Economy

The margin between the buying and selling rate of the US Dollar known as the “spread” is a key metric in determining how competitive a bank is in the forex market. A narrower spread typically signals a better deal for customers and tighter market competition. A recent review of spreads across 23 Ghanaian banks offers fascinating insights into the evolving dynamics of the foreign exchange market. USD Spread by Bank Headline Insights (As of June 10, 2025) UMB Bank has the hig

Introduction In 2023, Ghana made headlines with its unconventional approach to fuel importation, trading gold instead of U.S. dollars under the “Gold for Oil” program. The aim? To reduce the strain on foreign exchange reserves and stabilize a weakening cedi. But as the numbers roll in, the nation is left evaluating the real cost of this gold-powered gamble. Ghana's Gold for Oil Program What Was the Objective? Ghana’s economy has long grappled with forex shortages that strain

In recent years, Ghana has introduced two significant levies aimed at addressing fiscal challenges: the Electronic Transfer Levy (E-Levy) and the GH₵1 Fuel Levy . While both were designed to bolster government revenues, their implementation, public reception, and impacts have varied considerably. This article delves into a comparative analysis of these two levies, highlighting their objectives, outcomes, and the lessons they offer. Fuel Levy vs. E-Levy ⚙️ Objectives and Impl

For Ghanaians in the UK sending money back home, remittance platforms aren’t just digital tools, they’re lifelines. But not all platforms give you equal value. In our latest edition of Ghana in Numbers , we analyzed the GHS equivalent one would receive for a standard £1,000 remittance on June 2, 2025, across 11 popular services. Comparing Transfer Rates for Pound Remittance in Ghana Key Findings: Send App offers the best return: GHS 14,230 AfriEx follows closely at GHS 14,0

In 2024, Ghana’s government recorded total revenue of GHS 186 billion , a significant portion of which 81% or GHS 151.16 billion came from taxes. These included levies on income and property, domestic goods and services, international trade, and more. Breakdown of Revenue Sources of the Government of Ghana in 2024 Breakdown of Revenue Sources The single largest component was Taxes on Income and Property , amounting to GHS 78.74 billion . This was followed by Taxes on Domesti

In 2024, Ghana spent an astounding GHS 39 billion importing food items to meet domestic demand. Despite a strong agricultural identity, the nation continues to rely heavily on foreign-sourced staples, raising questions about food security, domestic production capacity, and policy direction. TOP 10 FOOD PRODUCT IMPORTS, 2024 Top Imports At the top of the list is cereal grains (GHS 3.37bn) , followed closely by guts, bladders & stomachs of animals (GHS 2.69bn) and frozen meat

As internet access becomes increasingly central to work, education, and entertainment in Ghana, broadband pricing and value are now under greater public scrutiny. Two of the largest telecom providers: MTN Ghana and Telecel Ghana offer flexible broadband bundle plans based on how much you’re willing to spend. But which provider gives you more data for your money? MTN and Telecel Broadband Package Comparison Data-Driven Insights : The visual from Finex Insights offers a direc

In 2025, remittances continue to be a critical financial lifeline for many households in Ghana. As diaspora communities send funds back home, the choice of remittance service directly affects how much recipients receive with differences large enough to fund basic necessities or pay off monthly bills. Comparing remittance services in Ghana A new comparative analysis by Finex Insights using rates from Cedirates.com as of May 29, 2025, shows substantial variations in what GHS a

Currency exchange is one of the most frequently used financial services in Ghana—but how transparent and fair are the charges? A new analysis by Finex Insights reveals significant disparities in the spread (difference between buying and selling rates) of USD across Ghana’s top banks. USD FX Spread by Banks in Ghana Understanding the Spread The spread represents the margin banks place between the price at which they buy and sell foreign currency. It reflects transaction costs

Ghana is poised to revolutionize its road toll collection system by introducing a cashless model that leverages the Ghana Card, mobile money (MoMo), and bank accounts. This initiative aims to enhance efficiency, reduce corruption, and align with the country's digitalization agenda. However, as with any significant policy shift, it presents both opportunities and challenges. Ghana's New Toll Booth System: Understanding the New System Under the proposed system, each vehicle wil

In 2024, Ghana’s Electricity Company of Ghana (ECG) hit a disturbing milestone: it lost 32% of all electricity it purchased. This means that for every 100 Ghana cedis spent on power, only 68 cedis’ worth reached consumers. The remaining 32 cedis—representing over 5,000 GWh—were lost either in transit or to theft, marking the highest loss rate since 2000. Electricity Company of Ghana Distribution Losses What’s Causing the Losses? These losses fall into two major categories: ⚠️

Ghana is facing an invisible but urgent crisis: food waste. Each year, the country discards food worth GH₵762.32 billion — nearly $64 billion USD — representing over 45% of its total food production. This staggering figure surpasses the global average of 30% , raising critical questions about efficiency, sustainability, and food security. Ghana's Food Waste Crisis The culprits? A large share of the waste comes from restaurants and schools , which account for nearly 40% of

In the ongoing financial journey of African nations, few institutions have played as visible a role as the International Monetary Fund (IMF). While the IMF often serves as a last resort lender, helping nations stabilize their economies during crises, the pattern of borrowing also reveals deeper structural issues—and a few exceptions worth studying. IMF and Africa. Top 5 IMF borrowers in Africa vs. the 3 nations that have stayed debt-free As of May 2025, only three African cou

Ghana’s financial sector experienced a notable shift in fraud patterns in 2024, with data revealing a 5% rise in reported fraud cases from 15,865 in 2023 to 16,733 cases . The report, compiled from sector-wide disclosures, shows troubling new dynamics: Forgery has emerged as the single largest financial risk , accounting for GHS 53.5 million , up from just GHS 7.5 million in 2023 — a staggering 613% increase . While cash theft declined dramatically by 77% , dropping from GH

Introduction While women in Ghana secured the highest number of loans in 2023, the total value of these loans tells a vastly different story. According to data from Bank of Ghana's Financial Stability Review in 2023, men, despite receiving fewer loans, dominated the overall loan value—raising concerns about equitable access to high-value credit. Gender distribution of secured loans Loan Numbers vs. Loan Value In raw numbers, females secured 188,439 loans compared to 39,272

April 28, 2025 | Finex Insights Ghana has made a decisive move to fortify its economic resilience by tripling its gold reserves over the past two years. According to the latest data from the Bank of Ghana, the country's gold holdings increased from 8.78 tons in May 2023 to an impressive 31.01 tons by March 2025. This surge is not accidental. It forms part of a broader strategy by the Bank of Ghana to strengthen the nation’s foreign reserves, reduce reliance on foreign currenc

Over the last decade, Ghana has undergone a financial transformation fueled by the rise of mobile money . What began as a promising financial innovation has evolved into a national infrastructure for transactions, savings, and access to financial services. The latest data from the Bank of Ghana’s Payment Systems Oversight Report captures this journey in compelling numbers. In 2012, Ghana had just 350,000 active mobile money accounts . Fast forward to 2023, and that number ha

As Ghanaians continue to grapple with the effects of inflation, the latest figures from the Ghana Statistical Service reveal stark regional differences in the cost of living. The national year-on-year inflation for March 2025 stands at 22.5%, but this average masks the wide disparities among the country's 16 administrative regions. Year on Year Inflation for Regions in Ghana Northern and Upper Regions Feeling the Heat The Upper West Region tops the inflation chart with a stag

Introduction Fuel prices affect everyone — from commercial drivers to ordinary citizens trying to balance their monthly budget. Yet, many Ghanaians aren’t aware of how the final price at the fuel station is actually determined. This article breaks it down using data from the pricing window of 16–31 March 2025. Ghana’s Fuel Pricing Formula for Petrol Fuel prices in Ghana are shaped by a combination of international market dynamics and domestic policies. To comprehend the intri

In recent years, Ghana has experienced significant shifts in import patterns, particularly evident in the 2024 trade statistics. Notably, the importation of diesel, petroleum products, and heavy machinery such as bulldozers has surged dramatically. This increase reflects two potential narratives: positive industrial growth or unintended support for environmental degradation through illegal mining, known locally as galamsey. Top 10 Imports in Ghana 2024 Understanding the Trend