Accra Street Journal's Ghana Economic & Financial Roundup: Utility Cuts, Fuel Hikes, GRA ITAS Launch & GSE Recovery

Introduction: A Day of Contrasts in Ghana's Economy

April 1, 2026, marks a day of significant shifts across Ghana's economic landscape—a day defined by contrasts. Households receive welcome news as electricity tariffs fall by 4.81 per cent and water tariffs by 3.06 per cent, effective today . Yet at the pump, motorists face steeper costs as new fuel price floors push petrol to a minimum of GH¢13.30 per litre and diesel to GH¢17.10 per litre .

The Ghana Revenue Authority launches its ambitious Integrated Tax Administration System (ITAS) , aiming to modernise revenue collection as it sets a record GH¢230.13 billion tax target for 2026 . Meanwhile, the Ghana Stock Exchange shows signs of recovery after last week's GH¢55 billion rout, driven by heavy trading in MTN Ghana shares

This Accra Street Journal's roundup covers the full spectrum of today's economic developments—from utility tariffs and fuel prices to corporate earnings, fintech awards, new bond issuance, and the divestment of Letshego Ghana.

Energy & Utilities: Mixed Signals for Consumers

Electricity and Water Tariffs Reduced
Effective today, April 1, 2026, the Public Utilities Regulatory Commission (PURC) has reduced electricity tariffs by an average of 4.81 per cent and water tariffs by an average of 3.06 per cent for the second quarter of the year .

The PURC attributed the reductions to a stronger cedi (projected at GH¢11.19 to the US dollar, down from GH¢12.00) and falling inflation (4.17 per cent, down nearly 48 per cent from the previous quarter) .

Fuel Prices Surge

At the same time, motorists face sharply higher costs as the National Petroleum Authority (NPA) sets a new price floor for the first pricing window of April 2026 :

Major Oil Marketing Companies have already implemented the increases:

• GOIL: Petrol increased to GH¢13.30 per litre; diesel to GH¢17.10 per litre
• Star Oil: Petrol rose to GH¢13.49 per litre; diesel to GH¢17.97 per litre

Star Oil attributed the adjustments to "developments on the global market, largely driven by ongoing geopolitical tensions and rising crude oil prices" . Analysts warn that if Middle East tensions persist, crude oil could reach $110–$120 per barrel, potentially pushing petrol to GH¢15–GH¢17 per litre .

Russian Fuel Shipment En Route

To help stabilise local supply amid global disruptions, Accra Street Journal report that Ghana has secured a 320,000-barrel fuel shipment from Russia. The vessel, Hellas Fighter, is currently en route to Tema and expected to arrive on April 6, 2026 .

Ship-tracking data shows the tanker passed Mauritania earlier this week. Russia emerged as Ghana's second-largest supplier of petroleum products in 2023, accounting for about 18 per cent of mineral fuel imports .

24-Hour Economy in Petroleum Sector

On March 31, the 24-Hour Economy Authority and the National Petroleum Authority signed a Memorandum of Understanding to support round-the-clock petroleum operations across Ghana's downstream sector . The agreement covers:

• Lighting and security at fuel stations
• Staffing requirements for 24-hour operations
• Digital fuel monitoring systems
• Fire safety protocols
• Standards for fuel stations, refineries, storage depots, and tanker operations

Implementation will begin with a nationwide pilot covering about 10 per cent of the downstream petroleum sector .

Banking & Finance: Strong Earnings and Policy Wins

Ecobank Ghana: GH¢1.82bn Profit, Improved Asset Quality

Ecobank Ghana PLC reported a net profit of GH¢1.82 billion for 2025, a 7.2 per cent increase from the previous year Key highlights:

The bank's improved performance was driven by a surge in net trading income (to GH¢1.70 billion from GH¢1.07 billion) and net fee and commission income (to GH¢531.70 million from GH¢371.11 million) .

UBA Ghana: 148% Profit Growth

UBA Ghana recorded a stunning 148 per cent profit growth in 2025, one of the strongest performances among banks operating in Ghana . The bank's total assets increased by 18 per cent to GH¢11.31 billion, while customer deposits grew 16 per cent to GH¢8.19 billion .

Managing Director Uzoechina Molokwu attributed the performance to the bank's customer-first philosophy and innovative digital solutions, including LEO, Africa's first AI-powered virtual banker .

Unilever Ghana: Proposed GH¢1 Dividend

Unilever Ghana has proposed a dividend of GH¢1 per share after more than doubling its cash balance . The company's 2023 net income surged 837.95 per cent to GH¢141.44 million from GH¢15.08 million the previous year .

Cedi's 40% Appreciation

Bank of Ghana Governor Dr. Johnson Asiama disclosed that the cedi's 40 per cent appreciation against the US dollar in 2025 exceeded his own expectations . The turnaround was driven by:

• Inflation falling from above 23% to 3.3%
• Policy rate cuts from 27% to 14%
• International reserves rising to a record $13.8 billion (nearly six months of import cover)

11th Bilateral Debt Restructuring

Ghana signed its 11th bilateral debt restructuring agreement with India's EXIM Bank, part of broader efforts to reset borrowing practices and achieve long-term fiscal sustainability . The agreement follows deals with other bilateral creditors as Ghana continues its IMF-supported recovery programme .

Fido Sweeps Fintech Awards

Fido emerged as the biggest winner at the 5th Ghana Fintech Awards, securing six top honours, including Fintech of the Year . The digital lending platform also won:

• Fintech for Financial Inclusion
• Fintech and Bank Partnership of the Year (EasySave with Access Bank)
• Fintech and Non-Bank Partnership of the Year (with Bolt)
• Banking Innovative Product of the Year
• Young Fintech Leader of the Year (Philip Twum, Head of Business Development)

Stock Market & Investment: Recovery After Volatility

GSE Recovery: MTN Ghana Leads the Rebound

After shedding approximately GH¢55 billion in market value last week, the Ghana Stock Exchange has shown signs of recovery in recent sessions, driven by heavy trading in MTN Ghana shares .

MTN Ghana's year-to-date performance stands at 28.6 per cent, rising from GH¢4.20 per share at the start of the year . The stock remains the most actively traded on the exchange, accounting for the vast majority of trading volume .

However, banking stocks continue to face pressure:

• GCB Bank: -9.95%
• Ecobank Transnational (ETI): -8.59%
• Societe Generale Ghana: -2.7%

New Bond Issuance: 12–12.5% Guidance

The government has set an initial pricing guidance of 12 to 12.5 per cent for its new seven-year cedi-denominated bond, marking a significant return to the domestic bond market . This is the first bond issuance of this tenor since the 2022 debt default .

The pricing guidance is notably lower than existing seven-year bonds trading at 13–14 per cent on the secondary market, reflecting improved economic fundamentals and reduced risk perceptions .

Letshego Ghana Confirms Divestment

Letshego Ghana Savings and Loans PLC according to Accra Street Journal has formally confirmed that it is up for sale as its parent company, Letshego Africa Holdings (LAHL), nears a deal . The potential transaction is now at an "advanced stage" .

Markets in scope include Ghana, Nigeria, Uganda, Rwanda, and Tanzania . The sale process comes as LAHL posted a full-year loss of BWP235.5 million for 2025, largely driven by discontinued operations tied to the planned exit .

Letshego Ghana has outstanding bonds on the Ghana Fixed Income Market maturing in 2026, 2027, and 2029 . Noteholders will be formally engaged once the transaction progresses.

Taxation & Regulation: A New Era Begins

Integrated Tax System (ITAS) Launches
Today, April 1, 2026, the Ghana Revenue Authority officially launches its Integrated Tax Administration System (ITAS) . The digital platform allows taxpayers to:

• Register online without visiting GRA offices
• File returns electronically
• Make secure payments through multiple channels
• Process refunds with real-time tracking
• Access taxpayer profiles and historical records

The system is complemented by:

• AI-powered customs tool (Publican Trade Solution) : Generated over $1 million in additional revenue in its first week
• Sentinel System: Collects VAT at the point of payment for digital and cross-border transactions
• Advanced Cargo Information: Pre-arrival cargo data for earlier risk assessment

GH¢230.13 Billion Revenue Target

The GRA has set a total tax revenue target of GH¢230.13 billion for the 2026 fiscal year :

Commissioner-General Anthony Kwasi Sarpong described the ITAS deployment as a "key tool to enhance domestic mobilisation" that will "revolutionise our domestic tax mobilisation efforts" . Domestic Tax Revenue Division Commissioner Dr. Martin Kolbil Yamborigya called the 2026 target "a test of our systems, leadership and ability to innovate" .

Key Tax Reforms for 2026

Key Takeaways at a Glance

SOURCE USED: Accra Street Journal