Business
Ghana Raises Key Interest Rate
ACCRA — The West African nation of Ghana raised interest rates on Thursday on top of tough new foreign-exchange controls, the latest emerging market economy to take swift action to check inflation and a sliding currency as investors sour on their assets.
The Bank of Ghana raised its key interest rate 200 basis points to 18% at a meeting held two weeks ahead of schedule because officials said they couldn’t wait to aid an ailing economy.
“Recent developments in emerging markets have raised concerns about contagion risks,” central bank Governor Henry Wampah told reporters Thursday in the capital, Accra.
Mr. Wampah also said new foreign-exchange controls imposed Wednesday were necessary to prop up the country’s battered currency, the cedi.
The measures include a ban on transfers between bank accounts denominated in foreign currencies and a mandate that export proceeds be converted to the local currency within five days.
“The main purpose of the regulations is to ensure that we continue to use the cedi as the legal tender,” Mr. Wampah said.
Ghana’s troubles predate the recent turmoil that has sapped capital from major emerging markets including Argentina, South Africa and Turkey.
Tepid exports and skyrocketing public wages pushed Ghana’s budget deficit to 10.2% of gross domestic product in 2013. The cedi has dropped 30% against the U.S. dollar in the past year, and traded at a record-low of 2.49 to the dollar on Thursday.
The inflation rate is 13.5%, nearly a four-year high. Go into restaurants and menus show outdated prices scratched out in pen, then scratched out again.
“It’s become a spiraling issue,” said Sydney Casely-Hayford, a consultant to the finance ministry.
Now, the global rush out of emerging markets is exacerbating Ghana’s troubles.
“Ghana’s currency has been very weak for years, and it was one of the most-hit this year by global turmoil,” said Stephen Charangwa, a portfolio manager at Silk Invest, a frontier-market investment firm. “The introduction of capital controls is the next step in the central bank’s efforts to stem the slide.”
Several emerging-market central banks have raised interest rates recently to fight inflation and make their currencies more attractive. India unexpectedly raised its main rate by 25 basis points last week. Turkey followed with a forceful 2.5 percentage point hike, followed by South Africa with a 50-basis point rise.
Economic growth in Ghana and most of Africa remains stronger than in those countries. The International Monetary Fund is forecasting a 6.1% expansion in Ghana and across sub-Saharan Africa this year.
And outside South Africa, currencies and international bonds in most countries on the continent are too thinly traded to move in step with larger emerging markets, economists say.
Ghana’s 10-year international bonds are currently yielding at about 8.9%, a slight move from the 8% yield it offered when issued in July last summer. Yields on Nigeria’s dollar-denominated debt are stable, due to the country’s strong growth outlook and healthy foreign exchange reserves. Kenya is planning to issue up to $2 billion in international bonds for the first time later this month.
Still, Ghana’s new capital controls and rate hike suggest that policy makers in relatively strong African economies may also be obliged to raise interest rates to hold investors’ interest in their currencies.
“Kenya and Nigeria could also raise rates earlier than expected if the market turbulence turns into a rout,” said Shilan Shah, an Africa economist at Capital Economics.
– WALLSTREET JOURNAL
Business
Sahara Champions Global Shipping Collaboration for $20m Mercy Ships Healthcare Impact
Sahara Energy Geneva has highlighted the power of business collaboration to deliver lasting impact, with Mercy Ships Cargo Day celebrating more than $20 million raised over the past decade to support healthcare interventions in Africa.
More than 500 guests from over 150 shipping and trading companies gathered in Geneva recently for the 10th anniversary Gala of Mercy Ships Cargo Day, celebrating a decade of industry support for the international charity.
David Walker, Head of Chartering at Sahara Energy Geneva and Chairman of the Cargo Day Geneva Committee, joined industry leaders at the event, where he thanked the global shipping community, sponsors, media partners and Cargo Day committees in Geneva, London, Houston, Dubai and Singapore for supporting the initiative.
Cargo Day brings together charterers, shipowners, shipbrokers, and other shipping professionals who contribute through pledges, cargo commissions, and address commissions to support the work of Mercy Ships.
READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
Kola Motajo, Director, Sahara Geneva said Sahara’s involvement reflects the company’s belief in the ability of enterprise and partnerships to deliver impact beyond business.
“At Sahara, our focus is always on impact and lives transformed. Cargo Day demonstrates what is possible when businesses and individuals unite around a shared purpose. The $20 million milestone reflects the collective commitment of the global shipping community to improving healthcare in Africa. As Sahara looks Beyond XXX, we remain committed to building connections that create lasting value and possibilities for generations to come,” Motajo said.
Reflecting on Cargo Day’s growth, Walker said: “Ten years ago, we raised $300,000 and there were 70 people at the Gala. Today, we have more than 500 people coming from around the world to support such a great cause.”
Cargo Day 2025 raised more than $2.5 million, with 93 companies participating, including charterers, brokers, shipowners, and other partners.
Mercy Ships operates two hospital ships supporting patients in Africa with free life-changing surgeries, while also providing training and mentoring for local healthcare professionals. Cargo Day funding contributes to expenses associated with operating the hospital ships.
The 2026 Cargo Day campaign begins November 4 and will run through November and December, with companies participating through Mercy Cargoes, address commissions and pledges.
Business
30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
Up to 30 Nigerian graduates have bagged postgraduate scholarships to pursue further studies both locally and in the Diaspora.
According to the Nigerian National Petroleum Company Limited (NNPC Ltd) and Italian energy company, Eni have awarded postgraduate scholarships
The beneficiaries emerged from more than 3,000 applicants following assessments of their academic records and performances in a recently conducted computer-based test (CBT).
The awards are under the 2026/2027 Postgraduate Scholarship Scheme of Nigerian Agip Exploration Limited (NAE), an Eni subsidiary, on behalf of the NNPC-NAE Production Sharing Contract (PSC) partners.
In a statement, NAE’s Vice Chairman and Managing Director, Maurizio Pinna, said the initiative was designed to develop local talent and equip young Nigerians with skills relevant to the oil and gas industry. Pinna congratulated the beneficiaries, noting that the scholarships would enable them to pursue their academic ambitions and achieve their career goals.
According to NAE, the programme reflects its commitment to education, innovation and capacity building in Nigeria.
The company urged the beneficiaries to make good use of the opportunity by acquiring valuable knowledge and skills that would contribute to national development, particularly in the energy sector.
Ten of the awardees will undertake postgraduate studies in universities abroad, including Imperial College London, Robert Gordon University in Aberdeen, Newcastle University, the University of Aberdeen and the University of Hull in the United Kingdom.
READ ALSO: Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers
The remaining 20 beneficiaries will study at Nigerian universities in fields including engineering, geosciences, petroleum and environmental technology, energy economics, renewable energy and energy transition.
Established in 2007, the NNPC-NAE PSC postgraduate scholarship scheme is part of the partners’ human capital development programme aimed at promoting specialised knowledge and addressing skills shortages in Nigeria’s deep offshore oil and gas operations.
NAE said 380 Nigerian graduates had benefited from the scheme since its inception, gaining knowledge and skills required by the oil and gas industry.
Beyond education, Eni, through NAE, has implemented sustainability initiatives in Nigeria covering healthcare, access to water, infrastructure and community empowerment.
Eni has operated in Nigeria since 1962 and currently has an equity production of about 55,000 barrels of oil equivalent per day. The company also holds a 10.4 per cent stake in Nigeria LNG.
NAE was incorporated in 1996 to manage Eni’s deep offshore exploration and production assets. It became the first oil and gas company in Nigeria to produce oil from the country’s deep offshore when its Abo floating production, storage and offloading (FPSO) vessel began operations in 2003.
The company has interests in nine offshore blocks in Nigeria, either as operator or co-venturer, including PML 102 and PML 103, where the Zabazaba-Etan fields are being developed.
Business
DPRP’s Appeal Against Fuel Import Licence Ruling Earns Stakeholder Backing
The Dangote Petroleum Refinery and Petrochemicals’ (DPRP) decision to seek leave to appeal a Federal High Court (FHC) judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to three major oil marketers is being backed by the Energy Watchdog.
This was detailed in a statement by Martins Tayo, which considers the move as necessary to protect Nigeria’s domestic refining industry and reduce dependence on imported petroleum products.
The judgment, delivered on September 28, 2026, by Justice Inyang E. Ekwo in Suit No. FHC/ABJ/CS/1363/2026, ordered the NMDPRA to continue issuing import licences to Matrix Energy, AA Rano and AYM Shafa.
The Energy Watchdog argued that the ruling undermined the objectives of the Petroleum Industry Act (PIA) and threatened investments in domestic refining capacity.
“We completely reject and condemn in totality the judgment of the lower court. It is a deeply flawed decision that disregards the clear intent of the Petroleum Industry Act and the national interest in building a robust domestic refining industry,” the statement said.
READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits
The group further cited a reported decline in petrol imports in the first quarter of 2026, alongside increased supplies from local refineries, particularly the Dangote facility, as evidence of the country’s growing domestic refining capacity.
It argued that sustaining import licences despite rising local production could undermine efforts to achieve self-sufficiency in refined petroleum products and weaken investor confidence in the sector.
According to the organisation, Dangote Refinery’s decision to seek leave to appeal as an interested party was timely, given the potential implications of the judgment for the future of Nigeria’s downstream petroleum industry.
“The lower court’s decision amounts to a judicial endorsement of continued importation irrespective of local capacity.
“We condemn it without reservation because it threatens to reverse the hard-won gains of the last few years,” Tayo stated
The Energy Watchdog maintained that the Petroleum Industry Act was designed to encourage investment in midstream and downstream infrastructure, warning that allowing the ruling to stand could send a negative signal to investors who have committed substantial resources to domestic refining projects.
The group urged the Court of Appeal to grant the DPRP leave to appeal and ultimately set aside the FHC’s order, describing the case as significant to Nigeria’s energy security and the development of its refining industry.
“Any judgment that forces the continued importation of fuel products when local refineries can supply the market is a setback for Nigeria.
“We condemn the lower court ruling in the strongest terms and fully support the appeal filed by Dangote Refinery,” the statement concluded, “The Court of Appeal must correct this error and reaffirm that the era of automatic import licences is over.”






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