Secretary-General of the African Continental Free Trade Area Secretariat, Wamkele Mene, has held high-level discussions with Anita Anand, Canada’s Minister of Foreign Affairs, on strengthening trade and investment relations between Africa and Canada amid growing uncertainty in the global economy.

Former Finance Minister Seth Terkper has defended recent government efforts to reform and tighten management of Ghana’s gold sector, arguing that the measures have significantly strengthened the country’s foreign reserves and contributed to the appreciation of the cedi.

Speaking on PM Express Business Edition, Mr. Terkper addressed ongoing public debate surrounding the financial losses recorded by the Bank of Ghana, insisting that the discussion should not focus solely on the central bank’s balance sheet but also consider the broader economic gains achieved through recent policy interventions.

According to him, one of the government’s immediate priorities was to rebuild Ghana’s external reserves in order to improve macroeconomic stability and restore confidence in the economy.

“One of the things was moving quickly to strengthen the reserves, which translated into the appreciation of the cedi,” he stated.

Mr. Terkper explained that the gains in reserves were closely linked to reforms introduced in the gold sector, particularly efforts aimed at improving transparency and tightening control over gold marketing and exports.

“It’s the sanitisation of the marketing of gold,” he said.

He acknowledged that the reforms may not have been flawless but maintained that they produced meaningful economic benefits for the country.

“Yes, you couldn’t get everything right, but at the same time, we need to compliment,” he remarked.

The former Finance Minister noted that the restructuring and regulation of the sector helped reduce leakages, improve accountability, and increase the amount of gold-related revenue and reserves flowing into the central bank.

“There’s some sanitisation of that whole sector, which led to a significant increase in reserves for the central bank,” he explained.

Mr. Terkper further placed Ghana’s gold industry within the context of the global financial system, arguing that gold remains one of the strongest alternatives to the US dollar in global markets.

“Globally, gold is the most aggressive competitor for the dollar, before you come to the euro, yen and others,” he stated.

He stressed that despite Ghana’s long-standing identity as one of the world’s major gold producers, the country had historically failed to maximise the strategic economic value of its mineral resources.

“Ghana is the Gold Coast,” he said.

Mr. Terkper also raised concerns about the extent to which Ghana’s gold had benefited foreign economies more than the country itself over the years.

“Ghana’s gold was going all the way out to other countries, which they were using to stabilise their economy, from the Middle East to Europe to everywhere,” he noted.

He suggested that the recent reforms are intended to ensure Ghana derives greater economic value from its gold resources while strengthening national reserves and supporting long-term currency stability.

Ghana’s inflation rate recorded a slight uptick in April 2026, rising from 3.2% in March to 3.4%, according to the latest data released by the Ghana Statistical Service.

The marginal increase reflects ongoing pressures in key sectors of the economy, particularly housing, utilities, and fuel, which continue to be the primary drivers of inflation despite some relief in food and transport costs.

The rise in inflation was largely attributed to increases in the prices of essential goods and services, including charcoal, rent, senior high school fees, smoked fish, and utility charges. These increases offset declines in other areas, notably transport fares, which dropped by approximately 3.4% over the year.

According to the Consumer Price Index (CPI) report, overall prices of goods and services rose by 1.0% between March and April 2026 on a month-on-month basis, indicating a steady increase in the cost of living.

The data reveals a divergence between food and non-food inflation trends. Year-on-year food inflation declined slightly to 2.2% in April from 2.3% in March, suggesting some stability in food prices.

However, non-food inflation rose from 3.9% to 4.2% during the same period, driven by increases in housing-related costs and services. On a month-on-month basis, non-food prices rose by 1.1%, reflecting sustained pressure in service-oriented sectors.

Food prices also increased modestly by 0.8% month-on-month, indicating that supply chain challenges continue to affect the affordability of basic items.

A deeper breakdown of the data shows contrasting trends between goods and services:

• Inflation for goods slowed significantly to 1.1% in April, down from 1.7% in March—offering some relief to households since goods make up a large share of consumer spending.
• In contrast, services inflation surged sharply from 7.2% to 9.6% year-on-year, driven primarily by rising housing costs, utility tariffs, and service-related fees.

This widening gap highlights structural differences in how prices are evolving across sectors, with services becoming increasingly expensive relative to goods.

The report also revealed significant regional variations in inflation rates across Ghana.

• The North East Region recorded the highest inflation rate at 9.5%
• The Savannah Region posted the lowest rate at -3.5%

These disparities are attributed to differences in supply chain efficiency, transport costs, and access to markets, which continue to shape local price dynamics.

Commenting on the findings, Government Statistician Dr. Alhassan Iddrisu emphasised the need for targeted policy interventions to address inflationary pressures and protect vulnerable households.

The report recommends that policymakers:

• Maintain fiscal discipline
• Invest in food systems, including storage, irrigation, and transportation
• Address regional inequalities in market access

These measures, experts say, are critical to stabilising prices and ensuring sustainable economic growth.

While the slight increase in inflation suggests that price pressures remain manageable, the sharp rise in service costs—particularly in housing and utilities—continues to strain household budgets.

The mixed trends in goods and services inflation indicate that while some relief is emerging, underlying structural challenges in the economy still need to be addressed to achieve long-term price stability.

Ghana’s Ghana Reference Rate (GRR) has recorded a slight decline for May 2026, dropping to 10.03% from 10.06% in April, signalling a possible easing of borrowing costs in the country’s banking sector.

The Ministry of Roads and Highways Ghana has announced plans to take legal action against JMC Projects in a bid to recover approximately US$30 million in public funds over an alleged breach of contract involving a stalled road project.

The Government of Ghana has held high-level discussions with large-scale mining companies as part of efforts to accelerate the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a flagship initiative aimed at strengthening national reserves and stabilising the cedi.

The Vice President of the Ghana Union of Traders Association, Joseph Paddy, has stated that Ghana’s current economic conditions are creating a more stable and predictable environment for businesses, particularly within the trading sector.

The Government Statistician, Alhassan Iddrisu, has announced that Ghana’s building inflation rate continued its downward trend in March 2026, falling to 2.2 percent year-on-year. According to him, this marks the eleventh consecutive month of decline, signaling a sustained easing of cost pressures within the construction sector.

The National Pensions Regulatory Authority (NPRA) has announced that its upcoming Pensions Digital Ecosystem (PDE) will significantly improve transparency, strengthen oversight, and reduce fraud within Ghana’s pensions industry.

The Ghana Gold Board (GoldBod) has recorded a significant financial turnaround, with revenue increasing sharply from GH¢307.7 million in 2024 to GH¢970.8 million in 2025, reflecting what officials describe as exponential growth in operational performance.