Ghana Business News

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Zimbabwe Commissions $400-Million Lithium Processing Plant to Curb Raw Mineral Exports
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Zimbabwe Commissions $400-Million Lithium Processing Plant to Curb Raw Mineral Exports

Zimbabwe has officially commissioned its first lithium processing plant, marking a pivotal shift in the country’s economic strategy to transition from a raw mineral exporter to a value-added industrial hub. The $400-million facility, established by Prospect Lithium Zimbabwe, is a cornerstone of the government’s aggressive policy to halt the export of unrefined minerals. During the inauguration ceremony, President Emmerson Mnangagwa emphasized that local processing is no longer an option but a requirement to ensure that the nation’s mineral wealth translates into domestic prosperity and long-term economic stability. The operationalization of this facility follows a strategic ban on raw lithium exports, a move designed to compel mining firms to invest in local infrastructure rather than shipping raw ore overseas for processing. Zimbabwe currently holds some of the largest lithium reserves in Africa, making it a critical player in the global transition to clean energy. Lithium is a vital component in the production of lithium-ion batteries for electric vehicles and renewable energy storage. By processing the ore locally, the government anticipates a significant surge in export revenues and the creation of thousands of high-skilled jobs, which will help reduce the country's reliance on volatile raw commodity prices. This development is part of a broader industrial roadmap aimed at positioning Zimbabwe as a central hub in the global green energy supply chain. The government has set a firm deadline of 2027 for a complete ban on all raw mineral exports, signaling to international investors that value addition must happen within the country’s borders. Beyond lithium, officials are focusing on refining other critical minerals and restructuring mining operations to prioritize the interests of local citizens. The ultimate ambition remains the establishment of a full-scale battery manufacturing industry, which would move Zimbabwe from the periphery of the global mining economy to a more central, industrialized role in the 21st-century energy landscape.

Commercial Transport Operators of Ghana Announce 30% Fare Increase Effective July 27
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Commercial Transport Operators of Ghana Announce 30% Fare Increase Effective July 27

Commuters across Ghana are set to face a substantial increase in travel costs as the Commercial Transport Operators of Ghana have officially announced a 30% upward adjustment in transport fares, effective Monday, July 27, 2026. The move marks a significant shift in the nation's economic landscape, impacting millions of citizens who rely daily on private commercial vehicles for transit. The leadership of the transport body indicated that this decision was reached after exhaustive internal assessments of the current economic climate and its direct impact on the transport business. Nana Asonaba Owiredu, the National President of the Commercial Transport Operators of Ghana, attributed the fare hike to several compounding factors, most notably the soaring prices of vehicle spare parts and the high cost of maintenance. He emphasized that frequent fuel price hikes have further eroded the profit margins of operators, many of whom have been incurring significant losses for several months. According to Owiredu, the adjustment is not merely a profit-seeking venture but a necessary measure to ensure the survival of the private transport sector and the continued availability of reliable services for the public. The announcement follows a period of unsuccessful negotiations with government bodies to secure policy interventions that could have mitigated the rising operational costs. Despite engaging with the administration of President John Mahama to seek relief, the operators reported that no sufficient measures were implemented to address their financial strain. This lack of government intervention has placed transport owners in a precarious position, forcing them to transfer the economic burden to commuters to maintain their fleets and cover basic overheads. As the implementation date of July 27 approaches, the Commercial Transport Operators of Ghana are appealing for public understanding and cooperation. This fare hike is expected to have broader implications for the economy, potentially driving up the cost of living as transport costs are a primary driver of inflation for goods and services. Stakeholders in the business community will be watching closely to see how this adjustment affects market prices and consumer spending power in the coming weeks.

CDA Consult Launches Anti-Counterfeit Campaign as Regulatory and Agricultural Revitalization Efforts Intensify
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CDA Consult Launches Anti-Counterfeit Campaign as Regulatory and Agricultural Revitalization Efforts Intensify

The Ghanaian business landscape is undergoing a significant push toward enhanced regulation and consumer safety, spearheaded by advocacy groups and state agencies alike. Central to this movement is the Communication for Development and Advocacy Consult (CDA Consult), which has launched "The Trust Economy — Verify Before You Buy" campaign. This initiative aims to reshape consumer habits by making product verification a non-negotiable step in every transaction. Simultaneously, the Food and Drugs Authority (FDA) is calling for stricter adherence to licensing requirements, while the Ghana Cocoa Board (COCOBOD) reaffirms its commitment to revamping the nation's vital cocoa sector through strategic policy implementation. Francis Ameyibor, Executive Director of CDA Consult, emphasized that the influx of counterfeit and unregistered products in the Ghanaian market is largely fueled by consumers prioritizing convenience over safety. During the launch of the two-year advocacy initiative, Ameyibor noted that every verified purchase serves as a direct blow to counterfeiters. The campaign is designed to educate the public, provide training for retailers, and promote brand authentication tools across the country to create a more transparent and safer market environment. This call for consumer vigilance is mirrored by growing concerns over regulatory compliance within the manufacturing and food service sectors. Reports indicate that a significant number of businesses across Ghana continue to operate without the necessary licenses from the Food and Drugs Authority (FDA). While some facilities maintain basic hygienic standards, many are reportedly prioritizing rapid production and profit margins over their legal and safety obligations. Regulatory bodies are now stressing the importance of formal registration to ensure that all business facilities meet national standards before their products reach the public. In the agricultural sector, the government is intensifying efforts to modernize the cocoa industry to ensure maximum benefits for farmers and the national economy. Samuel Addo Agyakwa, the Central Regional Director of COCOBOD, recently reaffirmed the administration's dedication to this cause. Under the current leadership, COCOBOD plans to implement new policies and programs aimed at increasing productivity and streamlining the supply chain. These efforts are part of a broader strategy to ensure that Ghana remains a global leader in cocoa production while improving the livelihoods of the farmers who form the backbone of the industry. Together, these developments signal a cross-sectoral effort to strengthen the integrity of the Ghanaian economy. From the individual consumer verifying a product to large-scale agricultural reforms and strict regulatory compliance for businesses, the goal remains a stable and trustworthy marketplace. As these initiatives take hold, the government and advocacy groups expect a significant reduction in counterfeit activities and a more resilient economic framework that benefits both producers and consumers in the long term.

Godwin Kudzo Tameklo, CEO of the National Petroleum Authority speaking at the event Use this picture please
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Ghana Bolsters Energy Security with 1,200MW Power Plan as Petroleum Industry Leaders are Honored

Ghana’s energy and petroleum sectors are undergoing significant shifts, marked by government plans to expand the national power grid and industry-wide recognition of excellence within the downstream sector. These developments, supported by key industry watchdogs and major regional players, signal a concerted push toward greater energy security and industrial maturity in West Africa. The integration of new power capacity and the celebration of sector innovation are being viewed as essential pillars for the nation's economic stability under President John Mahama’s administration. The Chamber of Petroleum Consumers (COPEC) has formally endorsed the government's strategic initiative to add 1,200 megawatts (MW) of electricity to the national grid. Duncan Amoah, the Executive Secretary of COPEC, emphasized that this expansion is vital for meeting the country's surging electricity demand. Speaking on Channel One TV, Amoah noted that this enhancement is a crucial step in ensuring energy security, which remains a cornerstone for industrial stability and reliable service delivery across the country. Complementing these infrastructure plans is the recent celebration of institutional excellence within the local petroleum industry. At the second Ghana Downstream Petroleum Awards and Gala Night held in Accra, ten firms and three individuals were honored for their resilience and innovation. Sentuo Oil Refinery was notably named the "Refinery Company of the Year," while honorary awards were presented to prominent sector leaders, including Dr. John Abdulai Jinapor. The event served as a platform to emphasize the importance of collaboration and technological advancement in driving the downstream sector toward sustainable economic growth. On a broader regional scale, the petroleum sector is also preparing for a landmark shift in ownership and investment. Fatima Dangote, Executive Director for Oil and Gas at the Dangote Group, has described the upcoming Initial Public Offering (IPO) of the group’s refinery as a defining moment for African industrialization. According to Ms. Dangote, the IPO represents more than a simple financial transaction; it embodies the continent's growing industrial strength and its increasing capacity to manage world-class energy assets that serve both local and international markets. Together, these developments—ranging from domestic power expansion to regional industrial milestones—underscore a transformative period for West Africa’s energy landscape. As Ghana integrates additional power capacity and honors its petroleum sector leaders, the focus remains on building a resilient economic framework. These steps, combined with major private sector moves like the Dangote IPO, are expected to bolster investor confidence and provide a stable foundation for the region’s long-term industrial and energy ambitions.

Kofi Nsiah-Poku (middle), President, AGI, with Prof. George Agyei (2nd from left), Director-General, GSA; Michael Opoku (left), Head of Budget, Ministry of Trade, Agribusiness and Industry; Seth Twum-Akwaboah (3rd from right), CEO, AGI, and other dignitaries at the launch of the AGI Ghana Industry and Quality Awards
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AGI and Labour Unions Welcome Government Tax Relief as Ghana Shifts Focus to Industrial-Led Economic Growth

The Association of Ghana Industries (AGI) and the Ghana Federation of Labour (GFL) have intensified calls for a transition from mere economic stability to a robust, industrial-led economy. This momentum follows the government's recent decision to abolish the 20% excise duty on locally manufactured fruit juices, a move widely hailed as a critical step toward enhancing the competitiveness of the domestic agro-processing sector. Industry leaders emphasize that these strategic policy shifts are essential for fostering value addition and reducing the nation’s reliance on imports. Abraham Koomson, the Secretary-General of the GFL, lauded the removal of the excise duty, describing it as a significant relief for local manufacturers. According to the Federation, the tax burden had previously inflated operational costs, making it difficult for Ghanaian-made juices to compete with cheaper imported alternatives. By scrapping this levy, the government has provided much-needed financial breathing room for the agro-processing segment, which is expected to stimulate production and enhance the overall market position of local producers. Parallel to these fiscal reforms, the 15th AGI Awards have served as a platform to champion the theme "From stability to growth: Strategic industrialisation as the catalyst for economic transformation." AGI President Kofi Nsiah-Poku highlighted the necessity of leveraging macroeconomic stability to drive accelerated development through competitive manufacturing and innovation. The event emphasized that for Ghana to compete effectively in regional and global markets, the private sector must prioritize high-quality standards, a point reinforced by the Director-General of the Ghana Standards Authority, Prof. George Agyei. These developments signal a renewed collaborative effort between the private sector and the government to reshape Ghana’s economic landscape. As the nation moves forward under the current administration of President John Mahama, the focus remains on deepening public-private partnerships and refining industrial policies. The ultimate goal is to build an economy rooted in local production, where strategic industrialization acts as the primary engine for job creation and sustainable economic transformation.

Inaugural Wa Vendors Expo Drives Economic Growth and Female Empowerment in Upper West Region
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Inaugural Wa Vendors Expo Drives Economic Growth and Female Empowerment in Upper West Region

The Upper West Regional capital, Wa, has been transformed into a vibrant commercial hub following the launch of the first-ever Wa Vendors Expo. Held at the forecourt of the Upper West Regional Coordinating Council, the two-day trade fair was specifically designed to bridge the gap between local startups and national suppliers. The event marks a significant milestone for the region’s economic landscape, focusing on the empowerment of female entrepreneurs and the promotion of emerging businesses within the local ecosystem. Organised by Mary Baalie, CEO of Masung Royal Stores, the expo successfully attracted a diverse array of vendors from across Ghana. Beyond immediate retail opportunities, the event’s primary objective was to facilitate valuable business-to-business connections, allowing local entrepreneurs to secure direct access to wholesale suppliers and larger markets. This strategic networking is expected to lower operating costs for Upper West startups and foster a more robust retail environment. Participating vendors, including Kanton Farihana and representatives from Fragrance World by Ella and Naaj Collections, reported overwhelming crowds and high sales volumes, signaling a strong consumer appetite for organized commercial events. The success of this inaugural expo underscores the untapped economic potential of the Upper West Region. By providing a platform for a wide range of products—from artisanal cloth bags to specialized fragrances—the event highlights the region’s readiness for large-scale commercial activities and investment. For many female entrepreneurs, the expo serves as a critical empowerment tool, providing visibility and growth opportunities within a competitive business landscape. As the region looks to sustain this momentum, the Wa Vendors Expo sets a clear precedent for future trade initiatives aimed at diversifying the local economy and supporting the next generation of Ghanaian business leaders.

Sonzele Community Bank Targets GH‵5m Capital Threshold with New Share Mobilization Campaign
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Sonzele Community Bank Targets GH‵5m Capital Threshold with New Share Mobilization Campaign

Sonzele Community Bank PLC has officially launched an aggressive share mobilization campaign designed to meet the Bank of Ghana’s revised minimum capital requirement of GH‵5 million. The bank currently holds a stated capital of GH‵2.28 million and is working toward a December 2026 deadline to close the regulatory gap. To incentivize both existing shareholders and potential new investors from the local community and the diaspora, the bank has declared a competitive 25.8% dividend payout for the 2025 financial year. Speaking at the bank’s 36th Annual General Meeting (AGM), Board Chairman Michael Zusain reported significant growth despite a challenging macroeconomic environment. The bank’s total assets grew by 19.19%, reaching GH‵84.3 million. This performance underscores the institution’s resilience and provides a solid foundation for the current recapitalization drive. Officials noted that the initiative is not just about regulatory compliance but about strengthening the bank’s capacity to support local businesses and economic development. As part of its long-term growth strategy, the bank is also undergoing a significant rebranding exercise. Transitioning from the designation of a ‘Rural Bank’ to a ‘Community Bank,’ the institution aims to align with modern regulatory frameworks while enhancing inclusivity. This shift is intended to modernize the bank’s image and attract a broader demographic of investors, particularly younger people and those in the diaspora, who are seen as vital to the bank’s future sustainability. Local leaders and government officials have expressed strong support for the recapitalization effort, emphasizing that a robust local banking sector is essential for regional financial stability. They have urged residents to view the share mobilization campaign as an opportunity to secure their financial future while contributing to the growth of their own community. As the bank enters this critical phase, the focus remains on leveraging community support to ensure it remains a pillar of local finance well beyond the 2026 deadline.

Fitch Solutions Forecasts 5.2% Growth for Ghana's Construction Sector in 2026 Amid Regional Expansion
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Fitch Solutions Forecasts 5.2% Growth for Ghana's Construction Sector in 2026 Amid Regional Expansion

Ghana's construction sector is poised for a significant rebound, with its Gross Value Added (GVA) projected to reach a growth rate of 5.2% in 2026. This forecast, provided by Fitch Solutions, marks a notable acceleration from the 3.1% growth expected in 2025. The positive outlook underscores a period of recovery and expansion for the nation's infrastructure and building industries as they navigate a shifting economic landscape under the administration of President John Mahama. While the immediate outlook for 2026 is robust, the medium-term forecast suggests a gradual deceleration in the pace of expansion. According to the Fitch Solutions report, construction GVA growth is expected to moderate slightly to 5.1% in 2027, followed by a further decline to 4.5% in 2028. This projected slowdown reflects broader economic adjustments and the stabilization of project pipelines following the initial surge. Despite this cooling off, the sector remains a critical pillar of Ghana's economic development strategy. On a regional scale, Ghana continues to hold a competitive position, ranking seventh in Sub-Saharan Africa (SSA) for construction GVA. This placement sees Ghana outperforming major regional economies such as Nigeria, Angola, and South Africa. Within the SSA region, Ethiopia currently maintains the top spot for construction growth, followed closely by Cote d’Ivoire and Uganda. Ghana's ability to maintain a top-ten ranking highlights the resilience of its local industry compared to its continental peers. Looking at the broader global context, Sub-Saharan Africa is anticipated to emerge as the fastest-growing construction market in the world between 2026 and 2030. Fitch Solutions predicts the region will maintain an average annual growth rate of 5.1% during this period, significantly outpacing the global growth forecast of 1.2% for 2026. This regional momentum provides a favorable backdrop for Ghana, as international investors continue to eye the continent for long-term infrastructure opportunities despite external economic factors.

Thomas Nyarko Ampem (2nd from right), Deputy Minister of Finance, congratulating Dr Cassiel Ato Forson (right), Minister of Finance, after his presentation. Picture: ELVIS NII NOI DOWUONA
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Finance Minister Dr. Cassiel Ato Forson Reports Strong Fiscal Performance as Government Surpasses T-Bill Target by 30%

The Ghanaian government has demonstrated strong fiscal momentum as the Ministry of Finance reported a significant oversubscription in its latest Treasury bill auction, coinciding with the presentation of the 2026 Mid-Year Budget Review on July 23, 2026. Finance Minister Dr. Cassiel Ato Forson presented a performance report highlighting improved fiscal discipline, narrowed expenditure, and a downward trend in interest rates. The market responded positively to the review, with investors heavily backing government securities, signaling growing confidence in the administration's economic management under President John Mahama. Data from the Bank of Ghana reveals that the government exceeded its Treasury bill target by 30.3% during the auction week. Total bids reached GH"12.3 billion, of which GH"11.5 billion were accepted. The 364-day bill emerged as the most attractive instrument, accounting for 65.5% of total bids with an uptake of GH"7.8 billion. This surge in demand has been accompanied by a consistent decline in yields across the curve; interest rates for the 91-day bill dropped to 5.76%, while the 182-day and 364-day bills fell to 7.68% and 12.96%, respectively. Beyond the domestic debt market, the first half of 2026 showed a marked improvement in the country’s broader fiscal health. Revenue collection for the period reached GH"124.8 billion, nearly hitting the GH"126.1 billion target, driven largely by robust corporate tax receipts which offset lower-than-expected oil revenues. On the expenditure side, the government maintained tight control, spending GH"136.9 billion—significantly lower than the planned GH"172.5 billion. This disciplined approach enabled the state to save GH"6.9 billion in interest payments and clear GH"5.3 billion in outstanding arrears. The Finance Minister attributed this performance to enhanced domestic tax mobilization and a commitment to effective budget management. By successfully clearing arrears without accumulating new debt obligations, the government has signaled a departure from previous cycles of fiscal slippage. Moving forward, the administration aims to sustain this fiscal discipline to further lower borrowing costs and provide the necessary fiscal space for the developmental projects outlined in the 2026 budget cycle.

Minister Samuel Okudzeto Ablakwa and Indian High Commissioner Set Ambitious $6 Billion Target to Double Bilateral Trade
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Minister Samuel Okudzeto Ablakwa and Indian High Commissioner Set Ambitious $6 Billion Target to Double Bilateral Trade

Minister for Foreign Affairs Samuel Okudzeto Ablakwa has announced a strategic partnership with India aimed at doubling bilateral trade to a target of $6 billion. The announcement followed a meeting with the newly appointed Indian High Commissioner to Ghana, His Excellency Surinder Bhagat, marking a significant step toward deepening economic ties between the two nations. This bold initiative is designed to accelerate Ghana's economic transformation and leverage the historical relationship between Accra and New Delhi for mutual prosperity. Key areas of focus for this expanded cooperation include agriculture, Information and Communication Technology (ICT), and pharmaceutical manufacturing. Minister Ablakwa noted that these priority sectors are essential for achieving the government's development goals, particularly in supporting President John Mahama’s 'Feed Ghana' program. By integrating Indian technological expertise with local agricultural initiatives, the government hopes to enhance food security and promote value-added industrialization across the country. Beyond trade volume, the partnership is expected to drive significant job creation for Ghana’s youth through increased investment in the digital economy and the local manufacturing of medicines. The collaboration aims to position Ghana as a regional hub for ICT and pharmaceuticals, reducing the country's reliance on imported goods while fostering innovation. High Commissioner Bhagat expressed India’s commitment to supporting these objectives, emphasizing the potential for technology transfer and human capital development. As both countries work toward the $6 billion trade milestone, the focus will remain on building resilient economic structures that benefit both the private sector and the general population. This agreement signifies a new chapter in Ghana-India relations, aligning international diplomacy with domestic priorities under the Mahama administration to ensure sustainable economic growth and industrial modernization in the coming years.

Northern Business Fair 2026 Boosts Tamale's Economy with Showcase of Local Innovation
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Northern Business Fair 2026 Boosts Tamale's Economy with Showcase of Local Innovation

The 2026 Northern Business Fair has transformed Jubilee Park in Tamale into a vibrant hub of commercial activity, drawing hundreds of local entrepreneurs and consumers. Organized by Channel One TV and Citi FM, the event seeks to promote Made-in-Ghana products while creating vital market linkages for small and medium-sized enterprises (SMEs) in Northern Ghana. As the fair entered its second day, the atmosphere was charged with optimism, highlighting the region's burgeoning potential as a center for trade and investment. Northern Regional Minister Ali Adolf John officially encouraged investors to leverage the diverse opportunities within the region, emphasizing that Northern Ghana is ripe for sustainable business growth. Supported by key partners like Ecobank and the Ghana Export Promotion Authority (GEPA), the fair serves as a critical platform for businesses to launch new products and foster strategic partnerships. Exhibitors from various sectors, including technology, agriculture, and fashion, reported robust sales and high engagement levels, signaling a strong appetite for locally manufactured goods. Patrons at the fair have lauded the high quality and affordability of the items on display, which range from processed foods and cosmetics to traditional and contemporary fashion. Many attendees, including Dr. Ivy Tana, noted that the event beautifully reflects the cultural richness and creativity of the local community. Visitors emphasized that purchasing directly from producers not only ensures authenticity but also provides much-needed support to indigenous industries. This direct interaction between producers and consumers is seen as a key driver for job creation and the overall strengthening of the local economy. The fair is set to conclude this Sunday with a series of final exhibitions and specialized networking sessions designed to solidify the connections made during the event. Participants and visitors alike have called for the fair to become a regular fixture on the national business calendar, citing its success in bringing visibility to northern entrepreneurs. As the curtains prepare to close on this year’s edition, the focus remains on transforming these temporary connections into long-term economic growth for the region.

Liberia produced 73,769 metric tons of rubber in 2025, according to the Central Bank of Liberia. By MATTHEW JACOBS (AFP)
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Bank of Ghana Enforces Cedi Coin Legal Status as Hollard Insurance and Regional Industry Leaders Drive Economic Growth

The Bank of Ghana (BoG) has issued a firm directive to the public and the business community, reaffirming that the Ghana cedi coin remains legal tender and that its rejection in transactions is a punishable offense. Traders in the Sunyani Business Community have welcomed the central bank's intervention, noting that disputes frequently arise when customers refuse small-denomination coins, particularly the 10 pesewas piece. Some traders have suggested a redesign of the coins to improve usability and have called for increased public awareness to ensure smoother transactions across the country. This regulatory move comes at a time of shifting currency values, with the Ghana Cedi trading at GHS 12.30 for sales at forex bureaus and GHS 11.64 on the interbank market as of late July. In the corporate sector, Hollard Insurance has launched its 'We Cover You' campaign to enhance public understanding of insurance services. Announced at the Achimota Retail Centre, the initiative seeks to move away from technical jargon and focus on simplified, everyday life protection. Managing Director Daniel Boi Addo emphasized that despite the company's recognition, many people still do not fully comprehend the range of services offered. The campaign, developed by listening to public perceptions, aims to transform common assumptions into a better understanding of how insurance can safeguard personal and business assets. Additionally, utility providers are working to maintain infrastructure, with the Electricity Company of Ghana (ECG) conducting planned maintenance in the Western, Ashanti, and Tema regions to ensure long-term service reliability. Beyond Ghana’s borders, the West African sub-region is seeing significant shifts in industrial policy, particularly in Liberia’s rubber sector. Despite being a major producer of raw rubber, Liberia has long lacked local manufacturing facilities for tyres, leading to economic losses and a heavy reliance on imported goods. An executive order banning the export of unprocessed rubber aims to stimulate domestic value addition, though it has faced mixed reactions from farmers concerned about market options. However, private sector players like Upjit Singh Sachdeva are looking toward the future, with plans to introduce domestic tyre production by 2028 to keep more of the value chain within the local economy. As businesses and individuals navigate these evolving economic landscapes, the importance of financial transparency and strategic planning has become increasingly prominent. From national currency regulations and regional industrial shifts to personal financial strategies—such as the growing trend of couples adopting equal bill-splitting to manage salary disparities and unexpected job losses—there is a clear move toward more structured financial management. These combined developments across the banking, insurance, and manufacturing sectors highlight a broader regional effort to stabilize the economy and foster sustainable growth through both regulation and private innovation.