Ghana Adds New Holiday & Eyes $3B Fuel Reserves to Tackle Oil Crisis
- asanteyawobed
- Jun 26
- 3 min read
The Ghanaian economy continues to show subtle price movements, bold legislative changes and a deepening conversation about fuel security. According to the latest Cedi Board® update from June 26, 2025, the dollar edged slightly higher to ¢10.33, while food and household prices like oats and malt showed either stability or modest declines. However, the real news lies beneath the surface: policy shifts, fiscal strategies and urgent national needs.
Ghana Reshapes Public Holidays: Republic Day Restored, Shaqq Day Introduced
Parliament has passed the Public Holidays and Commemorative Days (Amendment) Bill, 2025, marking a pivotal shift in Ghana’s national calendar.
Key highlights include:
Republic Day (July 1) is restored, marking Ghana’s transition to a republic in 1960.
A new Muslim holiday, Shaqq Day, will be observed the day after Eid-ul-Fitr for extended post-Ramadan celebrations.
Founders’ Day (August 4) has been repealed and replaced with Founder’s Day on September 21 in honour of Dr. Kwame Nkrumah.
The bill also gives the President the authority to shift mid-week holidays to the nearest Friday or Monday to enhance productivity. The decision has already sparked public debate over inclusivity, historical recognition and the politics of memory in Ghana’s evolving democracy.
GRA to Charge 15% VAT on Non-Life Insurance from July 1
In a move to increase domestic revenue, the Ghana Revenue Authority (GRA) has announced that a 15% Value Added Tax (VAT) will be imposed on non-life insurance premiums, starting July 1, 2025.
Affected insurance types include:
Property insurance
Health insurance
Travel insurance
However, motor insurance is exempt.
This development means that policyholders will pay 15% more for protection against life’s uncertainties. While the GRA says the tax is essential to fund the 2025 Budget, critics warn it could discourage uptake of important risk-mitigation services.
Ghana Needs $3 Billion to Build Fuel Buffer, Says Oil Chamber
At the Joy Business Economic Forum on June 25, 2025, Gabriel Kumi, Chairman of the Chamber of Oil Marketing Companies, stated that Ghana would need approximately US$3 billion to create a six-month strategic fuel reserve.
The proposal comes as the Israel-Iran conflict sends oil prices soaring, threatening import-reliant economies like Ghana. Mr. Kumi emphasised:
“Assuming we have the storage capacities, we need US$3 billion to buy six months of fuel reserves.”
Such reserves would:
Protect consumers from global price volatility
Ensure steady domestic fuel supply
Reduce economic disruption from geopolitical tensions
The call adds urgency to the long-standing debate about Ghana’s preparedness for fuel supply shocks and the investment required to fortify national energy security.
Market Highlights from the Cedi Board®
USD/GHS: Up to ¢10.33
Can Malt (Carton): ¢240.00 (↓ 4.00% from Dec 2024)
Good Morning Oats: ¢30.00 (No change)
The marginal uptick in the cedi-dollar rate shows a delicate balancing act between domestic policy reforms and global economic pressures.
Investor’s Insight – Sachet Water Distribution: Ghana’s Evergreen Side Hustle
Sachet water remains a top-selling commodity in Ghana’s urban centers. With growing water scarcity and high temperatures, demand continues to soar.centres
Why it matters:
Low startup capital needed
Fast turnover
Steady cash flow in cities
If you're looking for a recession-proof, low-barrier venture, water distribution could be the next smart move, especially in densely populated zones.
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.
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