Abass Tasunti, Director of Economic Regulation and Planning at the NPA, said the tender programme fixes import prices for a month. This means local LPG prices can fall even as international market prices rise.

Speaking on Joy News’ PM Express Business Edition on Thursday, he explained that each cargo typically covers a month’s supply.

“And so, the price at which the product was imported is locked in for that one-month period.”

That arrangement, he said, explains why LPG prices are dropping despite a significant increase in the next pricing window.

“So, if you look at the next window, for example, the price of LPG is going up significantly, but we’ve seen LPG dropping instead of it going up, and that’s because we’ve already locked in the price at which we imported the LPG from the previous window, which was lower than the current prices.”

The protection, however, depends on the price secured for each cargo. A new monthly consignment bought at a higher price can push local prices up.

Mr Tasunti said this explained the previous sharp increase in LPG prices. The price changed after the month-long arrangement ended. The replacement supply cost more than the product used to set prices the previous month.

The same system is now offering relief. Ghana had already secured its imported LPG at a lower price before the latest increase.

“But going to this window, for example, we have been shielded again, shielded again from a sharp increase for the next window because we’ve already locked in the price at which the product was brought in, so that helps.”

Mr Tasunti also explained why diesel faces different pressures. He said disruptions to major supply sources reduce the volume available on the market and drive prices up.

He pointed to the Russia-Ukraine war and attacks on Russian refineries as factors affecting diesel supplies.

“So sometimes when the major supply sources are shut or are closed, we don’t have enough products on the market, and so it will cause, of course, economics comes in supply and demand factors.”

For LPG consumers, the immediate cushion comes from the import price already secured. The next monthly cargo can change that position, depending on how its purchase price compares with the previous supply.

Source:Fiilafmonline/JoyBuss

Chief Executive of the Association, Mohammed Ali, said the increasing cost of maize, soya and other feed ingredients, coupled with higher freight charges, is putting pressure on poultry production costs.

Speaking to Joy Business during an outreach to schools in Dansoman to mark World Egg Day, he said consumers should expect some price adjustments by Christmas.

“Maybe not less than 15 per cent; we must see some price change,” he said.

Mr Ali explained that most of the ingredients used in poultry feed are imported, leaving local farmers exposed to international price movements and rising transportation costs.

He called on the government to address the high cost of feed inputs by supporting increased local production of maize and soya.

“When we are able to have an abundance locally, the feed price will surely come down. But without them, we can’t do anything about poultry feed,” he added.

Meanwhile, the association is calling for stronger measures to address price disparities between poultry farmers and retailers, particularly in the egg market.

Mr Ali said the difference between farm-gate prices and what consumers pay at retail outlets is excessive, with some traders allegedly adding as much as GH¢20 to the price of a crate.

He disclosed that farm-gate prices currently range between GH¢40 and GH¢45, arguing that retail prices should not exceed GH¢50.

“We don’t expect an egg to go beyond 50 cedis. Take or leave,” he stressed.

He also called for the Ministry of Trade and Agribusiness to introduce measures to bring discipline into the market and address practices that prevent traders from selling eggs at lower prices.

On the Association’s World Egg Day activities, Mr Ali said it had reached five clusters of schools in the Dansoman enclave to educate pupils on the nutritional benefits of eggs.

He said the initiative was aimed at encouraging children to make egg consumption part of their daily meals.

“Eggs have some special protein content for every child from zero to, say, eight that they need. And we want to inculcate this habit into their meals, for daily meals, consumption of eggs,” he said.

According to him, the association distributed more than 100,000 eggs to schools as part of the exercise, adding that early education would help children develop healthy eating habits.

Mr Ali also urged the association to extend the Nkokor Nkitinkiti initiative to improve its implementation and deliver greater benefits to local poultry farmers, whose production volumes have a greater impact on market supply and prices.

He said targeting larger-scale farmers with support could produce more significant changes in the poultry market.

Source:Fiilafmonline/JoyBuss

Speaking during his New Economy engagement with faculty and students at the University of Ghana, Dr Forson said Ghana had reached a moment when public policy must confront the underlying causes of its economic challenges.

“We have stabilised the present. Now we must secure the future,” he declared.

The Finance Minister framed the next phase of Ghana’s economic journey as a test of the country’s willingness to make decisions that would shape the prospects of future generations.

“History does not wait for countries that are afraid to decide,” he said.

“There are moments when a nation must make a clear break with old patterns. There are moments when public policy must stop managing symptoms and start changing structures. This is such a moment for Ghana.”

His remarks placed structural transformation at the centre of the New Economy agenda, with economic stability serving as the foundation for a more productive economy that creates decent jobs and raises incomes.

The challenge, he indicated, is to move beyond addressing immediate pressures and change the conditions that allow those pressures to recur.

That ambition, to him, means producing more at home, adding value to what Ghana grows and mines, and expanding opportunities for businesses and workers.

Source:Fiilafmonline/JoyBuss

According to the Bank of Ghana, though there has been continuous growth in credit, the growth is weaker relative to the growth in the size of the economy.

“The negative gap points to the absence of excessive credit build-up and limited systemic risks and signals room for measured credit expansion to further support the real sector of the economy”, the Bank of Ghana revealed in its October 2026 Banking Sector Development Report.

According to the Central Bank, the recovery in credit growth has been underpinned by the resilience of the banking sector, which continues to facilitate financial intermediation.

It added that the favourable macroeconomic conditions is expected to continue to sustain the recovery in private sector credit without creating stress on overall financial stability.

Macro-financial Risk Assessment Map

Meanwhile, macro-financial risk assessment showed a projected moderation in risks as at end-September 2026 compared to the same period last year.

Risks from the global macroeconomic environment eased on the back of lower inflation and easing lending conditions in advanced economies.

On the domestic front, risks moderated, reflecting the impact of a declining fiscal deficit, lower inflation and exchange rate stability as well as declining public debt.

The risks from the corporate and household sectors declined, supported by enhanced debt-servicing capacity of both the corporate and household sectors.

In the outlook, risks are expected to generally remain unchanged, however, the risk profile could shift depending on the geopolitical developments in the Middle East.

“Such global developments have implications for the domestic economy and the corporate and household sectors. That notwithstanding, the near-term outlook for the domestic economy remains favourable considering the expected low levels of inflation, strong reserve build-up and improved financing conditions”, the Bank of Ghana concluded.

Source:Fiilafmonline/JoyBuss

The Technical Advisor at the Finance Ministry said stronger tax collection, spending controls and regular payments to statutory funds were helping rebuild the country’s economic foundations.

Speaking on Joy News’ PM Express Business Edition on Thursday, he said investors were asking how Ghana had achieved its turnaround so quickly after the 2022–2024 crisis.

“It’s not just the gold story. It’s really the hard reforms that have been done to try and sustain those gains.”

Dr Acheampong said a country emerging from a crisis of that scale would typically need at least five years to reset its economic fundamentals. Ghana, he argued, had managed that in about a year and a half.

He pointed to tax reforms as one source of the improvement. According to him, the tax-to-GDP ratio had risen from about 11.5 per cent to nearly 13 per cent, based on the figures he last checked.

He also cited tighter controls over spending commitments and efforts to direct expenditure towards the right areas.

The government’s clearance of inherited arrears was another part of the recovery effort, he said.

For Dr Acheampong, regular transfers to statutory funds provided a concrete example of the changes underway. He cited the District Assemblies Common Fund and the National Health Insurance Fund.

“For the first time, we remain current on these funds.”

He said all required transfers from January to August or September of the year had been made. Previously, he said, January releases could arrive as late as September.

Dr Acheampong argued that these changes provided investors with evidence to assess the recovery beyond the government’s account of its progress.

“So, it’s really a lot of these positive stories that we are trying to tell, but not just tell the investors; they also see it reflected in the fundamentals.”

He said investors were also seeing an improvement in Ghana’s capacity to service its debt.

Source:Fiilafmonline/JoyBuss

This is according to the Chamber of Oil Marketing Companies’ pricing outlook for the next pricing window.

Breakdown

Petrol is projected to decline by almost 2% to GH¢17.67 per litre, while diesel could fall by 3.32% to GH¢19.30 per litre.

LPG, however, is expected to rise by 18.5% to GH¢20.60 per kilogram.

During the October 1 pricing window, most oil marketing companies maintained their prices following a GH¢2 levy on diesel and a government intervention in which Tema Oil Refinery and Sentuo Oil supplied refined products to the companies at previous prices.

Reasons for the price changes

The Chamber attributed the projected adjustments to developments on the international market and recent government subsidy measures.

In its report, the Chamber said average crude oil prices rose by 2.03% to US$126.73 per barrel for the October 16 pricing window.

It attributed the increase to renewed supply concerns, as Ukraine questioned a proposed US-backed energy ceasefire and Saudi Arabia faced fresh attacks amid the war with Iran.

Prices of refined petroleum products, however, recorded mixed movements. LPG rose by 7.77%, while diesel fell by 6.68% and petrol declined by 3.93%.

Meanwhile, the Ghana cedi depreciated by 1.61% to GH¢11.8222 to the US dollar, based on average bank rates between September 26 and October 11, 2026.

The Chamber said the cedi had lost more than 11% against the dollar so far this year, with seasonal import demand and higher energy costs continuing to put pressure on the currency.

Despite these developments, petrol and diesel prices are expected to see only modest reductions at the pumps, in line with projections from several analysts earlier this month.

NPA lowers petrol and diesel price floors

The National Petroleum Authority (NPA) has also reduced the minimum prices for petrol and diesel for the October 16 pricing window.

Market data sighted by Joy Business shows that the petrol price floor has been lowered from GH¢16.45 to GH¢16.09 per litre.

The diesel price floor has also been reduced from GH¢17.97 to GH¢17.09 per litre.

The LPG price floor, however, has increased from GH¢11.10 to GH¢13.87 per kilogram.

The NPA said these price floors exclude premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and margins charged by Oil Marketing Companies and LPG Marketing Companies.

Those charges will be determined independently by the respective companies in accordance with the prescribed Petroleum Products Pricing Formula.

Source:Fiilafmonline/JoyBuss

Market watchers estimate the appreciation at just under 1%, offering some relief after sustained pressure on the local currency since the third quarter.

The pressure has been linked to increased demand for dollars by businesses financing imports ahead of December, as well as energy-related payments by the Bank of Ghana for crude oil and finished petroleum products.

The recent gains follow near-weekly depreciation since last month.

What is driving the recovery?

Market players have attributed the recovery to increased foreign exchange support, particularly dollar sales by the Ghana Gold Board (GoldBod).

On Tuesday, GoldBod sold US$197 million to commercial banks at a rate of GH¢11.70 to the dollar.

Joy Business understands that every participating bank received the full amount it requested, easing demand pressures and raising expectations of further gains for the cedi.

The sales, conducted through GoldBod’s GoFX platform, complement other measures by the Bank of Ghana to support liquidity in the foreign exchange market.

The intervention is in line with GoldBod’s plan to supply US$1 billion to commercial banks under its revised arrangements for foreign exchange receipts from gold exports in the artisanal and small-scale mining sector.

Some commercial banks have told Joy Business that they expect the cedi to remain fairly stable if the improved liquidity support is sustained.

Source:Fiilafmonline/JoyBuss

In the interbank market, the cedi weakened by 1.42% against the US dollar and 1.29% to the pound, respectively. It sold at GH¢11.79 to the dollar and GH¢15.60 to the pound.

It, however, appreciated by 0.35% against the euro to GH¢13.20.

Similarly, in the retail market, the cedi depreciated by 1.45% against the US dollar, averaging GH¢12.10 to the American greenback, while gaining 0.47% against the pound and 0.55% against the euro to close the period at GH¢15.80 and GH¢13.65, respectively.

Despite intermittent foreign exchange supply, the cedi continued to exhibit whipsaw price action, with brief corrections amid persistent pre-festive import demand and higher energy costs.

“Looking ahead, we expect GoldBod’s spot-gold sales and BoG interventions to provide near-term support, potentially triggering a sharp appreciation surprise and a brief 4 to 5-day period of stability. However, sustained appreciation will depend on whether spot inflows can soften seasonal import demand without compromising the BoG’s [Bank of Ghana] reserve-accumulation target”, Databank Research said.

“On balance, we expect US dollar/GHS [US dollar/Ghana cedi] to trade within a wide GH¢11.60 to GH¢12.10 band, with GH¢ 12.00 as a likely near-term cap, although risks remain skewed towards nominal depreciation if energy costs and import demand outpace FX [foreign exchange] support”.

Meanwhile, the cedi began this week appreciating marginally and going for GH¢12.10 to the dollar at the forex bureaus.

Its year-to-date depreciation is a little over 11%.

Source:Fiilafmonline/JoyBuss

UBA Ghana recorded the lowest non-performing loan ratio among the banks highlighted, at 2.1% at the end of 2025, followed by Fidelity Bank Ghana at approximately 6.1% and Guaranty Trust Bank Ghana at 7.1%.

The figures, contained in the Ghana Association of Banks’ Consolidated Banks’ Audited Financial Statements for 2025, point to significant differences in the quality of loan portfolios across the industry.

Zenith Bank Ghana also ended the year with an NPL ratio below 10%, at 8.5%, while Access Bank Ghana recorded 9.2%.

However, the relatively low ratios at some lenders contrast with the persistent credit challenges facing others, underscoring the uneven distribution of bad loans across the banking sector.

Rising bad loans raise concerns at some banks

Despite their comparatively low NPL ratios, some banks recorded substantial increases in impaired credit during the year.

Access Bank Ghana’s NPL ratio rose sharply from 2.1% in 2024 to 9.2% in 2025, while Zenith Bank Ghana’s increased from 1.0% to 8.5%.

GT Bank Ghana also recorded an increase, with its ratio climbing from 2.4% to 7.1% over the same period.

Although these banks remained among the institutions with relatively low NPL ratios in 2025, the year-on-year increases point to emerging asset-quality pressures that could require closer monitoring.

The trend also highlights an important distinction in assessing banks’ credit performance: a relatively low NPL ratio provides a snapshot of current asset quality, but a sharp increase may signal deteriorating repayment conditions.

CalBank, meanwhile, recorded one of the most significant improvements among the banks highlighted, reducing its NPL ratio to 17.0% from 47.5% in 2024.

Prudential Bank also made progress, with its ratio falling to 57.0% from 74.0%.

While the improvements suggest a reduction in the proportion of loans classified as non-performing, both institutions continued to record elevated ratios at the end of 2025.

ADB, NIB remain burdened by high NPL ratios

The most pronounced credit challenges were recorded at Agricultural Development Bank (ADB) and National Investment Bank (NIB), which ended 2025 with NPL ratios of 70.5% and 69.7%, respectively.

ADB’s ratio declined from 75.3% in 2024, while NIB’s fell from 75.5%. Despite the reductions, non-performing loans continued to account for a substantial proportion of their respective loan portfolios.

Universal Merchant Bank also remained under pressure, recording an NPL ratio of 52.3%, down from 54.9% a year earlier.

Consolidated Bank Ghana experienced a deterioration in asset quality, with its ratio rising to 33.4% from 12.5%. Stanbic Bank Ghana also recorded an increase, from 17.1% to 24.6%.

The contrasting movements reveal a banking sector in which progress in managing impaired credit remains uneven.

While some institutions have reduced their exposure to non-performing loans, others are experiencing rising impairment levels or continue to carry substantial legacy credit risks.

High NPL ratios can weigh on banks’ earnings through impairment charges, tie up capital and limit their ability to extend fresh credit.

They can also weaken lenders’ capacity to support businesses and households, particularly when credit risks are accompanied by funding or liquidity constraints.

However, NPL ratios should not be viewed in isolation. Capital adequacy, liquidity, profitability, loan-loss provisions and the extent to which bad debts are covered by collateral are also important in assessing a bank’s overall financial position.

Salary deduction delays add to banks’ credit concerns

The asset-quality figures come amid concerns by the Ghana Association of Banks over persistent delays in remitting salary deductions intended to repay loans contracted by public sector workers.

The association’s Chief Executive Officer, John Awuah, has indicated that banks could suspend new lending to public sector workers in the coming weeks if the outstanding remittances remain unresolved.

The proposed measure is intended to address the financial risks arising from delays in transferring deductions already made from workers’ salaries to the banks.

Such delays can disrupt loan repayment schedules and expose lenders to cash-flow pressures and potential credit impairment, particularly where repayments depend on deductions at source.

A suspension of new lending, if implemented, could also affect public sector workers who rely on salary-backed loans to meet personal and household financing needs.

The situation highlights the importance of effective coordination between employers, government institutions and financial institutions in ensuring that deducted loan repayments are transferred promptly.

Also,, the combination of elevated NPL ratios at some institutions and concerns over repayment remittances reinforces the need for stronger credit-risk management and effective loan recovery mechanisms.

The 2025 figures ultimately show that improvements in asset quality have not been uniform across the industry.

While some lenders entered 2026 with relatively low NPL ratios, others continue to face significant challenges in recovering impaired loans and strengthening their balance sheets.

Source:Fiilafmonline/CitiBuss

JOYBUSINESS understands that the auction was conducted on Tuesday as part of efforts to strengthen transparency, fairness and regulatory compliance in the foreign exchange market.

The auction forms part of GoldBod’s plan to provide commercial banks with more predictable and transparent access to US dollars through its GoldBod GoFX platform.

$1bn FX Sales to Banks

GoldBod earlier announced plans to sell US$1 billion to commercial banks during the month to support stability in the foreign exchange market.

The GoldBod programme is expected to generate about US$1.5 billion in total.

Of this amount, US$1 billion will be sold to commercial banks, while the remaining US$500 million will be advanced to the Bank of Ghana to support the accumulation of foreign exchange reserves.

Twice-Weekly FX Sales

Under the new framework, GoldBod will conduct foreign exchange sales twice a week, on Tuesdays and Thursdays.

Participating banks will submit their requests during a designated sales window.

Where demand exceeds the available FX tranche, GoldBod said allocations will be made on a pro-rata basis to ensure a transparent and equitable distribution of the available foreign exchange.

Transactions will be settled on the same day.

The US dollar leg will be completed by 3:00pm, while the Ghana cedi leg will be completed by 4:00pm.

Measures to Prevent Speculation

GoldBod said participating banks will be required to declare that their requests are backed by actual unmet foreign exchange demand or evidence of a short position.

The banks will also be required to comply with Bank of Ghana regulations and directives.

The measures are intended to ensure that the facility responds to genuine market demand and is not used for speculative purposes.

BoG to Provide Regulatory Oversight

The programme will operate under the regulatory oversight of the Bank of Ghana.

GoldBod said the central bank will have real-time access to the GoldBod GoFX platform.

GoldBod will also submit transaction reports to the Bank of Ghana after each sale.

The GoFX platform provides electronic submission and allocation processing, as well as time-stamping, transaction histories and audit trails.

According to GoldBod, these features are designed to strengthen transparency, accountability and post-trade verification.

The details were provided at a meeting between GoldBod and commercial banks ahead of the rollout of the new Spot FX Sales and Intermediation Framework.

The framework is expected to provide authorised commercial banks with predictable and transparent access to US dollars through the GoldBod GoFX platform.

Source:Fiilafmonline/JoyBuss