Business
How Ghana is Working to Cushion the Blow of a Global Fuel Crisis as Prices Head for GH¢17
As geopolitical shockwaves from the escalating conflict between U.S. and Israel on one hand and Iran on the other rattle global energy markets, Ghana is confronting a stark reality: the price of fuel could soon surge to an unprecedented GH¢17 per liter.
From February 16, a liter of fuel has been selling at GH¢11.97 at the pumps.
The stark GH¢17-per-liter warning comes from the CEO of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, who paints a worrying picture of the economic contagion spreading from the Middle East.
In an interview with Joy Business, he stated that if the crisis does not de-escalate rapidly, global crude oil prices could rocket to between $110 and $120 per barrel, with direct and severe consequences for fuel-importing nations like Ghana.
“If by Wednesday things have not come down…we are going to hit around 110 to 120 [dollars per barrel],” Dr. Oppong cautioned. “If you are picking the trading price… for the oil marketing companies… we should hit above 15 cedis, between 15 to 17 cedis.”
This potential price spike is not a local anomaly but a symptom of a global energy shock. The conflict has heightened fears of disruptions at strategic chokepoints like the Strait of Hormuz, through which a fifth of the world’s oil passes. Dr. Oppong noted that the impact is already being felt internationally, with the United Kingdom, for instance, recording some of its highest-ever pump prices.
“This is a global issue,” he stated. “Ghana did not play any role in this particular fight or war. But we are here as a net importer of energy, and therefore we must suffer the consequences.”
A Multi-Pronged Strategy to Shield Ghanaians
Faced with this external shock, the Ghanaian government and regulatory bodies are mobilizing a coordinated response to cushion the economy and protect consumers from the full force of the price surge. The strategy focuses on immediate relief, market stabilization, and long-term resilience.
1. Immediate Fiscal Interventions: Discussions are actively underway between the National Petroleum Authority (NPA) and industry players like COMAC to review the pump price structure. A key proposal on the table is the suspension or removal of the GH¢1 fuel levy, a move that would provide instant, albeit partial, relief to consumers by reducing the tax burden on every liter sold.
2. Protecting the Currency: The Bank of Ghana is playing a critical role in this defense. As international oil prices are dollar-denominated, a stable cedi is the first line of defense against imported inflation. By working to minimize exchange rate volatility, the central bank aims to prevent the local cost of fuel from spiraling even higher than the global crude price increases would dictate.
3. Market Regulation and Stability: In a proactive step to manage the turbulent market, the NPA has introduced a price floor for petroleum products. This measure is designed to prevent predatory pricing and ensure a degree of market order during a period of high volatility and uncertainty, protecting both consumers and smaller marketers from erratic swings.
The Long View: Reviving TOR for Energy Independence
While immediate measures focus on managing the crisis, the situation has reignited a crucial national conversation about Ghana’s long-term energy vulnerability. The country’s heavy reliance on imported, refined petroleum products leaves it dangerously exposed to international shocks.
Against this backdrop, calls are growing louder for the strategic revitalization of the Tema Oil Refinery (TOR) . Increasing domestic processing capacity is seen as the most effective path to reducing dependency on volatile global markets for refined products. A functioning TOR would allow Ghana to import cheaper crude oil and refine it locally, insulating the economy from some of the price volatility inherent in the global refined fuel trade.
An Economy on Edge
The stakes could not be higher. Fuel is the lifeblood of the Ghanaian economy; a surge to GH¢17 per liter would send ripple effects through every sector. Transportation fares would inevitably rise, food prices would increase, and manufacturing and logistics costs would climb, putting immense pressure on households and businesses. Such an outcome would also severely complicate the Bank of Ghana’s efforts to tame inflation and maintain the fragile macroeconomic stability achieved in recent months.
For now, Ghana is in a holding pattern, its economy bracing for impact. The coming days will be critical. As Dr. Oppong urged, this is not a time for political point-scoring, but for coordinated policy action. The trajectory of fuel prices in Ghana now depends less on local factors and almost entirely on the unpredictable winds of war blowing through the Middle East.
Business
‘Afritude’ to the World! Meet The Woman Building Africa’s First Global Sports Brand
For decades, African nations have produced world-class athletes and champions on the global stage. But according to one entrepreneur, the continent has yet to produce the one thing that could transform its sports economy: a world-class brand of its own.
Nina Baksmaty Djamson, founder of Afritude, is on a mission to change that. Her company is attempting to disrupt the global sports industry through fashion, designing and manufacturing athletic apparel on the African continent for African teams—and, she hopes, eventually for the world.
“Africa has produced world champions. Now it’s time to produce world-class sports brands,” Djamson wrote in a social media post announcing the venture. “For too long we’ve worn everyone else’s story. Afritude is our attempt to change that. Not just to play the game. To own it.”
From Consumer to Creator
In a video accompanying the announcement, Djamson laid out the problem she sees at the heart of African sports culture.
“My name is Nina, and I’m the woman trying to disrupt the global sports industry through fashion,” she said. “For decades, every time we wear Nike, Adidas, or Puma, we are promoting somebody else’s culture, building someone else’s economy, and advertising someone else’s story, often for free.”
The question she asked herself was simple but profound:
What would it look like if Africa built its own?”
The answer is Afritude.
Designed in Africa, Made in Africa
According to Djamson, Afritude has already designed World Cup jerseys for three African countries. Crucially, she says more than 90% of the company’s spending has gone directly back to people on the African continent—from production and manufacturing to creative talent.
“This is not charity,” Djamson emphasized. “This is ownership. This is dignity. This is representation.”
The model stands in stark contrast to the traditional sports apparel industry, where global giants manufacture in low-cost countries outside the continent while selling branded merchandise to African consumers. Afritude aims to keep both the creative and economic value within Africa.
Playing With Dignity

Before becoming a major company, Afritude is already preparing to give back. Djamson announced that the brand plans to donate more than a thousand “chain guards and chain socks” to children.
“Every child deserves to play with dignity,” she said.
The gesture reflects a broader philosophy: that sports apparel is not just about performance or fashion, but about self-respect and representation. For young athletes across the continent, wearing locally designed and locally made gear could carry a different kind of meaning.
An Invitation to Own the Game

Djamson closed her announcement with a call to action directed at Africans everywhere.
“And if you believe Africa should build for itself, wear for itself, and profit from itself, welcome to Afritude,” she said. “Don’t forget to get your jersey.”
The brand’s website, www.Afritudeclo.com, features jerseys and apparel that draw on African aesthetics, colors, and design traditions. While still in its early stages, Afritude represents an ambitious attempt to carve out space for African-owned, African-made products in a global sports market dominated by Western and Asian conglomerates.
A Bigger Movement
Djamson’s initiative aligns with a growing pan-African movement toward economic self-determination. From music and film to fashion and technology, a new generation of African entrepreneurs is asking not just for a seat at the table, but for the ability to build their own tables.
In sports, where Africa’s talent has long been celebrated while its economic returns have often flowed elsewhere, Afritude offers a different vision: one where the continent’s athletes wear their own stories, advertise their own economies, and profit from their own success.
“Africa has produced world champions,” Djamson wrote. “Now it’s time to produce world-class sports brands.”
The game, she believes, is just beginning.
Business
US Eyes AI, Drones, and Rural 5G as Next Frontier in Ghana Partnership
The United States is positioning emerging technologies including artificial intelligence, drone logistics, and rural 5G connectivity as the next frontier in its bilateral relationship with Ghana.
The move signals a strategic shift from traditional aid toward investment-driven partnership, Chargé d’Affaires Rolf Olson has announced.
Speaking at a celebratory event marking the 250th anniversary of American independence, Olson declared that the U.S.-Ghana relationship is entering a new phase defined by “not dependence, but resilience” and “a two-way exchange of investment, innovation, and expertise.”

While acknowledging ongoing changes to the US foreign assistance framework, he emphasized that America remains the largest financial contributor to health emergencies across Africa — including $200 million to the current Ebola response — but pointed to commercial technology ventures as the model for future collaboration.
“As we greet this next phase of our partnership, we see enormous potential for U.S.-Ghana collaboration and commerce in emerging sectors – from digital technology to artificial intelligence, from advanced agriculture to cutting-edge energy techniques,” Olson told an audience of government officials, diplomats, and business leaders in Accra. “Ghana’s young innovators are positioned well to seize these types of opportunities.”
The Chargé d’Affaires highlighted concrete examples of technology-driven partnerships already underway.
He cited Zipline’s drone delivery network, which has completed 800,000 medical deliveries in Ghana since 2019, saving an estimated 10,000 lives, including 1,600 through emergency transport of snake anti-venom alone.
He also revealed US support for deploying “cutting-edge wireless technology at hundreds of base stations across Ghana,” aimed at expanding rural connectivity and bridging the digital divide across West Africa.
Olson framed the vision within a broader narrative of economic self-sufficiency, noting that more than 100 American companies are active in Ghana across energy, technology, and agriculture.
He pointed to Newmont, the single largest taxpayer in Ghana, where 99% of the workforce, including the Country Manager, is Ghanaian. Bilateral trade in goods and services reached approximately $4 billion last year, a figure Olson said “can grow.”
The diplomatic push comes alongside deepened security cooperation. Olson confirmed that just this week, US law enforcement handed over Sedina Tamakloe Attionu to Ghanaian authorities, fulfilling an extradition request, while Ghana has extradited multiple individuals wanted in the US for cyber-related fraud that has stolen tens of millions of dollars from American victims.
Reflecting on the historical ties that bind the two nations, from Richard Nixon meeting Martin Luther King Jr. in Accra in 1957 to Ghana being the first country to welcome Peace Corps volunteers in 1961, Olson concluded that the relationship is now mature enough to pivot toward technology, trade, and mutual resilience.
“Two hundred and fifty years into America’s independence and nearly 70 years into Ghana’s, we look to the future with optimism, confidence, and renewed purpose,” he said.
Business
How Ghana Is Selling Itself as Africa’s Factory Floor for Belarus
President John Dramani Mahama has positioned Ghana as a manufacturing and distribution gateway for Belarusian industry, pitching the country as a strategic entry point to Africa’s unified market of 1.4 billion people under the African Continental Free Trade Area (AfCFTA).
Speaking at the maiden Ghana–Belarus Business Forum in Minsk, President Mahama announced that Belarusian manufacturers of mining equipment will visit Ghana next week, following an agreement between both nations.
The visit signals a potential shift in how Belarusian heavy industry could serve African markets – not merely through exports from Eastern Europe, but through locally established operations within Ghana.
“The investors who establish operations in Ghana gain access not only to a domestic market of 34 million people, but also to the wider African market through the AfCFTA,” President Mahama told the forum. He noted that the trade bloc covers 1.3 billion people with a combined gross domestic product of US$1.3 trillion.
The President’s pitch rests on three pillars: market access, infrastructure investment, and regulatory stability. He highlighted Ghana’s US$10 billion five-year Big Push Infrastructure Programme, which prioritizes roads, railways, ports, airports, energy systems, and logistics networks.
These investments, he said, are designed to improve connectivity, reduce business costs, and enhance competitiveness for firms that establish local manufacturing or assembly operations.
“Investors today seek certainty, stability, and market access, and I can assure you Ghana provides all these three,” Mahama stated. “Our political credentials are strong, our legal and regulatory systems are transparent, investor protection is robust, and we guarantee repatriation of profits.”
The President also noted that Belarusian companies possess relevant expertise in transport infrastructure, power systems, industrial parks, logistics, road construction, railway development, and renewable energy – all sectors where Ghana is actively seeking foreign partnership.
For Belarus, a nation under sustained Western sanctions, deepening economic ties with Ghana offers an alternative channel to participate in one of the world’s fastest-growing continental markets. Rather than exporting finished mining equipment from Minsk, Belarusian manufacturers could establish assembly plants or joint ventures in Ghana, taking advantage of AfCFTA rules to distribute across the continent without the tariff barriers that would apply to direct exports from Europe.
President Mahama framed the opportunity in unequivocal terms: “For businesses seeking a strategic gateway into Africa, Ghana remains one of the continent’s most attractive destinations.”
The upcoming visit by Belarusian manufacturers will test whether that pitch translates into concrete investment. Industry observers will be watching for announcements on local assembly facilities, technology transfer agreements, and the scale of Belarusian commitment to Ghana’s industrialization agenda.
If successful, the partnership could serve as a template for how other non-African manufacturing nations – particularly those from Eastern Europe and Asia – use Ghana as a beachhead to serve the continent’s rapidly growing demand for industrial equipment, infrastructure inputs, and heavy machinery. If not, the visit may produce little more than diplomatic communiqués.
For now, Ghana has made its case. The next move belongs to Belarus.
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