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Economy

2026 Mid-Year Budget: Finance Minister Attributes Ghana’s Macroeconomic Gains to Fiscal Discipline and Competent Economic Management

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Finance Minister, Dr. Cassiel Ato Forson has attributed the recent macroeconomic gains experienced to what he describes as the “superior economic management” undertaken by the current administration. Presenting the 2026 Mid-Year Budget Review on the floor of parliament on July 23rd 2026, Dr. Cassiel Ato Forson debunked narratives of these gains being as a results of luck, debt restructuring or even the IMF Program inherited from the previous government after taking office in January 2025. “The progress Ghana is recording today did not happen by chance.Some have suggested that our recent macroeconomic gains are simply the product of good fortune.Others have attributed the recovery solely to the debt restructuring programme or the IMF programme inherited in 2025.Mr. Speaker, I firmly disagree. Our recovery is as a result of superior economic management.” He stated The Finance Minister added that although debt restructuring and interventions by the IMF can create fiscal space, sustainable economic recovery can only be built on good policy choices, competent economic management, disciplined execution and courageous leadership. “Debt restructuring may create fiscal space, but it does not create fiscal discipline.An IMF programme may provide a framework, but it cannot substitute for sound policy,disciplined implementation and political will.Sustainable economic recovery is built on good policy choices, competent economic management, disciplined execution and courageous leadership.” He added The Finance Minister then highlighted that as as a result of this economic management, every major macroeconomic indicator has improvedsignificantly. Dr. Cassiel Ato Forson went ahead to explain that Ghana’s economic recovery has been hinged on Fiscal Correction, the modernization of Ghana’s Tax Regime and the Complementary Fiscal Policy for Inflation Targeting and Exchange Rate Stability. “The recovery of the Ghanaian economy has been anchored on three Key Transformational Policy Reforms (KTPs).These Key Transformational Policy Reforms are Fiscal Correction,Modernising Ghana’s Tax Regime and Complementary Fiscal Policy for Inflation Targeting and Exchange Rate Stability.” He added Ghana’s recent macroeconomic gains show strong economic recovery, highlighted by 6.4% GDP growth in Q1 2026, single-digit inflation normalization, and a stabilized cedi.

News, Uncategorized

BoG maintains policy rate at 14% as MPC cites global inflation risks

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The Bank of Ghana (BoG) has maintained the Monetary Policy Rate (MPR) at 14 per cent following the conclusion of the 131st Monetary Policy Committee (MPC) meeting, citing heightened global uncertainties and the need to preserve price stability. Announcing the Committee’s decision at the 131st MPC briefing in Accra, Governor of the Bank of Ghana and Chairman of the MPC, Dr. Johnson Pandit Asiama said the current monetary policy stance remains appropriate despite Ghana’s improving macroeconomic performance. “The Committee, by a unanimous decision, maintained the Monetary Policy Rate at 14.0 per cent,“ According to the Governor, although economic growth has remained resilient, private sector credit has improved and inflation has stayed below the lower bound of the Bank’s medium-term target band, emerging global developments require policymakers to remain cautious. Dr. Asiama explained that escalating geopolitical tensions in the Middle East, rising crude oil prices, and the possibility of upward adjustments in utility tariffs present upside risks to Ghana’s inflation outlook. “The current policy rate remains appropriate to guide inflation towards the Bank’s medium-term target band while allowing policymakers time to assess evolving global risks,” The Committee noted that while inflation expectations remain broadly anchored and the country’s external sector continues to strengthen, it will continue to closely monitor both domestic and global developments before making any future adjustments to the benchmark interest rate. The Monetary Policy Rate serves as the benchmark rate that influences borrowing costs across the banking sector and remains one of the Bank of Ghana’s principal tools for managing inflation and maintaining macroeconomic stability.

News

GoldBod Introduces New Trade Financing Framework for Tier 2 Licensed Gold Buyers

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The Ghana Gold Board (GoldBod) has introduced a new trade financing framework aimed at strengthening accountability, improving risk management and ensuring the efficient administration of funds provided to licensed gold buyers under its Gold Purchase Financing Programme. The new framework which is going into immediate effect outlines the process that Mandatory procedures will follow for Tier 2 Licensed Gold Buyers and other qualifying licensed gold buyers to gain access to GoldBod’s trade funding via the Aggregators. The initiative is part of GoldBod’s overall goal of increasing transparency, financial control and sustainability in the formal gold trading industry in Ghana. Under the revised framework, all eligible Tier 2 Licensed Gold Buyers are required to submit a formal application to an Aggregator, present a valid GoldBod Tier 2 Licence for verification and complete all Know-Your-Customer (KYC), due diligence and creditworthiness assessments before accessing financing. Applicants in line with the directive are also required to sign a Trade Financing Agreement with the Aggregator which specifies the terms of financing, repayment commitments, reporting and compliance requirements. After which funds will only be released until the agreement is approved by the GoldBod. GoldBod also aiming at safeguarding public funds has also introduced a security requirement under which funded buyers must provide an acceptable Bank Guarantee, Advance Payment Guarantee, Insurance Bond or other approved security depending on which, the security will be determined if it will cover between 10 and 50 percent of the approved financing amount. The Board has also instructed all the beneficiaries of the Trade Financing Programme to formalise their transactions under the new regime by fulfilling all the outstanding obligations and closing their current trade financing accounts with Aggregators by August 1, 2026. Failure to comply will result in their removal from the list of eligible Tier 2 Licensed Gold Buyers until all outstanding amounts have been fully settled. GoldBod also outlined strict enforcement measures for defaulters with participants who fail to honour a first demand notice within 21 days risking suspension of their GoldBod Buyer Licence, while continued default after a final 30-day demand notice may result in criminal proceedings. Additionally, the Board has introduced restrictions to prevent multiple financing arrangements. Funded Tier 2 Licensed Buyers will not be permitted to obtain financing from another funded Tier 2 Buyer, while Tier 1 Licensed Buyers may not receive GoldBod trade financing from more than three funded Tier 2 Licensed Buyers at any given time. Breaches of these provisions may attract regulatory sanctions, including the suspension or withdrawal of funding approvals. GoldBod said the new framework is designed to strengthen governance, protect public resources and ensure that its Trade Financing Programme continues to support a transparent, responsible and financially sustainable gold trading ecosystem in Ghana.

News

Bank of Ghana launches maiden MPC Education Observership Programme at 131st Monetary Policy Committee meeting

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The Bank of Ghana has introduced its first-ever Monetary Policy Committee (MPC) Education Observership Programme, giving selected university students a rare opportunity to witness the central bank’s policymaking process during its 131st Monetary Policy Committee meeting. The maiden initiative formed part of the Bank’s efforts to strengthen public understanding of monetary policy by opening its decision-making process to students pursuing economics, finance and related disciplines. Participants observed how members of the Monetary Policy Committee assessed developments in the domestic and global economy before reaching a decision on the country’s Monetary Policy Rate. The University of Ghana made history as the first institution to participate in the Observership Programme, with its students describing the experience as an invaluable opportunity to connect classroom learning with real-world policymaking. Speaking to Univers News, President of the Finance Students’ Association at the University of Ghana Business School, Favour Betta, said the observership offered a perspective that could not be gained through lectures alone. “Honestly, the experience has been an eye-opener because being selected as one of the people from the University of Ghana for this observership programme is a massive opportunity. In lecture halls, we always talk about economic theory, but here we see it happening in real life at the Bank of Ghana, and it is a whole different ball game altogether.” She further explained that observing the Committee’s deliberations demonstrated the depth of analysis and evidence that inform monetary policy decisions. Also sharing her thoughts was the Vice President of the Finance Students’ Association, Emmanuella Mensah, who added that the programme reshaped her understanding of how the policy rate is determined. “I have come to realise that arriving at the policy rate is not just an individual decision. It is a collective process that involves deliberation among some of the brightest minds before a final decision is reached.“ According to her, the observership underscored the importance of collaboration, critical analysis, and diverse expertise in shaping decisions that influence inflation, financial stability, and the broader economy. The maiden MPC Education Observership Programme marks a significant step in the Bank of Ghana’s efforts to bridge the gap between academia and public policy. By granting students direct access to the country’s highest monetary policy decision-making forum, the initiative seeks to inspire the next generation of economists, finance professionals and policymakers while promoting a deeper understanding of the role of central banking in Ghana’s economic development. SOURCE:https://univers.ug.edu.gh

Trade

GIPC Transformed into GIPA Under New Investment Act

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President Mahama has assented to the Ghana Investment Promotion Authority Act (Act 1173), officially transforming the Ghana Investment Promotion Centre (GIPC) into the Ghana Investment Promotion Authority(GIPA).

This bill, assented July 15, 2026, will extend the mandate and enhance both the institutional and enforcement powers of this authority.

Transportation

Brussels Airlines Flight Returns to Accra Safely After Technical Fault Shortly After Takeoff

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The Ghana Civil Aviation Authority (GCAA) has confirmed that Brussels Airlines Flight SN278, has returned safely to Accra International Airport shortly after departure on Monday evening, following a technical fault.

In a statement released on July 20, 2026, GCAA explained that the aircraft which was operating from Accra to Lomé, experienced a technical fault during the flight hence prompting the crew to elect to return to Accra as a precautionary safety measure.