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May 1, 2026
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OMCs cut fuel prices slightly as May pricing window opens
Money
Policy
Key Points
- Oil Marketing Companies (OMCs) like GOIL and Star Oil have initiated reductions in ex-pump prices for petrol and diesel for the first pricing window of May.
- GOIL's petrol price dropped slightly to GH¢13.25/L, while diesel saw a more significant cut of 44 pesewas to GH¢15.66/L.
- Star Oil also adjusted its prices, with petrol down 2 pesewas to GH¢13.25/L and diesel down 55 pesewas to GH¢15.55/L.
- These price adjustments are linked to lower global oil prices and ongoing government-industry interventions aimed at consumer relief.
- The National Petroleum Authority (NPA) has also reduced price floors for petrol and diesel, but sharply increased the price floor for LPG by GH¢2.23 to GH¢13.02/kg.
Why This Matters
This article is significant for Ghana as fuel price changes directly influence the cost of living, transportation, and operational expenses for businesses across various sectors. While petrol and diesel prices offer some relief, the sharp increase in LPG prices will create new economic pressures, impacting household budgets and industries reliant on gas. This reflects ongoing efforts by the government to manage inflation and consumer welfare through market interventions and regulatory adjustments.
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August 24, 2026
GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
- GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.
August 24, 2026
GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
- This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
- The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
- The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
August 23, 2026
Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.