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Agriculture

Deputy Finance Minister Says Lack Of Transformational Capital Is Holding Ghana’s Rice Sector Back

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The Deputy Minister for Finance in Ghana,Thomas Nyarko Ampem, has stated that Ghana’s problem when it comes to domestic rice production and importation is due to a lack of sufficient transformational capital . Speaking during the first day of the West African Rice Investment Roundtable here in Accra, the Deputy Minister explained that abundance in resources in the region is proof that the region’s inability to be self-sufficient in rice production has nothing to do with a shortage of natural resources. “We know that West Africa is not short of potential in rice production. We have the land, we have the water resources, and we have the farmers. What we have lacked for far too long is sufficient transformational capital capable of unlocking this potential at scale.” He stated The Transformational capital, Thomas Nyarko Ampem argued, must be patient enough to fund irrigation rather than just seasonal inputs, risk-tolerant enough to invest in storage, milling, logistics and processing rather than just commodity trading, and strategic enough to see a unified West African rice economy rather than fragmented national markets separated by borders. “Clearly, transformational capital means more than money. It means patient capital that funds irrigation, not just seasonal inputs.It means risk-tolerant capital that invests in storage, milling, logistics, and processing, not just commodity trading.It means strategic regional capital that sees a West African rice economy, not fragmented national markets separated by borders. That is the scale of ambition this movement demands.” He added Touching on the longstanding West African Jollof debate, the Deputy Minister advocated for the the conversation to shift from which country’s Jollof tastes better to which country produces enough rice to feed its people. “Therefore, the real jollof competition before us is not whose rice tastes better, even though we know Ghana’s is the best. It is whether West Africa can finally produce enough rice to feed itself competitively.” He stated The West Africa Rice Investment Roundtable is a high-level event organized by the ECOWAS Commission in collaboration with the World Bank Group and the African Development Bank (AfDB) with the primary objective of tackling the region’s $3.5 billion to $4 billion annual rice import bill.    

Agriculture

Ghana Moves to Protect Farmers and Halt Smuggling Amid $320M Annual Rice Import Bill

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The Minister for Food and Agriculture, Eric Opoku has revealed plans to establish an inter-ministerial task force to help combat the smuggling of rice out of the country. Speaking at the Day 1, of the West African Rice Investment Roundtable, the Minister who also doubles as the Member of Parliament for Asunafo South Constituency explained that the move aims at helping Ghanaian rice farmers who often are placed at a severe economic disadvantage usually because they are being forced to compete with unfairly low prices. “We are establishing an inter-ministerial task force to intensify surveillance and enforcement against rice smuggling through unauthorised border routes which continues to undercut our farmers.” He stated Eric Opoku then added that the sector has currently open to private investment and partnerships explaining that the government has done its best to create a viable business environment for them to operate in . “To the investors, financiers and development partners in this room, my message is simple. Ghana has done the work to direct the sector.We have mapped the opportunity, we have created the market certainty, we have aligned the incentives, we have built the monitoring backbone that lets you verify performance. What remains is partnership. And partnership is what we are ready for.” He added Ghana currently faces a massive 44% deficit in its rice supply. While annual consumption stands at 1.7 million tonnes and is rising by 2% each year due to population growth, local production only covers 960,000 tonnes (a 56% self-sufficiency rate), leaving the country no other choice but to spend $320 million annually on foreign rice imports to cater for its 751,000-tonne gap. The West Africa Rice Investment Roundtable is a high-level event organized by the ECOWAS Commission in collaboration with the World Bank Group and the African Development Bank (AfDB) with the primary objective of tackling the region’s $3.5 billion to $4 billion annual rice import bill.  

Agriculture

Ghana’s New Self-Financing Rice Policy Aims to Cut Import Bills Without Consumer Tariffs

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The Minister for Food and Agriculture, Eric Opoku has revealed government’s plan of implementing an import quota policy which directly links the privilege of importing rice to the growth of domestic production. The Minister made this statement at the West African Rice Investment Roundtable where he explained that the policy,when introduced willl see to rice importers in Ghana being required to demonstrate verifiable procurement of and partnership with Ghanaian rice producers before import permits are approved. “That is why I am announcing a second decisive measure today. Government will implement an import quota policy that directly links the privilege of importing rice to the growth of domestic production.Under this policy, rice importers will be required to demonstrate verifiable procurement of and partnership with Ghanaian rice production before import permits are approved.” He stated Eric Opoku added that the government is doing this not to “raise tariffs that punish consumers.” But it rather aims at “redirecting the existing value in the rice trade towards building our own productive capacity.” Adding that “the import share will reduce progressively over the next 10 years, but each reduction will be contingent on verified milestones in domestic production.” According to Ministry analysis, this structured phase-out offers a credible pathway to 100% rice self-sufficiency within a decade. The economic dividends of the shift are projected to be massive: saving Ghana an estimated $2.1 billion in cumulative foreign exchange, mobilizing $400 million in private investment, and creating more than 200,000 jobs spanning farming, processing, and distribution. “So where does this take us to? Our analysis shows a credible pathway to 100% rice self-sufficiency within 10 years. That pathway will save Ghana an estimated $2.1 billion in cumulative foreign exchange, mobilise over $400 million in private investment, and create more than 200,000 jobs across farming, processing, distribution, and allied services. And we will get there inclusively, because this is about people.” He added The Minister for Food and Agriculture further added that the policy will not introduce any burden on the nation coffers since it is designed to be self financing. “And critically, this policy is designed to be self-financing, carry no new burden on (the national treasury, and it will be governed transparently on a clear statutory basis, with safeguards to ensure it benefits rich, genuine producers and the smallholders linked to them, not a privileged few.” According to the minister this policy sits within the government’s wider Feed Ghana Programme which aims at ensuring food security, boosting local production, reducing dependency on imported food, and creating sustainable jobs, particularly for the youth. The West Africa Rice Investment Roundtable is a high-level event organized by the ECOWAS Commission in collaboration with the World Bank Group and the African Development Bank (AfDB) with the primary objective of tackling the region’s $3.5 billion to $4 billion annual rice import bill.

Economy

Ghana Records Back-To-Back Inflation Increases As May 2026 CPI Hits 3.7%

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Ghana’s inflation has increased for the second consecutive time after seventeen straight months of falls bringing it to 3.7% for May 2026. In its latest report on Inflation, the Ghana Statistical Service revealed that even though there was a 0.3 percentage points in inflation from April to May 2026, the increase still falls below the 18.4% recorded in May 2025. Between April and May 2026 prices increased slightly by 1.1% signaling moderate increases in prices. Significant among the drivers of Inflation is food- which rose from 2.2% to 3.3% with this figure representing not only increases in the prices of fresh tomatoes, green plantain, river fish, ginger, smoked herrings, and cooked rice but also declines in prices of maize, garden eggs, fresh okro, cocoyam leaves, fried fish, and beans. Across the regional divide, inflation remains uneven with the North East Region recording the highest inflation rate at 10.1%, while the Savannah Region recorded the lowest at -3.0%. In ending the Ghana Statistical Service highlighted that managing inflation is a shared responsibility hence calling on government to sustain fiscal discipline, businesses to improve efficiency and individuals to prioritize savings.

Banking & Finance

Republic Bank Ghana Deepens CSR Commitment With Mechanized Borehole Projects

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Republic Bank (Ghana) PLC has commissioned two mechanized borehole water projects in Pwalugu in the Talensi District of the Upper East Region and Dingoni in the Tolon District of the Northern Region, as part of its Corporate Social Responsibility commitment to improving access to clean and safe drinking water for underserved communities. The inauguration ceremonies of the project which was undertaken under the Bank’s Power to Make A Difference (PMAD) initiative was held on May 25 and May 26, 2026, in Pwalugu and Dingoni respectively, was attended by government officials, traditional rulers, community members, school children, and executives of the Bank. Speaking at the inauguration,Managing Director of Republic Bank (Ghana) PLC, Dr. Benjamin Dzoboku, revealed that the intervention is intended to provide consistent relief to the people, particularly women and school children who previously spent long hours searching for water. “We want children to have more time to study and families to focus on productive activities,” he stated. Also Speaking at the inauguration,the Upper East Regional Minister Donatus Akamugri Atanga described the project as a life-changing intervention, noting it as a clear example of how private-public partnerships can positively impact lives at the grassroots level. “This project is not just about water; it is a symbol of hope, dignity, improved public health, and enhanced livelihoods for the people of Pwalugu.It is also a clear example of how private-public partnerships can positively impact lives at the grassroots level and contribute to the socio-economic development of our people.” The District Chief Executive for Talensi District, John Millim Namwomya, expressed gratitude to the Bank for honouring its commitment following a sod-cutting ceremony held in December 2025, urging the community to take good care of the facility to ensure its long-term sustainability. “I encourage the community to take good care of the facility to ensure its long-term sustainability,” he said. At the Dingoni ceremony, the District Chief Executive,Seidu Breimeh praised the Bank for complementing government efforts to provide clean water, describing the intervention as aligned with President Mahama’s vision of ensuring access to clean water for all Ghanaians. “This intervention aligns with the President’s vision of ensuring access to clean water for all Ghanaians. Water remains a major challenge in this district, and this project brings great relief to the people of Dingoni,” he stated Republic Bank has pledged to work closely with contractors for the projects in Pwalugu and Dingoni to provide support and maintenance for one year. The Bank will also train community members on the operation and maintenance of the solar and electricity-powered automated borehole system to ensure long-term sustainability.  

Banking & Finance

BOG Refutes Claims Of Planned Sale Of New Headquarters

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The Bank of Ghana has refuted claims by MyJoyOnline that it is currently considering the sale of its new $260 million headquarters. In a statement released earlier today, the Central Bank stated categorically that it is currently not “considering, discussing, or planning” the sale of its new headquarters, adding that the facility continues to remain a “critical asset of the Bank.” The Central Bank also proceeded to raise concerns about the potential impact of such unverified reports, warning that publications of this nature have the potential to undermine public confidence in Ghana’s financial system and create unnecessary market uncertainty. The Bank hence urged both the public and the media to disregard the MyJoyOnline publication entirely. The Bank of Ghana then took the opportunity to remind media outlets to seek clarification from the Bank before publishing information relating to its operations, reaffirming its commitment to transparency through official channels. The Bank then reminded the public that all of its official communications are issued via its website bog.gov.gh, verified social media handles, press statements from the Communications Department, and signed statements from the Secretary of the Bank.

Energy

TOR Records First Profit In A Decade As SIGA Commends Historic Financial Turnaround

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The State Interest and Governance Authority(SIGA) has commended the Board, Management and staff of Tema Oil Refinery(TOR) for its submission of its Audited Financial Statements for the past 7 years . In a statement released on Monday, March 1,2026, the authority explained that the subimission of Audited Financial Statements by TOR is a step in the right direction considering the fact that the State Agency had not published its Audited Finacial Report since December 2019. SIGA also commended TOR for recording a Profit Before Tax of GHS 1.24 billion in the 2025 Financial Year, the refinery’s first ever profit recorded in the past 10 years. SIGA further highlighted several notable performances underpinning the turnaround, including strong revenue growth representing TOR’s best financial performance since 2019, a foreign exchange gain of GHS 1.3 billion from prudent financial and forex management, and growth in associate profit to GHS 155 million. The refinery also reduced trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, while receivable days improved significantly from 1,099 days to 652 days. Total debt levels also declined between 2024 and 2025.Additionally, TOR successfully completed Turnaround Maintenance (TAM) activities, refining approximately 600,000 barrels of crude oil. Despite the progress, SIGA acknowledged that liquidity pressures, retained deficits, and long-term balance sheet restructuring remain areas of concern. The Authority urged TOR’s Board and Management to sustain momentum, deepen operational efficiencies, strengthen corporate governance standards, and accelerate efforts toward long-term profitability and national energy security. SIGA reaffirmed its commitment to supporting all Specified Entities that demonstrate accountability and measurable performance outcomes aligned with Ghana’s national development priorities.

Economy

Ghana Lands £215 Million UK Deal Covering Maritime, Climate, AI And Health

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President John Dramani Mahama has announced a landmark UK-Ghana Growth Partnership aimed at delivering tangible benefits for Ghanaians and businesses operating in the country. Secured during the Ghana-UK Investment Summit held in London, he announced that the deal which will serve as a strategic roadmap for the period 2026 to 2028 is worth up to £215 million and will focus on private-sector growth, infrastructure development, and skills development for Ghana’s youth. The President added that the deal with a £101 million UK-backed initiative will also see to establishment of the Gulf of Guinea’s first-ever commercial-scale ship repair and dry-docking facility. He further noted that the Takoradi Floating Dock Project is expected to generate up to 430 direct jobs, with 30 percent reserved for women. President Mahama also noted that the partnership will also unlock an £85 million reforestation fund alongside a £9 million investment dedicated to forest restoration in the Oti Region. On Artificial Intelligence , the partnership is set to help support the implementation of Ghana’s AI Strategy and strengthen science and technology collaboration across Ghanaian universities with an amount of £6 million. In the health sector, a £4 million partnership is aimed at funding specialist clinical engineering training with the New Transnational Education guidelines also to be launched to expand access for Ghanaian students to world-class training opportunities.   President Mahama described the partnership as delivering tangible benefits for Ghanaians and businesses operating in the country.

Transportation

Ghana Advises Against Non-Essential Travel To South Africa Amid Xenophobic Attacks

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  The Ministry of Foreign Affairs Ghana has advised against non essential travel to South Africa amid ongoing xenophobia attacks on other African nationals. In a Statement issued on Monday,June 1,2026, the Ministry explained the necessity of the move highlighting the increasing xenophobic attacks in South Africa targeted at Africans by groups presenting themselves as anti-immigrant vigilantes which has in some cases resulted in degrees of injuries, closure and takeover of businesses, looting and loss of properties. The Ministry added the latest move adds to several safety measures put in place by the government to ensure the well being of Ghanaians amid the ongoing attacks. The Ministry also urged Ghanaian nationals in the country to maintain regular contact with the Ghana High Commission for consular services. It furthered called on the Government of the Republic of South Africa to provide adequate security for targeted groups of Africans in its territory and take measures to enforce law and order in the spirit of genuine Pan-Africanism and African integration. The Ministry then reassured the public about its commitment to prioritizing the welfare of Ghanaian nationals home and abroad.

Energy

NPA Releases Ex-Pump Price Floors For June 1–15, 2026

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The National Petroleum Authority (NPA) has announced the Ex-Pump Price Floors for the period June 1 to 15, 2026, setting the minimum prices below which no Oil Marketing Company (OMC) or LPG Marketing Company (LPGMC) is permitted to sell petroleum products. Under the new window, petrol must not be sold below GHS 15.20 per litre, while diesel carries a floor of GHS 15.49. LPG has been set at a minimum of GHS 13.48 per kilogram, MGO Local at GHS 15.67, and Kerosene at GHS 14.81 per litre. The NPA has directed all OMCs and LPGMCs to strictly comply with these price floors as per the Petroleum Products Pricing Guidelines (PPPG). Compared to the May 16–31 window, petrol has risen by GHS 0.60, LPG by GHS 0.32  while diesel, MGO Local and kerosene floors have declined by GHS 0.32,GHS 0.32 and GHS 0.52 respectively.