President John Dramani Mahama has called an emergency Cabinet meeting to address the sharp rise in fuel prices, as escalating tensions in the Middle East continue to drive up global petroleum costs and impact Ghana’s economy.

Speaking on the second day of the Kwahu Business Forum 2026 on Saturday, April 4, the President said the high-level meeting would focus on identifying immediate and practical measures to cushion consumers from the effects of rising fuel prices.

“I have called for this emergency Cabinet meeting to decide on specific interventions to stabilise petroleum prices while we anticipate an end to the conflict. There are adjustments we can make, particularly within pricing margins, to help maintain relative stability,” he stated.

President Mahama reaffirmed government’s commitment to mitigating the impact on households and businesses, noting that Cabinet will undertake a comprehensive review of the fuel price structure and explore targeted relief options.

“The government remains fully committed to easing the burden on citizens. Cabinet will examine the various components of the fuel price build-up and consider interventions to provide relief,” he added.

Fuel prices have recorded significant increases since April 1, with petrol rising by approximately 15 per cent to about GH¢13.30 per litre, while diesel has surged by nearly 19 per cent to around GH¢17.10 per litre, according to figures from the National Petroleum Authority. The hikes—among the steepest in recent months—have been attributed largely to rising global crude oil prices and supply disruptions linked to the ongoing conflict involving Iran and the broader Middle East.

Despite the developments, the President sought to reassure Ghanaians of the economy’s resilience. “I can confidently assure you that the economy will not collapse because of the war in Iran,” he said.

He also commended transport operators for maintaining current fares despite the rising cost of fuel, describing their restraint as crucial in preventing a broader increase in the cost of living.

“I wish to express my sincere appreciation to the transport unions for their patience and understanding. Although this situation was unforeseen, they have refrained from increasing fares, and I am confident they will continue to cooperate as we work to stabilise the situation,” he noted.

The latest fuel price adjustments have heightened concerns over inflation, particularly in transport and food costs, although relative stability in the cedi has helped to moderate the overall impact.

Government is reportedly considering a range of policy options, including adjustments to fuel margins and levies, as part of efforts to stabilise prices amid ongoing global uncertainty.

Burkina Faso’s military-led government has imposed an immediate, open-ended ban on all fresh tomato exports, a move aimed at securing supply for the country’s struggling domestic processing sector and signalling a sharper pivot toward homegrown agro-industrial development.

The directive, issued through a joint communiqué dated March 16, 2026, was signed by Minister of Industry, Commerce and Artisanat Serge Gnaniodem Poda and Minister of State for Agriculture Commandant Ismaël Sombie. It applies across the entire national territory and covers all economic operators engaged in fresh tomato exportation with no end date specified.

Alongside the export ban, the government suspended the issuance of Special Export Authorisations known by their French acronym, ASE with immediate effect. Operators already holding valid tomato export permits have been granted a two-week grace period to complete any outstanding procedures. After that window closes, all existing authorisations will be rendered null and void.

Authorities were unambiguous about consequences for non-compliance. Violators will face sanctions under existing trade regulations, and any seized goods will be transferred, free of charge, to industrial tomato processing facilities operating under the country’s popular shareholding framework.

The ban reflects a broader policy trajectory under the transitional government of Captain Ibrahim Traoré, which has made reducing dependence on raw commodity exports a cornerstone of its economic agenda. Developing the agro-processing sector has been a recurring theme as the administration seeks to capture more value domestically from agricultural production.

The ripple effects, however, are unlikely to stop at Burkina Faso’s borders. The country is an important source of cross-border produce for neighbouring states, and traders in northern Ghana  where agricultural supply chains are closely intertwined with those of the Sahel could soon feel the squeeze. A tightened tomato supply from the north risks driving up market prices in an area already sensitive to regional trade disruptions.

The government said it is counting on cooperation from all actors across the tomato value chain, as well as border control and security services, to enforce the directive.

Ghana’s gold reserves have recorded a slight rebound, rising to 19.2 tonnes in February 2026 from 18.6 tonnes in December 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.

The modest increase signals a gradual recovery after a steep decline in late 2025 that sparked widespread public concern over the management of the country’s reserve assets.

Data from the central bank shows that Ghana’s gold holdings had followed a strong upward trajectory, climbing from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025. The surge reflected an aggressive gold accumulation strategy aimed at strengthening the country’s reserve position.

However, the trend reversed sharply, with reserves plunging to 18.6 tonnes by December 2025—nearly a 50 percent drop from the peak. The sudden fall fueled debate about whether the country’s gold assets were being depleted.

The Bank of Ghana has since clarified that the decline was not due to a loss of assets but rather a strategic rebalancing of its reserve portfolio.

Governor Johnson Asiama explained that gold had grown to account for more than 40 percent of Ghana’s total international reserves at one point—well above the typical 20 to 25 percent range seen in comparable economies.

To reduce exposure and manage concentration risk, the central bank converted part of its gold holdings into foreign exchange assets. According to the Governor, the proceeds from this conversion remain within Ghana’s international reserves and are being actively invested to enhance returns and support overall reserve growth.

He emphasized that the move represents a shift in asset composition rather than a depletion of national wealth, noting that effective reserve management requires periodic adjustments in response to changing market conditions and risk levels.

The central bank added that it will continue to closely monitor its reserve portfolio and make necessary adjustments in line with global best practices, as it seeks to balance stability, liquidity, and returns.