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May 13, 2026
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Fuel prices set to rise despite possible government intervention — Chamber of OMCs
Money
Policy
Growth
Key Points
- Ghanaian fuel prices are projected to increase from May 16, 2026, regardless of whether the government extends its current consumer-cushioning policy.
- If the policy is extended, petrol could rise 2.5-3% to GH¢14.50/litre, and diesel by 1.8% to GH¢16.50/litre.
- Should the policy lapse, petrol could reach GH¢15.80/litre and diesel GH¢18.05/litre, indicating a sharper increase.
- These increases are attributed to renewed global oil market volatility, with crude prices nearing $107/barrel due to factors like potential US strikes on Iran.
- The projected price hikes are expected to fuel domestic inflation, particularly affecting transport and energy costs, despite international institutions forecasting single-digit inflation for Ghana by end of 2026.
Why This Matters
This matters for Ghana as rising fuel prices directly impact the cost of living for citizens and operational expenses for businesses, potentially stoking inflation and reducing purchasing power. The government faces a critical policy decision on whether to continue subsidizing fuel, balancing fiscal sustainability with consumer relief, which will have significant economic ripple effects across all sectors.
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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.