Databank Research Projects Relative Stability for Cedi in 2026
The analysts at Databank Research gathered around their screens, scrutinizing the prospects for Ghana’s currency in the year ahead. Their 2026 Economic Outlook painted a cautiously optimistic picture: the cedi, they projected, would remain relatively stable, ending the year at around GH¢12.85 to the US dollar with a modest depreciation of 7.20 per cent, provided no major shocks rattled the system. Their forecast was underpinned by a careful analysis of expected demand pressures, including the needs of bulk importers, looming energy payments, and upcoming Eurobond obligations. But it was also anchored in hope, a conservative estimate of monthly inflows of about GH¢750 million from GOLDBOD, coupled with reforms in the small-scale mining sector. These gold-backed inflows, the team believed, would give the Bank of Ghana extra firepower to manage expectations and smooth out volatility in the foreign exchange market. Yet, the story didn’t end with Ghana’s internal dynamics. The outlook was buoyed by continued support from international partners such as the International Monetary Fund and the World Bank, which Databank saw as crucial for maintaining external confidence. As the analysts dug deeper, they noticed a subtle but significant shift on the global stage. Some central banks, led by China, were gradually reducing their reliance on the US dollar, turning instead to gold. The report highlighted ongoing debates about reclassifying gold from a Tier 1 asset to a High-Quality Liquid Asset (HQLA), a move that could allow gold to serve as collateral in global financing transactions. While such deliberations, especially within the BRICS bloc, remained tentative due to concerns about volatility and trust, the potential implications were profound. A structural shift in reserve management could reduce the dollar’s dominance and indirectly improve the cedi’s stability by bolstering Ghana’s gold reserves. For now, though, Databank’s researchers were measured in their optimism. Excluding this low-probability scenario, they maintained a neutral-to-positive stance, noting that tighter regulations and healthy reserves should be enough to withstand moderate pressures. As 2026 approached, the cedi’s story seemed to be one of resilience, shaped by both domestic reforms and winds of change in the global financial system. Source: Apexnewsgh.com
MTN Ghana pays over GHS10bn in taxes as profit surges 56%
MTN Ghana paid GHS10.5 billion in direct and indirect taxes to the government in 2025, up from GHS8.6 billion in 2024, as the telecom giant delivered strong earnings growth and increased shareholder returns. According to its audited 2025 full-year results released by Scancom PLC (MTN Ghana), profit after tax rose by 55.9 percent to GHS7.8 billion, compared to GHS5.03 billion the previous year. Earnings per share also climbed 55.9 percent to GHS0.5923. Service revenue increased by 36.2 percent to GHS24.4 billion, driven largely by growth in data and Mobile Money services. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 43.5 percent to GHS14.7 billion, lifting the EBITDA margin to 60.1 percent, up three percentage points year-on-year. Data revenue expanded strongly during the year, while active Mobile Money users increased by 12.3 percent to 19.3 million. Total mobile subscribers grew by 9.2 percent to 31.2 million, reflecting continued demand for connectivity and digital financial services. The company invested GHS6.4 billion in capital expenditure during the year, including GHS4.6 billion in ex-lease capex – to expand network coverage, enhance capacity, and modernise IT systems. On shareholder returns, the Board has recommended a final dividend of GHS0.40 per share, up from GHS0.24 in 2024, subject to approval at the Annual General Meeting. The dividend is scheduled for payment in April 2026. Looking ahead, MTN Ghana says it expects Ghana’s improving macroeconomic environment to support further growth in 2026. The company is maintaining its medium-term service revenue growth guidance in the mid-to-upper thirties percent range and anticipates EBITDA margins in the mid-to-upper fifties percent, while sustaining a dividend payout ratio of 60 to 80 percent, subject to operating conditions. Source: Apexnewsgh.com
Ghana Braces for Price Surge as Global Oil Markets React to Strait of Hormuz Attacks
As dawn broke over Accra, motorists queued anxiously at fuel stations, their eyes glued to radio updates about distant events in the Middle East. News had quickly spread across Ghana: global oil prices were surging again, threatening to drive up the cost of petrol and, in turn, nearly every commodity in the market. The root of the turmoil lay thousands of miles away, near the narrow Strait of Hormuz, a vital maritime passage that ferries nearly 20% of the world’s oil. Over the weekend, this lifeline had become a battleground. Reports from the UK Maritime Trade Operations (UKMTO) spoke of three commercial ships attacked near the strait. Two vessels were struck by mysterious projectiles, igniting fires onboard, and another explosion narrowly missed a third ship. Thankfully, all crew members survived unscathed. The attacks came amid a fresh escalation in Middle Eastern tensions. Iran, responding to ongoing US and Israeli military actions, intensified its strikes across the region. The Iranian authorities went further, warning vessels against passing through the strait. With fears mounting, many ships dropped anchor in safer waters, unwilling to risk passage. Shipping activity slowed, and insurance costs soared. By Monday morning in Asia, the impact was clear: oil prices had jumped more than 10% in early trading before settling down somewhat. At 02:00 GMT, Brent crude was still up over 4%, trading at $76.16 per barrel. US oil prices climbed in tandem. For Ghana, where most petroleum products are imported, the implications were immediate and serious. Energy analysts warned that a sustained price rally could mean higher pump prices, steeper transport fares, and costlier food and goods. Though world markets had yet to panic, since major oil infrastructure remained unharmed, experts cautioned that a prolonged crisis could push prices beyond $100 per barrel. OPEC+ members, led by Saudi Arabia and Russia, scrambled to calm the markets, promising to boost oil output by over 200,000 barrels per day. Yet, some experts doubted whether this would be enough if the strait stayed closed for long. Meanwhile, the situation remained tense. Iran’s Revolutionary Guards boasted of missile strikes against tankers linked to the UK and US, although the claims went unverified. The UKMTO reported a string of security incidents across the Arabian Gulf and Gulf of Oman, urging ships to proceed with caution. Satellite data painted a telling picture: more than 150 tankers now sat idle in the Gulf, their captains opting to wait out the turmoil rather than brave the dangerous waters. Analysts warned that if the strait remained closed, the shockwaves would be felt worldwide, but nowhere more keenly than in fuel-dependent economies like Ghana, where every fuel price change ripples through daily life. Source: Apexnewsgh.com
Parliament Endorses Gold-Driven Reserve Policy, Building on Bawumia’s Legacy
On Thursday, February 26, the chamber of Ghana’s Parliament buzzed with anticipation as lawmakers put their stamp of approval on a transformative new economic strategy: the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). This landmark policy, which draws inspiration from the G-4-R framework pioneered by former Vice President Mahamudu Bawumia, marks a pivotal shift in the nation’s approach to building foreign reserves under the current NDC government. The story of GANRAP’s approval began with Finance Minister Cassiel Ato Forson taking the floor. He presented the policy as a bold departure from the country’s long-standing habit of borrowing to shore up its reserves, an approach he criticized as unsustainable. Instead, Minister Forson outlined a future where Ghana’s abundant gold resources would be harnessed to strengthen its gross international reserves and build more robust external buffers. According to the Minister, the government has set its sights on achieving a 15-month import cover by the end of 2028. The plan: to add an average of US$9.5 billion each year to Ghana’s reserves, driven by the acquisition of approximately 3.02 tonnes of gold every week. The Ghana Gold Board (GOLDBOD) is set to play a central role, sourcing gold from small-scale miners and exercising a state pre-emptive right to claim 20 percent of output from large-scale mining firms. As Parliament debated the merits of the policy, members of the Finance and Economy Committees took time to acknowledge Dr. Bawumia’s visionary role in laying the conceptual foundation for a gold-backed reserve strategy. Many praised the focus on mobilising domestic resources and the emphasis on results-based management, core principles of the earlier G-4-R policy. The narrative of continuity was further reinforced by Deputy Finance Minister Thomas Ampem Nyarko, who openly admitted that the gold-backed reserve concept was not entirely new, but had roots in previous administrations. Lawmakers across the aisle agreed that forging ahead with this strategy was essential for macroeconomic stability and investor confidence, highlighting the importance of building on good ideas, regardless of political origin. With GANRAP now approved, Ghana embarks on a new chapter, one where gold, vision, and bipartisan collaboration converge to safeguard the nation’s economic future. Source: Apexnewsgh.com
Stanbic Bank Orchestrates Landmark USD205 Million Financing Deal for Ghana’s Largest Mining Contractor
In a significant boost for Ghana’s mining sector, Stanbic Bank Ghana Limited has led the arrangement of a USD205 million senior secured term loan and revolving credit facilities for Engineers & Planners Company Limited (E&P), the nation’s foremost indigenous mining contractor. The story behind this landmark deal is one of collaboration and strategic vision. Working alongside The Standard Bank of South Africa Limited, Stanbic structured a robust financing package tailored to support E&P’s long-term partnership with Gold Fields Ghana Limited, set to span the next five years. This funding is poised to not only power mining operations but also reinforce local expertise and capacity, a cornerstone for Ghana’s sustained economic growth. The transaction drew further confidence and credibility from the involvement of Ecobank Ghana PLC and Absa Bank Ghana LTD, both joining as lending partners. Their participation speaks volumes about the trust placed in E&P’s operational excellence and the overall strength of the deal. This is far from the first chapter in the relationship between Stanbic Bank Ghana and Engineers & Planners. For over twenty years, the bank has stood by E&P, having arranged more than USD450 million in financing to fuel the company’s expansion and operational ambitions. With this latest transaction, Stanbic Bank reaffirms its unwavering support for homegrown enterprises that meet and exceed international benchmarks. The impact is expected to ripple beyond E&P, contributing to job creation, the growth of supporting industries, and the broader agenda of sustainable economic development in Ghana. Source: Apexnewsgh.com
Energy Minister Unveils Swift Actions to End Meter Shortages in Ghana
A sense of optimism filled the air in Tema as John Abdulai Jinapor, Minister for Energy and Green Transition, stepped to the podium at the opening ceremony of MBH Power Ghana Limited’s new meter manufacturing facility. Flanked by industry leaders and government officials, Mr. Jinapor wasted no time in outlining a bold plan to tackle what has become a persistent headache for Ghana’s power sector: meter shortages. “Metering is at the heart of fairness, transparency, and revenue protection in our electricity distribution chain,” the Minister declared. He acknowledged the frustration of consumers, some of whom have waited months for meters, and warned that ongoing supply challenges threaten not just customer satisfaction, but the very financial health of Ghana’s power utilities. To turn the tide, Mr. Jinapor announced a series of decisive interventions. He revealed that both the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) have been put on notice: they must urgently clear existing supply bottlenecks and streamline distribution. Local meter production will be ramped up to reduce reliance on imports and prevent chronic shortages. Furthermore, the ECG and Energy Commission have been given a strict seven-day deadline to resolve ongoing meter reading challenges. The Minister also highlighted technical upgrades, including transformer enhancements, to prevent overloads and outages, and promised strengthened systems for responding to consumer complaints more swiftly. Despite the hurdles, Mr. Jinapor reassured Ghanaians that the country’s power generation capacity is stable. “Over the past 11 months, significant capacity additions have ended load shedding,” he said, explaining that the present difficulties are rooted in distribution, not generation, and are being systematically addressed. The event also shone a spotlight on MBH Power Ghana Limited. Director Niket Goel recounted the company’s journey since 2007, noting its contribution to projects such as the supply and installation of shunt capacitors and participation in rural electrification drives. Mr. Goel expressed confidence that the new factory would not only help reduce power theft but also improve revenue collection for distribution and generation companies. He revealed ambitious plans to double the plant’s production capacity soon, underlining MBH Power’s commitment to Ghana’s long-term development. The ceremony, attended by dignitaries including Foreign Affairs Minister Samuel Okudzeto Ablakwa, marked a pivotal step towards more reliable, transparent, and accessible electricity for Ghanaians. Source: Apexnewsgh.com
Ministry Orders Urgent Probe Into Prepaid Meter Credit Depletion
It was a restless week across Ghana as electricity consumers from all walks of life began to notice something unusual: their prepaid credits were vanishing at breakneck speed, almost as if their meters had caught a sudden burst of energy. The air was thick with speculation and frustration. Social media, especially X, buzzed with anxious voices comparing experiences and searching for answers. Richmond Rockson, spokesperson for the Ministry of Energy and Green Transition, soon acknowledged the uproar. In a public post, he echoed the nation’s concerns, describing how customers felt their prepaid meters were “running like Usain Bolt.” Recognizing the growing anxiety, Dr. John Abdulai Jinapor, Minister for Energy and Green Transition, decided that swift action was needed. He summoned the leadership of the Electricity Company of Ghana (ECG) and gave clear instructions: launch an immediate and thorough investigation into the rapid credit depletion, and deliver a comprehensive report within seven days. “The Minister of Energy and Green Transition, Dr. John Abdulai Jinapor, has taken notice of these complaints and has directed ECG to investigate and provide a report to him within 7 days for further action,” read the official statement. This directive brought a sense of hope and anticipation. For many, it signaled that their worries were being taken seriously at the highest level. The findings of ECG’s investigation are expected to shed light on the cause of the fast-draining credits and bring clarity to the nation’s electricity billing and metering systems. As Ghanaians await answers, all eyes are on the Ministry and ECG to resolve the mystery and restore confidence in the power supply system. Source: Apexnewsgh.com
Shea Butter in Indigenous Cooking Traditions and Community Food Systems
Shea butter is widely celebrated across the world for its remarkable skincare properties, but long before it found its way into global cosmetic industries, it held an equally important place in indigenous kitchens across northern Ghana and the wider Sahel. In many communities, shea butter is not merely a beauty product; it is food, culture, medicine, memory, and livelihood woven together in one golden substance. Its story in cooking traditions reveals a deep relationship between land, women’s knowledge, nutrition, and community resilience. The shea tree, scientifically known as Vitellaria paradoxa, grows naturally across the savannah belt of West Africa. For centuries, rural households have depended on it not only as a seasonal fruit but as a source of oil extracted from its nuts. In northern Ghana, particularly within the Upper East Region, shea butter has long been a foundational cooking fat, especially before the widespread introduction of imported vegetable oils and processed alternatives. It was the primary edible fat for frying, stewing, roasting, and even food preservation. The production of shea butter is traditionally the domain of women. From gathering fallen fruits under the trees during the harvest season to boiling, drying, cracking, roasting, grinding, kneading, and churning, the process is labor-intensive and deeply communal. Knowledge of correct fermentation times, roasting temperatures, and kneading techniques is passed from mothers to daughters, aunties to nieces. These methods are not random; they are refined through generations of observation and practice. The result is a rich, aromatic butter that carries not only nutrients but heritage. In indigenous cooking traditions, shea butter is prized for its distinctive flavor and high smoke point. It is used in preparing staple dishes such as tuo zaafi, green leafy soups, groundnut soups, beans, and millet-based meals. In some communities, fresh warm shea butter is poured over cooked tubers or mixed directly into porridge to enhance taste and caloric value. During festive seasons, shea butter plays a central role in preparing special meals served to guests, elders, and in-laws. Its presence signifies care, generosity, and authenticity. Beyond flavor, shea butter serves practical nutritional functions. Rural households historically relied on it as a dense source of dietary fat and energy, particularly during dry seasons when food supplies could be scarce. For farming families engaged in physically demanding labor, the energy provided by shea-enriched meals was vital. Traditional diets balanced grains, legumes, leafy vegetables, and shea butter, creating nutrient combinations that sustained communities long before modern nutritional science began analyzing food composition. Shea butter also intersects with traditional medicine and maternal care. In many northern Ghanaian households, postpartum meals are prepared with generous amounts of shea butter, believed to restore strength and warmth to new mothers. Certain herbs are fried in shea butter to prepare medicinal concoctions. For infants transitioning to family foods, softened shea butter is sometimes added to porridge to improve texture and nutritional content. Thus, the kitchen becomes both a culinary and a healing space. Colonial economic shifts and the formalization of the Gold Coast economy gradually altered local food systems. Imported goods, including refined vegetable oils, became symbols of modernization. Over time, some traditional cooking fats were stigmatized as “rural” or “old-fashioned.” Shea butter increasingly became commercialized for export, especially for cosmetic and industrial uses, sometimes reducing its visibility as a local cooking staple. Yet in many villages, its culinary importance never disappeared. Today, renewed sensitisation and community education efforts are helping to reconnect younger generations with traditional food knowledge. Workshops, festivals, and heritage documentation initiatives highlight the role of shea butter in ancestral cuisine. Women’s groups and cooperatives are not only improving processing techniques for higher quality production but also educating youth about indigenous recipes that rely on shea butter. This revival is not nostalgic romanticism; it is a practical strategy for food sovereignty. By valuing shea butter as food, communities strengthen local food systems. When families consume locally produced cooking fat, they reduce dependence on imported oils and retain economic value within the community. Women who process shea nuts generate income while preserving cultural knowledge. In many parts of northern Ghana, women’s shea cooperatives have become essential economic pillars, balancing both export markets and domestic supply. The same butter that nourishes international cosmetic brands continues to nourish local households. Climate change and environmental pressures make the shea tree even more significant. As a drought-resistant species, it thrives in semi-arid conditions where other crops may fail. Protecting shea parklands supports biodiversity, soil conservation, and long-term ecological stability. Communities that value shea butter in their kitchens are more likely to protect the trees in their fields. Thus, indigenous cooking traditions contribute indirectly to environmental stewardship. Documentation plays a critical role in safeguarding this knowledge. Oral traditions are powerful, but without deliberate recording, recipes and processing techniques risk fading as lifestyles change. Community-based research, museum exhibitions, radio programs, and school curricula can all contribute to preserving indigenous culinary heritage. When young people understand the science, history, and economic value behind shea butter, they are more likely to respect and continue these traditions. The cultural symbolism of shea butter extends beyond nutrition. In some communities, gifting shea butter signifies goodwill and solidarity. It is part of bride wealth exchanges, funeral contributions, and communal labor appreciation. The act of sharing food prepared with shea butter reinforces kinship bonds. Food, after all, is never only about sustenance; it is about belonging. Modern nutrition science increasingly validates what indigenous communities have long practiced. Shea butter contains beneficial fatty acids and fat-soluble vitamins. While moderation is important, traditional diets that integrate natural fats with whole grains and vegetables often provide balanced nourishment. Re-centering indigenous ingredients within contemporary food discussions challenges the assumption that imported or industrial products are inherently superior. Urbanization presents both challenges and opportunities. In cities, some consumers have begun rediscovering traditional foods as part of cultural pride and health consciousness. Restaurants that incorporate shea butter into authentic northern Ghanaian dishes help bridge rural and urban food cultures. Social media platforms amplify indigenous recipes, allowing younger audiences to engage creatively
Gold Fields Achieves 18% Surge in 2025 Gold Production, Cites Ghana as Key Contributor
Gold Fields has reported a remarkable 18 percent increase in gold production for 2025 compared to the previous year, delivering a strong performance across its global operations. Group Chief Executive Officer Mike Fraser shared the company’s results during an interview on Monday, February 23, expressing pride in the teams’ achievements worldwide. “We are very pleased with the operational delivery from our teams across the globe. We were able to deliver an increase of 18 percent in our production year-on-year compared to 2024,” Fraser said, attributing the growth to robust contributions from multiple regions. Fraser singled out Ghana as a vital part of Gold Fields’ global portfolio, describing the Tarkwa mine as a cornerstone of the company’s operations. In 2025, the Tarkwa mine produced nearly 475,000 ounces of gold. Although this marked a slight decrease from the previous year, Fraser explained that the dip was intentional, resulting from a strategic focus on waste stripping and capital development, efforts that are set to boost future production. Looking ahead, Fraser reaffirmed Gold Fields’ commitment to strengthening its global presence, with Ghana remaining central to the company’s long-term growth and investment strategy. Source: Apexnewsgh.com
Cement Prices Under Threat as Port Congestion Delays Clinker Discharge
Ghana’s construction sector is bracing for a potential hike in cement prices as severe congestion at the nation’s ports continues to stall the discharge of clinker, a vital ingredient in cement production. Industry insiders warn that the prolonged delays, forcing vessels to wait up to 20 days to berth, are leading to spiraling demurrage costs that could soon be passed on to consumers. The urgent situation prompted an emergency meeting on Monday, February 23, 2026, convened by Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, alongside Minister for Transport, Joseph Bukari Nikpe. Cement manufacturers and key industry players gathered to address the operational gridlock that has left clinker shipments stranded for weeks, straining the sector’s finances. Bishop Dr. George Dawson-Ahmoah, CEO of the Chamber of Cement Manufacturers Ghana (COCMAG), painted a stark picture, describing the industry as financially “leaking” due to mounting demurrage charges. Manufacturers cautioned that unless immediate action is taken, the burden of these escalating costs will inevitably affect cement prices in the local market. While acknowledging ongoing dredging works at the port, industry players called for urgent interim solutions, such as temporary access to additional berths and the use of alternative berths for non-dust-producing raw materials like gypsum and slag. Minister Nikpe responded to these concerns by assuring stakeholders that the government is accelerating dredging activities to expand berth capacity. He explained that, with completion expected by the end of June, the port will soon be able to accommodate vessels over 20,000 tonnes—more than doubling current capacity and significantly reducing wait times. Partial relief is anticipated within the next two weeks as dredging progresses around Berth 14. Minister Ofosu-Adjare emphasized that port inefficiencies directly inflate production costs and, ultimately, market prices. “If we want good prices, we must also perform our part of the bargain to ensure that production costs remain efficient,” she urged, highlighting the broader need to address structural bottlenecks. AGI President, Pharm. Kofi Nsiah-Poku, praised the Ministers for their rapid intervention and collaborative stance, expressing hope that both immediate and long-term measures will restore efficiency and ease cost pressures for the industry. Still, until these improvements are fully in place, stakeholders warn that the ongoing port congestion and rising demurrage fees could drive cement prices higher, leaving consumers to bear the cost if the crisis is not resolved swiftly. Source: Apexnewsgh.com