Fuel Prices, Mango Money, and a GH¢2.1 Billion Loss: What Ghanaians Need to Know Now

As Ghana navigates a shifting economic landscape, three key developments are making headlines this week, from the rollout of new fuel levies and agricultural price policies to the official closure of the Bank of Ghana’s Gold for Oil (G4O) programme. Here’s what you need to know.

June 09, 2025 Cedi Board

New Petroleum Levies Take Effect June 16

The Ghana Revenue Authority (GRA) has postponed the implementation of the controversial Energy Sector Shortfall and Debt Repayment Levy to June 16, 2025, following strong pushback from the Chamber of Oil Marketing Companies (COMAC).

Originally slated for June 9, the new GH¢1-per-litre levy sparked concerns over its timing and potential inflationary effects on fuel prices. In a statement, the GRA confirmed it had revised the timeline “in the spirit of cordiality and partnership” after discussions with industry stakeholders.

Key changes under the new directive:

• Super petrol: From GH¢0.95 to GH¢1.95

• Diesel and marine gas oil (foreign): From GH¢0.93 to GH¢1.93

• Marine gas oil (local): From GH¢0.03 to GH¢0.23

• Heavy fuel oil (RFO): From GH¢0.04 to GH¢0.24

• Naphtha (partially refined oil): From GH¢0.95 to GH¢1.95

• LPG remains unchanged at GH¢0.73

  
  

The levy is part of broader efforts to reduce energy sector debt, but petroleum players warn of disruptions if industry voices are not meaningfully consulted in future fiscal measures.

Government Sets GH¢4 Minimum Price for Mango

In the agriculture sector, the Tree Crops Development Authority (TCDA) has announced the Minimum Producer Price (MPP) for second-grade fresh mango at GH¢4.8242 per kilogram for the 2025 major season.

This pricing is in line with Section 3(f) of the Tree Crops Development Authority Act, 2019 (Act 1010), and Regulation 47(1) of the Tree Crops Regulations, 2023 (L.I. 2471). The move aims to guarantee fair compensation for farmers while maintaining Ghana’s competitive edge in the global mango market.

TCDA also confirmed that first-grade mangoes are exempt from this price cap, allowing for premium negotiations based on quality. This encourages producers to maintain high standards.

The announcement reaffirms TCDA’s commitment to price transparency, rural livelihoods, and export competitiveness across its six priority crops: mango, coconut, cashew, rubber, oil palm, and shea.

Bank of Ghana Ends Gold for Oil After GH¢2.1 Billion Loss

One of Ghana’s most ambitious economic experiments, the Gold for Oil (G4O) initiative, has come to an end. The Bank of Ghana officially shut down the programme in March 2025, citing heavy financial losses amounting to GH¢2.137 billion over two years.

Breakdown of the loss:

• GH¢317 million in 2023

• GH¢1.82 billion in 2024

  
  

The central bank had deployed GH¢4.69 billion into G4O, effectively losing 45% of the capital invested in a bid to stabilise fuel prices and preserve foreign reserves during the 2022 currency crisis.

Launched in December 2022, G4O allowed Ghana to trade gold instead of dollars for petroleum imports to ease forex pressure. Despite some short-term gains, including fuel price relief and cedi stabilisation, the programme lacked transparency and parliamentary oversight.

The Bank attributes most of the losses to foreign exchange discrepancies, but key metrics like the volume of gold acquired, commissions paid, and the intermediaries involved have not been publicly disclosed.

As the dust settles, G4O stands as a cautionary tale about the risks of non-transparent economic interventions, even if born out of crisis management.

Market Snapshot: Ghana Stock Exchange Movers, June 9, 2025

Investor sentiment on the Ghana Stock Exchange reflected this mix of economic news, with banking and oil stocks gaining, while telecom and financial services dipped.

Top Gainers

• ACCESS Bank Ghana: +17.88 % Strong earnings and digital expansion helped ACCESS lead the day.

• GOIL Company Ltd.: +10.56 % Despite new levies, investors see long-term upside in GOIL’s fuel supply chain.

• GCB Bank: +10.21 % Confidence in local banks and expectations of dividend growth drove interest.

  
  

Top Losers

• MTN Ghana: -5.70%Market anxiety over telecom regulation and tax burdens hit the stock.

• CAL Bank: -5.17% Uncertainty around asset quality may have prompted a modest sell-off.

  
  

Investor Insight

Market movements this week show how policy shifts, inflation trends, and public debt measures continue to influence investor confidence and capital flows. With fuel prices and currency stability back in focus, sectors like banking and energy may offer both risks and rewards in the months ahead.

From fuel price reforms and agricultural price protections to the costly end of the Gold for Oil experiment, Ghana’s economy is undergoing a crucial adjustment phase. As policies evolve, transparency, stakeholder engagement, and strategic foresight will be vital to navigating this new chapter.

Stay tuned to Finex Insights for daily real-time updates, financial literacy, and data-driven analysis tailored for Ghana’s economic future.