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2026 Mid-Year Budget Review: Mahama ‘Forging’ Economic Success – NPP

The New Patriotic Party has hit the Mahama administration with heavy criticism ahead of the 2026 Mid-Year Budget Review, accusing the government of manipulating data and presenting a fragile economy as a success story.

In a six-page statement released yesterday at a press conference in Accra and signed by NPP Policy Coordination Committee Chairman, Kojo Oppong Nkrumah, the opposition said the government’s reported economic recovery was built on ‘props’ and not real reforms.

‘Artificial Surplus’ Claim

The NPP argued that the 2025 primary surplus of 2.6% of GDP, above the 1.5% target, was achieved not through higher revenue but through deep spending cuts.

According to the party, revenue fell 4.7% short of target while expenditure was compressed by 13.8%. ‘Government created an artificial surplus instead of genuine fiscal discipline,’ the statement said.

Growth Tied to Gold, Not Policy

The NPP also questioned the sustainability of the 6.4% first-quarter growth, saying it was driven mainly by record gold prices rather than government policy. The party warned that any drop in global gold prices could expose weaknesses and challenged the Finance Minister to show what growth and trade figures would look like at historical gold prices.

Inflation, Cedi and Debt Concerns

On inflation, the NPP noted that despite the fall to 5.3% in June 2026, prices had risen for three straight months. It also said the cedi had depreciated between 8.4% and 10.3% this year. The party further flagged discrepancies in public debt figures.

While the Bank of Ghana reported debt at 45.1% of GDP in May 2026, the NPP cited IMF projections of 53% by year-end and 55% by 2028. It called for a comprehensive debt sustainability analysis.

Spending Cuts and Arrears

The opposition claimed government underspent in Q1 2026, with actual spending at GHS62.1 billion against a target of GHS78.8 billion. Capital expenditure, it said, fell more than 40% below target, hitting roads, schools and hospitals, while the wage bill was protected.

The NPP also raised concerns over inherited arrears of GHS67.5 billion and questioned how much had been paid.

BoG Flagship Programmes

The party described the Bank of Ghana’s finances as a ‘fiscal time bomb,’ citing a reported GHS15.63 billion loss for 2025 and alleging that independent figures were worse. It said the Bank’s decision to stop pre-financing GoldBod showed the risks involved.

On government programmes, the NPP said the 24-Hour Economy and Big Push initiatives lacked real funding and jobs, with many employment figures based only on MOUs and major procurements done through sole sourcing.

Demands Ahead of Budget Review

Ahead of the Finance Minister’s presentation to Parliament, the NPP is demanding a half-year expenditure breakdown, a reconciled debt-to-GDP figures, an updated arrears data, verified jobs data for flagship programmes, actual Bank of Ghana financial position, sensitivity analysis on gold and the cedi.

‘Ghana’s economic future cannot be built on unspent budgets, unpaid contractors, disputed debt numbers and jobs that exist only on paper,’ the statement concluded.

The NPP vowed to scrutinise the Mid-Year Budget Review against the government’s own published data.

REA begins mini-grid project in Plateau

Rural Electrification Agency (REA) yesterday performed the groundbreaking for a 1.5MW interconnected mini-grid project in Pankshin, Plateau State.

It followed the recently inaugurated 50kW Access to Markets and Agriculture (AMP) Solar Mini-Grid in Namu Community in the state and series of groundbreaking event held recently in Kogi (20MW), Kebbi (3.5MW), Adamawa (27MW) and Rivers states (12MW).

Managing Director, Rural Electrification Agency (REA), Dr Abba Aliyu, emphasised that the Pankshin facility is part of a larger national rollout involving 48 interconnected mini-grids across the country.

He noted that the project aims to improve power quality, reduce technical losses, and provide reliable electricity to drive local agro-processing, healthcare, and commercial enterprise.

Aliyu also praised Plateau State Governor Caleb Mutfwang for creating a favorable environment for private power investments.

He said that 10 additional mini-grids under the DARES Programme are currently under construction in Langtang South, Qua’an Pan, Shendam, Mikang, Wase, Kanke, Kanam, Mangu, and other benefiting local government areas in the state.

On the importance of the project, Aliyu noted that interconnected mini-grids will strengthen existing distribution infrastructure, reduce network constraints, improve power quality, lower technical losses, and provide additional capacity exactly where it is needed.

He added that the project will also create opportunities for economic growth by ensuring that electricity becomes a tool for production rather than simply consumption.

Globacom announces fibre to home rollout, launches AI assistant

Telecommunications giant, Globacom has unveiled a new Artificial Intelligence assistant, Gloria, embedded in its Glo Cafe app.

The telcos has also announced plans to start rollout of fibre-to-home service across the country.

Announcing the launch of Gloria and other products at its 23rd Partners event in Lagos recently, Globacom Retail Cluster Head, Lagos, Abdulrazaq Ande, stated that the upgrade was more than a design improvement, describing Gloria as another example of the company’s commitment to innovation.

According to him, Gloria can communicate through text and voice while supporting five languages, including Yoruba.

The updated app also comes with features such as dark mode, seven payment options through Paystack, biometric login, two-factor authentication and live offer notifications.

In a similar vein, Glo’s Chief Technical Officer, Remi Makinde, said the company was continuing to expand its infrastructure across the country, including Lagos, Bayelsa, Delta and Rivers states, as well as tertiary institutions, malls and markets.

‘We are still rolling out. We are still building these sites. We are still standing these towers,’ he said.

Makinde added that LTE upgrades, data core expansions and nationwide fibre rollout were part of efforts to improve network speed and reduce congestion.

He also announced plans for Fiber-to-the-Home rollout and the adoption of lithium batteries and solar solutions to improve network reliability amid power challenges.

Ande had earlier announced cash rewards for 115 outstanding dealers and reiterated the company’s commitment to improving its services through investment in technology and infrastructure.

‘Globacom’s promise to you remains unchanged. We will continue investing heavily in next-generation tools, upgrading our infrastructure and ensuring our network stays second to none,’ he said.

He also highlighted new consumer offerings, including enhanced data bundles, an expanded ‘Borrow Me Credit’ service designed to prevent service interruptions, and an upgraded Glo Cafe app.

King in action

San Miguel Beer import George King Jr. goes hard for a layup against Converge big man Justin Baltazar in the Philippine Basketball Association Governors’ Cup on Wednesday night at the Ynares Sports Center in Antipolo City.

The Beermen won, 128-122, to remain undefeated in three games while the FiberXers dropped to 3-1 won-lost.

THAI sees aviation recovery in H2 despite fuel uptick

The financial results of Thai Airways International (THAI) are expected to bottom out in the second quarter, while recently approved tourism stimulus efforts should help airlines in the second half even as renewed US-Iran tensions cause jet fuel prices to rise, say analysts.

Thanapol Jiratanakij, an analyst at CGS International Securities (Thailand), said the flag carrier’s management acknowledged that advance bookings softened in the second quarter amid the Middle East war, yet underlying travel demand remained resilient based on consistently high cabin factors despite industry-wide fare increases.

Passenger preferences shifted towards direct Asia-Europe flights, benefiting THAI’s non-stop network, he said following a CGS-hosted luncheon of the airline’s executives and institutional investors last week.

THAI reduced capacity below its original plan for May and June by trimming frequencies and deploying smaller planes on weaker routes to protect profitability.

With no further capacity cuts planned from July onwards, management expects operations to normalise in the third quarter. Robust electronics-related air cargo demand and the upcoming European peak travel season should provide additional support for yields, load factors and revenue growth in the second half of the year.

“While higher jet fuel prices present a near-term headwind, management believes the impact is manageable as fuel prices have moderated from their recent peak,” said Mr Thanapol.

In CGS’s view, although airlines have limited ability to absorb higher fuel costs given the industry’s thin margins, higher fuel prices are typically not borne entirely by carriers.

“Historically, airlines have been able to recover a majority of higher fuel expenses through fare increases,” he noted.

TOURISM STIMULUS

Dithanop Vattanawakin, an analyst at Krungsri Securities, said three tourism stimulus measures with a total budget of 2.45 billion baht are expected to support the domestic aviation and hotel industries.

The “Thai Tiew Thai Plus” project is similar to the “Tiew Thai Khon La Khrueng” project in 2025, which received a very good response, with entitlements almost fully utilised within the first few weeks of implementation.

The “Fly Thai All the Feeling” project sees the government support fare discounts on domestic flights for participating airlines for a total of 400,000 seats. Meanwhile, the “Thailand Air Connect” project offers partially subsidised scheduled flights and charter flights to persuade foreign tourists to travel here.

With a budget of 500 million baht, airline and airport operators as well as hoteliers can benefit from this latter measure, which set a target passenger volume of 487,000 people, said Mr Dithanop.

FLEET RENEWAL

THAI remains in an investment phase until 2028 as it executes its fleet renewal programme, which management views as the key driver of growth for five years.

The airline expects to receive 28 planes and retire six older aircraft in 2026, ending the year with a fleet of 102, close to pre-pandemic levels, said Mr Thanapol.

The fleet expansion supports network growth across Europe, India and China, while improving capacity flexibility.

Management highlighted the Airbus A321neo as an important jet for short-haul operations and new route development, while the Boeing 787 fleet will underpin long-haul expansion from 2027.

The company also plans to increase frequencies on key routes such as Frankfurt as additional aircraft enter service.

Beyond capacity growth, management expects its upgraded fleet to lift profitability by offering a better product and lower operating costs, he noted.

ITF begins screening of artisans, captures 3,000 in Lagos

The Industrial Training Fund (ITF) has kicked off its annual 100,000 Skill-Up Artisans Programme (SUPA) in Lagos, capturing over 3,000 participants.

The exercise, which is aimed at equipping artisans with free technical training, internationally recognised certification, and job placement support, spans trades such as plumbing and tailoring.

Addressing journalists during the training, Hassan Sauman of the Technical Vocational Skills Training Development Department of the ITF stated that the programme was part of strategies to actualise the transformation agenda of the President Bola Tinubu-led Federal Government.

Sauman noted that the core objective of the SUPA programme was to add value by upskilling artisans in their various trades, adding that the ITF needed to bring them up to international standards.

According to him: ‘Qualifying participants receive structured vocational training, industry-standard licensing, toolkits, etc. The programme spans dozens of sectors, including Garment Making, Tiling, Plumbing, Welding, Automobile, Crop Production, Domestic Installations, and Scaffolding.

‘We actually rolled out the portal for them to register. They have registered, and we are here to see them and interview them, and to verify if they are actual artisans that we are going to deal with.

‘The SUPA programme is completely free. If anybody says that you should pay any money, I think you should let us know, so that we will know how to deal with the person squarely.

‘As I earlier said, the SUPA artisans programme has three main objectives. First is to upskill the artisans to global standards. That’s training: we need to train them to compete globally.

‘Secondly, the artisan will be exposed to international certification, which means that he can go out to practise anywhere in the world. And then the ITF also wishes to collaborate with other institutions so that they can get placements when they are available.’

He said that one of the major objectives of the programme is for the Federal Government to have a database of artisans, which could be used to track their progress, even their whereabouts.

He added that the ITF can attach beneficiaries to both local and international markets at the end of the training.

Sauman noted that the training is expected to last for three months.

He said the ITF collaborates with different certification institutions, both locally and internationally.

‘Our graduates of last year sat for a Turkish exam, which the Turkish people came here to administer, and they were certified, which means they are qualified to practise in any part of the world. It is a world-recognised certification that anywhere they go, they will be recognised as practising this particular trade,’ he averred.

A trainee and an artisan in the hospitality industry, Tijani Kabiru, said he came to register for a programme sponsored by the Federal Government, and the name of the programme is SUPA, which means Skill-Up Artisans Programme.

He said: ‘There are many artisans in Nigeria, but they don’t have the financial support, and the training is not enough to meet the international standard. That is why the Federal Government has initiated this programme.

‘So for those people who are interested in acquiring more skills, they have registered this morning, and the training will start very soon.

‘That is my own concern because this is one of the areas that will improve the economic standard of our dear country. The youth will have many ways to engage themselves and improve themselves as well.

‘As a trainer in hospitality and housekeeping, I aspire to improve my capacity and skills, and to contribute to training more youths so that things continue to improve.

‘As long as I am alive, training continues. If you are good in an area, you will always want to improve to be better, and the sky is your starting point, not even the limit, and that is why I am here today.’

Another trainee, Mrs Olabisi Adetoro, said: ‘I am here to upgrade my skills. When I heard about this programme, I was so happy to come and learn more and upgrade my skills.

‘I have been practising tailoring for over 14 years, and I know that this training will give me more advantage in finishing and packaging special skills for better competitiveness.

‘Actually, one area I wanted to learn before is leather and apparatus, and ITF has said they are going to give me more than I expected.’

Despite wage hike, DOLE sees limited job losses

THE Department of Labor and Employment (DOLE) expects only limited employment dislocation from the implementation of the daily minimum wage increase in Metro Manila, with around 1.1 million workers projected to benefit from the adjustment.

Government estimates indicate that about 12,000 workers could face displacement, although the overall impact of the wage order is expected to remain positive.

‘There will be a slight dislocation of around 12,000 employees. But overall, the picture provided to us was that there will be a 2.7 percent growth because of this,’ Labor Secretary Francis N. Tolentino said during a media forum on Tuesday.

The projections were based on the general equilibrium model used by the government in evaluating wage adjustments, which takes into account inflation, labor costs and other economic indicators.

‘Some employers may rotate workers, retrench employees or reduce their workforce. But overall, the picture provided us was that there will be a 2.7-percent growth because of this,’ he said.

The Regional Tripartite Wages and Productivity Board-National Capital Region also considered the positions of labor groups, employers and government agencies during consultations before issuing Wage Order No. 27.

Employer concerns over higher operating costs were among the factors weighed during the deliberations, although the labor chief maintained that the projected disruptions remain small compared with the number of workers expected to receive higher pay.

‘The disruption is very minimal…. The overall impact is much bigger because 1.1 million will immediately benefit starting July 25,’ Tolentino said.

The labor chief also defended the regional wage-setting system, saying it helps moderate inflation by preventing labor costs from increasing nationwide at the same time.

According to Tolentino, the staggered implementation of wage orders allows regional wage boards to observe the effects on workers, enterprises and local economies before succeeding adjustments are considered.

Assistance for MSMEs

To address employer concerns over the wage increase, DOLE will tap its Adjustment Measures Program (AMP) to provide immediate assistance to affected micro, small and medium enterprises.

The program may finance equipment and other productivity-enhancing measures to help smaller businesses manage higher labor costs while preserving available capital for wage adjustments.

‘For example, DOLE may fund a restaurant’s cash register or point-of-sale system so that its additional capital can instead be used for wage adjustments,’ Tolentino said.

AMP is intended particularly for enterprises with limited capital that may struggle to absorb the full impact of the wage increase immediately.

Assistance under the program includes capacity building, business enhancement, product development, labor compliance and industrial peace-building measures aimed at strengthening the resilience of MSMEs against economic disruptions.

Qualified establishments facing difficulty in complying with the new rates may also apply for exemption certificates with DOLE within the prescribed 75-day period, subject to existing requirements and qualifications.

Tolentino has also encouraged MSMEs to strengthen their representation in the tripartite wage-setting process so their concerns can be more clearly raised during future wage deliberations.

Through the AMP and the exemption mechanism, DOLE aims to give affected establishments pathways to adjust to the new wage order while ensuring that covered workers receive the mandated increase.

Transcorp Hotels records N13.7b profit in first half

Transcorp Hotels Plc recorded considerable improvement in profitability in the first half, with pre-tax profit rising to N13.7 billion within the six-month period.

Key extracts of the interim report and accounts of Transcorp Hotels for the first half ended June 30, 2026 released at the Nigerian Exchange (NGX) showed that profit before tax rose from N12.2 billion to N13.7 billion. Net profit after taxes grew by 21 per cent from N8.7 billion to N10.5 billion. Total revenue stood at N44.4 billion in first half 2026 compared with N46.9 billion in comparable period of 2025.

The company’s operating expense margin improved by three percentage points, demonstrating continued operational efficiency and prudent cost management.

Managing Director, Transcorp Hotels Plc, Uzoamaka Oshogwe said the first half 2026 results validated Transcorp Hotels’ resilience and focus on operational excellence, cost efficiency, and customer-centric innovation, reinforcing its leadership in Nigeria’s hospitality sector.

She said: ‘Our second quarter 2026 performance reflects the resilience of our business and the disciplined execution of our strategy in a dynamic operating environment. While market conditions remained challenging, we continued to deliver strong profitability by staying focused on operational excellence, commercial agility, and creating exceptional experiences for our guests.

‘We remain committed to strengthening our market leadership, investing strategically in our business, and delivering sustainable long-term value for our shareholders’.

Chief Finance Officer, Transcorp Hotels Plc, Oluwatobiloba Ojediran, said the company’s disciplined approach to cost management, revenue optimisation, and operational execution was responsible for the double digit growth in pre and post tax profits.

‘These strong financial results reinforce the resilience of our business, provide a solid platform for sustainable growth, and position us to continue investing strategically while delivering long-term value for our shareholders,’ Ojediran said.

He noted that beyond the numbers, Transcorp Hotels continues to strengthen its portfolio of iconic assets with Transcorp Hilton Abuja remaining one of the company’s flagship properties, while Transcorp Centre, one of West Africa’s largest purpose-built event and conference venues, is fast becoming a landmark for business, tourism, and world-class events in Nigeria.Since its launch, Transcorp Centre has hosted several landmark gatherings, further cementing its position as a premier venue for high-profile corporate and social gatherings.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc, one of Africa’s leading listed companies with strategic investments in the power, hospitality, and energy sectors.

Residents lament rising cost of food in Abuja markets

Some Abuja residents and traders in Dei-Dei and Dutse markets in the Federal Capital Territory (FCT), say rising food prices are worsening living conditions and making basic meals unaffordable for many families.

The respondents spoke in interviews with the News Agency of Nigeria (NAN) on Monday in Abuja.

They attributed the persistent increase in food prices to high transportation costs, inflation, insecurity in food-producing communities and the rising cost of farm inputs.

Mrs Angela Umeh, a civil servant, said the prices of staple foods had increased significantly in recent months, making it difficult for low-income earners to feed their families.

‘Every visit to the market comes with a surprise because prices keep increasing. What I bought for N40,000 a few months ago now costs far more.

‘We have reduced the quantity of food we buy and even cut down on the number of meals we eat daily just to cope,’ she said.

Also speaking, Mr Ikenna Okeke, a father of four, shopping at Dei-Dei Market, said feeding his family had become increasingly difficult as prices of staple foods continued to rise. He said the high cost of living had forced many households to make difficult financial decisions.

According to him, families now struggle to balance feeding with other essential needs such as rent, school fees and healthcare.

‘Feeding my family has become increasingly difficult as prices of staple foods continue to rise.

‘The cost of rice, beans, tomatoes, pepper and vegetable oil keeps increasing. Many people can no longer afford a balanced diet,’ he said.

Similarly, Mr Abdullahi Adamu, a tomato trader, said the prices of vegetables and other perishable items had also increased due to poor harvests in some farming communities and post-harvest losses. He noted that traders were often misunderstood by customers, adding that they made only modest profits after paying transportation and other market-related expenses.

‘Wholesalers have continued to increase prices, leaving retailers with no option but to transfer the cost to consumers.

‘We are not happy selling at these prices because customers complain every day, but we also buy at higher rates. If we sell below cost, we will run at a loss,’ he said.

Another trader, at Dutse Market, Aisha Adamu, urged the government to provide affordable farm inputs, improve security and repair roads to reduce food production, transportation costs and ultimately lower food prices. (NAN)

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ýSome residents urged the government to strengthen measures aimed at curbing inflation, improving food supply chains and supporting local agricultural production to make food more affordable. (NAN)

KPA suffers setback in tussle over lucrative forklifts tender

The Court of Appeal has struck out an appeal by the Kenya Ports Authority (KPA) challenging a High Court decision that quashed the award of a Sh362 million tender for supply and maintenance of 15 forklift trucks.

The court rejected the procurement dispute after finding the appeal was filed one day late, leaving the High Court decision intact. The court reaffirmed that statutory timelines in procurement cases cannot be extended under ordinary appellate procedures.

The court ruled that the authority and its accounting officer failed to invoke the court’s jurisdiction within the mandatory seven-day period prescribed under the Public Procurement and Asset Disposal Act.

The appeal arose from a procurement dispute involving Finnish cargo-handling equipment manufacturer Kalmar Finland Oy, which lost the two-lot tender to Brookwood Technical Limited and Autobikes Ltd early this year. Kalmar was disqualified for failure to file audited accounts for the years 2024 and 2025, though it challenged this, arguing the requirement did not apply to it, as an original equipment manufacturer.

Autobikes Ltd was awarded Lot 2 of the contract for $721,306 (Sh93.2 million) while Brookwood Technical Limited was to get Lot 1 at $2.8 million (Sh362 million) before the Finnish firm lodged a complaint. The tender was for the supply, testing and commissioning of 15 new forklift trucks.

Kalmar Finland Oy successfully challenged Brookwood’s award at the High Court, which quashed the Public Procurement Administrative Review Board’s finding that Brookwood was eligible to participate in the tender.

In the judgment dated May 28, 2026, the court found that Brookwood had not been prequalified to participate in that restricted tender, which had been limited to four firms, whose equipment was already in use at the port. They were identified as XYMA, Hyster, SMV Konecranes and Kalmar.

‘The applicant (Kalmar) was among those prequalified to tender; the interested party (Brookwood) was not,’ said the court. ‘The list of invited bidders is a mandatory requirement, and procuring entities have no legal discretion to waive or deviate from it, and inviting bids from firms that are not in the list would amount to the procuring entity disregarding its own bid conditions, making it illegal,’ it added.

Aggrieved by the High Court judgment, KPA moved to the court of appeal seeking to overturn that decision.

Kalmar separately asked the appellate court to strike out the appeal, arguing that the statutory deadline expired on June 4 but the appeal was lodged and paid for on June 5.

KPA opposed the application, saying it filed a notice of appeal within time and requested typed proceedings from the High Court before attempting to lodge the record of appeal on June 4.

The authority said the court’s Deputy Registrar rejected the filing later that evening because certified proceedings and the High Court judgment had not yet been supplied.

KPA told the court it explained the position the following morning, after which the Deputy Registrar approved the record for filing and payment.

The authority urged the judges not to determine the dispute on procedural grounds, arguing the appeal raised substantial issues deserving consideration.

It argued that “substantive justice, fairness, and equity demand that the appeal be determined on its merits rather than being dismissed for procedural shortcomings.”

KPA also invoked constitutional provisions requiring courts to administer justice without undue regard to procedural technicalities and argued it could not file documents that were unavailable through no fault of its own.

The judges rejected those arguments, holding that procurement appeals occupy a special legal category governed by strict statutory deadlines.

“Section 175(4) of the Public Procurement and Asset Disposal Act provides that an appeal against the decision of the High Court must be filed before the Court of Appeal within seven days,” the bench said.

The judges added that the provision forms the basis of the court’s jurisdiction and that “jurisdiction is everything.”

The court found that although KPA requested typed proceedings before expiry of the deadline, the statutory period continued running because procurement appeals are governed by special provisions overriding ordinary appellate rules.

Quoting earlier decisions, the judges reiterated that “these timelines are cast in stone and cannot be varied.”

The bench also rejected KPA’s reliance on equitable principles protecting litigants from court administrative failures.

“It, therefore, means that the appellants ought to have considered all these factors and endeavoured to file an appeal within time,” the judges said.

They added that KPA failed to demonstrate it had taken every possible step, including physically pursuing registry approval before expiry of the statutory period.