaction. The GoldBod added that gold purchase bookings may be undertaken during the approved trading period commencing each morning and ending at 8:00 pm on every trading day. The directive also urged all licensed gold dealers, when buying, to provide a receipt for each transaction upon the completion of the transaction with the receipt also indicating the specific time of purchase among other details. GoldBod then advised gold buyers to fully comply to the directive warning that failure to promptly book purchases, maintain proper transaction records, or issue receipts containing the required information constitutes a violation of Section 64(1)(c) and (2) of the Ghana Gold Board Act, 2025 (Act 1140) and shall attract the applicable sanctions and enforcement measures prescribed under the Act.    

Africa

IMF, São Tomé and Príncipe Reach Agreement on $6.1 Million Disbursement Under Extended Credit Facility

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The International Monetary Fund (IMF) and the São Toméan authorities have reached a staff-level agreement on the third review of São Tomé and Príncipe’s economic programme supported by the Extended Credit Facility (ECF), paving the way for a disbursement of approximately US$6.1 million to support the island nation’s economic reform efforts. The agreement followed an IMF staff mission to São Tomé from March 26 to April 8, 2026, led by Mission Chief Mr. Slavi Slavov, and subsequent virtual discussions. It is subject to the completion of agreed prior actions and approval by the IMF Executive Board. The total IMF financial support disbursed under the current arrangement would consequently rise to approximately US$19.9 million upon completion of the review. The ECF arrangement was originally approved by the IMF Executive Board on December 19, 2024, for a total amount of SDR 18.5 million around US$25 million covering a 52-month programme. The Board further approved a 12-month extension and augmentation of SDR 4.4 million in December 2025. Mr. Slavov stated during the visit that the ongoing war in the Middle East and prolonged power outages pose severe risks to economic recovery. “The global oil price shock resulting from the war in the Middle East and the prolonged power outages pose severe risks to economic recovery,” he stated. The Mission Chief further warned that higher fuel costs and rising import prices for essential goods could reverse the inflation trend, with core inflation remaining elevated. He added that reforming the energy sector remains essential to overcoming the impact of global shocks, unlocking growth, and alleviating pressures on public debt and foreign exchange reserves. The IMF Mission Chief added that most quantitative targets for the third review have been met, and significant progress has been made on a range of macro-structural issues. “The Fund-supported programme continues to play a pivotal role in supporting macroeconomic stability, helping the country to confront external shocks, foster structural reforms, and catalyse support from other development partners,” he added. The IMF team held meetings with President Carlos Vila Nova, Prime Minister Américo d’Oliveira dos Ramos, Minister of State for Economy and Finance Gareth Haddad do Espírito Santo Guadalupe, Central Bank Governor Agostinho Fernandes, and other senior government officials and private sector representatives during the mission.  

News

GoldBod Adopts LBMA Pricing Formula to Ensure Fair, Transparent Gold Trading

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The Ghana Gold Board (GoldBod) has announced the adoption of the London Bullion Market Association (LBMA) pricing formula and trading window as a key measure to promote fair and transparent gold pricing within Ghana’s Artisanal and Small-Scale Mining (ASM) sector effective July 1, 2026. This disclosure was made during its engagement with licensed gold traders as part of ongoing efforts to enhance transparency, fairness and best practices within Ghana’s Artisanal and Small-Scale Mining (ASM) gold trade. The engagement with the licensed gold traders focused on aligning gold trading practices with international and industry standards while ensuring greater value protection for miners, traders and the Ghanaian economy. GoldBod further stated that all gold transactions are to be recorded and booked within the approved LBMA pricing window to strengthen accountability and improve market confidence in the sector. Under the new framework, GoldBod will publish two official gold purchase prices each trading day,the first at 10:30 am in accordance with the LBMA AM price, and the second at 3:00 pm in accordance with the LBMA PM price. It was also mentioned during the engagement,that Offending licensees shall consequently be liable to sanctions including the suspension or revocation of their GoldBod licence, seizure of unlawfully traded gold, prosecution before the appropriate courts, and any other administrative, civil, or criminal sanctions available under Act 1140 and other applicable laws. The Gold Board added that the engagement forms part of ongoing efforts to enhance transparency, fairness, and best practices within the ASM gold trade. “GoldBod remains committed to building a responsible ASM gold sector that protects Ghanaian miners, promotes ethical trading, and positions Ghana’s gold industry for stronger participation in global markets,” the Board stated.

News

PURC Raises Electricity and Water Tariffs by 3.49% and 0.85% — Effective July 1

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The Public Utilities Regulatory Commission (PURC) has announced an upward review of electricity and water tariffs by 3.49 percent and 0.85 percent respectively, with consumers set to feel the impact of the adjustments effective July 1, 2026. The Commission stated that the adjustments were carried out in line with its mandate to review tariffs on a quarterly basis to reflect developments within the quarter, tracking and incorporating movements in key operational factors beyond the control of Utility Service Providers (USPs). PURC further stated that the key factors considered in arriving at the decision included the exchange rate between the Ghana Cedi and the United States Dollar, domestic inflation, electricity generation mix, and the cost of fuel  mainly natural gas used to power thermal plants. On the exchange rate, the Commission applied a Weighted Average Ghana Cedi-US Dollar Exchange Rate of GHS11.2228 to US$1.0000 for the third quarter of 2026, reflecting a 0.2 percent depreciation of the cedi from the second quarter rate of GHS11.1931. The Commission also applied a three-month average inflation rate of 3.43 percent for the third quarter, indicating a significant downward movement from the previous quarter’s rate of 4.17 percent. On the price of natural gas, PURC applied a Weighted Average Cost of Gas (WACOG) of USD7.9708 per MMBtu, representing a 1.58 percent downward adjustment from the previous quarter’s rate of USD8.0988 per MMBtu. The hydro-thermal generation mix remained unchanged at 20.90 percent hydro and 79.10 percent thermal. The Commission added that the quarterly adjustments are undertaken to maintain the real value of existing tariffs and enable utility service providers to remain financially viable while continuing to deliver services to consumers.

World

WhatsApp to be led by Indian start-up founder as Will Cathcart steps back

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WhatsApp boss Will Cathcart has announced that he is leaving his role. Cathcart has overseen Meta’s popular messaging platform for nearly seven years – and scaled its private chat functions to more than three billion users worldwide.He said in posts on social media on Monday that while the platform was in “the strongest position it’s ever been” it also “felt like the right moment to step back”. Cathcart will continue to play a role within Meta’s leadership ranks, with Kunal Shah, founder of Indian fintech start-up Cred, taking over as head of WhatsApp. Facebook founder and Meta chief executive Mark Zuckerberg said Shah had created “one of India’s most important technology companies” with Cred. He added that the fintech founder “brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app”. Cathcart has overseen Meta’s popular messaging platform for nearly seven years – and scaled its private chat functions to more than three billion users worldwide. He said in posts on social media on Monday that while the platform was in “the strongest position it’s ever been” it also “felt like the right moment to step back”. Cathcart will continue to play a role within Meta’s leadership ranks, with Kunal Shah, founder of Indian fintech start-up Cred, taking over as head of WhatsApp. Facebook founder and Meta chief executive Mark Zuckerberg said Shah had created “one of India’s most important technology companies” with Cred. He added that the fintech founder “brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app”. Shah noted that while Meta would join as a minority investor in Cred, it would have “no access to member data”.Meta’s shake-up of WhatsApp’s leadership comes as it looks to strengthen the app’s already booming presence in India. Falling under Meta’s “family of apps” – its set of social networks including Facebook, Instagram and Messenger that boast billions of users – WhatsApp has been an area where the firm has tried to boost revenue with ads, paid subscriptions and AI tools. The app is widely used in India, with about 853 million users, according to World Population Review. But it has also faced some recent scrutiny in the country over its privacy and data sharing practices with its parent company, Meta. Source: BBC

Africa

IMF Holds Talks with Senegal on Economic Challenges, New Programme Under Consideration

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The IMF Mission Chief,Ms. Mercedes Vera Martin has revealed that Senegal has expressed an interest in a new IMF-supported programme. Speaking during a staff visit by the International Monetary Fund (IMF), led by herself she explained that this move forms part of the country’s plans to navigate an increasingly challenging economic environment. “These include measures to support fiscal consolidation and address debt vulnerabilities, strengthen debt management, enhance public governance, and promote inclusive and sustainable growth,” she added. The mission, which ran from June 15 to 19, 2026, assessed recent economic trends and engaged senior government officials on reforms spanning fiscal consolidation, debt management, and public financial governance. A look at Senegal’s economy during the visit revealed that they recorded real GDP growth of 6.7 percent in 2025, supported by a strong expansion of the hydrocarbon sector with the current account deficit also narrowing down significantly during the year, driven by oil exports and import compression. The overall fiscal deficit also narrowed sharply from 13.4 percent of GDP in 2024 to 6.4 percent of GDP in 2025, largely on the back of spending rationalisation. The IMF however, noted and warned that fiscal and debt vulnerabilities remain elevated. Discussions during the visit also focused on assessing the impact of the Middle East conflict on Senegal’s economy, reviewing financing needs for the remainder of 2026, and designing reforms to enhance growth, reinforce social safety nets, and strengthen governance. The IMF team held meetings with Prime Minister Ahmadou Al Aminou Lo, Minister of Economy, Finance and Planning Cheikh Diba, and several other senior government officials and BCEAO representatives during the visit.

Banking & Finance

“We Must Not Displace the Cedi” — Bank of Ghana Deputy Governor Calls for Trust-Driven Digital Asset Economy at Standard Chartered Summit

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The First Deputy Governor of the Bank of Ghana, Dr.Zakari Mumuni has emphasised that Africa’s digital asset economy must be built on “trust, inclusion, and sound institutions,” rather than speculation. Speaking at the Standard Chartered Digital Assets Summit in Accra over the weekend,where he addressed industry leaders, regulators, innovators, and financial institutions,Dr. Mumuni stated that the Bank had strengthened collaboration among key regulators, created a dedicated Virtual Assets Department, and continued to leverage its Regulatory Sandbox to support responsible innovation. “The question is no longer whether digital assets will shape African finance. They already are. The real question is whether we will shape that future deliberately,” Dr. Mumuni stated. The First Deputy Governor further stressed that while digital innovation presents significant opportunities for cross-border payments, financial inclusion, and capital market development, it must complement, not replace, the Ghana cedi. “Whatever we build, tokenise, or otherwise, we must not displace the cedi. A strong digital ecosystem should strengthen public money, not compete with it,” he said. The First Deputy Governor further called for greater collaboration among regulators, financial institutions, and innovators across the continent to build a secure and interoperable digital financial ecosystem that supports Africa’s economic transformation.    

Telecommunications

Telecel Ghana Opens Kasoa Retail Shop, Eyes Deeper Reach into Peri-Urban Markets

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Digital and Communications Service Provider, Telecel Ghana has opened a new Retail Shop in Kasoa as part of its efforts to improve customer experience. The telecommunications company explained that this forms part of its aims to expand its services and bring them closer to their customers hence making them more accessible. The company in a post on X announced that the “milestone reflects our commitment to bringing seamless connectivity and a premium, customer-focused experience right to your doorstep.” Telecel Ghana added that its new shop in Kasoa will offer services ranging from broadband to device support and Telecel Cash services. Telecel added that the new outlet is located at MIC Plaza, near the Royalhouse Chapel. The opening of Telecel Ghana’s Kasoa outlet signals a broader push by the company to deepen its footprint in Ghana’s rapidly expanding peri-urban markets. As competition in the telecoms sector intensifies, the move reflects a growing recognition that customer proximity not just network coverage is becoming a key battleground for telcos seeking to retain and grow their subscriber base.  

News

Franklin Cudjoe Urges NPP to Back Ken Ofori-Atta Extradition — Says Failure to Act Will Cost Party Public Trust

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President of Imani Africa,Franklin Cudjoe is urging the leadership of the New Patriotic look beyond party lines and aid in the state’s extradition efforts of the former Finance Minister Ken Ofori-Atta back to Ghana. In a post made on X on Sunday,June 21,2026, the President of the research think tank,Imani Africa added that it is important the opposition party, NPP calls on the diplomatic community to extradite Ken Ofori-Atta back to Ghana. “It is imperative that the leadership of the opposition New Patriotic Party (NPP) immediately calls on the diplomatic community particularly the U.S. Embassy in Accra,to urge relevant U.S. authorities to extradite former Finance Minister Ken Ofori-Atta back to Ghana.”he stated Franklin Cudjoe also added “This is necessary so that he can account for his stewardship, which severely damaged Ghana’s credibility with its international partners and rendered the economy virtually worthless, relegating it to junk status.” The President of Imani Africa further argued that the failure to do so by the NPP will not only cause them to lose the trust and respect of the party but also portray the party as one incapable of delivering accountable governance. “Should the NPP fail to undertake this critical task, they risk losing the trust, respect, and recognition of the Ghanaian people as a party capable of delivering accountable governance.”He added His comments follows the government’s active pursual of the extradition of former Finance Minister Ken Ofori-Atta from the United States, after the former Finance Minister was slapped with 78 counts of corruption, procurement fraud, and causing financial loss to the state during his tenure in office .

News

BoG Balance Sheet Hits GH¢321 Billion in March, Driven by Foreign Asset Rebound

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The latest Monthly Statistical Bulletin of the Bank of Ghana has revealed an expansion in the balance sheet of the Bank in March 2026, driven largely by stronger foreign asset holdings, increased gold reserves and a sharp rise in investments in foreign securities. According to the Central Bank’s latest Monthly Statistical Bulletin, total assets climbed to GH¢321.38 billion in March 2026, up from GH¢310.58 billion in February representing a month-on-month increase of GH¢10.8 billion. On an annual basis, total assets grew by GH¢7.98 billion from GH¢313.40 billion recorded in March 2025, representing year-on-year growth of 2.6%. A closer look at the figures further revealed an expansion in foreign assets, which rose to GH¢128billion in March 2026 from GH¢109.48 billion in February, representing an increase of GH¢18.52 billion or nearly 17% within a single month. Although the latest figure remains marginally below the GH¢129.73 billion recorded in March 2025, the sharp monthly increase signals a strong recovery in the composition of the central bank’s external asset portfolio. The value of foreign securities held by the Bank of Ghana also rose to GH¢81.56 billion in March 2026, compared with GH¢65.98 billion in February and GH¢48.52 billion in January.