Ghana Business News

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Bank of Ghana pilots cross-border digital payments with Rwanda and Nigeria
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Bank of Ghana pilots cross-border digital payments with Rwanda and Nigeria

The Bank of Ghana (BoG) has commenced pilot testing of a new cross-border digital payment system in collaboration with Rwanda and Nigeria. This initiative focuses on achieving interoperability between various financial instruments, including central bank digital currencies (CBDCs), stablecoins, traditional bank accounts, and mobile wallets. By facilitating these connections, the central bank aims to streamline trade and financial transfers across African borders without the need for traditional intermediary banks located outside the continent. Announcing the project during the IMF and World Bank Group annual meetings in Bangkok, BoG Governor Dr. Johnson Pandit Asiama highlighted the urgent need to lower the cost of transactions within Africa. Currently, cross-border payment costs on the continent frequently exceed eight percent, largely due to a heavy reliance on correspondent banks in Europe and North America. The pilot project intends to leverage existing infrastructure, such as the Pan-African Payment and Settlement System (PAPSS), while extending its reach to include mobile wallets, which are essential for financial inclusion in the region. Dr. Asiama emphasized that modernizing financial systems in Sub-Saharan Africa requires common standards and streamlined licensing for fintech companies to foster regional cooperation. He noted that Ghana’s digital financial landscape is growing rapidly, with mobile money transactions surpassing one billion in August 2026 alone. To support this growth, the Governor advocated for stronger regulatory collaboration among African nations to reduce barriers for businesses operating across multiple jurisdictions. While the pilot marks a significant step toward seamless continental trade, the central bank is also prioritizing cybersecurity and fraud prevention. Dr. Asiama pointed to a 48% increase in fraud cases reported in 2025, primarily targeting payment service providers, as a critical area for improvement. The ultimate goal of the current testing phase is to transition these digital payment solutions into live, permanent services that will enhance efficiency for traders and mobile money users across the participating nations.

Johnson Pandit Asiama urges IMF to support Africa's AI governance
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Johnson Pandit Asiama urges IMF to support Africa's AI governance

Bank of Ghana Governor Dr. Johnson Pandit Asiama has called on the International Monetary Fund (IMF) to intensify its support for Africa’s digital transformation. Speaking at the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand, Dr. Asiama emphasized that the continent requires robust assistance in artificial intelligence (AI) governance, cybersecurity, and digital infrastructure to ensure economic resilience. His remarks during the African Caucus Meeting underscored the critical role of digital sovereignty in achieving long-term development across the continent. During the sessions, the Governor warned that Africa risks further marginalization in the global economy without urgent, coordinated action to enhance its digital capabilities. He highlighted the intersection of AI and macro-financial stability, arguing that African nations must help shape the global rules and standards governing digital technologies. While noting advancements in digital payments across the continent, Dr. Asiama stressed that improved regulatory capacity and digital risk management are essential to leveraging AI for sustainable development and avoiding the pitfalls of the global digital divide. The Ghanaian delegation in Bangkok is led by Finance Minister Dr. Cassiel Ato Forson, who is overseeing efforts to mobilize investment and secure financing deals. The team has been engaging in bilateral discussions and investor briefings from October 12 to 18, focused on attracting international financial institutions to support Ghana’s digital and economic goals. Although no formal financing packages have been announced yet, officials indicate that negotiations are progressing with the expectation of formal commitments in the coming days. This push for digital inclusion comes as IMF Managing Director Kristalina Georgieva outlines the Fund’s Global Policy Agenda. For Ghana and its African peers, the primary objective remains securing the necessary financing and technical expertise to protect domestic economies from cyber threats and ensure they are not left behind in the rapid global AI revolution. The delegation’s efforts reflect a broader strategy to integrate digital risk management into the national economic framework.

COCOBOD raises GH₵3.4bn through inaugural commercial paper issuance
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COCOBOD raises GH₵3.4bn through inaugural commercial paper issuance

The Ghana Cocoa Board (COCOBOD) has successfully raised GH₵3.396 billion from domestic institutional investors through its first-ever commercial paper issuance. The fundraising, conducted via Cocoa Capital PLC, is part of a broader Domestic Cocoa Notes Programme designed to finance cocoa purchases for the 2026/27 crop season. This move marks a strategic shift for the state-owned commodity buyer as it seeks to reduce its long-standing reliance on external borrowing and tap into Ghana's internal capital markets. The issuance is the first phase of a GH₵16.3 billion domestic financing initiative, which includes GH₵14 billion in commercial paper and GH₵2.3 billion in bonds. During the inaugural auction, the board attracted significant investor interest, receiving approximately GH₵3.59 billion in bids. The successful notes were issued at an 11% interest rate, reflecting market confidence in the board's new financial direction. The proceeds will be used to ensure timely payments to cocoa farmers and to refinance existing debt obligations. COCOBOD Chief Executive Dr. Randy Anertey Abbey described the program as a transformative step for the cocoa sector. He emphasized that transitioning to domestic capital markets enhances the sector's financial resilience and supports the livelihoods of farmers. Board Chairman John Awuah highlighted that a structured financing mechanism has been established to ensure transparency and accountability, ensuring the funds are used effectively to support agricultural development and national economic growth. The listing of these inaugural papers on the Ghana Fixed Income Market (GFIM) signals a deepening of the local financial ecosystem. By prioritizing domestic institutional funds, COCOBOD aims to create a more sustainable model for agricultural financing that is less vulnerable to international market volatility and exchange rate fluctuations. The initiative is viewed by stakeholders as a landmark effort to strengthen the financial backbone of Ghana's cocoa industry.

Moody's Ratings upgrades Ghana's credit rating to B3
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Moody's Ratings upgrades Ghana's credit rating to B3

Moody's Ratings has upgraded Ghana's long-term foreign and local currency issuer ratings to B3 from Caa1, signaling a significant improvement in the country's fiscal health. The upgrade comes alongside a revision of the national outlook from positive to stable, reflecting a new baseline of economic confidence. According to the rating agency, the decision was primarily driven by the marked improvement in domestic financing conditions and a reduction in the government's borrowing costs, which have collectively enhanced the nation's debt affordability. The agency credited the upgrade to ongoing fiscal discipline and institutional improvements that have strengthened the government’s financial position. Favorable prices for key exports and more effective debt management strategies were also cited as critical factors that have allowed Ghana to navigate external economic pressures. These developments suggest that the structural reforms implemented over recent months are beginning to yield tangible results in the eyes of international credit monitors. However, the report also identified persistent challenges that temper the country's credit profile. Ghana remains vulnerable to volatility in international trade and continues to face hurdles regarding low domestic revenue generation. While the upgrade to B3 acknowledges substantial progress, these structural constraints indicate that further rating improvements will require sustained efforts to broaden the tax base and diversify the economy to withstand global market shocks. The stable outlook indicates that Moody's expects the current credit gains to be maintained, though it does not anticipate another upgrade in the immediate future. This rating action is expected to bolster investor confidence and may lead to more favorable terms for future government financing. For the Ghanaian government, the upgrade serves as an external validation of its current economic trajectory as it focuses on consolidating these fiscal gains and ensuring long-term debt sustainability.

An official from the Ghana Revenue Authority (GRA) addresses the media or public from behind a podium. He is speaking into a microphone while referring to a tablet, set against a blue backdrop featuring the GRA logo.
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GRA clarifies 20% digital service VAT is an existing tax

The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, has clarified that the 20% tax on cross-border digital services is an enforcement of existing laws rather than a new levy. Starting October 15, 2026, a new automated system will enable commercial banks and payment gateways to collect these taxes at the point of transaction. The 20% effective rate is a consolidation of the 15% Value Added Tax (VAT), a 2.5% National Health Insurance Levy (NHIL), and a 2.5% Ghana Education Trust Fund (GETFund) Levy, as established under the Value Added Tax Act, 2025. Addressing the Public Accounts Committee and speaking in recent media interviews, Sarpong emphasized that this initiative is not a reintroduction of the Electronic Transfer Levy (E-Levy). He explained that while VAT on digital services from foreign companies has been applicable since 2013, the new framework shifts the collection responsibility to local financial institutions to ensure higher compliance. The system is designed to identify the tax component of payments made to platforms such as Netflix, Spotify, Google, Meta, and ChatGPT without imposing additional charges beyond what is legally required. The GRA has identified approximately 100 additional foreign digital service providers to be integrated into the tax net, joining 92 non-resident entities that are already registered and compliant. Tax analysts have noted that while the tax itself is not new, consumers may experience a rise in subscription costs if their service providers had not previously factored the 20% tax into their pricing models. The GRA has assured the public that the system will focus strictly on digital services and will not impact the purchase of physical goods, which are already subject to taxation at the point of import. To ensure a smooth transition, the GRA is working closely with commercial banks, some of which have already begun notifying customers of the upcoming automated deductions. The authority has also implemented safeguards to prevent double taxation and encouraged consumers to report any transaction inconsistencies directly. This measure aims to create a level playing field between local and international digital providers while streamlining revenue collection for the state.

Philip Oti-Mensah wins CEO of the Year at 2026 Ghana Credit Excellence Awards
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Philip Oti-Mensah wins CEO of the Year at 2026 Ghana Credit Excellence Awards

Dr. Philip Oti-Mensah, the Managing Director of Universal Merchant Bank (UMB), has been named the CEO of the Year in the banking category at the 2026 Ghana Credit Excellence Awards. The ceremony, which recognizes outstanding leadership and institutional performance within the country's financial sector, highlighted Oti-Mensah's significant contributions to the banking landscape and his role in driving growth and innovation at UMB. The event served as a high-profile platform to celebrate excellence in credit management and financial services. The awards night also featured several other prominent figures who have shaped the industry over the past year. Charlotte Yawa Impraim was honored with the Woman of Excellence Leadership in Credit award, while Dr. Augustine N. Beakana received the title of CEO of the Year for Community Banking. Additionally, the Lifetime Achievement Award was presented to Gladys Okyere for her extensive years of service and dedication to the community banking sector, reflecting a broad recognition of talent across both commercial and rural financial institutions. Organizers of the event emphasized that the 2026 awards focused on the themes of financial inclusion, resilience, and sustainability within the Ghanaian banking sector. By celebrating these achievements, the awards aim to promote high standards of credit management and institutional integrity. The recognition of these leaders underscores the ongoing efforts to build a more robust financial system that can effectively support national economic growth and provide reliable services to all segments of the population.

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Issifu Seidu calls for $500m Lifeline Fund for debt-restructuring nations

Issifu Seidu, Ghana's Minister of State in Charge of Climate Change and Sustainability, has proposed the establishment of a US$500 million Lifeline Fund to support climate-vulnerable nations undergoing debt restructuring. Speaking during a dialogue at the International Monetary Fund (IMF) and World Bank Group (WBG) annual meetings in Bangkok, Seidu emphasized that countries in the process of stabilizing their economies must not be excluded from international climate financing. He warned that denying access to these funds could severely undermine economic recovery and long-term development progress. Mr. Seidu criticized the current global financial architecture, which often restricts access to climate funding for nations in debt distress. He argued that this exclusion creates competing fiscal pressures, forcing governments to choose between servicing debt and investing in critical climate resilience. According to the Minister, such a dilemma risks reversing years of developmental gains and could ultimately render debt sustainability impossible to achieve if physical climate shocks occur without a financial buffer. The proposed US$500 million Lifeline Fund is intended to provide rapid financial assistance to nations facing immediate climate-related disasters. By securing this dedicated resource, vulnerable communities would have a safety net that functions independently of broader debt-restructuring negotiations. Seidu called for increased collaboration with strategic international partners and private investors to foster sustainable financial solutions that protect the most at-risk populations from environmental volatility. This advocacy comes at a critical time as Ghana continues to navigate its own path toward fiscal stability following its recent debt restructuring efforts. The Minister’s appeal reflects a growing consensus among Global South nations that the international financial system must be reformed to address the dual challenges of high indebtedness and climate vulnerability. The outcome of these discussions in Bangkok is expected to influence how multilateral institutions prioritize climate justice in their future lending and support frameworks.

Dr Cassiel Ato Forson — Minister of Finance
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Dr Cassiel Ato Forson leads Ghana delegation to IMF meetings in Bangkok

Finance Minister Dr. Cassiel Ato Forson is leading a high-level Ghanaian delegation to the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand. Scheduled from October 12 to 18, 2026, the mission marks a significant step in Ghana's economic diplomacy as the country moves beyond its recent $3 billion Extended Credit Facility (ECF) bailout program. The minister is expected to engage with international leaders, development partners, and global investors to reinforce confidence in the nation's fiscal recovery and long-term stability. Central to the delegation's agenda is the promotion of the government’s New Economy programme, which focuses on shifting Ghana's economic trajectory from stabilization to aggressive growth through industrialization and job creation. Dr. Forson will also lead discussions on a new Policy Coordination Instrument (PCI) with the IMF. This non-funded arrangement is intended to provide technical support and policy signaling to international markets, ensuring that the fiscal discipline established during the bailout period is maintained as the government prepares its 2027 Budget. During the week-long event, the Ghanaian team will participate in dialogues addressing global economic headwinds, including energy security, climate change, and rising costs of living. The meetings provide a strategic platform for Ghana to mobilize investments and secure financing deals ahead of the next fiscal year. By showcasing the New Economy agenda to a global audience, the Ministry of Finance aims to attract private capital into key sectors that will drive the country’s industrial transformation. The 2026 gathering is notable as it represents only the second time Thailand has hosted the meetings since 1991. For Ghana, the outcomes of these sessions in Bangkok are expected to shape the implementation of the 2027 Budget and define the country’s post-bailout relationship with international financial institutions. Dr. Forson’s leadership at these meetings underscores the administration's commitment to sustaining economic momentum and securing Ghana's position as a competitive investment destination in sub-Saharan Africa.

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Sylvester Mensah pledges Ghana Eximbank support for 2026 Agrifair

Sylvester Mensah, the Chief Executive Officer of Ghana Eximbank, has pledged the bank's support for the upcoming 2026 Agrifair, scheduled to take place in late November in Accra. The initiative is designed to bridge the gap between local agricultural production and international export markets while strengthening the country's agricultural value chain. By focusing on processing and value addition, the fair aims to deliver measurable improvements to Ghana’s foreign exchange earnings and create sustainable employment opportunities across the sector. The event, which is set for November 27 to 29, 2026, will be hosted at the Efua Sutherland Children’s Park. Mr. Mensah emphasized that the fair aligns with the core mandate of Ghana Eximbank, which includes financing agricultural processing and promoting exports. He noted that the bank’s involvement is part of a broader strategy to ensure that agricultural outputs are not just harvested but are effectively integrated into the processing and export sectors to maximize economic returns for the country. Highlighting the importance of strategic partnerships, Mr. Mensah acknowledged the significant contributions of Citi FM and Channel One TV in promoting agricultural exhibitions. He stated that this collaboration is vital for the success of the 2026 Agrifair, as it provides a platform for local producers to showcase their goods to a wider audience. The fair is expected to attract various stakeholders within the agricultural space, fostering connections that could lead to long-term trade agreements and expanded market access for Ghanaian businesses. Looking ahead, the organizers and Ghana Eximbank intend for the 2026 Agrifair to go beyond a simple three-day exhibition. There are plans to implement post-exhibition objectives to ensure the impacts of the event are measurable and long-lasting. By prioritizing the connection between production, processing, and exports, the initiative seeks to bolster Ghana's position in the global agricultural market and provide a reliable framework for future growth in the agribusiness sector.

National Housing Fund to launch EasyRent scheme for rent advances
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National Housing Fund to launch EasyRent scheme for rent advances

The National Housing Fund (NHF) has announced plans to launch the EasyRent Scheme by the end of 2026, an initiative designed to provide Ghanaians with low-interest rent advances. NHF Chief Executive Officer Prosper Hoetu unveiled the plan during the National Conference on Housing Finance held in Accra. The scheme aims to address the persistent challenge of high upfront rent demands, which often pose a significant financial barrier for many citizens seeking decent accommodation in urban areas. Beyond rent assistance, the NHF is pursuing a multi-pronged strategy to tackle the national housing deficit. This includes the creation of a comprehensive national homebuyers database and a direct investment in social housing projects. Mr. Hoetu indicated that the Fund is also exploring partnerships with commercial banks to provide the necessary financing to complete various uncompleted housing projects across the country. These efforts are expected to not only increase the housing stock but also stimulate economic growth by generating employment within the construction sector. The NHF CEO highlighted that the success of these innovative financing arrangements will rely heavily on systemic reforms, particularly regarding land administration. Improving land title documentation is seen as a prerequisite for attracting the level of investment required to sustain the EasyRent Scheme and other social housing programs. By streamlining these processes, the NHF aims to create a more predictable environment for both lenders and tenants, ultimately making the dream of affordable housing more attainable for the average Ghanaian.

Simon Madjie, CEO, GIPA
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GIPA launches northern roadshow to showcase 600 investment projects

The Ghana Investment Promotion Authority (GIPA) has launched a strategic roadshow across five northern regions to connect domestic and international investors with more than 600 identified projects. Led by Deputy CEO Abdul Razak Baba, the week-long initiative runs until October 23, 2026, and covers the Northern, North-East, Upper East, Upper West, and Savanna regions. The drive aims to mobilize growth under the theme "Driving local investment: Unlocking regional potential, mapping opportunities and mobilising growth." The roadshow is a central component of GIPA’s broader Investment Opportunities Mapping Project, which has systematically identified hundreds of ready-to-fund ventures in critical sectors such as agriculture, manufacturing, and renewable energy. During the tour, GIPA officials are engaging with regional administrative leaders and conducting site visits to operational businesses to assess progress and identify specific needs. This hands-on approach is designed to validate the viability of local projects and bridge the information gap between regional entrepreneurs and potential capital providers. Northern Ghana is increasingly being recognized for its significant untapped potential, particularly in agro-processing and green energy solutions. GIPA highlights that the regions possess vast land resources and a growing labor force, making them attractive hubs for industrialization. By showcasing these specific opportunities, the Authority seeks to decentralize investment away from traditional southern economic hubs, ensuring a more balanced and inclusive national development landscape. This regional outreach serves as a critical precursor to a major national investment summit. By establishing a robust pipeline of bankable projects now, GIPA intends to present a clear and verified portfolio to investors at the upcoming event. The successful execution of this roadshow is expected to boost local economies across the five regions, creating sustainable jobs and strengthening the capacity of indigenous businesses to compete on both a national and continental scale.

Standard Chartered Bank Ghana reports GH‵320m half-year profit
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Standard Chartered Bank Ghana reports GH‵320m half-year profit

Standard Chartered Bank Ghana PLC has reported a profit after tax of GH‵320 million for the first half of 2026. During the bank’s ‘Facts Behind the Figures’ session at the Ghana Stock Exchange, leadership presented a strong financial performance for the period ending June 2026, noting a total revenue of GH‵798 million. This presentation highlights the bank's operational resilience and its continued focus on delivering sustainable value to its stakeholders while maintaining a robust balance sheet. The H1 2026 results build on the bank’s performance in 2025, during which it achieved a return on equity of 28%. Based on these 2025 earnings, the bank has proposed a dividend payout of GH‵673.48 million to its shareholders. The presentation to the investor community underlined the institution's commitment to balancing high returns with prudent risk management and long-term stability. Beyond financial metrics, Standard Chartered detailed its contributions to Ghana's socio-economic development and environmental sustainability. The bank reported mobilizing $30.5 million in climate finance specifically for projects within the country. Additionally, it has invested GH‵4.6 million into youth empowerment initiatives, aiming to create opportunities and foster entrepreneurship among the younger population as part of its corporate social responsibility strategy. Currently celebrating its 130th year of operations in Ghana, the bank reaffirmed its historical ties to the nation and its intention to continue supporting economic growth. By aligning its business strategy with sustainable finance and community investment, the bank aims to sustain its performance levels through the remainder of 2026 and beyond.