Fuel Prices Edge Up as Cedi Weakens, Gold Soars to Record $3,508, and DVLA Aims for 60% Revenue Jump

Ghana's economic landscape presents a mixed bag this week, marked by pain at the fuel pumps, ambitious government revenue targets, and a glittering surge in global gold markets. While the Cedi holds steady, its recent depreciation is directly impacting consumers and businesses, underscoring the delicate interplay between local policy and global forces.

Summary of Key Economic Indicators in Ghana

Fuel Prices Fluctuate as Cedi Depreciation Outweighs Global Oil Trends

Drivers are facing a fresh wave of adjustments at petrol stations across the country. Several Oil Marketing Companies (OMCs), including Goil and Shell, have begun incrementally increasing prices, defying recent dips in global crude oil costs.

The price of petrol has risen to approximately GH¢12.90 - GH¢13.59 per litre at major pumps, while diesel has seen a slight reduction to around GH¢13.90. Market leader Star Oil has, for now, held its prices steady at GH¢12.77 for petrol and GH¢13.35 for diesel until a mid-September review.

According to the Chamber of Oil Marketing Companies (COMC), these adjustments are primarily driven by the Ghana Cedi's significant depreciation, which fell 3.98% against the US dollar in the past month, a shift described as the “highest since the start of this year.” This currency pressure has effectively cancelled out the benefit of falling international prices for petrol (-0.45%), diesel (-3.73%), and LPG (-1.73%). Supply shortfalls for petrol earlier in the month and the recent one-cedi levy have also contributed to the upward pressure on local prices.

DVLA Tasked with Ambitious 60% Revenue Growth by 2026

In a bold move to boost state coffers, the Driver and Vehicle Licensing Authority (DVLA) has been directed to achieve a 60% increase in revenue by mid-2026. This ambitious target would see its income jump from a projected GH¢649 million in 2025 to at least GH¢1.038 billion.

The directive was issued by Board Chairman George Spencer Quaye at the DVLA’s 2025 Mid-Year Review Conference. He urged the Authority to adopt innovative strategies, expand digital service points, and fully utilize its Vehicle Registration System to meet this goal. In a stern warning, Mr. Quaye also cautioned staff against corruption, stating, “The Board will not tolerate corruption... every cedi lost to fraud was a loss to the Republic.”

Beyond revenue, the Chairman directed regional managers to make road safety a central pillar of their operations, emphasizing the need for bi-annual strategies and stronger collaboration with the Police MTTD to ensure vehicle roadworthiness.

Gold Hits Record High of $3,508.50/Oz on Global Uncertainty

While Ghana navigates local economic pressures, the global price of its key export, gold, has shattered records. The spot price for the precious metal hit an all-time high of $3,508.50 per ounce early Tuesday, continuing a rally that has seen it rise nearly a third this year.

Analysts point to a confluence of global factors driving this surge:

Geopolitical and Trade Uncertainty: Policies from the US administration, including wide-ranging tariffs, have upset global trade, making gold a sought-after safe-haven asset.

Federal Reserve Independence Worries: Attempts to undermine the US central bank's independence have spooked investors, driving renewed interest in stable assets like gold.

Robust Demand: Unlike previous cycles, high prices haven't dampened demand in key markets like China and India, where buyers are shifting from jewellery to investment products like bars and coins.

This record price presents a significant opportunity for Ghana's economy, potentially boosting foreign exchange earnings from one of its primary exports.

Investor’s Insight – Fintech’s Frontier: Reaching Ghana’s Unbanked Millions

Amidst these market movements, a silent revolution continues to offer immense investment potential. With over 40% of Ghanaian adults outside the formal banking system, the mobile money and digital finance sector is exploding.

This creates a massive runway for growth in payment gateways, digital lending platforms, and insurtech solutions tailored to the informal sector. For investors looking beyond traditional markets, fintech represents a frontier aligned with both profitability and financial inclusion.

Today's events highlight the dual reality of the Ghanaian economy: internal challenges like currency volatility and fuel supply meet external windfalls from record commodity prices. The government’s push for agencies like the DVLA to maximize revenue is a clear signal of the need for internal fiscal consolidation. For the everyday Ghanaian, the stability of the Cedi year-on-year is a positive, but its recent monthly weakness is a immediate pressure point. Navigating this environment requires a keen eye on both local policy and the unpredictable waves of global politics and trade.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.