Cement sales in Ghana, a proxy for construction activity, fell 10.3% to 1.48mn metric tons in the first seven months of 2026 from a year earlier, the Bank of Ghana said in its September monetary policy report. Building cost inflation rose to 4.6% in August from 4.0% in July, statistics agency Ghana Statistical Service (GSS) said on September 29.
Analysis: Cement sales fell 4.9% in July from a year earlier, less than the 10.3% decline over the first seven months. That suggests demand may be contracting more slowly, though it remains below last year's level. Construction equipment costs rose 17.9%, materials 5.8%, while labor costs fell 2.9%. Contractors, especially those with fixed-price projects, may face pressure from higher machinery costs while sales volumes weaken. Ghana Statistical Service is expected to publish September construction-cost figures in the last week of October, providing a more recent indication of input prices.
Source: Bank of Ghana, Bank of Ghana, Monetary Policy Report, September 2026 (footer: MPC Report - October 2026), Jan-Jul 2026 and July 2026; Ghana Statistical Service, GSS, Prime Building Cost Index (PBCI) Bulletin, August 2026 (dated September 29, 2026), August 2026 and July 2026; Ghana Statistical Service, GSS, Producer Price Index (PPI) Monthly Newsletter, September 2026 (dated 21-10-2026), September 2026
Ghana's government plans to raise a net 15.38bn GHS (€1.19bn) on the domestic market from October to December 2026 and to buy back bonds from the 2023 domestic debt exchange that mature in 2027, the Bank of Ghana said in a notice dated October 22. The net amount is almost unchanged from the 15.39bn GHS (€1.19bn) planned for July to September, the finance ministry's calendar showed.
Analysis: The proposed buybacks would address part of the 58bn GHS (€4.5bn) in restructured bonds due in 2027, according to the mid-year budget review. The sinking fund held 15.6bn GHS (€1.2bn) on July 22, around one-quarter of the maturities, and the government wants 30bn GHS (€2.3bn) by year-end to cover the February 2027 payment. Banks and pension funds could be offered early redemption, but officials have not announced purchase volumes, prices or dates. The 2027 budget, due by November 15, may clarify the financing strategy.
Source: Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/51, Government's Issuance Calendar for October to December 2026 (October 22, 2026), Q4 2026 (October-December); Ministry of Finance, Ghana, Ministry of Finance, Issuance Calendar for July to September 2026 (dated June 30, 2026), Q3 2026 (July-September); Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/51 (October 22, 2026), Q4 2026; New Times Corporation, 2026 Mid-Year Fiscal Policy Review (July 2026), as reported by the Ghanaian Times on July 27, 2026, 2027; New Times Corporation, 2026 Mid-Year Fiscal Policy Review speech, as reported by the Ghanaian Times on July 27, 2026, July 22, 2026 and End-2026; Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, July 2026; Multimedia Group, Finance Minister interview (via Joy Business, September 15, 2026), 2027 budget (period not stated); Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 28 October 2026
Ghana's state-owned Tema Oil Refinery (TOR) made a pre-tax profit of 1.24bn GHS (€96mn) in 2025, its first in ten years, and is considering a listing on the Ghana Stock Exchange, managing director Edmond Kombat said at a government briefing on October 26, Adom Online and Joy Business reported. The refinery inherited about $517mn of debt when current management took over in May 2025, he said.
Analysis: The reported 2025 profit equals about one-eighth of the roughly 10bn GHS (€770mn) in accumulated losses as of May 2025, by our calculation. Trade payables also fell to 5bn GHS (€390mn) from 7.1bn GHS (€550mn), though substantial liabilities remain. The accounts are unaudited while Ghana's Audit Service works through a six-year backlog, according to the company. That would be a hurdle for a public listing, which normally requires audited financial statements. Management said the finance ministry is considering writing off or converting a $120mn state debt into equity, which could affect the balance sheet.
Source: Multimedia Group, Statement by TOR managing director Edmond Kombat at the Government Accountability Series, as reported by Adom Online on October 26, 2026, 2025; Multimedia Group, Statement by TOR managing director, as reported by Adom Online on October 26, 2026, To May 2025 (management change) and 2025 (one year after May 2025); Multimedia Group, Statement by TOR managing director Edmond Kombat to an IMF delegation, as reported by Joy Business on October 25, 2026, May 2025 (management change); Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 28 October 2026
Northern Ashanti Mines, the Ghanaian owner of the Konongo gold concession in Ashanti Region, has asked the Commercial Division of the High Court in Accra to stop the government taking over the mine until its challenge to the termination of its lease is decided, saying about $110mn of committed spending is at risk, Joy Business reported on October 25. The Minerals Commission's termination notice is dated April 30, 2026.
Analysis: The company says it has invested more than $83.34mn, about three-quarters of its commitment, and has a financing facility above $30mn for a partly built processing plant. Its mining lease was renewed in February 2023 and is due to run until February 2036. The minerals commission alleges unresolved breaches, which the company disputes. The injunction application does not mean a court has ruled for either side, and no hearing date has been announced. The dispute leaves contractors and financiers uncertain about the project's future and may draw attention from other mine investors.
Source: Multimedia Group, Affidavit in support of an injunction application at the High Court (Commercial Division), Accra, as reported by Joy Business on October 25, 2026, To October 2026; Multimedia Group, Affidavit, as reported by Joy Business on October 25, 2026, To October 2026
Ghana's industrial producer price inflation rose to 7.2% in September 2026 from 6.3% in August, while producer inflation across all activities, including construction and services, rose to 4.8% from 4.4%, statistics agency Ghana Statistical Service (GSS) said on October 21 in provisional figures. Producer prices across all activities rose 1.3% from the previous month.
Analysis: Industrial producer inflation was two percentage points above consumer inflation of 5.2%, potentially adding pressure on retail prices if higher business costs are passed through. However, the statistics agency reported smaller increases in mining and quarrying, at 5.5%, and manufacturing, at 4.6%, so the sector breakdown does not clearly explain the headline rate. Manufacturers were still expanding output, with production up 5.8% year-on-year in the second quarter. GSS is expected to release October producer prices in the second half of November, giving a further indication of cost pressures.
Source: Ghana Statistical Service, GSS, Producer Price Index (PPI) Monthly Newsletter, September 2026 (dated 21-10-2026), September 2026 and August 2026; Ghana Statistical Service, GSS, Producer Price Index (PPI) Monthly Newsletter, September 2026, September 2026; Ghana Statistical Service, GSS, September 2026 CPI COICOP Annexes (xlsx), Annex 1 Headline CPI & Inflation, September 2026; Ghana Statistical Service, GSS, Index of Industrial Production (IIP) Quarterly Newsletter, 2026 Quarter 2 (dated 09-09-2026), Q2 2026
Chart of the week
Ghana consumer price inflation, % year on year, September 2025–September 2026
Points to August 2026 are the Bank of Ghana's reproduction of the national consumer price series from Ghana's statistics agency GSS; September 2026 is from the GSS release. The central bank's target is 8%, plus or minus 2 points.. Source: Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, September 2025 and October 2025 and November 2025 and December 2025 and January 2026 and February 2026 and March 2026 and April 2026 and May 2026 and June 2026 and July 2026 and August 2026; Ghana Statistical Service, GSS, September 2026 CPI COICOP Annexes (xlsx), Annex 1 Headline CPI & Inflation, September 2026.
Tender of the week
Supply of 25,406 bunk beds to secondary schools (three lots)
Buyer
Ministry of Education, STARR-J secondary education project
Scope
Supply and delivery of 25,406 bunk beds to selected senior high schools in three regional lots (4,360 plus 3,130; 4,735 plus 4,500; 8,681); one contract per bidder; national Request for Bids.
Value
Estimated $8.2mn (World Bank notice data)
Funding
World Bank (IDA credit 80670), Secondary Education Transformation for Access, Relevance and Results for Jobs project (P514793)
Closes
Thursday, November 19, 2026
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In Alama Pro this week
Deep dive: Ghana's service economy: port traffic, air travel and tourism
15 signals with workings, from nine areas: macro and prices, mining, telecoms, regulation, construction and industry, ports, farming, energy and tourism
Five trackers, from inflation and the policy rate to the cedi and the central bank's gold, and every open tender we track, with deadlines
