The Bank of Ghana sold 9.44bn GHS (€721mn) of 14-day central bank bills at a weighted average interest rate of 10.50% on November 2, almost exactly the amount and rate of its October 28 tender, the central bank's auction results show. The government, by contrast, raised 1.92bn GHS (€146mn) at its October 30 Treasury bill auction, where the 91-day bill paid 4.60%.
Analysis: Each central bank tender absorbed approximately five times the funds raised in the government's latest bill auction, by our calculation. The annualized yield was nearly six percentage points above that on 91-day Treasury bills, making the central bank's short-term paper more attractive on yield alone. That could divert some bank liquidity from government debt, although auction results do not show how individual banks allocate their funds. The Treasury plans to seek 3.54bn GHS (€270mn) on November 6. Demand at that auction will offer an early indication of whether the yield gap is affecting government borrowing.
Source: Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 886, results of Tender 886 held on 2 November 2026, Tender of 2 Nov 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 885, results of Tender 885 held on 28 October 2026, Tender of 28 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, results of Tender 2031 held on 30 October 2026, Auction 30 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, results of Tender 2031, Auction 30 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, Auction 30 Oct 2026 and Auction expected 6 Nov 2026; Bank of Ghana, Bank of Ghana, MPC Press Release September 2026, September 2026
Ghana's cedi strengthened 0.8% against the US dollar in October, as the central bank's interbank mid-rate eased to 11.62 cedis per dollar on October 30 from 11.71 on September 30, Bank of Ghana data show. The currency had weakened to 11.83 per dollar on October 7 before recovering 1.8% over the rest of the month.
Analysis: October's advance reversed only part of September's 3.9% decline, leaving the cedi 10.1% below its end-2025 level, by our calculation. The central bank held no dollar auctions for banks in October after selling $500mn in September, Joy Business reported. Oil marketers instead highlighted foreign-exchange sales by state gold buyer GoldBod, suggesting that its supply may be filling part of the gap. The extent of that substitution cannot be established from the figures alone. Importers gain from a firmer currency when paying dollar invoices, while the Bank of Ghana's November 18 policy decision may clarify its near-term foreign-exchange approach.
Source: Bank of Ghana, Bank of Ghana, Historical Interbank FX Rates table (filtered USDGHS), 30 October 2026 and 30 September 2026 and 7 October 2026; Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, December 2025 and August 2026; Multimedia Group, Bank of Ghana FX intermediation notice to banks (via Joy Business, October 1, 2026), September 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 30 October 2026
Benso Oil Palm Plantation, a palm oil producer listed on the Ghana Stock Exchange, reported a 16.6% fall in nine-month profit after tax to 61.7mn GHS (€4.7mn), as revenue was almost unchanged at 312.5mn GHS (€23.9mn) while cost of sales rose 6.1% to 207.9mn GHS (€15.9mn), according to its unaudited statements filed with the exchange.
Analysis: Flat sales and a 6.1% increase in the cost of sales reduced Benso's gross margin to 33.5% from 37.6%. The company supplied no volume breakdown or explanation of the cost increase, leaving the contributions of fruit purchases, wages and other inputs unclear. Dividends fell by roughly three-quarters, while a 10mn GHS (€0.76mn) loan appeared on the balance sheet where there had been none a year earlier. The government is promoting palm oil through a proposed $500mn finance facility. The November 12 budget may show whether that program has begun deploying funds.
Source: Ghana Stock Exchange (filings by listed issuers), Benso Oil Palm Plantation PLC, unaudited statement of comprehensive income for the nine months ended 30 September 2026 (GSE PR-431), January-September 2026; Ghana Stock Exchange (filings by listed issuers), Benso Oil Palm Plantation PLC (GSE PR-431), January-September 2026; Ministry of Finance, Ghana, Ministry of Finance, 2026 Mid-Year Fiscal Policy Review, FY2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 30 October 2026 and 4 November 2026
Ghanaian fuel marketer GOIL raised its group profit after tax 9.3% to 90.8mn GHS (€6.9mn) in the first nine months of 2026, as revenue climbed 9.8% to 14.53bn GHS (€1.11bn) and financial charges fell 34.4% to 68.4mn GHS (€5.2mn), according to unaudited statements filed with the Ghana Stock Exchange.
Analysis: The improvement came from cheaper financing rather than stronger operations. Operating profit declined 12.8%, while the 35.8mn GHS (€2.7mn) reduction in finance costs exceeded the 7.3mn GHS (€0.6mn) increase in pre-tax profit, by our calculation. GOIL earned only about 0.6 pesewas per cedi of sales, compared with approximately 5.3 pesewas at TotalEnergies Marketing Ghana. Such a narrow margin leaves profits sensitive to borrowing costs and changes in regulated fuel pricing. The next pricing window begins November 16 and may offer an indication of conditions facing distributors.
Source: Ghana Stock Exchange (filings by listed issuers), GOIL PLC, unaudited financial statements for the period ended September 30, 2026 (GSE PR-411), January-September 2026; Ghana Stock Exchange (filings by listed issuers), GOIL PLC, unaudited financial statements (GSE PR-411), January-September 2026; Ghana Stock Exchange (filings by listed issuers), TotalEnergies Marketing Ghana PLC, unaudited financial statements for the period ended 30 September 2026 (GSE PR-430), January-September 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 30 October 2026 and 4 November 2026
Ghana's minimum petrol price for the November 1–15 pricing window fell 4.4% to 15.39 GHS (€1.17) a liter, while the diesel floor rose 1.9% to 17.41 GHS (€1.33), Joy Business reported on October 29, citing market data on the National Petroleum Authority's price floors. The floor for liquefied petroleum gas (LPG) eased to 13.73 GHS (€1.05) a kilogram.
Analysis: The minimum petrol price has declined 6.4% since October 1, while LPG remains 23.7% above its early-October level despite a small latest reduction, by our calculation. That LPG cut is difficult to reconcile with the 21.33% increase in international LPG prices cited for the review period, and the report does not explain the difference. Lower petrol costs may help motorists, while higher diesel prices put pressure on transport, mining and farming operations. Actual retail prices can exceed the floor, so households' savings will depend on filling-station pricing. New minimum prices take effect November 16.
Source: National Petroleum Authority, NPA price floors for the November 1, 2026 window, as reported by Joy Business on Adom Online (October 29, 2026), 1 November 2026 window and 16 October 2026 window and Review period for 1 November 2026 window; National Petroleum Authority, NPA price floor (via Joy Business), 16 October 2026 window; National Petroleum Authority, NPA price floor, October 16 pricing window (via Joy Business, October 14, 2026), 16 October 2026 window and 1 October 2026 window; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 4 November 2026
Chart of the week
Ghana cedi per US dollar, Bank of Ghana mid-rate, end of month, October 2025–October 2026
Points to August 2026 are end-month rates from the Bank of Ghana's data summary; September 30 and October 30, 2026 are from its interbank rate table. A higher number means a weaker cedi. The rate was 11.66 on November 4.. Source: Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, 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; Bank of Ghana, Bank of Ghana, Historical Interbank FX Rates table (filtered USDGHS), 30 September 2026 and 30 October 2026.
Tender of the week
Reconstruction of the Abbosey Okai bridge over the Odaw River, Accra
Buyer
Ministry of Works, Housing and Water Resources (GARID project)
Scope
Demolition of the existing 47.5-meter concrete arch bridge and construction of a 47.5-meter single-span steel-and-concrete deck on piled abutments, raised approach roads, drainage and traffic diversions; nine-month contract; national Request for Bids.
Value
Estimated $8.4mn (World Bank notice data)
Funding
World Bank (IDA credit 64100), Greater Accra Resilient and Integrated Development Project (P164330)
Closes
Tuesday, November 17, 2026
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In Alama Pro this week
Deep dive: Whether GoldBod's dollar sales can sustain Ghana's cedi recovery
15 stories with workings, from seven areas: macro and prices, energy, mining, construction and industry, farming, telecoms, and regulation
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
