Prices of locally produced items in Ghana rose 6.9% in the year to October 2026, up from 6.4% in September, while imported inflation held at 2.4%, statistics agency GSS said on November 4. Regional rates ranged from -0.5% in the Northern Region to 9.7% in Ashanti, and four regions were above the national rate of 5.5%.
Analysis: Domestic costs, rather than the exchange rate, appear to be driving prices. The gap between local and imported inflation widened to 4.5 points from 4.0, by our calculation, and locally produced items accounted for 86.4% of overall inflation, Graphic Online reported from the release. Manufacturers and food processors that buy and sell locally are therefore likely to face faster cost growth than importers. Ashanti, at 9.7%, ran 4.2 points above the national rate. Meanwhile, prices fell in the Northern Region. November data, expected from GSS in early December, should show whether the gap keeps widening.
Source: Ghana Statistical Service, GSS Statistical Bulletin, Consumer Price Index (CPI), October 2026 (dated November 4, 2026), October 2026 and September 2026; Graphic Communications Group, Graphic Online (November 4, 2026), October 2026; Ghana Statistical Service, GSS, September 2026 CPI COICOP Annexes, Annex 5 Imported/Local, September 2026
Ghana's government sold 4.11bn GHS (€317mn) of Treasury bills at its November 6 auction, 15.9% above its 3.54bn GHS (€273mn) target, according to Bank of Ghana auction results. Bids totaled 5.01bn GHS (€387mn). The 364-day rate fell to 9.48% from 9.60% a week earlier, after the October 30 sale had fallen 22% short of its goal.
Analysis: Demand returned after two auctions that missed their targets. The 91-day bill took 71% of the money raised, by our calculation, suggesting investors still prefer the shortest paper. All three rates eased in the central bank's table, with the 91-day rate at 4.56% from 4.60%, although Joy Business reported a small rise. The government borrowed about 14bn GHS (€1.08bn) through short-term instruments in October, Joy Business said. The next test is larger. The November 13 auction seeks 5.57bn GHS (€430mn), 57% more than this week's target, and should show whether demand holds at that size.
Source: Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/54, results of Tender 2032 (November 6, 2026), Auction 6 Nov 2026 and Auction 30 Oct 2026 and Auction 13 Nov 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/53 (October 30, 2026), Auction 30 Oct 2026 and Auction 23 Oct 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/53, results of Tender 2031 (October 30, 2026), Auction 30 Oct 2026; Multimedia Group, Joy Business, 'T-bills auction: Government records 41% oversubscription...' (November 8, 2026), October 2026; Bank of Ghana, Bank of Ghana, Auction Results Tender 2029 (next tender target), Auction 23 Oct 2026
The Bank of Ghana sold 12.57bn GHS (€970mn) of 14-day central bank bills on November 9, 33% more than at its tender a week earlier, at a weighted average interest rate of 10.50%, according to the central bank’s auction results. Its Wednesday tender on November 4 had sold 5.58bn GHS (€430mn).
Analysis: The central bank is absorbing far more cash than the government borrows. In the week to November 6 it sold 15.0bn GHS (€1.16bn) of 14-day bills, 3.7 times the 4.11bn GHS (€317mn) the Treasury raised that week, by our calculation. Bills from its last four tenders, about 37.0bn GHS (€2.86bn), are still outstanding. Monday sales have swung between 9.4bn and 13.5bn GHS since October 19, so one week does not make a trend. At 10.50%, the bills pay almost six points more than 91-day Treasury bills, which could keep bank cash away from government auctions. The Treasury seeks 5.57bn GHS (€430mn) on November 13. The Monetary Policy Committee meets November 16–18.
Source: Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 887, results of Tender 887 held on 9 November 2026, Tender of 9 November 2026 and Tender of 9 Nov 2026; 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. 886, results of Tender 886 held on 4 November 2026, Tender of 4 November 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 to Banks and Public No. 885, results of Tender 885 held on 26 October 2026, Tender of 26 October 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 884, results of Tender 884 held on 19 October 2026, Tender of 19 October 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 884, results of Tender 884 held on 21 October 2026, Tender of 21 October 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/54, results of Tender 2032 (November 6, 2026), Auction 6 Nov 2026 and Auction 13 Nov 2026; Bank of Ghana, Bank of Ghana, MPC Press Release September 2026, September 2026; Bank of Ghana, Bank of Ghana, Notice of 133rd MPC Meetings (November 5, 2026), November 16–18, 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 9 November 2026
The private operator of Ghana's automated traffic cameras, which began issuing speeding fines on November 1, is expected to keep 40% of revenue and the government 60% under the TRAFFITECH-GH public-private partnership, according to the finance ministry's 2024 report on PPP projects. The 11-year concession, signed in December 2022, has an investment cost of 77.73mn GHS (€6.0mn).
Analysis: On a first-offense fine of 120 GHS (€9.26), the operator would receive 48 GHS (€3.71), as JoyNews Research first calculated on November 4. Recovering the 77.73mn GHS investment from that share alone would take about 1.62mn first-offense fines, or roughly 19,000 a month over the 85 months left, by our calculation, ignoring operating costs. The ministry calls the split anticipated, not final. The project earned no revenue through 2024 because traffic regulations were delayed. Sweden's Sensys Gatso, which holds 40% of the operator, puts the venture's remaining contract revenue at about $60mn, JoyNews Research reported. The 2027 budget on November 12 could show how much fine revenue the government expects.
Source: Ministry of Finance, Ghana, Ministry of Finance, 2024 Annual Report on Public Private Partnership Projects (v4), 2022-2033 concession; Multimedia Group, MyJoyOnline (JoyNews Research), 'Traffitech-GH fines: Private firm expected to get 40% of every fine...' (November 4, 2026), November 2026; Multimedia Group, MyJoyOnline (JoyNews Research) (November 4, 2026), December 2022
Oil production at Ghana's Jubilee field averaged about 84,500 barrels a day gross in the third quarter of 2026, about 17% more than in the second quarter, after a drilling campaign that added seven wells, partner Kosmos Energy said on November 2. The TEN fields averaged about 14,600 barrels a day, Kosmos said.
Analysis: The new wells lifted output, according to Kosmos, which also cited gas lift and high uptime of the production vessel. Together, Jubilee and TEN averaged about 99,100 barrels a day, by our calculation, close to the 102,199 that all three producing areas, including Sankofa, averaged across 2025, according to state oil company GNPC. Oil service firms face a gap until the next campaign of up to 10 wells starts in mid-2027. Meanwhile, the TEN production vessel passes to the partners in the first quarter of 2027. The 2027 budget, due on November 12, should show how much oil revenue the government expects from this output.
Source: Kosmos Energy, Kosmos Energy, 'Kosmos Energy Announces Third Quarter 2026 Results' (November 2, 2026), Q3 2026 and 2027/28 and 2025/26; Ghana National Petroleum Corporation, GNPC press release: GNPC records US$1.64bn revenue (2025 results), 2025; Ghana News Agency, GNPC Deputy CEO at PIAC workshop (via GNA), September 2026
Chart of the week
Ghana consumer price inflation, % year on year, Bank of Ghana and Ghana Statistical Service data, October 2025–October 2026
Points to August 2026 are from the Bank of Ghana's September 2026 data summary, and September and October 2026 are from statistics agency GSS. Inflation was 5.5% in October 2026, against 8.0% a year earlier and a low of 3.2% in March. Prices of locally produced items rose 6.9% in the year to October, GSS said.. 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; Ghana Statistical Service, GSS, September 2026 CPI COICOP Annexes (xlsx), Annex 1 Headline CPI & Inflation, September 2026; Ghana Statistical Service, GSS Statistical Bulletin, Consumer Price Index (CPI), October 2026 (dated November 4, 2026), October 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
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Ghana's 2027 bond repayments: where the 58bn GHS will come from
15 stories with workings, from inflation, Treasury and central bank bills and the 2027 budget to oil output, gold mining, fuel import costs, company results, pay-TV prices and traffic fines
Four key figures, from inflation and the policy rate to the 91-day Treasury bill rate and the central bank's gold, and every open tender in our records
