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Category: Economics

Euromoney Names Access Bank Ghana Best for SMEs

Access Bank Ghana Plc has strengthened its position as one of Ghana’s leading financial institutions after being named Best Bank for SMEs at the prestigious Euromoney Awards for Excellence 2026.

The bank also secured the coveted Best Bank for Consumer Lending award, marking a remarkable double victory that highlights its growing influence in Ghana’s banking sector.

The international recognition places Access Bank Ghana among the continent’s top performing financial institutions and underscores its unwavering commitment to empowering businesses, supporting individuals and driving economic growth through innovative financial solutions.

The dual honours formed part of an impressive haul of 16 awards won by the Access Bank Group across its African operations, further cementing the Group’s reputation as one of Africa’s most customer focused banking institutions.

Global recognition for customer driven banking

For more than three decades, the Euromoney Awards for Excellence have remained one of the banking industry’s most respected honours. The awards celebrate institutions that demonstrate excellence in leadership, governance, innovation, customer service, strategic execution and long term value creation.

Winning the Best Bank for SMEs award is particularly significant at a time when small and medium sized enterprises continue to play a vital role in Ghana’s economy. SMEs account for a substantial share of employment and business activity, making access to finance and business support critical to their success.

Access Bank Ghana’s recognition reflects years of investment in products and services specifically designed to address the unique challenges faced by entrepreneurs and growing businesses.

Supporting businesses beyond financing

While access to credit remains essential for business expansion, Access Bank Ghana has adopted a broader strategy that extends well beyond lending.

The bank has built a robust SME ecosystem through strategic collaborations with organisations including the International Finance Corporation (IFC), DHL Group, Deloitte Ghana and Birmingham City University.

These partnerships offer entrepreneurs much more than funding. Business owners gain access to advisory services, international trade opportunities, business development programmes, capacity building initiatives and valuable global networks that help them compete in increasingly demanding markets.

This integrated approach has positioned Access Bank Ghana as a trusted partner for businesses seeking sustainable growth rather than simply a source of financing.

Innovative products transforming lives

The bank has continued expanding access to finance through an extensive range of consumer and business lending solutions.

Its flagship products include Pick Now Pay Later, Pay Day Loan, Retail Personal Loan, Fly Now Pay Later, Mortgage Facility, Auto Loan and tailored SME financing packages.

These solutions are designed to meet the everyday financial needs of customers while making credit more accessible for individuals, families and businesses across Ghana.

Whether helping a young professional purchase a first vehicle, supporting a family through an important life milestone or providing entrepreneurs with capital to expand operations, Access Bank Ghana continues to focus on practical financial solutions that create real impact.

The institution believes banking extends beyond transactions and financial products. Its objective is to empower customers to achieve their personal and business ambitions.

Board celebrates milestone achievement

Reacting to the recognition, Board Chair of Access Bank (Ghana) Plc, Ama Bawuah, described the awards as a reflection of the bank’s unwavering commitment to customers and stakeholders.

She stated, “These awards reflect our unwavering commitment to the customers and businesses we exist to serve. As a Board, we have remained focused on building a strong, well-governed institution that creates sustainable value for all our stakeholders.”

“We are proud that this recognition affirms not only our strategic direction but also our commitment to supporting Ghanaian families, entrepreneurs and businesses as they pursue their ambitions and contribute to national development.”
Ama Bawuah

Her remarks highlight the bank’s emphasis on responsible governance and sustainable growth while maintaining a strong customer focus.

Customers remain at the centre

Managing Director of Access Bank (Ghana) Plc, Ms Pearl Nkrumah, said the awards represent much more than corporate success.

According to her, “Everything we do begins with our customers. Every solution we design, every product we introduce, and every innovation we pursue is driven by one purpose: helping our customers thrive.”

“Being recognised as Best Bank for Consumer Lending and Best Bank for SMEs is a powerful validation of that commitment and reflects our determination to empower individuals, support businesses, and create opportunities that contribute to Ghana’s economic growth.”
Ms Pearl Nkrumah

Expressing appreciation, she said, “We are honoured by this recognition from Euromoney and deeply grateful to our customers for their trust, our partners for their collaboration, and our dedicated colleagues, whose passion, commitment, and unwavering focus on our customers make achievements like this possible.”

Building the future of Ghana’s banking industry

The latest honours reinforce Access Bank Ghana’s growing reputation as a financial institution committed to innovation, customer satisfaction and sustainable development.

Across Africa, the Access Bank Group’s Euromoney Awards recognised excellence in customer experience, SME banking, sustainable finance, digital banking, corporate responsibility and market leadership.

For Access Bank Ghana, however, the awards represent more than a celebration of past achievements. They provide fresh momentum for the bank to continue introducing innovative financial solutions that respond to the evolving needs of customers and businesses.

As Ghana’s economy continues to expand and entrepreneurs seek new opportunities for growth, Access Bank Ghana appears determined to remain a trusted financial partner, delivering products, expertise and support that help customers transform ambitions into reality.

READ ALSO: We Cannot Risk An Election Without Proper Processes — NPP Deputy Secretary

July 24, 2026
State-Owned Banks Face Historic GSE Listing Push

Ghana’s financial sector could be on the verge of one of its biggest transformations in recent years as the government considers listing selected State-Owned Enterprises (SOEs), including state-owned banks, on the Ghana Stock Exchange (GSE).

Finance Minister Dr Cassiel Ato Forson announced the ambitious plan as part of a broader strategy to improve governance, transparency, efficiency and profitability across public institutions.

The proposal, which comes on the heels of the presentation of the 2026 Mid-Year Budget Review, has sparked significant interest among investors, financial analysts and the wider business community.

The initiative is expected to reshape the way some of Ghana’s most important public institutions operate while opening the door for greater private sector participation without relinquishing government control.

Government Rejects Privatisation Narrative

Dr Forson was quick to dismiss suggestions that the initiative amounts to privatisation of state assets. According to him, the government’s objective is to strengthen public institutions rather than sell them.

“We are assessing a number of SOEs. It’s not about selling, it’s not about shutting down; it’s about listing some of them on the Stock Exchange to improve governance and ensure profitability.”
Dr Cassiel Ato Forson

His comments make it clear that the government intends to retain ownership while allowing ordinary Ghanaians and institutional investors to acquire stakes through the stock market.

The strategy represents a significant departure from previous approaches where struggling state institutions often depended heavily on government support to survive.

Instead, authorities are seeking to expose these entities to market discipline, stronger corporate governance standards and greater public accountability.

State-Owned Banks Under the Spotlight

Among the institutions expected to benefit from the new strategy are Ghana’s state-owned banks.

Dr Forson specifically mentioned the Agricultural Development Bank (ADB), which is already listed on the Ghana Stock Exchange.

According to him, government intends to deepen private sector participation in ADB by selling additional shares to investors.

“ADB is already there, but we want to deepen it and offload more of those shares to the private sector, to you, to everybody. Everyone can buy some shares. NIB, all of them, we want to.”
Dr Cassiel Ato Forson

The Finance Minister also revealed that the National Investment Bank (NIB) is among the institutions being considered for a similar approach.

Should the proposal materialise, it would mark a significant milestone in Ghana’s banking sector reforms and could strengthen investor confidence in state-owned financial institutions.

Stronger Governance Through Market Discipline

One of the government’s central arguments is that stock exchange listing naturally encourages better corporate governance.

Listed companies are required to publish audited financial statements, comply with strict disclosure requirements and remain accountable to shareholders.

These obligations often lead to improved management practices, increased operational efficiency and stronger financial performance.

The government believes extending these standards to state-owned enterprises will help transform organisations that have historically struggled with operational inefficiencies and governance challenges.

Greater transparency is also expected to improve public confidence while attracting both local and foreign investors.

A Boost for Ghana’s Capital Market

Beyond improving state enterprises, the proposal could deliver a major boost to Ghana’s capital market.

Adding more large state-owned companies to the Ghana Stock Exchange would increase market capitalisation, improve liquidity and expand investment opportunities for pension funds, insurance firms and retail investors.

More listings could also attract international investors seeking exposure to Ghana’s growing economy.

Market analysts have long argued that increasing the number of quality companies on the exchange is essential for deepening Ghana’s capital market.

If implemented successfully, the proposed listings could become one of the most important developments for the GSE in years.

Opportunity for Ordinary Ghanaians

Perhaps one of the most exciting aspects of the proposal is the opportunity it presents for ordinary citizens.

Instead of state-owned enterprises being financed almost entirely through government resources, Ghanaians would have the chance to own shares in these institutions.

This broader ownership structure could create wealth for individuals while encouraging greater public interest in the success of national institutions.

It would also allow employees, institutional investors and members of the public to participate directly in the growth and profitability of these companies.

Such a model has proven successful in several countries where governments maintain majority ownership while allowing private investors to participate through stock exchanges.

A New Era for Public Enterprises?

The government’s proposal reflects a broader effort to modernise Ghana’s public sector without abandoning strategic national assets.

Rather than shutting down struggling institutions or selling them outright, authorities are opting for reforms designed to improve performance through stronger governance and commercial discipline.

If successfully implemented, the listing of selected SOEs and state-owned banks could transform how these institutions operate, improve profitability and reduce dependence on government financial support.

While many details remain under consideration, the announcement has already generated widespread discussion within financial circles.

Investors will now be watching closely as the government identifies which institutions will eventually join the Ghana Stock Exchange and how the listings will be structured.

For Ghana’s capital market, the banking industry and the wider economy, the proposed reforms could represent the beginning of a bold new chapter where transparency, accountability and investor participation become the driving forces behind the success of state-owned enterprises.

READ ALSO: ASEC Calls for Stronger Green Transition Focus in Mid-Year Budget

July 24, 2026
UMB and Prudential Emerge Stronger After Full Recapitalisation

Ghana’s banking sector has received another major boost after the government announced the successful recapitalisation of UMB Bank and Prudential Bank, marking a significant milestone in efforts to strengthen confidence in the country’s financial system.

Presenting the 2026 Mid-Year Budget Review in Parliament, Finance Minister Dr Cassiel Ato Forson disclosed that government interventions, together with private sector participation, have restored the financial strength of key indigenous banks while laying the foundation for a more resilient banking industry.

The announcement comes at a time when Ghana continues to rebuild its financial sector following the challenges created by the Domestic Debt Exchange Programme and the wider economic crisis. The latest developments are expected to reassure businesses, investors and depositors that the country’s banking system is becoming stronger and better positioned to support economic growth.

UMB and Prudential Fully Capitalised

According to the Finance Minister, the government has continued to act decisively to restore confidence in the banking sector.

He reminded Parliament that the government had already recapitalised the National Investment Bank, the Agriculture Development Bank and the Consolidated Bank.

“The government acted decisively in July 2025 to restore confidence and stability in Ghana’s banking sector by fully recapitalising the National Investment Bank, the Agriculture Development Bank and the Consolidated Bank.”
Finance Minister Dr Cassiel Ato Forson

The Minister revealed that the latest success involved UMB Bank and Prudential Bank.

“Last week the Ghana Amalgamated Trust, GAT, completed the full recapitalisation of UMB Bank.”
Finance Minister Dr Cassiel Ato Forson

He further explained that the government also “facilitated the full capitalisation of the Prudential Bank through a private sector led approach.”

These interventions represent another important chapter in Ghana’s efforts to reinforce indigenous banks and ensure they remain competitive in an increasingly demanding financial environment.

Banks Ready to Serve Customers

The government believes the recapitalisation exercise has placed both institutions in a strong position to expand lending, improve customer confidence and support economic activity.

The Finance Minister declared, “UMB and Prudential Bank today stands fully capitalised and primed for business.”

He also used the opportunity to encourage the public to support the revitalised banks.

“We want to use this opportunity to encourage individuals, businesses and institutions to take advantage of the revitalised UMB and Prudential Bank and bank with them.”
Finance Minister Dr Cassiel Ato Forson

The statement reflects the government’s confidence that the two banks are now financially stronger and capable of meeting the needs of customers across the country.

Industry observers believe stronger capital positions will enable the banks to increase financing for businesses, particularly small and medium sized enterprises that continue to drive employment and economic expansion.

Minister for Finance, Dr Cassiel Ato Forson

Bank of Ghana Also Receives Major Support

The Mid Year Budget Review also highlighted the government’s commitment to restoring the financial health of the Bank of Ghana.

According to the Minister, the 2023 Domestic Debt Exchange Programme had serious consequences for the central bank’s financial position.

“The 2023 Domestic Debt Exchange Programme had a significant adverse impact on the Bank of Ghana’s balance sheet, substantially weakening its capital and resulting in a negative net equity position.”
Finance Minister Dr Cassiel Ato Forson

To address the situation, the government and the Bank of Ghana signed a Memorandum of Understanding on January 6, 2025 to gradually restore the institution’s capital.

The Minister disclosed that the government has already fulfilled a major part of that commitment.

“The government issued a recapitalisation bond to the Bank of Ghana of $5 billion as Cedis to the Bank of Ghana in March 2026 to strengthen the Bank’s equity base.”
Finance Minister Dr Cassiel Ato Forson

The massive capital injection is expected to reinforce the central bank’s financial position while enhancing confidence in Ghana’s monetary authorities.

Long Term Recovery Strategy Unveiled

Government has also committed itself to supporting the Bank of Ghana over the coming years until its financial position is fully restored.

The Finance Minister announced, “Going forward, the Government of Ghana will make annual provision to capitalise the Bank of Ghana until the Bank’s equity is fully restored in accordance with the Bank of Ghana Amendment Act 2025 Act 1158.”

Beyond financial support, the central bank itself will undertake internal reforms aimed at improving efficiency and long term sustainability.

The Minister noted that “the Bank itself will undertake a comprehensive operational efficiency review to reduce costs, strengthen financial management and rebuild its long term financial sustainability.”

These measures are expected to improve operational performance while ensuring the central bank remains financially resilient for years to come.

Confidence Returns to Ghana’s Financial Sector

The recapitalisation of UMB Bank, Prudential Bank and the continued strengthening of the Bank of Ghana demonstrate government’s determination to restore stability across the financial sector.

With stronger banks, renewed investor confidence and sustained regulatory reforms, Ghana’s financial system appears to be entering a new phase of recovery.

The successful capital restoration of several key institutions also sends a strong signal that authorities remain committed to protecting depositors, supporting businesses and maintaining financial stability.

As the banking sector continues its transformation, customers, investors and financial markets will closely watch how these revitalised institutions translate their stronger balance sheets into expanded lending, improved services and greater support for Ghana’s economic recovery.

READ ALSO: Government Spending Fails To Ease Ghanaian Burden — Atiwa East MP

July 24, 2026
Government Spending Fails To Ease Ghanaian Burden — Atiwa East MP

The Member of Parliament for Atiwa East Constituency, Honourable Abena Osei-Asare, has challenged the government’s claim that public spending is being directed to the right areas, arguing that the Mid-Year Review Budget figures point to weak execution of critical development projects. The former Deputy Finance Minister questioned why capital expenditure fell significantly below its target while other spending obligations continued to expand.

Honourable Osei-Asare noted that the government initially projected revenue of GH¢227 billion before revising the target to GH¢229 billion after introducing new tax measures in 2025. She explained that actual revenue collection reached GH¢224 billion, creating a shortfall that required the administration to examine the performance of its revenue policies.

According to the Atiwa East MP, the figures presented in the Mid-Year Review draws attention to the effectiveness of the tax handles introduced by the government. She argued that the administration needs to examine why the additional revenue measures failed to produce the expected results.

Honourable Abena Osei-Asare

A more significant issue, she suggested, emerges from the expenditure figures. Although government budgeted GH¢21 billion for capital expenditure, actual spending reached only GH¢14 billion, a gap she linked to the slow delivery of infrastructure that could directly improve the lives of citizens.

“If you tell me you are spending in the right places, I will disagree with you because the numbers are not saying that.”
Honourable Osei-Asare

Honourable Osei-Asare pointed to roads, schools and hospitals as examples of projects that could reduce pressure on households while supporting economic activity. She argued that infrastructure investment could ease the cost of accessing essential services and create conditions for stronger economic participation.

At the same time, arrears spending exceeded its target by a significant margin. Government had projected GH¢14 billion for arrears but eventually spent GH¢29 billion, while total expenditure for 2025 fell short by GH¢36 billion.

For the former Finance Minister, the contrast between underperformance in capital expenditure and higher spending in other areas creates questions about the priorities guiding public finances. She also cited the GH¢4.5 billion transferred to the Gold Board during the final quarter of 2025 as an example of a decision that deserves closer political scrutiny.

On the economic impact of public spending, she emphasised that expenditure should create visible activity, support infrastructure delivery and reduce the daily burden on ordinary Ghanaians.

Rising Audit Infractions Raise Questions Over Local Funds

The Atiwa East MP has also questioned the management of funds transferred to District Assemblies, linking rising audit infractions and abandoned projects to weaknesses in financial controls and project supervision. She pointed to the amount of money released to whether public resources are being properly managed after reaching local authorities.

Honourable Osei-Asare cited GH¢3 billion transferred to District Assemblies and drew attention to a sharp increase in audit infractions. Figures from the Auditor General’s report, she noted, showed infractions rising from approximately GH¢18 million to GH¢21 million in 2024 to GH¢134 million.

For the former Deputy Finance Minister, the figures pointed to a need for stronger internal controls within the assemblies. She explained that releasing funds without improving the systems governing their use could limit the impact of public expenditure.

Honourable Abena Osei-Asare

“You do not just send the money, but you also strengthen the systems that they use to spend the monies.”
Honourable Abena Osei-Asare

On sanitation, the Atiwa East MP linked financial management to the quality of services delivered in communities. She urged policymakers to examine whether funds allocated for sanitation are being used for their intended purposes, especially amid the serious flooding experienced in parts of Greater Accra.

The discussion also brought public perception into the debate over the Mid-Year Review. Honourable Osei-Asare referred to interviews with traders at Makola Market and argued that the daily experiences of citizens should form part of the assessment of economic performance.

From her perspective, official figures require a connection to life outside government statements and parliamentary documents. She therefore urged decision makers to listen to market women, households and local communities when assessing whether public spending was producing the desired results.

The management of capital projects is another major part of her argument. Honourable Osei-Asare cited contract irregularities involving abandoned and incomplete projects within District Assemblies, with the value placed at approximately GH¢189 million.

She argued that completing existing projects could deliver greater value to the public than starting new initiatives while unfinished facilities remain scattered across the country. Roads, schools and other community projects, she indicated, require completion so that public funds already committed can produce usable results.

Looking at the issue from a governance perspective, the Atiwa East MP linked financial discipline to both expenditure decisions and oversight. She argued that proper spending involves selecting useful projects, completing them and ensuring that the institutions responsible for managing public funds operate within effective controls.

READ ALSO: GoldBod CEO Refutes Minority’s Operational Losses Claims

July 24, 2026
De-politicise Key Economic Interventions For Lasting Impact — Lambussie MP

The Member of Parliament for Lambussie, Honourable Titus Kofi Beyuo, has urged political leaders to de-politicise major economic interventions contained in the Mid-Year Review Budget to ensure that policies with long term national value survive changes in government. He argued that initiatives such as the Women’s Development Bank must be designed as durable national institutions instead of programmes linked to the political fortunes of the government that introduces them.

Honourable Beyuo explained that Ghana’s development challenges have often been worsened by governments announcing policies without adequate planning, financing or institutional preparation. In his view, a deliberate approach to policy implementation could prevent future administrations from inheriting unfinished programmes and heavy financial obligations.

Honourable Cassiel Ato Forson

The Lambussie MP pointed to the proposed Women’s Development Bank as an important test of whether national interventions could be protected from partisan politics. He noted that the institution should serve women across the country, including small scale traders who require modest loans to expand their businesses.

“The Women’s Development Bank should not come as a bank that will be for only NDC women organizers or NDC sympathizers. If it is a bank, you must go through the right channel.”
Honourable Titus Kofi Beyuo

According to him, the process behind the proposed bank suggests that government is working towards establishing a properly regulated institution. He disclosed that the bank has been incorporated and obtained a banking licence from the Bank of Ghana, with further structures required before full operations could begin.

The MP cited examples of women who could benefit from a properly structured financial institution, including traders who require small amounts to operate businesses in Makola Market, Hamile and Somanya. He stressed that such borrowers should have access to suitable financial services without facing the difficulties associated with conventional banking arrangements.

Honourable Cassiel Ato Forson, Minister of Finance

For this reason, Honourable Beyuo urged the public to allow the institution enough time to develop the systems required for effective and sustainable operations. He cautioned against rushing the process for political convenience when the objective should be to create a bank capable of serving women beyond the tenure of the current administration.

Beyond the financial sector, the Lambussie MP welcomed plans for a new Cocoa Act that could reshape the relationship between cocoa farmers and the state. He noted that the proposed legislation could enable farmers to receive close to 70 percent of the price at which their cocoa was purchased.

The proposed changes to the cocoa sector, he added, could provide a legal framework for a major restructuring of the industry. His assessment places the initiative among the measures that could produce lasting economic benefits if supported by sound legislation and effective implementation.

Honourable Beyuo also welcomed the Finance Minister’s plans to revise customs processes to improve revenue mobilisation and reduce leakages. He believes that stronger revenue systems would help government meet its financial obligations while creating room for future development.

Economic Planning Gains Support As MP Praises Budget Discipline

Honourable Beyuo also praised the financial strategy presented by Finance Minister Dr Cassiel Ato Forson during the Mid-Year Review Budget, describing it as evidence of a government seeking to stabilise the economy while planning for future obligations. The Lambussie MP pointed to cost cutting, targeted spending and long-term financial planning as key features of the economic direction outlined in the review.

“Yesterday, Dr Cassiel Ato Forson came across as someone who knows exactly what he is about. His delivery was with a lot of confidence and it was backed by data.”
Honourable Titus Kofi Beyuo

His assessment is on the Finance Minister’s use of data to explain the government’s economic position and the measures being implemented to manage public finances. Honourable Beyuo indicated that the presentation demonstrated a deliberate effort to direct public spending towards areas with the greatest economic value.

Honourable Titus Kofi Beyuo

One example involves the planned 1,200 megawatt power plant, where government has engaged General Electric directly for the project. According to the MP, the arrangement could save Ghana between 35 percent and 45 percent by reducing the role of intermediaries in the transaction.

The energy strategy also attracted attention because of its potential long-term impact on electricity costs. Honourable Beyuo highlighted plans to use gas to generate power, a move he suggests could reduce energy production costs by as much as 75 percent.

Another aspect of the economic plan involves the creation of a sinking fund to support future financial commitments. The MP indicated that the fund is projected to accumulate about GH¢30 billion, providing a dedicated financial base for obligations that could otherwise place pressure on future budgets.

The Ofankor Nsawam Expressway also featured in his assessment of the government’s financial planning. Honourable Beyuo disclosed that about GH¢1.7 billion has already been placed in a special account at the Bank of Ghana for the project before its full implementation.

Such preparations, he argued, represent a shift towards planning and financing projects before making extensive public commitments. The approach, in his view, could reduce the pattern of announcing major initiatives without the resources required to complete them.

The MP also welcomed plans to revise the customs regime to improve revenue collection. He suggested that stronger revenue mobilisation would help the country service existing debts while creating financial space for future generations.

READ ALSO: Ghana Must Never Return To The Emergency Room Again

July 24, 2026
Mid-Year Budget Sparks GHS3 Billion Stock Market Boom

The presentation of Ghana’s 2026 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson triggered an explosive reaction on the Ghana Stock Exchange (GSE), with the local bourse adding an impressive GHS3 billion in market value before the close of trading.

The remarkable rally underscored the confidence investors have in the government’s fiscal direction, as traders responded enthusiastically to the policy measures and economic outlook outlined by the Finance Minister in Parliament.

By the end of the trading session, the total market capitalization of the Ghana Stock Exchange had climbed to GHS290.8 billion, up from GHS287.8 billion recorded in the previous session. The dramatic jump marked one of the strongest single-day increases linked to a major fiscal announcement this year.

Investors Waste No Time

The market reaction was swift.

As Dr. Ato Forson delivered the Mid-Year Budget Review, investors closely monitored the government’s economic priorities, with optimism quickly spreading across the trading floor. By the time the Finance Minister concluded his presentation, buying activity had intensified, pushing the overall value of listed companies significantly higher.

The GHS3 billion increase in market capitalization reflected renewed confidence that the government’s fiscal policies could sustain macroeconomic stability while creating a more favorable environment for businesses and investors.

The positive sentiment also demonstrated the increasing influence of national economic policy announcements on Ghana’s capital market, with investors positioning themselves to benefit from anticipated growth opportunities.

Minister for Finance, Dr Cassiel Ato Forson

Trading Activity Records Impressive Growth

The excitement extended well beyond rising share prices.

Trading activity surged as investors actively bought and sold shares across several listed companies. At the close of the session, a total of 1,920,629 shares had exchanged hands, representing a total market value of GHS9,482,453.98.

Compared with the previous trading day on Wednesday, July 22, trading volume increased by 14 percent, while turnover recorded an even stronger 63 percent improvement.

The sharp rise in turnover suggests that investors were committing more capital to the market, a development often associated with stronger confidence and expectations of sustained market growth.

The broad participation also pointed to healthy liquidity on the exchange, giving further encouragement to both institutional and retail investors.

Bulls Outnumber Bears

The day’s performance showed a clear advantage for the bulls.

Out of the 24 listed equities that participated in trading, seven recorded gains, while only four ended lower, highlighting the overwhelmingly positive market sentiment following the budget presentation.

Tullow Oil emerged as the biggest winner after its share price surged 9.98 percent to close at GHS13.11.

Other strong performers included Intravenous Infusions and Hords, each recording 9.09 percent gains. Republic Bank Ghana also posted a healthy 2.94 percent increase.

These gains played a major role in lifting the overall market and reinforcing investor optimism.

Not every stock shared in the rally.

Atlantic Lithium suffered the steepest decline after losing 8.14 percent to close at GHS7.00.

It was followed by TotalEnergies Marketing Ghana, which dropped 2.93 percent, Ecobank Transnational, down 2.50 percent, and Kasapreko, which declined 1.46 percent.

Despite these losses, the market maintained a strong positive bias as gainers comfortably outnumbered decliners.

MTN Ghana Leads Market Activity

MTN Ghana once again dominated trading volumes, confirming its position as one of the exchange’s most actively traded stocks.

The telecommunications giant recorded 824,406 traded shares, making it the busiest equity during the session.

CalBank followed with 612,526 shares, while Kasapreko registered 244,342 shares. Ecobank Transnational also attracted significant investor interest, recording 111,805 traded shares.

The concentration of activity in these blue-chip companies reflected sustained investor confidence in fundamentally strong businesses with attractive long-term prospects.

Benchmark Index Climbs Higher

The market rally was clearly reflected in the performance of the GSE’s benchmark indices.

The GSE Composite Index (GSE-CI) advanced by 147.81 points, representing a 0.98 percent increase, to close at 15,266.56 points.

The latest gain extended the index’s impressive run, delivering a 2.48 percent gain over one week, a 2.87 percent gain over four weeks, and an outstanding 74.07 percent year-to-date return.

Meanwhile, the GSE Financial Stocks Index (GSE-FSI) edged down 0.18 percent to close at 8,227.27 points.

Although the financial index experienced a slight daily decline, its broader performance remained robust, posting a 0.56 percent one-week gain and an exceptional 77.04 percent year-to-date increase.

Budget Confidence Powers Market Momentum

The explosive response from investors highlights the strong connection between government fiscal policy and market performance.

Major budget announcements often shape expectations about economic growth, corporate profitability and investment opportunities. Thursday’s trading session showed that market participants viewed the Mid-Year Budget Review as a positive signal for Ghana’s economic outlook.

The addition of GHS3 billion to the market capitalization in a matter of hours demonstrates how quickly investor confidence can translate into real market value.

With trading volumes rising, turnover surging and the benchmark index extending its impressive gains, the Ghana Stock Exchange has once again shown its resilience and growing appeal.

If the optimism generated by the Mid-Year Budget Review continues to strengthen, the local bourse could sustain its remarkable performance in the months ahead, attracting more domestic and foreign investors eager to participate in Ghana’s economic growth story.

READ ALSO: Ato Forson Unveils $1.7bn Fund for Accra-Kumasi Expressway Takeoff

July 24, 2026
Ghana Beats Growth Target as Economy Surges 6.4%

Ghana’s economy has recorded a stronger-than-expected performance in the first half of 2026, with real GDP growth reaching 6.4% in the first quarter, surpassing the government’s full-year growth projection of 4.8%.

The impressive figures were announced by the Minister for Finance, Dr Cassiel Ato Forson, during the presentation of the Mid-Year Budget Review to Parliament, where he highlighted what he described as a major milestone in the government’s economic recovery programme.

According to the Finance Minister, Ghana has not only achieved its first-half targets but has exceeded several key economic benchmarks, reinforcing the government’s claim that fiscal reforms and economic management measures are yielding results.

“Mr. Speaker, Ghana has not merely met its first half-year target; it has exceeded it,” Dr Forson told Parliament.

The Minister said the latest economic indicators reflected stronger growth momentum, improved fiscal discipline, falling inflation, and increased resilience in the country’s external position.

Ghana’s Minister for Finance, Dr Cassiel Ato Forson

GDP Growth Surpasses Full-Year Projection

One of the biggest highlights of the Mid-Year Budget Review was Ghana’s economic expansion, which has already exceeded expectations for the entire year.

Dr Forson disclosed that overall GDP growth reached 6.4% in the first quarter of 2026, significantly higher than the 4.8% full-year target set by government.

The non-oil economy also recorded strong growth, expanding by 6.3% during the same period compared with the projected full-year target of 4.9%.

“Overall GDP growth was 6.4% in the first quarter of 2026, well ahead of the 4.8% full-year target,” the Minister stated.

He added that “Non-Oil GDP growth was 6.3% in the first quarter of 2026, well ahead of the 4.9% full-year target.”

The figures represent a major boost for government’s economic recovery narrative, especially after years of economic pressures marked by high inflation, currency instability, and fiscal challenges.

Inflation Drops by More Than Half

Beyond growth figures, Ghana has also recorded a sharp decline in inflation, providing relief to households and businesses. The Finance Minister revealed that inflation has fallen from 13.7% in June 2025 to 5.3% by the end of June 2026.

Ghana’s Minister for Finance, Dr Cassiel Ato Forson

This performance is significantly better than the government’s end-year inflation target of 8% plus or minus 1%. “Inflation has more than halved, falling from 13.7% in June 2025 to 5.3% by end of June 2026,” Dr Forson told Parliament.

The decline in inflation has been attributed to improved macroeconomic stability, tighter fiscal management, exchange rate improvements, and policy measures aimed at restoring confidence in the economy.

The Finance Minister said the achievement demonstrates that the government’s economic strategy is beginning to deliver measurable results.

Fiscal Balance Shows Stronger Position

The government’s fiscal performance for the first six months of 2026 also exceeded expectations, according to the Mid-Year Budget Review.

Dr Forson disclosed that the primary balance recorded a surplus of 0.9% of GDP on a commitment basis, placing Ghana firmly on track to achieve its end-year target of 1.5% of GDP.

He explained that the stronger fiscal outcome reflected continued commitment to expenditure controls and improved revenue mobilisation.

“Provisional fiscal outturn for the first half of 2026 was stronger than anticipated, indicating continued prudence in fiscal management and enhancing the government fiscal consolidation agenda.”
Dr Cassiel Ato Forson

Government’s total expenditure on a commitment basis stood at 8.0% of GDP by the end of June 2026, below the half-year target of 9.9% of GDP. Primary expenditure also remained lower than projected, recording 6.6% of GDP against a target of 8.1%.

Ghana’s Minister for Finance, Dr Cassiel Ato Forson

Interest Savings Boost Fiscal Space

Another major achievement highlighted by the Finance Minister was the reduction in interest costs. Interest payments amounted to 1.3% of GDP by June 2026, compared with a half-year target of 1.8%.

According to Dr Forson, the reduction represents savings of about 0.5% of GDP, driven by lower interest rates and improved debt management strategies.

“Interest costs at 1.3% of GDP, as at the end of June 2026, against the half-year target of 1.8% of GDP, indicating that we have saved on interest about 0.5% of GDP.”
Dr Cassiel Ato Forson

The savings provide government with additional fiscal flexibility to support priority programmes while maintaining budget discipline.

Reserves Strengthen Economic Confidence

Ghana’s external position also recorded significant improvement, with gross international reserves reaching five months of import cover by the end of June 2026.

The figure exceeded government’s target of maintaining at least three months of import cover. Dr Forson described the reserve position as evidence of improved economic stability and stronger protection against external shocks.

The combination of higher reserves, declining inflation, stronger growth, and improved fiscal outcomes has strengthened government’s argument that Ghana’s economy is firmly recovering.

Ghana’s Minister for Finance, Dr Cassiel Ato Forson

Government Highlights Reform Success

The Finance Minister credited the performance to what he described as difficult but necessary decisions implemented consistently by the administration.

“This performance reflects the resolve of this administration to make difficult decisions, implement them consistently, and maintain unwavering fiscal discipline.”
Dr Cassiel Ato Forson

With growth already exceeding expectations, inflation falling faster than projected, and fiscal indicators improving, the government is presenting the first half of 2026 as a turning point in Ghana’s economic recovery journey.

The coming months will determine whether the country can sustain this momentum and translate improved economic indicators into broader benefits for households, businesses, and investors.

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July 23, 2026
Ghana Targets 15 Months Import Cover by 2028

Ghana has unveiled an ambitious strategy to dramatically strengthen its financial shield against external shocks, with the government targeting international reserves equivalent to 15 months of import cover by the end of 2028.

The initiative, known as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), forms part of a broader economic reform agenda aimed at boosting foreign exchange stability, strengthening investor confidence and protecting the economy from global uncertainties.

Presenting the Mid-Year Budget Review to Parliament on Thursday, July 24, Finance Minister Dr Cassiel Ato Forson disclosed that the government had developed the reserve accumulation framework as a key pillar of its economic transformation programme.

“The government developed and is implementing the Ghana Accelerated National Reserve Accumulation Policy, GANRAP, with the objective of increasing Ghana’s international reserve to the equivalent of 15 months of import cover by the end of 2028.”
Dr Cassiel Ato Forson

The announcement comes at a time when countries across the world are strengthening their external buffers amid rising global economic uncertainties, currency pressures and unpredictable commodity markets.

Gold Strategy Powers Reserve Accumulation Drive

A major component of Ghana’s reserve-building strategy has been the government’s intervention in the gold sector through the establishment of the Ghana Gold Board.

According to Dr Forson, the policy has significantly transformed Ghana’s foreign exchange position by increasing inflows from gold exports.

“Through this intervention, Ghana generated an additional 15 billion USD in foreign exchange inflows from gold, significantly strengthening reserve accumulation and supporting exchange rate stability,” he told Parliament.

The Finance Minister explained that the gold policy was not only about improving gold trading systems but also about strengthening the entire economy.

“This was not simply a gold policy. This was a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy.”
Dr Cassiel Ato Forson

The government believes that increasing reserves will provide greater protection for the cedi by reducing excessive dependence on foreign exchange markets during periods of economic pressure.

Ghana’s Current Account Records Major Improvement

The Finance Minister also highlighted the impact of the gold reforms on Ghana’s external balance, describing the improvement as a major economic achievement.

Dr Forson revealed that Ghana’s current account balance improved significantly, moving from a surplus of 1.9% of GDP in 2024 to 8.3% in 2025.

“Mr. Speaker, this represents a four times increment of the current account surplus in just one calendar year.”
Dr Cassiel Ato Forson

The 6.4 percentage point improvement, according to the government, demonstrates the effectiveness of policies aimed at increasing foreign exchange inflows and improving economic resilience.

The stronger current account position is expected to support reserve accumulation and reduce vulnerabilities associated with foreign exchange shortages.

Finance Minister Dr Cassiel Ato Forson

Mining Sector Becomes Key Reserve Partner

In another major move, the government announced an agreement with large-scale mining companies to increase Ghana’s control over locally produced gold.

Dr Forson disclosed that mining companies had agreed to sell 30% of their annual gold production to the government for refining by local refineries.

“The government has also reached an agreement with large-scale mining companies to purchase 30% of their annual gold production for refinery by local refineries, strengthening domestic value addition and supporting reserve accumulation.”
Dr Cassiel Ato Forson

The policy is expected to deepen Ghana’s participation in the gold value chain while creating opportunities for local refining businesses.

The government believes that refining more gold domestically will ensure that Ghana captures more value from one of its most important natural resources.

Fiscal and Monetary Coordination Takes Centre Stage

Beyond gold and reserves, the government has also introduced institutional reforms aimed at improving economic management.

Dr Forson announced amendments to the Bank of Ghana Act to strengthen cooperation between fiscal and monetary authorities.

“The government further amended the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the Bank of Ghana, ensuring stronger coordination between fiscal, financial and monetary authorities.”
Dr Cassiel Ato Forson

The move is expected to create stronger collaboration in managing inflation, exchange rate stability and broader macroeconomic conditions.

According to the government, improved coordination between the Ministry of Finance and the central bank will help ensure that economic policies work together rather than operate independently.

Reserve Target Seen as Economic Protection Shield

Achieving 15 months of import cover would represent a significant increase in Ghana’s ability to withstand external pressures.

Strong international reserves are often viewed as a critical measure of economic stability because they provide governments with resources to support essential imports, manage currency volatility and respond to emergencies.

The government’s reserve accumulation agenda is therefore expected to play a crucial role in protecting Ghana’s economy against future shocks.

However, analysts and economic observers will be closely monitoring whether the country can sustain the foreign exchange gains and maintain disciplined economic management over the coming years.

The success of GANRAP will depend on continued growth in export earnings, effective management of natural resources and policies that maintain confidence in Ghana’s economic direction.

Government Bets on Long-Term Economic Transformation

The government says the combination of gold reforms, reserve accumulation policies and stronger fiscal coordination represents a new approach to economic management.

Dr Forson emphasised that the reforms are focused on building a stronger foundation for sustainable growth.

With the target of achieving 15 months of import cover by 2028, Ghana is positioning reserve accumulation as a central strategy in its economic recovery and resilience plans.

The coming years will determine whether this ambitious target can be achieved and whether the policy measures will translate into greater stability for businesses, investors and households.

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July 23, 2026
Mid-Year Budget Review: Ghana Targets Debt Ceiling With New Fiscal Rule

The Ghanaian government has unveiled a major fiscal restructuring plan aimed at reversing years of rising debt accumulation and restoring confidence in the country’s public financial management system.

As part of the midyear budget review, the government announced sweeping reforms, including a new binding fiscal rule that will limit debt levels and enforce stronger spending controls.

The reforms, according to the government, represent a decisive shift from previous approaches to managing public finances, with greater emphasis now being placed on controlling expenditure, improving accountability and ensuring that public resources deliver measurable benefits to citizens.

Presenting the Mid-Year Budget Review to Parliament, Finance Minister Dr Cassiel Ato Forson stated that the country’s International Monetary Fund (IMF) programme had been recalibrated to focus more on expenditure management rather than relying heavily on revenue increases.

“Government also recalibrated their IMF programme, shifting the emphasis from revenue-led to expenditure-led fiscal consolidation to achieve a fairer sharing of the adjustment burden.”
Dr Cassiel Ato Forson

The move signals a new direction in Ghana’s fiscal strategy, as authorities seek to reduce debt pressures while protecting households and businesses from excessive taxation.

New Fiscal Rule Sets Strict Debt Limits

A key component of the reform package is an amendment to the Public Financial Management Act, introducing a binding fiscal rule designed to keep government finances under tighter control.

According to the FInance Minister, the new framework requires Ghana to maintain a minimum annual primary surplus of 1.5 percent of Gross Domestic Product (GDP) while working towards a debt-to-GDP ceiling of 45 percent by 2034.

“We amended the Public Financial Management Act to institutionalise a binding fiscal rule requiring a minimum annual primary surplus of 1.5% of GDP and a debt-to-GDP ceiling of 45% by 2034.”
Dr Cassiel Ato Forson

The policy is expected to provide a stronger legal foundation for fiscal discipline and prevent future administrations from accumulating excessive debt without adequate safeguards.

The government emphasised that the reforms were intended to change the perception of Ghana’s public finance management by ensuring that discipline becomes a permanent feature of state operations.

“These reforms signalled that fiscal discipline would no longer define fiscal indiscipline would no longer define the Ghanaian state,” Dr Ato Forson added.

State Enterprises Face Tougher Spending Controls

One of the major concerns highlighted by government was the growing financial burden created by state-owned enterprises (SOEs). Authorities revealed that liabilities accumulated by SOEs had contributed significantly to Ghana’s debt challenges over the years.

“Over the last 10 years, liabilities of state-owned enterprises have added the equivalent of about 3% of GDP to Ghana’s public debt every single year,” Ato Forson disclosed.

According to the Finance Minister, some SOEs failed to honour contractual obligations, forcing government to absorb their liabilities and increasing pressure on public finances.

“This occurred because state-owned enterprises failed to honour their contractual obligation compelling the government to assume and settle those liabilities,” he explained.

The government argued that these accumulated obligations diverted resources away from critical national development projects.

“This contributed to the sharp rise in Ghana’s public debt. As a result, the resources that would have financed critical infrastructure were used to pay those SOEs’ debt.”
Dr Cassiel Ato Forson

The new commitment authorisation regime will now apply to state-owned enterprises, ensuring they cannot commit government resources without approval.

Spending Controls And Accountability Measures Expanded

To strengthen expenditure management, government has established new institutions including the Value for Money Office and the Fiscal Council.

The Value for Money Office is expected to improve efficiency in public spending by ensuring that government projects and programmes provide maximum benefits to citizens.

“We established the Value for Money Office to strengthen expenditure efficiency, improve the quality of public expenditure and ensure that every city spent delivers maximum value for the Ghanaian people.”
Dr Cassiel Ato Forson

The Fiscal Council will also enhance oversight by promoting transparency and accountability in government finances.

The government further announced a comprehensive audit of public payables to eliminate irregular obligations and prevent the accumulation of unauthorized debts.

Additionally, amendments to the Public Procurement Act will require commitment authorisation before procurement activities are undertaken.

“This reform firmly linked procurement to the approved budget and restored discipline to public expenditure management across the government,” Dr Atol Forson said.

Leaner Government And Tax Reforms

Beyond expenditure controls, government announced measures to reduce administrative costs by shrinking the size of government.

The number of ministers has been reduced from 123 at its peak to 60, while ministries have been cut from 30 to 23.

Government explained that the decision was not only political but also a financial strategy.

“A leaner government is not merely good politics but is also a sound fiscal policy,” it stated.

Authorities also announced reductions in non-essential expenditure, including excessive foreign travel, workshops, conferences and unnecessary vehicle purchases.

On taxation, government said it was pursuing reforms aimed at supporting businesses, improving compliance and restoring investor confidence.

“The objective was very clear. First, to restore investor confidence. Second, to revive private enterprises. Third, to provide a relief to households and businesses.”
Dr Cassiel Ato Forson

As part of the tax overhaul, the government abolished several levies including the Electronic Transfer Levy, Betting Tax, COVID-19 Health Recovery Levy, Emission Tax and VAT on Motor Insurance.

The reforms, the government believes, will create a more efficient tax system while reducing pressure on citizens and businesses.

With the introduction of the new fiscal rule and stronger spending controls, Ghana is positioning itself for a new era of financial management aimed at reducing debt vulnerabilities and protecting future generations from excessive borrowing.

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July 23, 2026
Mid-Year Budget Review- Ato Forson Declares Ghana’s Recovery No Accident

Finance Minister Dr Cassiel Ato Forson has rejected claims that Ghana’s recent economic improvements are the result of coincidence, insisting that the country’s recovery is being driven by deliberate policy choices, fiscal discipline and stronger economic management.

Presenting the Mid-Year Budget Review to Parliament on Thursday, July 24, Dr Forson argued that Ghana’s progress under the current administration was achieved through a carefully planned reform programme aimed at restoring stability, rebuilding investor confidence and strengthening public finances.

According to the Finance Minister, the economic gains recorded in recent months were not simply inherited benefits from external programmes but the outcome of tough decisions taken by government since assuming office.

“Ghana’s recovery is as a result of superior economic management,” Dr Forson told Parliament, stressing that the improvements in key economic indicators reflected the impact of government interventions.

Recovery Built Through Difficult Decisions

Dr Forson said when the administration took office, it immediately recognised that Ghana required more than temporary measures to address its economic difficulties.

He explained that government concluded that the previous approach to managing the economy was insufficient and that structural reforms were necessary to restore confidence.

“When this administration assumed office, it moved swiftly and decisively to stabilise the economy and begin the work of national reconstruction. It was immediately clear that the old model of managing the economy had failed and Ghana did not need incremental adjustment, but it needed structural reforms.”
Dr Cassiel Ato Forson

The Finance Minister acknowledged that the reforms introduced were challenging and required sacrifices from citizens, but argued that they were necessary to place the economy on a stronger foundation.

“These decisions demanded our collective sacrifice, but they were necessary to restore stability and rebuild confidence,” he stated.

IMF Programme Not Sole Reason for Progress

Dr Forson pushed back against suggestions that Ghana’s economic recovery was mainly due to the International Monetary Fund programme or the country’s debt restructuring process.

While recognising the importance of those interventions, he maintained that they only provided support and could not replace sound domestic economic management.

“Debt restructuring may create fiscal space, but it does not create fiscal discipline,” Dr Forson said.

“An IMF programme may provide a framework, but it cannot substitute for sound policy, disciplined implementation and political will.”
Dr Cassiel Ato Forson

He argued that sustainable recovery depends on strong leadership, effective policies and consistent implementation.

“Sustainable economic recovery is built on good policy choices, competent economic management and disciplined execution, and most importantly, courageous leadership.”
Dr Cassiel Ato Forson

Three Major Reforms Behind Ghana’s Economic Revival

The Finance Minister identified three major policy reforms that he believes have driven Ghana’s turnaround.

The first reform was fiscal correction, aimed at controlling public finances, reducing unnecessary expenditure and placing public debt on a sustainable path.

The second was the modernisation of Ghana’s tax regime to improve domestic revenue mobilisation.

The third was the implementation of complementary fiscal policies designed to support inflation reduction and exchange rate stability.

“These key transformational reforms are as follows. The first is fiscal correction, the second is the modernisation of Ghana’s tax regime, and the third is a complementary fiscal policy for inflation targeting and exchange rate stability.”
Dr Cassiel Ato Forson

Spending Cuts Deliver Fiscal Improvement

According to the Finance Minister, one of the major achievements of government’s fiscal correction programme was a significant reduction in public expenditure.

He said the 2025 budget was reset to 2023 nominal levels, with government eliminating what it described as wasteful spending and improving efficiency across the public sector.

“As a result, primary expenditure declined sharply from 18.7% of GDP in 2024 to 13.2% of GDP in 2025,” Dr Forson explained.

He described the adjustment as a major fiscal achievement because it was achieved without damaging economic growth. “A 5.5% adjustment without hurting economic growth,” he emphasised.

The Finance Minister also highlighted improvements in Ghana’s primary balance, noting that the country moved from a deficit position into surplus.

“The primary balance also improved from a deficit of 2.9% of GDP in 2024 to a surplus of 2.5% of GDP in 2025, placing public debt firmly on a downward trajectory.”
Dr Cassiel Ato Forson

Ghana Sends Strong Signal to Investors

Dr Forson said the fiscal reforms had sent a clear message to domestic and international investors that Ghana was committed to responsible economic management.

He described the reduction in government expenditure as evidence that fiscal discipline had become central to economic governance.

“Mr. Speaker, this sent an unmistakable signal to Ghanaians, investors and other development partners that fiscal discipline is the new order.”
Dr Cassiel Ato Forson

The Finance Minister further argued that the progress recorded across inflation, debt management, fiscal performance and investor confidence reflected the impact of government’s reform agenda.

He maintained that Ghana’s recovery was the result of intentional decisions rather than luck.

“The evidence before us is overwhelming. Ghana’s recovery has been driven by a deliberate programme of economic reforms implemented since President Mahama assumed office in January 2025.”
Dr Cassiel Ato Forson

As the government continues implementing its economic programme, the Finance Minister believes the foundation has been laid for sustained growth, improved fiscal stability and renewed confidence in Ghana’s economy.

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July 23, 2026