… Ongoing attacks in the widening Middle East war could send energy prices even higher after a week that saw the cost of Brent crude surge back above $100 a barrel. …
… Iran and the UAE have been on opposing ends of the war in the Middle East, with Tehran launching missiles and drones at its fellow Brics member as the conflict sent shockwaves across global economies. …
Brent crude futures breached $100 a barrel on Wednesday for the first time since late July, as Iran and the U.S. hit tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East. …
… According to its July 2026 Monetary Policy Report (MPR), the Central Bank said this will be influenced by the upward revisions in utility tariffs, re-escalation of geopolitical tensions in the Middle East, and the potential impacts of heavy rains on the food supply chain present …
Benchmark Brent crude oil futures rose past $100 a barrel on Wednesday, hitting a more than six-week high and breaching the symbolic threshold for the first time since July 24 as intensifying conflict in the Middle East heightened concerns about oil flows from the region. …
Oil prices rose for the fourth straight session, gaining more than $1 in early trade on Wednesday after renewed attacks across the Middle East heightened worries about supply disruptions. …
… Aliko Dangote said at Monday’s signing ceremony that while the refinery had profited from the conflicts in the Middle East and Ukraine, its investments would be sustainable over the long term. …
Oil prices extended gains on Tuesday as risks of a prolonged conflict in the Middle East grew after Iran threatened to retaliate against any new U.S. …
Oil prices rose on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions in the Gulf of Mexico and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude. Brent futures rose to $101.51 a barrel and US WTI crude rose to $90.25, with the storm potentially affecting six refineries that account for about 50% of US national refining capacity.
Oil prices rose on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions in the Gulf of Mexico and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude. Brent futures rose to $101.51 a barrel and US WTI crude rose to $90.25, with the storm potentially affecting six refineries that account for about 50% of US national refining capacity.
Ghana's cedi depreciated nearly 10% to the US dollar between March and June 2026, making it the worst-performing currency in Africa during the period, according to the World Bank's October 2026 Africa Economic Update. The World Bank attributed the depreciation to the Middle East conflict, which intensified demand for US dollars and triggered capital flight from African currencies.
The US has removed all of its bombers, thought to be about a dozen B-1s, from RAF Fairford in the UK following a September 27 incident where police investigated three suspicious vehicles near the airbase and arrested six men on suspicion of terror offences. The New York Times reported that US commanders had received new threats about an Iran-backed plot against the base.
Brent crude fell 0.65% to $101.59 a barrel and US WTI dropped 1.03% to $90.12 as the Group of Seven agreed Friday to release 100 million barrels of diesel and crude from emergency reserves, while Middle East crude exports rose above pre-war levels in four of the final seven days of September.
Oil prices drifted slightly higher on Friday after China halted fuel exports and the US reported sending more troops and carriers to the Middle East. Brent crude rose 0.28% to $102.60 per barrel, while traders weighed offsetting signals from Saudi exports and geopolitical tensions.
Société Générale Group has announced an agreement to sell its majority stake in Société Générale Ghana to Pan-African banking group Attijariwafa Bank, a Moroccan international financial services group headquartered in Casablanca, which was created through the merger of Banque Commerciale du Maroc and Wafabank.
Prices of petroleum products are expected to see marginal increases at the pump starting October 1, 2026, according to the Chamber of Oil Marketing Companies (COMAC). Petrol could increase by up to 3.31% to GH¢17.91 per litre, diesel by 3.32% to 5.60% to GH¢19.60 per litre, and LPG by about 2.25% to GH¢17.06 per kilogram, driven by rising crude oil prices and cedi depreciation.
President Mahama has proposed that Ghana's planned national airline explore routes to South America and the Caribbean to expand trade and tourism, but analysts question whether passenger traffic data support such expansion, particularly given recent drug-trafficking cases involving Ghana.
Ghana consumed 4.06 billion litres of petroleum products in the first half of 2026, a 12.24% increase, with petrol and diesel accounting for over 80% of national consumption despite higher fuel prices, according to the Chamber of Oil Marketing Companies.
Ghana consumed 4.06 billion litres of petroleum products in the first half of 2026, a 12.24% increase driven by higher demand for petrol, diesel, and LPG, despite prices rising 19.9–29.4%. Domestic production surged 350.7% and petroleum stocks rose 91%, according to a Chamber of Oil Marketing Companies report.
Ghana increased domestic petroleum-product production by 350.7% to 878.33 million litres in the first half of 2026 while reducing imports by 12.67%, though a global oil shock and Middle East conflict drove up fuel prices and national consumption continued rising to 4.06 billion litres. The Chamber of Oil Marketing Companies warns that refined-product imports remain Ghana's main supply source, leaving the country exposed to global disruptions.
Ghana increased domestic petroleum-product production by 350.7% to 878.33 million litres and reduced imports by 12.67% in the first half of 2026, though imports remain the country's main supply source. The gains came as a global oil shock, driven by Middle East conflict and Strait of Hormuz disruptions, pushed fuel prices up and national consumption rose 12.24%.
The UK is in talks with US authorities over a potential diesel export stoppage and preparing contingencies, Chancellor John Healey has said. UK diesel prices reached record highs on Monday amid global supply pressures, and US President Donald Trump has threatened to ban diesel exports.
S&P Global warns that Ghana's strategy of accumulating foreign reserves and gold through GANRAP will impose significant fiscal costs of 0.8%-2.6% of annual GDP, potentially undermining recent public finance improvements. The agency also flagged the Bank of Ghana's operating loss of $1.25 billion in 2025 and its deteriorated balance sheet, noting that government efforts to reform the gold sector's tax regime may be partially offset by external shocks like rising international fuel prices.
Brent crude rose 1.27% to $105.64 a barrel and US West Texas Intermediate gained 0.76% to $93.11 after President Trump rejected Iran's UN-announced peace proposal, while Middle East tensions remain elevated amid Houthi attacks on Saudi Arabia.
China's Vice President Han Zheng criticized the United States without naming it directly at the UN General Assembly, calling for respect for Middle Eastern countries' sovereignty and urging the US to lift its blockade on Cuba. The remarks came amid reports of Chinese military support to Iran and followed Trump's warning to Xi Jinping during White House talks to avoid supporting Iran.
At the 81st UN General Assembly, President Mahama warned of a drift toward unilateralism in global affairs and called for the UN Charter to reign supreme, criticizing veto power as a license for impunity. He condemned what he described as persecution of Palestinians in Gaza, citing over 20,000 children killed, and reaffirmed Ghana's support for a viable Two-State solution.
President John Dramani Mahama addressed the UN General Assembly to condemn the humanitarian consequences of the Gaza conflict and reaffirm Ghana's support for Palestinian statehood and a two-state solution. He called for stronger international action, criticised collective punishment and mass displacement, while also condemning acts of terrorism by Hamas.
Brazilian President Lula da Silva commended Ghana's President Mahama for leading a UN General Assembly resolution, adopted in March with 123 votes in favor, that declared the transatlantic trade in enslaved Africans and racialised chattel slavery the "gravest crime against humanity." The resolution was spearheaded by Mahama alongside the African Union and CARICOM, and faced 3 votes against and 52 abstentions.
The Bank of Ghana says tighter global financial conditions and a stronger US dollar are putting pressure on the cedi and other emerging market currencies, driven by heightened global uncertainty, Middle East conflict, and elevated oil prices. The developments pose risks to Ghana's inflation outlook as higher energy and agricultural input prices fuel global headline inflation.
Top American and Iranian officials held high-level discussions at the UN General Assembly in New York, their first formal contact since June, mediated by Qatari diplomats. The talks occurred on the same day President Trump issued an ultimatum at the General Assembly, defending military intervention against Iran and framing the choice as either a deal allowing Iran to rebuild or military annihilation.
The Bank of Ghana's Monetary Policy Committee is meeting to review economic developments, with rising inflation (5% in August 2026), cedi depreciation, and concerns over economic growth expected to dominate discussions. A key question is whether to increase the policy rate to contain inflationary pressures, though doing so could affect businesses struggling to access credit.
US President Donald Trump said he would support halting American diesel exports to ease pump prices for drivers, with US Treasury Secretary Scott Bessent confirming officials are assessing whether a full or partial ban would work without disrupting refinery capabilities.
Brent crude and West Texas Intermediate oil fell to $101.5 and $98 per barrel respectively on Monday, prompting hopes for lower petrol prices in Nigeria; however, pump prices in Abuja remained between N1,395 and N1,450 per litre despite the decline in global crude costs.
An Institute for Energy Security analysis notes that while geopolitical tensions in the Strait of Hormuz have pushed Brent crude above US$100 per barrel, Ghana's domestic fuel prices have been moderated by relative exchange-rate stability, disinflation, and targeted fuel relief, despite the country depending on imports for over 60% of petroleum products.
Indian Prime Minister Narendra Modi hosted leaders from the Brics group, including China, Russia, Iran, the UAE, and South Africa, in Delhi this weekend. Though India successfully brought these geopolitically diverse nations together—despite histories of border disputes and the ongoing Iran-Middle East conflict—the summit exposed tension over achieving consensus on a new global order.
Spot gold climbed 1.1% to $4,310.49 per ounce on Thursday as investors processed the Federal Reserve's interest rate hike and signals of further tightening, while oil prices fell as Saudi Arabia offered additional crude cargoes through Oman. An analyst expects gold to remain range-bound unless oil prices decline further, noting the Fed's hawkish message is already priced into the market.
Ghana's state-owned fuel distributor BOST Energies has cut diesel and gasoline exports to Burkina Faso and Mali since August to prioritise domestic demand, managing director Afetsi Awoonor said. Global supply tightness driven by conflict in Ukraine and the Middle East has driven fuel prices to record highs and strained BOST's ability to meet export requests.
IC Insights forecasts annual headline inflation of 5.1% ±0.5 percentage points for September 2026, with stable conditions but upward pressure from rising energy prices offsetting food price declines. Fresh tomato inflation surged to 158.3% year-on-year in August 2026, though the firm views this as a one-off shock that will gradually normalize.
A year after shifting production and sourcing out of China to avoid U.S. tariffs, some companies are bringing manufacturing back, finding that China's factory ecosystem—including its skilled labour, supplier networks, and reliable power—is difficult to replicate elsewhere. While "China plus one" strategies continue in Southeast Asia, some buyers are restoring Chinese suppliers after foreign operations encountered problems.