Fuel prices in Ghana could see a downward adjustment in the coming days following a sharp fall in global oil prices triggered by a peace agreement between the United States and Iran.

Oil prices dropped significantly in Asian trading on Monday after Pakistan, which has been mediating efforts to end the US-Iran conflict, announced a breakthrough deal that includes the reopening of the strategic Strait of Hormuz, a key global shipping route for crude oil and liquefied natural gas.

The development was reinforced by U.S. President Donald Trump, who announced on social media that the agreement would allow “the oil flow” to resume freely through the vital waterway.

Brent crude, the global benchmark for oil pricing, fell by about 4.8% to $83.18 per barrel, while U.S. West Texas Intermediate also declined by 5.6% to $80.13 per barrel.

The price drop on the international market raises expectations that Ghana’s fuel import costs could ease, potentially translating into lower prices at the pumps in the coming pricing window, depending on domestic market adjustments by oil marketing companies.

Pakistan’s Prime Minister Shehbaz Sharif said a formal signing ceremony for the agreement is expected to take place on Friday, June 19, in Switzerland. Iran’s Deputy Foreign Minister Kazem Gharibabadi also confirmed on state television that a deal with the United States had been finalised.

Energy analysts, however, caution that uncertainty remains over the full implementation of the agreement, which could keep global oil markets volatile in the short term.

Vandana Hari of Vanda Insights noted that the lack of detailed information on the deal could “inject unease and uncertainty into the market,” warning of continued price fluctuations over the coming week.

The Strait of Hormuz had been largely disrupted since the escalation of tensions following military strikes involving the United States and Israel earlier in the year. The waterway normally carries about 20% of the world’s oil and liquefied natural gas trade.

Experts also caution that even with the agreement in place, oil flows are unlikely to immediately return to normal levels. Industry consultant Andrew Lipow explained that mines in the waterway would need to be cleared and shipping backlogs resolved, a process that could take weeks or even months.

Despite the uncertainties, global markets reacted positively to the development. Asian stock markets surged on Monday, with Japan’s Nikkei 225 rising by 5.4% and South Korea’s Kospi climbing by more than 5.5%, as investors welcomed the easing of geopolitical tensions.

Energy markets have experienced sharp volatility in recent months, with crude oil prices swinging widely in response to developments in the conflict. Brent crude had previously surged to around $120 per barrel at the height of tensions, before easing back to about $70 prior to the latest escalation.

For Ghana, which relies heavily on imported refined petroleum products, the latest global price drop is being closely watched as a possible relief factor for consumers already grappling with high fuel costs.

Ghana’s economic recovery is gathering powerful momentum. The nation’s economy accelerated at a faster-than-expected pace in the opening months of the year, driven by a monumental surge in technology and a strong rebound in the industrial sector.

According to the latest provisional data released by the Ghana Statistical Service (GSS), real Gross Domestic Product (GDP) growth surged to 6.4% in the first quarter of 2026. This reflects a significant upward trajectory, rising from a revised 6.2% in the same period of 2025, and a marked acceleration from the 4.9% growth recorded in the first quarter of 2024.

Presenting the headline estimates, Government Statistician Dr. Alhassan Iddrisu revealed that the macroeconomic landscape is benefiting heavily from a combination of sustained expansion and sharply cooling inflationary pressures. A key highlight from the report was the sharp drop in the GDP deflator, which measures changes in the prices of all goods and services produced domestically, falling dramatically to 4.1% from the 23.9% recorded in Q1 2025.

In nominal terms, Ghana’s overall GDP for the first quarter of 2026 reached an impressive GH¢420.4 billion, climbing from GH¢378.0 billion in Q1 2025. Real GDP (at constant prices) stood at GH¢57.4 billion.

The non-oil sector demonstrated robust resilience, proving that the economic expansion is well-diversified beyond extractive resources. Non-oil real GDP grew by 6.3% year-on-year, pushing nominal non-oil GDP to GH¢410.9 billion.

The services sector retained its crown as the largest engine of the Ghanaian economy, expanding by 7.1% and accounting for nearly half (48.3%) of the overall GDP growth. This expansion was heavily turbocharged by the Information and Communication Technology (ICT) sub-sector, which recorded a staggering 25.2% growth rate—making it the fastest-growing sector nationwide. Transport and storage (13.0%) and retail trade (9.0%) also posted strong gains, though contractions in accommodation and food services (-13.6%) acted as a minor drag.

Concurrently, the industrial sector accelerated sharply to 6.9% growth, up from 4.1% in Q1 2025. This turnaround was underpinned by a major 10.7% rebound in Mining and Quarrying. Furthermore, the Oil and Gas sector staged a remarkable recovery, posting 7.0% growth compared to a severe 25.8% contraction recorded in the first quarter of the previous year. Both manufacturing and electricity sub-sectors logged stable growth rates of 6.2%.

The agricultural sector experienced a softer expansion, growing by 4.0% compared to 6.6% in the same period last year, although forestry and logging rebounded sharply by 9.0%.

As West Africa’s second-largest economy continues its steady climb out of its recent fiscal vulnerabilities, these Q1 figures provide major assurance to investors and international observers. With price stability returning and core industrial and digital infrastructure expanding rapidly, Ghana’s economic outlook for the remainder of 2026 remains highly optimistic.

Eco Green Oases Legacy has trained about 99 participants, including youth and children, in sustainable waste management, upcycling, financial literacy and digital marketing as part of efforts to promote environmental sustainability and tackle unemployment. The initiative also equipped participants with practical skills to convert waste materials into useful products during a three-day training programme held at Mateso in the Techiman Municipality.

Speaking to journalists after the programme, Founder and Chief Executive Officer, Queen Nihad Titiaka Oases Ibrahim, said climate change remains one of the world’s most pressing challenges, requiring urgent and sustained action.
She noted that poor waste management continues to pose a major environmental concern in Ghana, driven by rapid urbanisation, inadequate disposal systems and poor sanitation practices, often worsening flooding and environmental degradation during heavy rains.

Eco Green Oases Legacy, a Ghanaian climate action and youth empowerment organisation, is therefore promoting sustainable waste management, tree planting and green entrepreneurship by empowering women, young people and vulnerable groups with skills in upcycling and environmental sustainability. Queen Titiaka said about 99 participants benefited from training in upcycling, financial literacy and digital marketing, urging them to apply the skills acquired to build sustainable livelihoods. She commended participants for their creativity and commitment throughout the training programme.

The Chief of Mateso, Nana Ati Adjei, inspired by the initiative, announced plans to establish a green skills training centre in the community to sustain the programme and create more job opportunities, stressing that environmental protection requires collective responsibility.

The Queen Mother of Mateso, Nana Yaa Ako Gyamia, also praised the initiative for its impact, encouraging participants to turn their new skills into sustainable sources of income.
Despite ongoing environmental education efforts, indiscriminate waste disposal remains a challenge in many communities. However, Queen Titiaka expressed optimism that continuous public sensitisation and community engagement will help promote responsible waste management practices.

The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has criticized the government over its claims of economic stability. Speaking in response to the Finance Minister’s statement on Tuesday, Kojo Oppong Nkrumah insisted that the current economic situation does not reflect the stability being projected. He noted that although several policies have been introduced and inflation has declined, many Ghanaians have yet to feel any real relief. According to him, the rising cost of living, increasing unemployment, and additional tax pressures continue to weigh heavily on citizens.

He further challenged claims that Ghana has exited the International Monetary Fund (IMF) programme. He explained that Ghana remains a member of the IMF and had only completed an Extended Credit Facility programme. He called on the government to provide clear and accurate information to the public.

Meanwhile, the Member of Parliament for Bolgatanga Central, Isaac Adongo, rejected the claims made by Mr. Oppong Nkrumah. He clarified that the government has not stated that Ghana has exited the IMF. He added that while inflation has declined, it does not mean prices of goods and services have stopped rising, but maintained that there is overall economic stability. He also dismissed assertions that the government has introduced eight new taxes.

President John Mahama has called on potential investors to pursue partnerships that not only deliver strong returns but also create opportunities for millions of people globally. He emphasized that Ghana is home to an ambitious and entrepreneurial population, operating within one of Africa’s most stable democratic systems.

The President assured investors that his government is implementing concrete measures to strengthen investment protection and ensure a secure business environment. Speaking at the Ghana-UK Investment Summit 2026 on Monday, President Mahama reaffirmed that Ghana is open for business. He encouraged partnerships that will generate jobs, facilitate technology transfer, build skills, support industrialization, expand exports, and drive sustainable economic growth.

According to him, Ghana is seeking investors committed to long-term collaboration built on mutual respect, transparency, and shared prosperity. President Mahama reiterated that Ghana’s stable democratic environment and entrepreneurial spirit make it an attractive destination for investment. He stressed that stability remains a key priority for investors, and his administration is taking deliberate steps to reinforce it.

These measures include strengthening public sector reforms, digitizing public services, improving regulatory efficiency, simplifying business registration processes, and enhancing investment protection frameworks.
He further called on investors to engage in partnerships that deliver meaningful returns while creating opportunities for people across the globe.

The Concerned Drivers Association has assured they will return to the negotiation table with transport stakeholders but remains firm on its demand for a 20% increase in transport fares, citing rising operational costs and economic pressures affecting drivers across the country.

Speaking in an interview on Adom FM Dwaso Nsem, the National Public Relations Officer (PRO), David Agboado, explained that while dialogue will continue with relevant stakeholders, drivers will not accept any offer below their proposed adjustment.

“We will go back to the roundtable and jaw-jaw with the relevant stakeholders, but we will not accept anything below 20%,” he said.

According to him, the association’s position has become necessary due to the persistent rise in fuel prices and the increasing cost of vehicle maintenance, including tyres, batteries, engine oil, and other essential spare parts.

He stressed that the demand is not arbitrary but based on careful consideration of what drivers need to sustain their operations.

“We will consider the Ghanaian and negotiate for 20%,” he added.

To explain the association’s approach, Mr. Agboado compared the target to academic preparation, saying drivers have set a clear benchmark they are working towards.

“Just like when you are going to write an exam, you have a certain mark in mind, say an aggregate of 7 or 9, then you prepare towards it, and that is why we are saying we want 20%.”

The Ghana Private Road Transport Union (GPRTU) and other commercial transport operators announced the increment, which affects intra-city trotro services, inter-city transport, and shared taxi operations nationwide, on Friday, May 29, after consultations with stakeholders and transport unions.

source: myjoyonline.com

Latest monthly Indicator of Economic Growth released by the Ghana Statistical Service shows that economic activity in Ghana recorded strong growth in February 2026, with the economy expanding by 7.7% year-on-year.

The data points to sustained momentum across key sectors of the economy, with services emerging as the biggest driver of growth during the period.

The report showed that the services sector expanded by 7.4% and contributed 47.6% of the overall economic growth recorded in February 2026.

Growth within the sector was largely driven by increased activity in the information and communication sub-sector.

Industry also posted a strong performance, growing by 9.6% year-on-year, supported mainly by expansion in mining and quarrying activities. Agriculture recorded a more modest growth of 3.8%, driven by crops and livestock production.

According to the report, Ghana’s Monthly Indicator of Economic Growth index increased to 111.3 in February 2026 from 103.3 recorded in the same period last year, highlighting continued recovery and resilience in economic activity.

Government Statistician, Dr. Alhassan Iddrisu, says the latest figures provide an early indication of improving economic conditions ahead of the country’s quarterly GDP release.

The Ghana Statistical Service explains that the indicator measures changes in economic activity across agriculture, industry and services using monthly data and administrative records, while adjusting for inflation.

The strong growth in services and industry could signal improving business activity and investor confidence, although attention remains on inflation, exchange rate stability and broader global economic conditions in the months ahead.

The Minority Caucus in Parliament has called on the government to immediately adopt a series of measures aimed at addressing what it describes as the worsening financial crisis at the Bank of Ghana (BoG).

In a press statement dated May 7, 2026, the Caucus said the central bank’s financial challenges require urgent and transparent interventions to restore confidence and stability.

The statement follows an earlier press conference held on May 3, during which the Minority claimed that the Bank of Ghana recorded a loss of GH¢34.9 billion in 2025. According to the Caucus, the actual operating loss could rise to GH¢44 billion when proceeds from gold sales are excluded.

The Minority further claimed that the Bank of Ghana had subsequently acknowledged the GH¢34.9 billion figure in a series of Frequently Asked Questions (FAQs) issued on May 5, 2026.

“As promised, the Minority is taking the discussion a notch higher by proposing solutions which should be immediately adopted to arrest the deterioration of the Bank of Ghana,” the statement said.

Among the key recommendations outlined by the Caucus is the need for a transparent recapitalisation plan for the central bank, based on the Memorandum of Understanding between the Ministry of Finance and the Bank of Ghana.

The Minority also urged government to incorporate the recapitalisation process into the country’s fiscal-risk analysis framework and to publish regular policy solvency measures that exclude one-off gains and non-recurring transactions.

Additionally, the Caucus called for stronger disclosure of quasi-fiscal operations, greater transparency surrounding gold transactions, and an independent technical review of what it described as “non-standard accounting treatments.”

The statement also raised concerns over the treatment of the Domestic Debt Exchange Programme (DDEP) on the Bank of Ghana’s books and called for consistency in how the impact is reflected in public debt statistics and fiscal accounts.

On monetary financing, the Minority cautioned against any amendments to the Bank of Ghana Act that could permit central bank financing of government expenditure, describing such a move as harmful to the economy if not addressed.

The Caucus further proposed the creation of a post-programme fiscal-risk dashboard to provide quarterly updates on issues including central bank equity, recapitalisation progress, government deposits, and gold-related liabilities.

The Minority concluded by urging government to stop politicising the issue and focus on implementing practical measures to safeguard the Bank of Ghana.

It also disclosed that the recommendations had been communicated to the International Monetary Fund (IMF) review team currently in the country for programme assessment.

Ghana’s disinflation run has hit a pause, with headline inflation inching up to 3.4% in April 2026, the first increase after 15 consecutive months of declining price pressures, complicating expectations for an imminent monetary policy easing.

The latest data from the Ghana Statistical Service represents a 0.2 percentage point rise from the 3.2 % recorded in March, signalling a modest rebound in consumer prices after a sustained period of stability.

On a month-on-month basis, inflation stood at 1.0% in April, suggesting a pickup in near-term price momentum.

Presenting the figures in Accra on Wednesday, May 6, Government Statistician Dr Alhassan Iddrisu attributed the uptick largely to the housing, water, electricity, gas, and other fuels component, which accounted for more than 37% of the overall inflation outturn.

“In April 2026, the Consumer Price Index stood at 267.3, up from 258.6 in April 2025. This translates into a year-on-year inflation rate of 3.4%.

“In simple language, prices are 3.4% higher than they were one year ago. On a monthly basis, inflation was 1%, meaning that prices increased by 1% between March 2026 and April 2026. Compared to March 2026, inflation has increased by 0.2 percentage points.

But if we compare inflation to the same period in 2025, which is April 2025, then inflation has dropped sharply by 17.8 percentage points. This tells us something important: inflation remains low overall, but we are beginning to see a slight upward movement,” he said.

Government has reiterated its commitment to restoring stable electricity supply and reinforcing the resilience of Ghana’s energy infrastructure following a major disruption at the Akosombo Dam.

President John Dramani Mahama on Thursday, April 30, 2026, visited the Akosombo Dam to assess damage caused by a recent fire outbreak at a substation operated by the Ghana Grid Company. The incident reportedly knocked out more than 1,000 megawatts from the national grid, triggering widespread power challenges.

During the visit, the President inspected ongoing restoration works and expressed confidence in efforts to return the system to full capacity. He commended engineers on site for their swift and professional response in managing the situation and initiating recovery measures.

President Mahama emphasized that government is focused not only on immediate restoration but also on strengthening infrastructure to prevent future disruptions, noting that a resilient energy sector remains critical to national development.

In a move aimed at boosting public confidence in the tax system, Ghana’s Finance Minister, Cassiel Ato Forson, and his Deputy, Thomas Nyarko Ampem, have openly filed their annual tax returns, positioning themselves at the forefront of a campaign to encourage voluntary compliance.

The Minister explained that the decision was intentional, underscoring the need for leaders to back their words with action. According to him, demonstrating accountability at the top is essential to inspiring citizens to fulfil their own obligations.

Dr. Forson acknowledged the contributions of Ghanaian taxpayers, noting that their payments remain central to national development. He emphasized that taxes serve as the backbone of governance, funding key sectors including education, healthcare, infrastructure, and national security.

He also lauded the efforts of the Ghana Revenue Authority, particularly during the ongoing Tax and Good Governance Month, and called for sustained public education and reforms to simplify the filing process.

The Minister further urged individuals and businesses yet to file their returns to do so without delay, stressing that strengthening Ghana’s tax culture is critical to building a resilient and prosperous economy.