Ghana Business News

Follow the latest Ghana business and economy news: the cedi, inflation, companies, banking, and trade. Coverage is curated from Ghana's leading newsrooms and kept current through the day, newest first.

National Insurance Commission mandates ESG reporting by January 2027
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National Insurance Commission mandates ESG reporting by January 2027

The National Insurance Commission (NIC) has announced that all insurance companies in Ghana must incorporate Environmental, Social, and Governance (ESG) principles into their financial reporting by January 2027. This directive makes sustainability disclosures a mandatory requirement for the sector, with the commission warning that firms failing to comply with the new standards will face sanctions. The move is designed to align Ghana’s insurance industry with international best practices in sustainable finance and risk management. The roadmap toward mandatory reporting began in 2023 when the NIC, in collaboration with the German Development Agency (GIZ) and Financial Sector Deepening (FSD) Africa, conducted a comprehensive diagnostic study. This assessment evaluated the existing level of ESG integration across the industry and identified significant gaps in how firms currently manage and report on non-financial risks. Following these findings, the NIC issued formal industry guidelines in December 2024 and distributed self-assessment toolkits to help companies evaluate their internal readiness. To ensure a smooth transition, the commission has established a voluntary compliance window that begins in January 2026, one year ahead of the final deadline. This period allows insurers to test their reporting systems and address any technical challenges before the mandate becomes legally binding. Alongside these timelines, the NIC has implemented a series of capacity-building initiatives aimed at training board members and senior executives on the strategic importance of ESG in achieving long-term business sustainability. This shift toward ESG reporting reflects a broader effort to enhance transparency and accountability within the Ghanaian financial services sector. By requiring insurers to disclose their environmental impacts and social responsibilities alongside traditional financial metrics, the NIC aims to build a more resilient insurance market. The initiative is expected to provide investors and policyholders with a clearer understanding of how companies are managing the risks and opportunities associated with a rapidly changing global environment.

NPRA defends GH₵500m plan for 10-storey office and pensions college
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NPRA defends GH₵500m plan for 10-storey office and pensions college

The National Pensions Regulatory Authority (NPRA) has officially defended its decision to construct a GH₵500 million, 10-storey office complex during a hearing before Parliament’s Public Accounts Committee (PAC). The project, which represents the second phase of the authority's office development, is designed to serve as a multi-functional hub for Ghana's pension industry. NPRA officials clarified to the committee that the facility is essential for the modernization of the sector and for long-term operational sustainability as the regulator's mandate expands. Central to the justification for the skyscraper is the establishment of a dedicated pensions college, which will be tasked with the specialized training and certification of industry professionals. Additionally, the building will house a centralized data bank aimed at consolidating and securing critical pension data for the country. During the PAC session, lawmakers raised questions regarding the necessity of a 10-storey structure for data storage and queried the overall financial feasibility of the ambitious project. Members of the committee sought to understand why such a large physical footprint was required in an era of digital cloud storage. Addressing the financing of the project, the NPRA revealed that it intends to raise a total of GH₵500 million, with GH₵200 million already accessed as of early 2025. The authority assured the committee that it would rely on its own internal resources to service the loans, rather than seeking additional government subventions. Officials also explained that the project's design evolved from an initial four-storey plan to the current 10-storey version to better meet the long-term regulatory and educational needs of the sector while adhering to local construction regulations and maximizing the use of the site.

The immediate past Managing Director of SIC Life Savings and Loans, Mrs Amma Frimpomaa Duwah
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EOCO probes GH‵27m conspiracy at SIC Savings and Loans

The Economic and Organised Crime Office (EOCO) has launched a formal investigation into an alleged conspiracy that resulted in a financial loss of approximately GH‵27 million for SIC Savings and Loans. The probe seeks to uncover the circumstances surrounding the significant deficit and identify any breaches of financial regulations or criminal conduct that may have occurred within the institution. Several high-profile individuals have already appeared before investigators to assist with the inquiry. Among those questioned are the Member of Parliament for Suame, John Darko, and the former Managing Director of SIC Life, Amma Frimpomaa Dwumah. According to officials, John Darko has been granted enquiry bail following his cooperation with the ongoing investigation. The involvement of these prominent figures underscores the scale of the allegations and the potential impact on the integrity of the financial sector. In a statement regarding the proceedings, EOCO emphasized that the investigation is active and currently focused on following various leads. The office clarified that while individuals are being summoned to provide testimony and assist with the inquiry, no final conclusions regarding culpability or criminal liability have been reached. The primary objective remains the gathering of evidence to determine the exact nature of the conspiracy and the movement of the missing GH‵27 million. This investigation into SIC Savings and Loans comes at a time when regulatory oversight and the strengthening of financial institutions remain a priority for the Ghanaian government. As the inquiry progresses, the findings are expected to provide insights into internal governance structures and the effectiveness of risk management protocols. Further updates are anticipated as EOCO continues its review of financial records and witness testimonies.

BoG engages disability groups ahead of Heritage Series Banknote launch
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Bank of Ghana to launch Heritage Series banknotes with tactile features

The Bank of Ghana (BoG) has announced the scheduled introduction of its new Heritage Series banknotes on November 12, 2026. This upcoming series is designed with a specific focus on inclusivity, incorporating advanced security features alongside elements meant to improve accessibility for persons with disabilities. The central bank's initiative aims to address existing difficulties faced by visually impaired individuals when identifying and handling physical currency in daily commercial activities. Dominic Owusu, the Director of Currency Management at the Bank of Ghana, detailed that the Heritage Series will feature distinct physical sizes for each denomination and enhanced tactile marks. These features are intended to allow visually impaired users to differentiate between notes through touch and size recognition, promoting financial independence. The bank emphasized that these modifications were finalized after extensive consultations with the Ghana Federation of Disability Organizations to ensure the new notes are practical and effective for the target users. The engagement with disability groups focused on ensuring that the cash-handling experience promotes dignity and privacy for all citizens. While some suggestions, such as notes with unique physical shapes, were found to be currently unfeasible, the Bank of Ghana has committed to a continuous feedback loop. This involves rigorous testing of the new banknotes with members of the disability community to refine the features before the notes are officially placed into general circulation. In addition to physical banknotes, the central bank is exploring technological advancements to support financial inclusion, including a mobile application designed to assist users in identifying currency denominations. The Bank of Ghana has urged commercial banks, businesses, and the public to support these efforts by ensuring that transactions involving persons with disabilities are handled with respect and dignity. This launch represents a significant step in the central bank's commitment to creating a more accessible financial system for all Ghanaians.

Isaac Tandoh proposes Ghana-Russia mining framework for local processing
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Isaac Tandoh proposes Ghana-Russia mining framework for local processing

Isaac Tandoh, the Chief Executive Officer of the Minerals Commission, has proposed a formal Ghana-Russia Mining Cooperation Framework designed to prioritize local mineral processing and technology transfer. Speaking at the Second Russian-African Raw Materials Dialogue in Saint Petersburg, Tandoh argued that future mining agreements must shift away from the traditional model of raw material exportation. Instead, he advocated for a "partnership of sovereign equals" that ensures mutual benefits through value addition within Ghana's borders.\n\nThe proposal comes as Ghana seeks to leverage its status as a leading gold producer to develop a more robust industrial sector. During the dialogue, which was held from October 12 to 16, 2026, Tandoh emphasized that the interest in critical minerals like lithium and iron ore presents a unique opportunity for technology exchange. He urged international partners to invest in projects that enhance local skills and strengthen the capacity of Ghanaian institutions, rather than focusing solely on extraction.\n\nThe event in Saint Petersburg attracted more than 500 participants from various nations, highlighting the growing global competition for mineral resources. Tandoh's call for value addition reflects a broader policy shift aimed at ensuring that Ghana's natural wealth translates into tangible economic development. By establishing a cooperative framework with Russia, the Minerals Commission hopes to secure the technical expertise required to transform the country's mining sector into a driver of industrial growth and long-term sustainability.

Ghana Gold Board sells $197m to banks to support cedi appreciation
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Ghana Gold Board sells $197m to banks to support cedi appreciation

The Ghana cedi has recorded a marginal gain of nearly 1% against the US dollar for the second consecutive week, buoyed by a significant injection of foreign exchange liquidity. The Ghana Gold Board (GoldBod) sold US$197 million to commercial banks to help stabilize the currency following a period of persistent depreciation. This strategic move met the full demands of participating banks at a rate of GH₵11.70 per dollar, providing essential support to the interbank market. On the interbank market, the cedi has been trading at approximately GH₵11.70 for buying and GH₵11.71 for selling. At retail forex bureaus, the currency was quoted at GH₵12.00 for purchases and GH₵12.30 for sales. Other major currencies also saw fluctuations, with the British pound trading at GH₵15.43 buying and GH₵16.33 selling at bureaus, while the Euro stood at GH₵13.10 buying and GH₵13.94 selling. Digital subscription payments via Visa and Mastercard were recorded at a rate of GH₵12.63. Analysts attribute the recent recovery to the proactive intervention of GoldBod in providing fresh dollar supplies. Before this intervention, the cedi had faced consistent pressure from high demand for foreign currency to finance imports and energy sector payments. The availability of $197 million in the market has alleviated some of this strain, although market watchers note that the cedi's long-term stability will depend on continued liquidity support and the management of external payment obligations. While the current appreciation is described as marginal, it represents a break from the trend of sustained pressure seen in preceding weeks. Money transfer services such as LemFi and Taptap Send continue to offer competitive rates for remittances, which remains a key source of foreign exchange for the economy. As the market monitors the impact of these liquidity injections, the focus remains on whether GoldBod and the central bank can maintain this momentum to prevent further volatility in the coming months.

A group of officials stand next to a projector screen during the launch of the Asetena Pa Plan partnership between Sinapi Aba Savings & Loans and Enterprise Trustees. A small pyrotechnic sparkler is active in the foreground as a woman speaks into a microphone while others in branded t-shirts look on.
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Sinapi Aba Savings and Loans launches Asetenapa pension for informal workers

Sinapi Aba Savings and Loans, in partnership with Enterprise Trustees, has officially launched the Asetenapa pension plan, a new financial product designed to provide retirement security for workers in Ghana’s informal sector. The initiative specifically targets micro-entrepreneurs, market traders, and farmers, who have traditionally been underserved by structured social protection schemes. By allowing individuals to contribute regularly according to their financial capacity, the plan aims to bridge the significant pension coverage gap that currently exists for self-employed Ghanaians. The Asetenapa Plan is structured to be accessible, enabling participants to start saving for their future with relatively small amounts of money. Beyond its primary function as a retirement savings vehicle, the product offers additional social safeguards, including life insurance cover and financial assistance to support contributors during hospital stays. These features are intended to provide a more comprehensive safety net for workers whose livelihoods are often vulnerable to health shocks and economic instability. During the launch event, representatives from both Sinapi Aba and Enterprise Trustees emphasized the critical importance of early retirement planning and a sustained culture of saving. They noted that everyone, regardless of their employment status or the scale of their business, deserves the opportunity to prepare financially for their later years. The partnership reflects a broader commitment to financial inclusion, ensuring that those in the informal economy can access the same level of structured retirement planning as formal sector employees.

Ginger traders import from China and Morocco to meet demand
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Ginger traders import from China and Morocco to meet demand

Ghanaian ginger traders have turned to imports from China and Morocco to bridge a significant supply gap in the domestic market. For nearly three years, the country has struggled with a persistent ginger shortage that has pushed prices to between GH₵5,000 and GH₵6,000 per sack. This shift to international sourcing comes as local production remains crippled by previous disease outbreaks and rising demand from the industrial food sector. Market data and trader accounts indicate that ginger prices previously peaked at GH₵8,000 per sack before settling at the current high rates. Akua Stella, a local trader, noted that while there has been a slight reduction from the peak, the cost remains prohibitive for many consumers. The price hike is attributed to a combination of crop diseases that devastated local farms and intensified competition from buyers in Togo, who often offer higher prices due to currency differences. The high cost of ginger is having a ripple effect across the economy, with households significantly reducing their purchases while the food manufacturing industry continues to exert pressure on the limited available stock. Despite reports of a remedy for the diseases that affected local farms, production has yet to return to levels seen before the crisis. This has left the market reliant on expensive imported ginger, which traders say is necessary to keep businesses running despite lower sales volumes. In response to these challenges, traders and stakeholders are calling for urgent government intervention to support local farmers. They emphasize that while imports from China and Morocco are currently filling the void, long-term sustainability depends on boosting domestic production. Strengthening the ginger supply chain through improved farming conditions and financial support is seen as the only way to stabilize prices and reduce the reliance on foreign markets.

Joseph Dindiok Kpemka sues BOST over alleged unlawful termination
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Joseph Dindiok Kpemka sues BOST over alleged unlawful termination

Joseph Dindiok Kpemka, the former Deputy Managing Director of the Bulk Oil Storage and Transportation (BOST) Company, has initiated legal action against the state-owned enterprise for what he describes as the unlawful termination of his appointment. The lawsuit follows the change in government in early 2025, after which Kpemka claims his employment status was left in limbo without formal communication or the settlement of his contractual entitlements. He is seeking full compensation as stipulated in his employment agreement, citing the company's failure to provide proper notice of his dismissal. Represented by his lawyer, Patrick Fafali Azameti, Kpemka asserts that BOST failed to adhere to the terms of his contract, which required the company to provide formal notice of termination or payment in lieu of such notice. According to the court filings, the former Deputy MD made several attempts to clarify his standing and secure the benefits owed to him, but these efforts were allegedly ignored by the company's management. The plaintiff argues that the lack of formal termination constitutes a breach of contract and has resulted in significant financial loss for him since his departure from the post. The legal dispute has gained further weight following revelations that the Attorney-General's Office had previously advised BOST to fulfill its financial obligations to Kpemka. Despite this high-level legal counsel suggesting that the former official be paid his due entitlements, the company has reportedly taken no action to resolve the matter privately. The case also highlights legal questions regarding BOST's corporate status as an entity distinct from the state, emphasizing that it must abide by standard employment laws regardless of political transitions. Kpemka, who served under the previous administration, is now asking the court to compel BOST to pay his outstanding arrears and benefits. The outcome of this lawsuit could set a precedent for how statutory corporations handle the transitions of senior management personnel during changes in government. As the case proceeds, it remains to be seen whether the court will uphold the Attorney-General’s earlier recommendation or if the company will present a formal defense for its handling of the termination.

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Monetary Policy Report shows 11.5% rise in domestic VAT collections

Ghana's latest economic indicators revealed a mixed performance for the first seven months of 2026, with significant growth in tax revenue and labor demand tempered by declines in the construction and retail sectors. According to the July 2026 Monetary Policy Report, domestic Value Added Tax (VAT) collections rose by 11.5% to reach GH‵2.142 billion during the month. This contributed to a cumulative VAT total of GH‵13.617 billion for the year to date, representing a 13.8% increase over the same period in 2025. The labor market showed robust expansion as job advertisements surged by 32.4% year-on-year, with 3,578 positions advertised in July. This growth in hiring sentiment was supported by a 6.1% increase in the number of private-sector contributors to the SSNIT pension scheme, which now includes over 1.17 million individuals. Furthermore, total direct tax collections saw a substantial surge of 53.5%, amounting to GH‵8.085 billion, while contributions to the SSNIT scheme specifically from manufacturing and other sectors rose by 11.2% to GH‵570.59 million. Trade and transport indicators also provided positive signals for the economy. New vehicle registrations recorded a dramatic 51.7% increase, totaling 31,909 vehicles in July alone. In the maritime sector, laden container traffic at the Tema and Takoradi ports grew by 29% year-on-year to 96,966 containers, signaling heightened international trade activity. This was complemented by a 23.1% rise in passenger arrivals at Ghana’s international airport and land borders, with 137,467 arrivals recorded during the month, up from 111,631 in July 2025. However, the report highlighted ongoing challenges in the construction and retail industries. Cement sales, a key proxy for building activity, fell by 4.9% year-on-year in July and recorded a cumulative decline of 10.3% for the first seven months of the year. Similarly, retail sales contracted by 1.5% to GH‵236.41 million in July, marking a 0.8% decline from the previous month. Despite these specific downturns, the broader data suggests a period of transition for the Ghanaian economy, with trade and tax revenue providing a strong foundation for fiscal stability.

A photograph of a high-ranking official, likely from the Ghana Revenue Authority (GRA), seated at a formal meeting or press briefing. He is wearing a grey suit and a pinkish-red patterned tie with his hands clasped on a table that holds water bottles and his eyeglasses. In the background, other individuals are visible, including a police officer in uniform and a person holding a professional camera.
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GRA exceeds nine-month revenue target by GH₵1.4bn

The Ghana Revenue Authority (GRA) has surpassed its revenue mobilization target for the first nine months of 2026, collecting a total of GH₵167 billion. This performance represents a surplus of GH₵1.4 billion over the projected target of GH₵165.6 billion. Appearing before Parliament on October 14, 2026, Commissioner-General Anthony Kwasi Sarpong reported that while the overall target was met, the performance across different tax categories was mixed, with direct taxes and the Energy Sector Recovery Levy showing particularly strong results. Despite the surplus, the Authority faced significant hurdles in customs and Value Added Tax (VAT) collections. Customs revenue fell GH₵1.4 billion short of its goal, and VAT collections also lagged due to persistent compliance issues. To mitigate these shortfalls, the GRA is rolling out a national compliance program and advancing the automation of VAT systems. Mr. Sarpong also addressed the status of VAT on digital services, reminding stakeholders that the tax has been legally in effect since 2013 and remains a focus for future enforcement. Significant progress was reported in the recovery of outstanding debts, particularly from the Electricity Company of Ghana (ECG). The GRA has successfully retrieved GH₵1.3 billion of the GH₵1.4 billion in unpaid VAT owed by the utility provider. The Commissioner-General explained that the ECG's failure to remit the full amount in the past was linked to inadequacies in its internal collection systems. However, ongoing collaboration between the two entities has improved the situation. Furthermore, the GRA recovered $154,976 in legacy debts owed by various foreign entities between 2022 and 2024. To sustain this momentum through the final quarter of the year, the GRA intends to intensify its enforcement of tax laws regarding public institutions and digital service providers. By focusing on technological integration and addressing systemic leakages in the customs and VAT sectors, the Authority aims to ensure consistent revenue growth and meet its full-year fiscal objectives for the state.

A large group of people are gathered at a Media and Stakeholder Forum hosted by MTN Ghana. Participants are seated at white-clothed tables decorated with yellow bows, facing a panel of speakers in front of a bright yellow MTN branded backdrop.
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MTN Ghana to invest $1.1bn in network expansion over three years

MTN Ghana has announced a $1.1 billion capital expenditure plan over the next three years to significantly upgrade its telecommunications infrastructure. The investment, unveiled by Chief Risk and Compliance Officer Joseph Dogbe during a regional stakeholders forum, aims to bolster network capacity and resilience as the company marks its 30th year in Ghana. A key component of this strategy involves the deployment of 500 new cell sites within the current year to improve service quality and coverage for the company's more than 32 million subscribers. The telecommunications giant has earmarked approximately $380 million of this total for the 2026 fiscal year. This financial commitment follows a period of robust performance, with MTN reporting a 32.3% increase in service revenue during the first half of 2026. In addition to internal growth, the company highlighted its substantial contribution to the national economy through the payment of GH₵5.6 billion in taxes during the same period. The investment is also intended to support the continued expansion of Mobile Money (MoMo) services, which have seen significant growth and are increasingly vital for economic participation. Alongside infrastructure rollout, MTN is intensifying its community engagement and digital literacy efforts across the country. In Bogoso and other regions, the company has held forums to educate stakeholders on protecting telecommunications infrastructure and preventing Mobile Money fraud. These initiatives are part of a broader sustainability strategy that includes the MTN Skills Academy, which targets 100,000 young Ghanaians for digital skills training. The company also engaged students at St. Augustine Senior High School to promote cybersecurity awareness and encourage youth interest in technology fields. This large-scale investment underscores MTN’s strategy to maintain its market leadership while supporting Ghana’s digital transformation. By focusing on network resilience and cybersecurity, the company aims to build a more secure and efficient ecosystem for digital financial services and high-speed data transmission. As the expansion progresses, MTN continues to align its operations with sustainability pillars such as social inclusion and ethical practices to ensure the benefits of digital connectivity reach a wide cross-section of the population.