The Ferviddy Brief — 12 April 2026
Ghana's gold exports in February 2026 — nearly double the $2.3 billion from a year earlier. Standard Bank says gold is absorbing the oil price shock. Reserves have reached $12.5 billion."
$31 billion left Ghana without matching imports in five years
GRA Commissioner-General Anthony Sarpong disclosed that between April 2020 and August 2025, $31 billion was transferred out of Ghana under the guise of importation with no goods ever entering the country.
The Publican AI system, live at Tema Port since 11 March, has separately flagged GH¢11 billion in port revenue leakage from under-declaration, misclassification, and country-of-origin manipulation.
The Importers and Exporters Association now backs the system after months of opposition. The contract behind it — awarded to a Cyprus-registered entity with EUR 1,545 in share capital — remains undisclosed. Read the full story →
Moody's revises Ghana outlook to positive, stays two notches behind S&P and Fitch
Moody's affirmed Ghana at Caa1 and flipped the outlook from stable to positive, citing declining domestic financing costs, monetary easing, and the successful GH¢2.7 billion 7-year bond — Ghana's first since the DDEP moratorium expired. S&P and Fitch both sit at B-, roughly equivalent to Moody's B3. The gap is closing. Read →
