Ghana’s Inflation Rate Drops to 18.4% in May 2025
Ghana’s inflation rate has fallen sharply to 18.4% year-on-year in May 2025, down from 21.2% in April. This marks the lowest rate since February 2022 and extends the country’s disinflation trend into its fifth consecutive month. The Ghana Statistical Service (GSS) attributes the significant decline to reductions in transport fares and a marked slowdown in non-food inflation. Government Statistician, Dr. Alhassan Iddrisu, said the recent drop in fuel prices at the pumps, which influenced a nationwide adjustment in transport fares, played a major role in cooling inflationary pressures in May. While food inflation remains elevated, it continued to ease, and services and transport-related costs recorded the steepest drop, providing some relief to household budgets. However, regional disparities in inflation rates persist, with the Upper West Region posting the highest inflation rate at 38.1%, driven largely by higher food prices and transport costs. In contrast, the Ahafo Region recorded the lowest inflation rate at 14.5%. The latest inflation data is likely to bolster market confidence in the ongoing macroeconomic recovery and support the central bank’s monetary policy stance. The sustained easing in the pace of consumer price rises is a positive development for the economy, and stakeholders will be watching closely to see if this trend continues. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
President Mahama Dismisses Speculations on Cedi-Dollar Exchange Rate
President John Mahama has shot down speculations that the Ghana cedi will trade at four to one US dollar. Speaking to Ghanaian exporters on trade and economic growth, President Mahama said, “Some say it’d come [down] to four [cedis to one dollar] but of course we know the true value of the cedi is not four.” He warned that if the cedi were to appreciate to four to a dollar, it would have a devastating impact on export businesses. “And if it went as far down as four, it’d kill all your export businesses,” President Mahama cautioned. The President revealed that he had met with the Finance Minister, Dr. Cassiel Ato Baah Forson, and the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, to discuss finding the true value of the cedi. According to President Mahama, the trio believes the real value of the cedi is between 10 and 12 to a dollar. “Luckily, the forex option has brought it to just above 10 and it appears to have stabilised there. So I think that going forward, anything between 10, 11, and 12, as a band where the cedi operates, will be a fair value, both to encourage our exports, but at the same time not make imports so cheap that importers will flood our markets with toothpicks, biscuits, and coconuts and all those kinds of things,” President Mahama underlined. The President assured the business community that his government would be prudent in managing the economy to provide a predictable environment for investments. “My government would prudently manage the economy so that you have a predictable environment in which you can make investments knowing that your return on investment would keep your businesses going,” he assured. Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
Ghana Earns $1.1 Billion from Gold Purchase Programme
Finance Minister Dr. Cassiel Ato Forson has disclosed that Ghana earned over $1.1 billion in foreign exchange during the first full month of operations under the Goldbod gold purchase programme. The inflow was generated from the purchase and export of more than 11 tonnes of gold, marking a major milestone in the country’s efforts to stabilise the cedi and enhance local participation in the gold trade. Dr. Forson made the announcement during the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra. He urged the new board to build on the gains made through Goldbod and help deliver long-term value from Ghana’s mineral resources. “This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” the Minister said. Dr. Forson challenged the new board to return the Fund to its core mandate of responsible and transparent mineral investment. He noted that between 2019 and 2024, MIIF suffered from severe mismanagement, prompting the government to withdraw financial support. “We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, the government will reconsider its stance,” Dr. Forson stated. The Minister emphasised MIIF’s role in increasing Ghana’s equity in mining operations and promoting local content across the value chain. He also revealed plans to collaborate with MIIF and Goldbod to further expand the gold purchase initiative and bolster Ghana’s gold reserves. As part of broader sector reforms, Dr. Forson announced a renewed crackdown on mineral smuggling, pledging intensified oversight to ensure that no precious mineral leaves the country without due process and benefit to the state. The newly inaugurated MIIF board is chaired by Mr. Richard Kwame Asante, with other members including Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni. The board has pledged to rebuild public confidence in MIIF and ensure that its operations align with Ghana’s national development priorities. Source: Apexnewsgh.com/ Ngamegbulam Chidozie Stephen
Importers and Exporters Association Calls for Cancellation of SML Contract
The Importers and Exporters Association of Ghana is calling on President John Dramani Mahama to immediately cancel the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML). According to the Association, the contract is draining over $1.4 million from state coffers each month, despite a 2024 presidential directive suspending SML’s upstream petroleum agreement and a subsequent audit conducted by KPMG. The Association argues that the downstream component of the deal remains in force and is redundant, as its functions are already being carried out by the National Petroleum Authority (NPA). Speaking at a press conference in Accra, Executive Secretary Samson Asaki Awingobit described the ongoing payments to SML as a violation of prudent financial management, particularly at a time when the country is facing significant economic challenges. “This contract undermines principles of good governance and fiscal responsibility,” Mr. Awingobit stated. He further demanded full public disclosure of all payments made to SML since 2018 and called for the prosecution of any public officials found complicit in the arrangement. The Association’s call adds to growing public scrutiny over the SML deal, with stakeholders urging greater transparency and accountability in the management of public funds. Source: Apexnewsgh.com/ Ngamegbulam Chidozie Stephen
Fuel Prices in Ghana Projected to Decline Further
Fuel prices in Ghana are expected to decline further in the first pricing window of June, driven by the continued strengthening of the Ghanaian cedi against the US dollar. Apexnewsgh reports The appreciation of the cedi has eased import costs for petroleum products, prompting optimism among market watchers that fuel prices at the pumps will reflect the currency gains in the coming days. Some Oil Marketing Companies (OMCs) are already selling petrol and diesel slightly above GHS13 per litre, following consistent reductions over recent pricing windows. This downward trend is expected to continue, with consumers hoping to benefit from the reduced import costs. The Ghana Private Road Transport Union (GPRTU) recently announced a 15% reduction in transport fares, attributing the decision to the combined effect of falling fuel prices and the relative stability of the local currency. This fare cut is being seen as an early indication of the broader economic impact of the downward trend in petroleum prices. Energy analysts have noted that while pump prices were revised downward in the final pricing window of May, the reductions could have been steeper. They argue that OMCs should be more responsive in passing on the full benefits of reduced import costs to consumers. As the cedi continues to hold its gains, pressure is expected to mount on fuel retailers to make further price cuts, ensuring consumers feel the full impact of the currency’s strength. Industry players and consumers alike are now watching closely to see how the market responds during the first half of June, amid calls for greater transparency and fairness in petroleum pricing. Source: Apexnewsgh.com
Chairman Wontumi Released, But Will Still Return to EOCO
The Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, has been released from the custody of the Economic and Organised Crime Office (EOCO) after meeting his bail conditions. Wontumi was granted bail in the sum of GHS 50 million and fulfilled the conditions around 8:00 p.m. on Monday, June 2. According to his lawyer, Mr. Andy Appiah-Kubi, Wontumi is expected to return to EOCO for further questioning on Wednesday, June 4, and again on Monday, June 9, 2025, as investigations continue. Appiah-Kubi expressed appreciation to EOCO officials for extending their working hours to facilitate Wontumi’s release after the bail conditions were satisfied on Monday evening. The lawmaker thanked the Member of Parliament for Abetifi, Bryan Acheampong, and the MP for New Edubease, George Boahen Oduro, for their critical support in meeting the bail requirements. Mr. Acheampong’s property alone exceeded the value required for the surety, making it possible for Wontumi to secure his release. Appiah-Kubi revealed that attempts by others to stand surety, including businessman and politician Kennedy Agyapong and an unnamed individual from Somanya, were unsuccessful due to issues with property documentation. The lawyer also disclosed that Wontumi is currently in frail health and intends to formally request permission from the Criminal Investigations Department (CID) to seek medical attention. Wontumi had missed a scheduled meeting with the CID last Thursday due to his detention by EOCO. Source: Apexnewsgh.com
Prof. Ameyaw-Akumfi Declares Innocence Amid Sky Train Project Controversy
Professor Christopher Ameyaw-Akumfi, former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), has spoken publicly for the first time since his arraignment in connection with the controversial Sky Train project. Apexnewsgh reports In a personal statement released on Friday, May 30, Prof. Ameyaw-Akumfi declared his innocence and expressed heartfelt gratitude for the overwhelming support he has received. Prof. Ameyaw-Akumfi confirmed that he has pleaded not guilty to all charges brought against him, emphasizing his commitment to transparency and accountability. “I welcome the opportunity to clear my name and have full confidence in my innocence,” he added. The former Minister of Education described the period following the news of his arraignment as “challenging,” but noted that he has been deeply moved by the outpouring of solidarity. He expressed gratitude to his family, close friends, and legal counsel for their steadfast support during this trying time. Significantly, Prof. Ameyaw-Akumfi also acknowledged support from key political figures, including former Assin Central MP, Hon. Kennedy Agyapong, and Techiman South MP, Hon. Martin Kwaku Agyei Mensah Korsah. Prof. Ameyaw-Akumfi is among former GIIF officials facing prosecution over the failed $2.3 billion Sky Train project. The initiative, launched in 2019 as part of efforts to modernize Ghana’s urban transport system, was suspended amid procurement concerns and questions about its financial viability. Despite the challenges, Prof. Ameyaw-Akumfi remains resolute in his defense, confident that his innocence will be proven. Source: Apexnewsgh.com
Ghana’s Defence Minister Calls for African Unity and Innovation
Ghana’s Minister for Defence, Dr. Edward Omane Boamah, has delivered a stirring address at the Futures Forum held at the London School of Economics (LSE), calling on Africa’s youth, leaders, and development partners to co-create a continent rooted in unity, innovation, and visionary leadership. Dr. Boamah emphasized Africa’s agency in reshaping global security and economic paradigms, stating that “Africa stands at a defining crossroads, not of crisis, but of possibility.” The Defence Minister highlighted the importance of investing in technology and digital skills to prepare Africa’s youth for the demands of a rapidly evolving global economy. He cited Ghana’s One Million Coders’ Programme as an example of an initiative that seeks to equip young Ghanaians with critical digital skills in areas such as Artificial Intelligence, Cybersecurity, and Software Engineering. Dr. Boamah urged African governments to align their national budgets with the needs of their people, viewing public services such as education and healthcare as investments in peace and human capital. He also challenged international partners to reimagine their roles as co-creators of long-term, transformative change that tackles the structural challenges facing the continent. The Minister concluded his address with a rousing call for continental unity and solidarity, underscoring the importance of African-led solutions to global challenges. The address received widespread praise from participants, including faculty, students, and global development partners, many of whom commended Dr. Boamah for his bold vision and clarity of purpose. His former lecturer, Lucy, expressed pride in his accomplishments and growth, saying that his address was inspiring and intellectually rigorous. Source: Apexnewsgh.com
Ride-Hailing Fares Unlikely to Drop Despite Cedi Appreciation
Users of ride-hailing apps should not expect a reduction in fares despite the recent appreciation of the cedi and falling fuel prices. Apexnewsgh reports According to the Ghana Online Drivers Union, the union was not consulted in the Ghana Private Road Transport Union’s (GPRTU) decision to implement a 15% fare reduction across public transport services. The President of the Ghana Online Drivers Union, Francis Tengey, stated that the fare cut cannot be extended to ride-hailing services because they were excluded from the decision-making process. Tengey explained that the GPRTU’s directive does not apply to ride-hailing services like Uber, Bolt, and Yango, as their union is not recognized by the GPRTU or the Trade Union. Tengey appealed to the government to step in and regulate the sector, allowing the union to engage directly with ride-hailing platforms to ensure passengers benefit from favorable economic trends. Meanwhile, consumer advocacy group CUTS International is calling for firm action from the government to ensure Ghanaians benefit from recent fuel price reductions. The group is urging authorities to empower local assemblies to deregister and sanction commercial drivers who refuse to implement the 15% fare cut. Source: Apexnewsgh.com
Modern Digital Road Toll System Unveiled
President John Dramani Mahama has announced plans for a modernized, digitized road toll system aimed at enhancing revenue collection and streamlining toll operations across Ghana. Apexnewsgh reports Speaking at the 2025 Ghana CEOs’ Summit in Accra, President Mahama revealed that the proposed system would eliminate traditional toll booths, leveraging digital technology and Ghana Card integration instead. Under the proposed system, every vehicle would be linked to its owner’s Ghana Card. As vehicles pass through toll points, automated cameras would capture their license plates and instantly bill the owner a fixed amount of GH¢1.00. The bill would then be deducted directly from the owner’s mobile money wallet or bank account. President Mahama explained that this new digital system would make toll collection efficient and hassle-free. The move is part of broader discussions to modernize revenue collection and improve efficiency in road infrastructure funding. President Mahama emphasized that the digital system would eliminate the need for traditional toll booths with attendants lifting barriers, making it a more convenient and efficient way to collect tolls. The announcement was made at the 2025 Ghana CEOs’ Summit, held under the theme “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy.” The summit brought together top business leaders, policymakers, and economic stakeholders for strategic dialogue, fostering collaboration between the public and private sectors to shape Ghana’s economic direction. Source: Apexnewsgh.com