Ghana Economic & Market Roundup: Fuel Tax Review, GSE Recovery & $500M Oil Palm Push

Introduction: A Day of Mixed Signals

Ghana’s economy presented a picture of cautious optimism and persistent pressure on April 7, 2026. The Ghana Stock Exchange reopened after the Easter break with modest gains, while the government faced intensifying calls to review fuel taxes as global energy prices surged amid Middle East tensions .

Behind the headlines, significant structural developments unfolded: the Development Bank Ghana spearheaded a $500 million oil palm financing facility, MTN Group completed the separation of its mobile money business into a standalone fintech entity, and the Ghana Commodities Exchange surpassed its entire 2025 trading volume in just the first quarter of 2026 .

This roundup covers the key economic, corporate, and market developments shaping Ghana’s economic landscape as the second quarter of 2026 begins.

Macroeconomics & Energy: Fuel Tax Review Amid Global Pressures

Government Engages Stakeholders on Fuel Levies

The government is facing intense pressure to review petroleum taxes as global fuel prices surge due to Middle East hostilities involving the United States, Israel, and Iran, as well as the closure of the Strait of Hormuz . Transport unions and business associations are demanding immediate relief.

Energy Minister John Abdulai Jinapor confirmed that the government is consulting key stakeholders to examine mounting demands for a reduction or removal of taxes on petroleum products . He explained that discussions are ongoing with the Finance Ministry and other relevant parties to evaluate the implications of the taxes and the concerns raised.

“We are committed to reviewing the levies and ensuring that the price stays stable. We should not take short-term economic decisions that will hurt the ordinary Ghanaian in the long term. That is not prudent economic management. Whatever cushion we can give Ghanaians in terms of petroleum prices, let us do that,” Jinapor stated .

The GH¢1 “D-Levy” Under Fire

The Minority in Parliament, transport unions like the GPRTU, and organisations such as the Association of Ghana Industries (AGI) are demanding the immediate removal of the GH¢1 per litre fuel levy . The levy, introduced under the Energy Sector Levy Amendment Act of 2025, was originally designed to fund liquid fuel procurement and settle legacy debts in the energy sector.

However, critics argue that the justification no longer exists. Between January and December 2025, the government reportedly paid about $1.47 billion to stabilise the energy sector, including full repayment of the GH¢597 million World Bank partial risk guarantee and settlement of outstanding gas invoices .

“With the debts cleared, the so-called One Ghana Cedi Levy serves no purpose and should be repealed immediately,” said Collins Adomako Mensah, Deputy Ranking Member of Parliament’s Energy Committee .

Emergency Cabinet Meeting and Fiscal Space

The Ghana Road Transport Coordinating Council (GRTCC) has asked transport unions to delay fare increases until after an emergency cabinet meeting scheduled to address these costs. Experts, including former Finance Minister Dr. Mohammed Amin Adam, argue that the government has roughly GH¢8 billion in “windfall” revenue from high crude oil export prices (currently around $100/barrel), which could be used to fund tax cuts without hurting the 2026 budget.

Inflation Outlook: Middle East Risks

While disinflation continues in Ghana, experts warn that the ongoing Middle East conflict could drive up energy and transport costs, potentially affecting inflation targets. Analysts have projected that crude oil could reach between $110 and $120 per barrel if the conflict persists, potentially pushing petrol prices in Ghana to between GH¢15 and GH¢17 per litre .

As of the second pricing window of March 2026, diesel was selling at GH¢15.60 per litre, while petrol had exceeded GH¢12.40 per litre .

Ghana’s Resilience Amid Global Shocks

Despite these pressures, Fitch Solutions reports that Ghana’s economy remains relatively shielded from global shocks due to elevated gold prices and improved macroeconomic fundamentals. This resilience provides a buffer as the government navigates the competing demands of providing relief and maintaining fiscal discipline.

Corporate & Sector News

$500 Million Oil Palm Financing: DBG Leads Transformation

The Development Bank Ghana (DBG) is spearheading a $500 million facility to drive transformation in the oil palm sector, a strategic economic pillar capable of reducing rural poverty and creating jobs .

DBG CEO Professor Randolph Nsor-Ambala, speaking at an Oil Palm roundtable discussion in Accra, noted that although the initiative was a significant step, the sector’s financing needs exceeded $1 billion, making private sector participation critical to achieving meaningful transformation .

“Government putting its money into the sector provides the initial assurance the private sector needs. It demonstrates commitment to resolving bottlenecks and improving the investment environment,” he stated .

The initiative, being developed in collaboration with the World Bank, is at an advanced stage, with tangible progress expected by mid-year. The financing model will consist of a mix of financial instruments tailored to meet the diverse needs of players across the value chain .

Sector Context: The oil palm industry currently supports more than one million livelihoods but continues to face significant challenges, including low productivity, ageing plantations, inadequate processing capacity, land tenure issues, and increasing smuggling. Ghana is losing over $400 million annually to palm oil imports due to the gap between local production and consumption .

MTN Mobile Money Spinoff: Standalone Fintech Entity

MTN Group has officially completed the structural separation of its mobile money business in Ghana, now operating as a standalone fintech entity called MobileMoney Fintech Ltd (MMF) .

The restructuring ensures compliance with the Payment Systems and Services Act, 2019 (Act 987), which requires all mobile money operators to have at least 30% Ghanaian ownership. The MoMo business, previously operated by MobileMoney Ltd (MML) and wholly owned by Scancom PLC (MTN Ghana), has been transferred into MMF .

Key Implications for Shareholders:

• MTN Ghana shareholders will become beneficiaries of a Trust that will own MMF shares

• Shareholders will receive 1 MMF share for every 1 MTN Ghana share when MMF lists on the Ghana Stock Exchange within 3-5 years

• No additional payment is required from shareholders

This restructuring positions the MoMo business for faster growth, innovation, and long-term value creation for shareholders, while aligning with MTN Group’s Ambition 2025 strategy to grow digital and financial services across Africa .

Mining Transition: Engineers & Planners Recommended for Damang Mine

The Tender Committee has recommended Engineers & Planners (E&P) as the successful bidder for the Damang Mine lease transfer . After months of dispute over ownership, the government has initiated the official process to transfer the Damang Gold Mine from Gold Fields to Engineers & Planners.

The government has developed a plan to preserve jobs, support local businesses, and maintain safety and infrastructure during the transition. “We want to assure the hardworking employees, contractors, and service providers at Damang that your dedication has been the backbone of this mine, and it will remain indispensable,” the Minister for Lands and Natural Resources said .

First Atlantic Bank Growth: 30.5% Profit Surge

First Atlantic Bank PLC reported a robust financial performance for the 2025 financial year, with profit before tax rising 30.5% to GHS 703 million from GHS 539 million in 2024 .

Key Financial Highlights:

The bank also held its historic first Annual General Meeting as a listed company today, following its successful listing on the Ghana Stock Exchange during the year .

Board Chairman Amanquaye Armar attributed the performance to “disciplined risk management, strategic investments in technology and the continued expansion of our customer base across key segments .

Aviation Expansion: ValueJet Launches Lagos-Accra Flights

ValueJet has launched scheduled passenger flights between Lagos and Accra, becoming the 27th carrier at Kotoka International Airport . The Nigerian carrier’s inaugural flight took place on March 30, 2026.

ValueJet’s Managing Director, Capt. Omololu Majekodunmi, said: “We are thrilled to commence our regional service with the inaugural flight between Lagos and Accra… This is a significant step for ValueJet as we expand our network beyond Nigeria and across the African continent” .

Despite concerns about growing congestion on the route, industry experts note that the Nigeria-Accra route accounts for approximately 50% of all regional traffic in West Africa, with over 200,000 seats making it the most lucrative regional route for Nigerian airlines .

Market Highlights

GSE Recovery: Modest Gains After Easter Break

The Ghana Stock Exchange (GSE) reopened today, April 7, 2026, on a positive note after the Easter holiday. The GSE Composite Index (GSE-CI) added 40.41 points to close at 13,081.19 .

Top Gainers

TotalEnergies Marketing Ghana PLC (TOTAL) led the session, surging GH¢2.56 to close at GH¢37.20. The oil marketing company recently recommended a final dividend of GH¢2.3375 per share for the 2025 financial year, attracting significant investor interest .

GCB Bank PLC (GCB) gained GH¢0.64 to close at GH¢25.00, while Cal Bank PLC (CAL) added GH¢0.05 to GH¢0.74 .

MTN Ghana Holds Steady

Scancom PLC (MTNGH) remained unchanged at GH¢5.45 despite being the most actively traded counter, with 1,253,266 shares changing hands—accounting for more than half of all trading activity—and contributing GH¢6,831,204.83 to total market value .

Market Snapshot

• GSE Composite Index YTD: +49.15%

• GSE Financial Stocks Index YTD: +70.67%

Commodities Boom: GCX Surpasses 2025 Volume in Q1 2026

The Ghana Commodities Exchange (GCX) has already surpassed its entire 2025 trading volume within the first quarter of 2026, according to its CEO, Evelyn Abakah. The exchange traded 2,130 metric tonnes of commodities from January to March 2026—surpassing the 1,700 metric tonnes recorded for the whole of last year .

However, Abakah warned that the absence of a mandatory trading policy continues to undermine efforts to protect farmers from exploitation amid the grain glut and lift them out of poverty. “I expected there would have been a policy that mandates certain commodities be traded on the platform. But as it stands, there’s nothing like that,” she noted .

GIPC Relocation: New Headquarters at Finance Ministry Complex

The Ghana Investment Promotion Centre (GIPC) is now fully operational at its new headquarters within the Ministry of Finance complex in Kanda, Accra, effective April 1, 2026 . The relocation forms part of efforts to enhance operational efficiency and strengthen coordination with key government institutions, particularly the Ministry of Finance.

The move positions the Centre closer to core economic policy decision-making as the government works to attract more foreign and domestic investment into the economy .

Key Takeaways at a Glance

Frequently Asked Questions (FAQs)

1. Is the government removing fuel taxes?
The government is consulting stakeholders to review petroleum taxes, but no decision has been made. Energy Minister John Abdulai Jinapor said any decision must balance short-term relief with long-term economic stability .

2. What is the GH¢1 fuel levy and why are people demanding its removal?
The GH¢1 per litre levy was introduced under the Energy Sector Levy Amendment Act of 2025 to fund liquid fuel procurement and settle legacy energy sector debts. Critics argue the debts have been cleared (about $1.47 billion paid in 2025), so the levy no longer serves its purpose .

3. How did the Ghana Stock Exchange perform after the Easter break?
The GSE Composite Index gained 40.41 points to close at 13,081.19, with TotalEnergies and GCB Bank leading the modest recovery .

4. What is the $500 million oil palm financing about?
The Development Bank Ghana is spearheading a $500 million facility to drive transformation in Ghana’s oil palm sector. The initiative, developed with the World Bank, aims to address challenges including low productivity, ageing plantations, and inadequate processing capacity .

5. What happened to MTN’s mobile money business?
MTN has completed the structural separation of its mobile money business into a standalone fintech entity called MobileMoney Fintech Ltd (MMF). Shareholders will eventually receive 1 MMF share for every 1 MTN Ghana share when MMF lists on the GSE .

6. Who is taking over the Damang Mine?
The Tender Committee has recommended Engineers & Planners (E&P) as the successful bidder for the Damang Mine lease transfer from Gold Fields .

7. How did First Atlantic Bank perform in 2025?
First Atlantic Bank reported a 30.5% increase in profit before tax to GHS 703 million, with total assets expanding 44% to GHS 19.2 billion .

8. Which airline just launched Accra-Lagos flights?
ValueJet launched scheduled passenger flights between Lagos and Accra on March 30, 2026, becoming the 27th carrier at Kotoka International Airport .

9. How is the Ghana Commodities Exchange performing?
The GCX traded 2,130 metric tonnes in Q1 2026, surpassing its entire 2025 trading volume of 1,700 metric tonnes .

10. Where is the GIPC now located?
The Ghana Investment Promotion Centre is now fully operational at its new headquarters within the Ministry of Finance complex in Kanda, Accra, effective April 1, 2026 .

Conclusion: Navigating Global Headwinds

Ghana’s economy entered the second quarter of 2026 navigating a complex landscape of global headwinds and domestic structural transformation. The surge in global oil prices driven by Middle East tensions has intensified pressure on the government to provide fuel tax relief, even as officials caution against short-term decisions that could undermine long-term stability .

Yet beneath these immediate pressures, significant structural developments are reshaping key sectors. The $500 million oil palm financing facility positions Ghana to reduce over $400 million in annual imports while creating rural jobs . MTN’s mobile money separation creates a standalone fintech entity poised for growth and eventual public listing . The GCX’s record-breaking trading volumes demonstrate the potential of commodity exchange infrastructure to transform agricultural markets .

The GSE’s modest post-holiday recovery, led by TotalEnergies and GCB Bank, reflects cautious investor optimism . First Atlantic Bank’s 30.5% profit growth and successful listing signal confidence in Ghana’s banking sector  . And ValueJet’s entry into the Accra-Lagos route, despite congestion concerns, underscores the enduring economic ties between West Africa’s two largest economies .

As the government balances fuel tax relief with fiscal discipline, and as structural reforms take hold across agriculture, fintech, mining, and banking, Ghana’s economy demonstrates both resilience and the capacity for transformation. The coming months will test whether that resilience can withstand continued global energy volatility while delivering tangible relief to households and businesses.

Frequently Asked Questions (FAQs)

1. Is the government removing fuel taxes?
The government is consulting stakeholders to review petroleum taxes, but no decision has been made. Energy Minister John Abdulai Jinapor said any decision must balance short-term relief with long-term economic stability .

2. What is the GH¢1 fuel levy and why are people demanding its removal?
The GH¢1 per litre levy was introduced to fund liquid fuel procurement and settle legacy energy sector debts. Critics argue the debts have been cleared (about $1.47 billion paid in 2025), so the levy no longer serves its purpose .

3. How did the Ghana Stock Exchange perform after the Easter break?
The GSE Composite Index gained 40.41 points to close at 13,081.19, with TotalEnergies and GCB Bank leading the modest recovery .

4. What is the $500 million oil palm financing about?
The Development Bank Ghana is spearheading a $500 million facility, developed with the World Bank, to drive transformation in Ghana’s oil palm sector .

5. What happened to MTN’s mobile money business?
MTN has completed the structural separation of its mobile money business into a standalone fintech entity called MobileMoney Fintech Ltd (MMF) .

6. Who is taking over the Damang Mine?
The Tender Committee has recommended Engineers & Planners (E&P) as the successful bidder for the Damang Mine lease transfer from Gold Fields .

7. How did First Atlantic Bank perform in 2025?
First Atlantic Bank reported a 30.5% increase in profit before tax to GHS 703 million, with total assets expanding 44% to GHS 19.2 billion .

8. Which airline just launched Accra-Lagos flights?
ValueJet launched scheduled passenger flights between Lagos and Accra on March 30, 2026, becoming the 27th carrier at Kotoka International Airport .

9. How is the Ghana Commodities Exchange performing?
The GCX traded 2,130 metric tonnes in Q1 2026, surpassing its entire 2025 trading volume of 1,700 metric tonnes .

10. Where is the GIPC now located?
The GIPC is now fully operational at its new headquarters within the Ministry of Finance complex in Kanda, Accra, effective April 1, 2026

Source: Accra Street Journal 

Last Updated on April 7, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

accrastreetjournal.com/