Inflation at 3.2%, VIP Fare Hike & First Atlantic Bank’s 30.5% Profit Surge

April 8, 2026, brings a complex picture of Ghana’s economy—one defined by progress, pressure, and policy intervention. Inflation has fallen to 3.2 per cent, the lowest since the 2021 rebasing of the Consumer Price Index, marking 15 consecutive months of disinflation . Yet the cedi is trading at approximately GH¢11.70 per dollar at forex bureaus as external shocks intensify, reflecting renewed pressure on the currency .

The Ghana Stock Exchange as reported by Accra Street Journal continues its recovery, gaining 40.41 points on April 7, led by TotalEnergies and GCB Bank . However, the Securities and Exchange Commission (SEC) is now cracking down on online “investment advisors” on platforms like Tiktok and Facebook to protect retail investors during the current market boom .

On the transport front, VIP Jeoun Transport has implemented nationwide fare hikes of up to 25 per cent effective today, driven by rising fuel costs . Meanwhile, the government has intervened to suspend planned sachet water price hikes, scheduling an urgent meeting with producers for a sustainable solution .

This Accra Street Journal roundup covers the key macroeconomic, transport, energy, commodities, and corporate developments shaping Ghana’s economic landscape.

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Macroeconomics & Finance

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Inflation Drops to 3.2% – Lowest Since 2021 Rebasing

Ghana’s inflation rate according to The High Street Business fell to 3.2 per cent in March 2026, marking the lowest level since the 2021 rebasing of the Consumer Price Index and the 15th consecutive month of decline . This represents a dramatic cooling from the 23.1 per cent recorded in February 2025 and the peak of 54.1 per cent in December 2022 .

The continued disinflation has been driven by improved domestic food supply, a stronger cedi (until recent pressures), and tighter fiscal and monetary policy. However, experts warn that the ongoing Middle East conflict could drive up energy and transport costs, potentially affecting inflation targets in the coming months.

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Cedi Performance: Trading at GH¢11.70 as External Shocks Intensify

The Ghana cedi is trading at approximately GH¢11.70 per dollar at forex bureaus as external shocks intensify. The currency has faced renewed pressure due to:

• Rising global crude oil prices amid Middle East tensions
• Increased demand for dollars for import payments
• Profit-taking by foreign portfolio investors following the GSE’s historic rally

The cedi had appreciated by over 40 per cent against the dollar in 2025, supported by record gold exports and strong international reserves ($13.8 billion). However, the recent depreciation reflects the impact of global energy market volatility and the strength of the US dollar.

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Stock Market Recovery: GSE Gains 40.41 Points

The Ghana Stock Exchange (GSE) gained 40.41 points on April 7, closing at 13,081.19, as it continued its recovery following recent market volatility .

Top Gainers:

• TotalEnergies (TOTAL): Surged GH¢2.56 to close at GH¢37.20
• GCB Bank (GCB): Among the leading counters driving the recovery
• Cal Bank (CAL): Added GH¢0.05 to GH¢0.74

The GSE Composite Index remains up 49.15 per cent year-to-date, while the Financial Stocks Index is up 70.67 per cent, reflecting the strong performance of Ghanaian equities despite recent profit-taking.

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SEC Crackdown: Targeting Online Investment Advisors

The Securities and Exchange Commission (SEC) is targeting online “investment advisors” on platforms like TikTok and Facebook to protect retail investors during the current market boom . As the GSE has surged, unlicensed individuals have increasingly been offering stock tips, investment advice, and promoting unregulated schemes on social media.

The SEC is concerned that inexperienced retail investors may be misled by these unlicensed advisors, potentially exposing them to financial losses. The regulator has warned that providing investment advice without a license is illegal and subject to sanctions.

Investors are advised to:

• Verify the licensing status of any investment advisor through the SEC’s website
• Avoid unsolicited investment advice on social media
• Report suspicious accounts to the SEC

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Transport & Infrastructure

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VIP Jeoun Transport Fare Hike: Up to 25% Increase Effective Today

Nationwide fare hikes for VIP Jeoun Transport take effect today, April 8, with some routes seeing increases up to 25 per cent due to rising fuel costs . The adjustment follows sustained increases in global crude oil prices and domestic fuel prices.

VIP noted that the adjustment was necessary to maintain service quality and ensure the sustainability of operations amid rising operational costs, including fuel, spare parts, and maintenance.

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Aviation Tax Controversy: New Airport Infrastructure Development Levy

A new Airport Infrastructure Development Levy has been introduced to address congestion and aging facilities at Kotoka International Airport . The levy is intended to fund urgently needed upgrades to the airport’s infrastructure, including:

• Expansion of passenger handling capacity
• Upgrading of aging facilities
• Improvement of security and safety systems
• Enhancement of passenger experience

The levy has drawn criticism from airlines and passenger groups, who argue that it will increase the cost of air travel. However, government officials maintain that the investment is necessary to position Accra as a regional aviation hub.

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ECG Power Upgrades: 12 Transformers to be Upgraded

The Electricity Company of Ghana (ECG) begins upgrading 12 transformers across Accra today, which may lead to localized power outages . The upgrades are part of ECG’s ongoing efforts to improve power reliability and reduce outages.

Affected areas may experience temporary interruptions. ECG has advised residents and businesses to exercise patience and report any prolonged outages through official channels.

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Commodities & Energy
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Sachet Water Prices: Planned Hike Suspended

Planned price hikes for sachet water were suspended following a government intervention. An urgent meeting between the Ministry of Trade and producers is scheduled for today, April 8, to find a sustainable solution .

Producers had cited rising costs of raw materials, packaging, and transportation as reasons for the proposed increase. However, the government intervened to prevent additional burden on consumers already facing higher transport and energy costs.

The meeting will explore options including:

• Targeted subsidies for producers
• Tax relief on inputs
• Efficiency improvements in production and distribution

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Petroleum Probe: Five Fuel Companies Under Investigation

Five fuel companies—including Platon Oil and Chase Petroleum—are under investigation by the Office of the Special Prosecutor (OSP) for alleged import irregularities and tax evasion .

The investigation is part of a broader crackdown on financial crimes in the downstream petroleum sector. The OSP has not disclosed specific details of the allegations but confirmed that the companies are being investigated for:

• Irregularities in fuel import documentation
• Potential evasion of taxes and levies
• Possible under-declaration of volumes

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Damang Mine Award: Engineers & Planners Recommended

Engineers and Planners Ltd has been recommended as the winner for the Damang Gold Mine lease transfer according to Accra Streeto Journal. The Tender Committee has recommended E&P as the successful bidder following a competitive process.

The government has developed a plan to preserve jobs, support local businesses, and maintain safety and infrastructure during the transition. The mine is expected to continue operations under the new ownership.

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Gold Export Strategy: Traceability Push and 2030 Raw Export Ban

The government has unveiled a “traceability push” to track all gold, aiming for a complete ban on raw gold exports by 2030 in favour of local refining . The strategy is designed to:

• Capture more value from Ghana’s gold resources domestically
• Create jobs in local refining and processing
• Reduce exposure to commodity price volatility
• Improve transparency and reduce smuggling

The traceability system will track gold from mine to market, ensuring that all gold is properly documented and that royalties and taxes are paid. The ban on raw gold exports by 2030 is intended to force mining companies to invest in local refining capacity.

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Corporate News

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First Atlantic Bank: 30.5% Profit Growth and Liberia Expansion

First Atlantic Bank reported a 30.5 per cent profit growth at its recent AGM and is targeting expansion into Liberia .

2025 Financial Highlights:

Board Chairman Amanquaye Armar attributed the performance to “disciplined risk management, strategic investments in technology and the continued expansion of our customer base across key segments” .

The bank held its historic first AGM as a listed company following its successful listing on the Ghana Stock Exchange during the year.

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Samsung Ghana: 24-Month Warranty Upgrade

Samsung Ghana announced a major upgrade to its warranty policy, now offering 24 months of coverage for refrigerators and washing machines .

The enhanced warranty reflects Samsung’s confidence in its product quality and commitment to customer satisfaction. The new policy applies to products purchased from authorised dealers.

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ValueJet: New Lagos-Accra Flights

ValueJet has launched new scheduled flights between Lagos and Accra, becoming the 27th carrier at Kotoka International Airport . The Nigerian carrier’s inaugural flight took place on March 30, 2026.

ValueJet’s Managing Director, Capt. Omololu Majekodunmi, said: “We are thrilled to commence our regional service with the inaugural flight between Lagos and Accra… This is a significant step for ValueJet as we expand our network beyond Nigeria and across the African continent”

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Key Takeaways at a Glance

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Source Used: Accra Street Journal