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June 26, 2026
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Fuel Levy cash cleared IPP debts and restored Ghana’s credit standing – PURC boss
Money
Policy
Growth
Key Points
- The GH¢1 levy on petroleum products has been instrumental in clearing long-standing energy sector debts in Ghana.
- These funds, estimated at $8 billion, were used to settle arrears owed to independent power producers and gas suppliers.
- The levy also helped restore risk guarantees with international partners, including the World Bank, and improved Ghana's credit rating.
- Specific payments were made to gas suppliers like Sankofa Gye Nyame and Jubilee Partners to secure gas supply.
- Despite these debt-clearing efforts, the Ministry of Finance must still provide an average of $92 million monthly to maintain consistent electricity supply.
Why This Matters
This article underscores the critical financial interventions required to stabilize Ghana's power sector and enhance its international creditworthiness. It reveals the substantial and ongoing fiscal pressure on the government to maintain electricity supply, impacting national budgeting and future energy policy decisions despite successful debt-clearing efforts.
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June 26, 2026
High Commissioner urges Ghana to look beyond the west for economic solutions
- Ghana's High Commissioner to Malaysia urged Ghana to reduce reliance on Western economic models and instead learn from Asia's, particularly Malaysia's, long-term vision and policy consistency.
- A high-level delegation of Ghanaian financial regulators is undertaking a study tour in Malaysia to understand its globally acclaimed non-interest banking and finance ecosystem.
- Ghana is preparing to introduce non-interest banking, Sukuk bonds, and Takaful insurance as part of a broader financial sector transformation.
- The country is signaling its readiness to attract both local and international investment into its emerging non-interest finance sector, with the framework for Sukuk bonds reportedly complete.
- Malaysia's four-decade success in integrating non-interest finance into its dual-banking system is seen as a model for Ghana to mobilize capital for infrastructure and strategic national projects.
June 26, 2026
Sentuo Oil Refinery expansion will reduce fuel imports when completed – John Jinapor
- The Sentuo Oil Refinery is undergoing a Phase II expansion, increasing its capacity from 40,000 to 100,000 barrels per day.
- This expansion aims to significantly reduce Ghana's reliance on imported finished petroleum products.
- The project is expected to create jobs, enhance energy security, boost local value addition, and accelerate industrialization.
- When Sentuo and Tema Oil Refinery operate at full capacity, Ghana anticipates eliminating finished product imports and supplying the sub-region.
- The government reaffirms its commitment to creating an enabling investment environment and implementing policies to strengthen the petroleum sector.
June 26, 2026
Calgary University professor leads experts at a free virtual data science and AI conference
- An international virtual conference on AI, data science, and analytics, led by Ghanaian Professor Andy Asare from Calgary University, is scheduled for June 27, 2026.
- The free event aims to bridge theoretical knowledge with real-world impact, focusing on driving global impact through inclusive AI and data science pathways.
- A major focus will be on how emerging technologies can revolutionize sectors in developing nations, particularly Africa, amidst its digital transformation strides.
- The conference is timely for Ghana, following its recent launch of a $250 million National Artificial Intelligence Strategy aimed at economic growth.
- Professor Asare, a Ghanaian academic, has a strong track record of leading capacity-building initiatives and curriculum development in data science and AI across Ghanaian and other African universities.