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Ghana Pursues Stronger Economic Stability with $20bn Reserve Target – Mahama

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President John Dramani Mahama has announced that Ghana is targeting foreign reserves exceeding $20 billion by 2029 as part of a broader strategy to strengthen economic stability and resilience.

Addressing Zambia’s National Assembly during his official visit, President Mahama said building strong foreign reserves remains a key pillar of Ghana’s Economic Reset Agenda aimed at restoring macroeconomic stability and sustaining long-term growth.

“Building robust foreign reserves is central to safeguarding our national economy and ensuring we can meet our obligations without undue dependence on external financing,” President Mahama stated.

According to the President, strengthening Ghana’s reserve position will serve as a protective buffer against external economic shocks, help stabilise the local currency, and enhance investor confidence in the country’s economy.

He explained that the government is pursuing a multi-pronged approach to achieve the target, including leveraging Ghana’s natural resource wealth, expanding productive sectors, and deepening strategic international partnerships. Key initiatives include increasing gold exports, promoting value addition in the mining sector, and implementing prudent fiscal and monetary policies.

President Mahama further disclosed that Ghana is championing a continental agenda that encourages African countries to repatriate and invest portions of their foreign reserves currently held in Western financial institutions into African-owned financial institutions.

According to him, redirecting even 30 percent of Africa’s foreign reserves into institutions on the continent could unlock significant capital to support infrastructure development, industrialisation, and economic transformation across Africa.

“By 2029, Ghana would have built foreign reserves beyond $20 billion, providing security, stability, and a platform for sustainable growth,” he said.

President Mahama emphasised that the reserve expansion target reflects Ghana’s commitment to fiscal discipline, strategic investment, and regional economic cooperation, which he said are critical to ensuring lasting prosperity for the country and the African continent at large.

 

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Police Arrest Akofena, Two Others Over Shooting Incident Involving Former MP Adwoa Safo

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The Ghana Police Service has arrested Israel Kwadwo Safo, popularly known as Akofena, in connection with a shooting incident involving former Dome-Kwabenya Member of Parliament, Sarah Adwoa Safo.

According to the Police, the suspect voluntarily reported to the Regional Police Headquarters on June 22, 2026, a day after the incident occurred. He was subsequently transferred to the Criminal Investigations Department (CID) Headquarters to assist with ongoing investigations.

Police say a search conducted on his vehicle and residence at Kwabenya led to the recovery of a significant quantity of ammunition and firearms. The items retrieved included 120 rounds of 9mm ammunition, 50 rounds of .45 calibre ammunition, 25 rounds of .40 calibre ammunition, several loaded magazines, and two Glock pistols, one of which is registered in the suspect’s name.

Further investigations resulted in the arrest of two additional suspects identified as Nana Kwaku Afriyie and Kwadwo Safo Koomson.

The three suspects remain in Police custody and are assisting with investigations. They are expected to be arraigned before court on June 23, 2026, as authorities continue to probe the circumstances surrounding the shooting incident.

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Family of Late Diplomat James Victor Gbeho Officially Notifies President Mahama of His Passing

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The family of the late Ambassador James Victor Gbeho, one of Ghana’s most distinguished diplomats and statesmen, has officially notified President John Dramani Mahama of his passing.

During a courtesy call at the Presidency, the Gbeho family said it was both culturally and diplomatically appropriate to formally inform the President of the loss before making any public announcement.

Ambassador Gbeho had a distinguished career in public service, serving Ghana in several diplomatic capacities, including at the country’s Permanent Mission to the United Nations in New York. He also served as Minister for Foreign Affairs, Member of Parliament for Anlo, and President of the ECOWAS Commission, then known as the Executive Secretary.

He earned widespread respect for his commitment to regional integration, diplomacy, and international cooperation, making significant contributions to Ghana, West Africa, and the global community.

President Mahama extended his heartfelt condolences to the bereaved family and paid tribute to Ambassador Gbeho’s outstanding service, describing his contributions as invaluable to Ghana, the ECOWAS sub-region, and the international community.

The family said details of the funeral arrangements will be announced at a later date.

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PURC Announces New Utility Tariffs as Electricity and Water Prices Rise from July 1

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Consumers across Ghana will pay more for electricity and water beginning July 1, 2026, following the Public Utilities Regulatory Commission’s (PURC) latest tariff review.

The Commission has approved a 3.49 percent increase in electricity tariffs and a 0.85 percent increase in water tariffs under its third-quarter tariff adjustment framework.

In a statement issued on Monday, June 22, PURC explained that the tariff review was conducted in line with its quarterly mandate to reflect changes in key economic and operational indicators affecting utility service providers.

According to the Commission, the review considered factors such as movements in the Ghana cedi against the US dollar, inflation trends, electricity generation costs, and the price of natural gas used for power production.

PURC stated that the periodic adjustments are necessary to preserve the real value of tariffs, ensure the financial sustainability of utility companies, and support the continued delivery of reliable services to consumers.

For the third quarter of 2026, the Commission applied a weighted average exchange rate of GHS11.2228 to one US dollar, representing a 0.2 percent depreciation of the cedi compared to the previous quarter.

The review also took into account a three-month average inflation rate of 3.43 percent, down from 4.17 percent in the second quarter, while the weighted average cost of natural gas decreased by 1.58 percent to USD7.9708 per MMBtu.

The country’s hydro-thermal generation mix remained unchanged at 20.9 percent hydro generation and 79.1 percent thermal generation.

Based on these indicators, PURC approved a 3.49 percent increase in electricity tariffs across all customer categories, including residential, non-residential, and special load tariff users.

Under the new rates, the lifeline electricity tariff for residential consumers using up to 30 kilowatt-hours per month has increased from 86.9Gp per kilowatt-hour to 89.93Gp per kilowatt-hour.

Water tariffs have also been adjusted upward by 0.85 percent for all customer groups, including residential, commercial, industrial, public institutions, and bulk consumers.

The residential lifeline water tariff for consumption of up to five cubic metres has risen from 593.49Gp per cubic metre to 598.54Gp per cubic metre.

PURC reaffirmed its commitment to monitoring utility providers to ensure compliance with regulatory standards, improved service delivery, and value for money for consumers.

The Commission further thanked stakeholders for their continued support of the quarterly tariff review process and indicated that the revised rates will be published in the Gazette and on its official platform in due course.

Alternative Headlines:

Electricity and Water Tariffs Go Up Again as PURC Announces July 1 Price Adjustment

Ghanaians to Pay More for Utilities as PURC Increases Electricity and Water Tariffs

PURC Raises Electricity and Water Charges in Third-Quarter Tariff Review

Utility Bills Set to Rise from July as PURC Adjusts Electricity and Water Tariffs

PURC Approves New Tariffs, Electricity Up 3.49% and Water Up 0.85%

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