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.

Data Protection Commission refers four food companies to CID
business|

Data Protection Commission refers four food companies to CID

The Data Protection Commission (DPC) has referred four major food processing companies operating within the Free Zones Enclave in Tema to the Criminal Investigations Department (CID) of the Ghana Police Service. The companies—Wilmar Africa Limited, De Heus, Barry Callebaut, and TF Commodities—are alleged to have violated the Data Protection Act, 2012 (Act 843). The referral follows an enforcement exercise where these entities were found to be operating without valid data protection certifications or failed to produce them during compliance checks. According to the DPC Director, Mr. Quintin Akrobotu, the enforcement action is part of a broader effort to ensure that all organisations handling personal data adhere to national privacy standards. Under the current legal framework, entities are required to register with the commission and renew their data protection certificates every two years. The failure of these four companies to maintain valid documentation triggered the immediate referral for police investigation and potential prosecution. While several firms faced sanctions, the DPC highlighted some successes within the enclave. Cargill Ghana Limited and Imperial Health Sciences were publicly commended for their full compliance with data protection regulations. Mr. Akrobotu noted that these companies demonstrated best practices in their data handling processes, serving as a benchmark for others in the industry. He reiterated that the commission’s enforcement activities will persist across various sectors until total compliance is achieved across the country. In a related development, the DPC Director condemned reported attacks on journalists who were covering the inspection exercise in Tema. Mr. Akrobotu emphasized the importance of media transparency in regulatory enforcement and stated that such hostility towards the press is unacceptable. The commission remains resolute in its mandate to protect the personal data of citizens and will continue to hold non-compliant institutions accountable through both administrative and legal channels.

DVLA pays GH‵17.7m to Consolidated Fund for the first time
business|

DVLA pays GH‵17.7m to Consolidated Fund for the first time

The Driver and Vehicle Licensing Authority (DVLA) has achieved a significant financial milestone by making its first-ever contribution to the Consolidated Fund. During the 2025 fiscal year, the authority remitted GH‵17.7 million to the state coffers, marking a shift in its financial reporting since transitioning to a semi-autonomous status nearly a decade ago. This development reflects the authority's growing capacity to generate surplus revenue while fulfilling its primary mandates. In addition to the new contribution to the Consolidated Fund, the DVLA reported a record-breaking payment to the Road Fund. According to the Chief Executive Officer, Julius Neequaye Kotey, the authority contributed GH‵80.4 million to the Road Fund in accordance with the Road Fund Act of 1997. This brings the DVLA's total mandatory fund contributions for the year to GH‵98.1 million. Mr. Kotey noted that the Road Fund remittance represents the highest amount the authority has ever provided to the fund in its history. The surge in financial contributions coincides with an aggressive expansion of the DVLA's physical presence across the country. Under Mr. Kotey’s leadership, the authority has opened 30 new offices, significantly increasing its visibility and making services more accessible to the motoring public. This expansion is part of a broader strategy to improve service delivery and administrative efficiency, with several additional offices currently under construction to further extend the authority's reach into underserved areas. This fiscal performance is particularly notable as it marks the first time the DVLA has contributed to the Consolidated Fund since it became semi-autonomous in 2016. Previously, the authority's revenues were largely reinvested into its own operations or directed toward road maintenance through the Road Fund. The new payment structure signals a maturing of the authority's financial model, demonstrating its ability to support broader national fiscal goals while simultaneously funding its own operational expansion and infrastructure mandates.

Ghanaian Minister for Employment and Labour Relations, Ignatius Baffour-Awuah, is seen signing an official agreement at a desk. The photograph captures the moment of signing against the backdrop of the national flag, representing a formal government ceremony related to overseas job creation.
business|

Labour Ministry signs agreement with UAE firm for 5,000 construction jobs

The Ministry of Labour and Rehabilitation has formally entered into a Memorandum of Understanding (MoU) with Masa Depan Building Maintenance L.L.C., a United Arab Emirates-based company, to facilitate the recruitment of up to 5,000 Ghanaian workers. The agreement, signed in Accra, marks a strategic effort to provide structured employment opportunities in Dubai’s construction and building maintenance sectors. Labour Minister Emmanuel Kwadwo Agyekum represented the Ghanaian government, while Managing Director Junhong Deng signed on behalf of the UAE firm. The recruitment process is designed to be executed in phases, beginning with an initial cohort of 500 workers. Under the terms of the agreement, the Ministry of Labour will maintain strict oversight throughout the recruitment cycle. This includes verifying specific job demands from the UAE and ensuring that all recruitment activities are conducted through official channels. By centralizing the process, the government aims to protect Ghanaian citizens from the risks associated with irregular labor migration and predatory recruitment agencies. To ensure the welfare of the workers, the MoU incorporates several robust protection mechanisms. Masa Depan Building Maintenance is required to provide occupational safety training for all recruits to prepare them for the technical demands of the construction industry in Dubai. Additionally, a dedicated complaints mechanism will be established to address any grievances or labor disputes that may arise during the period of employment. These measures are intended to safeguard the rights and safety of the workers while they are stationed abroad. Beyond immediate employment, the partnership is expected to yield long-term benefits for the Ghanaian economy through skills transfer. Officials noted that workers returning from these assignments will bring back valuable technical expertise and international experience that can be applied to local infrastructure projects. This agreement is part of a broader government initiative to enhance access to international labor markets while ensuring that labor migration remains safe, orderly, and beneficial to the national workforce.

A large billboard for the Dangote Petroleum Refinery IPO is displayed prominently alongside a busy city street. The advertisement features the slogan 'BUYING A SHARE IS EASIER THAN YOU THINK!' while pedestrians and traffic move past in the foreground and background.
business|

Aliko Dangote extends Nigerian oil refinery IPO deadline to October 27

Africa’s wealthiest man, Aliko Dangote, has announced a two-week extension for the initial public offering (IPO) of his Nigerian oil refinery. Originally scheduled to conclude earlier, the subscription period for the $1.6 billion offering will now close on October 27. The extension provides additional time for investors to participate in one of the continent’s most significant equity market events, which aims to boost liquidity and retail participation. The IPO is strategically positioned to reinvigorate local equity markets by attracting a broad base of retail investors. Akin Dawodu, an executive at Citi, emphasized that the refinery’s popularity could help restore trust in local exchanges, which have historically struggled with low engagement. By drawing in individual investors, the offering seeks to create a more robust and inclusive financial environment in Nigeria and across the African continent, helping to unlock funding necessary for major infrastructure projects. While the move has generated significant interest, it has also faced some skepticism regarding the refinery's valuation. However, financial experts suggest that the broader economic benefits of increased market participation may outweigh these concerns. The successful execution of this IPO is seen as a vital step in leveraging African financial structures more effectively to meet the continent's pressing developmental needs, particularly as global perspectives on African investment risks continue to improve. As the subscription period continues toward the new October 27 deadline, industry analysts are watching closely to see if the offering will reach its ambitious funding goals. The outcome of the Dangote refinery IPO is expected to set a precedent for how large-scale industrial projects are funded through local capital markets. Ultimately, the project represents a critical test of the market's capacity to support indigenous industrialization and energy sovereignty.

A wide-angle photograph showing a group of business professionals and delegates seated around a large U-shaped wooden table in a classic wood-paneled conference room in London. The background features a digital display for the 'UK Investment Roadshow' flanked by the Ghana and UK flags, along with banners for the UK-Ghana Chamber of Commerce (UKGCC).
business|

UK Investment Roadshow 2026 opens in London to market £250m opportunities

The UK Investment Roadshow 2026 has officially opened in London, marking a significant milestone for the UK-Ghana Growth Partnership. The event, themed "From Confidence to Capital," is designed to translate high-level diplomatic and economic commitments into tangible trade and investment outcomes. It specifically targets high-growth sectors in Ghana, presenting a pipeline of actionable opportunities valued at more than £250 million. Organized by the UK-Ghana Chamber of Commerce as part of the Jobs and Economic Transformation (JET) programme, the roadshow serves as a platform for direct engagement between international investors and Ghanaian decision-makers. Notable attendees include Ghana’s High Commissioner to the UK, Sabah Zita Benson, and Presidential Adviser Augustus Goosie Tanoh, alongside Claire Innes from the UK Foreign, Commonwealth & Development Office (FCDO). The roadshow builds upon the foundations laid during previous bilateral summits, aiming to deepen the economic ties between the two nations. The investment drive focuses on three primary sectors: agribusiness, pharmaceuticals, and infrastructure. By highlighting these areas, the partnership seeks to attract capital into industries that are critical for Ghana's industrialisation and economic resilience. The roadshow provides a structured environment for investors to evaluate specific projects, moving beyond general interest to actual capital allocation. This initiative reflects the ongoing efforts under the UK-Ghana Growth Partnership to foster a more integrated economic relationship. By facilitating these direct connections, the roadshow aims to streamline the investment process and ensure that the identified £250 million in opportunities can be realised effectively. The event underscores a shared commitment to sustainable economic growth through private-sector-led development and enhanced bilateral trade.

IMF warns of global market risks from AI-driven selloff
business|

IMF warns of global market risks from AI-driven selloff

The International Monetary Fund (IMF) has issued a stern warning against complacency in global financial markets, identifying significant risks stemming from a potential artificial intelligence (AI) investment slowdown, rising government bond yields, and escalating cybersecurity threats. In its latest Global Financial Stability Report, the Fund cautioned that while the surge in AI-related investments has bolstered markets recently, any signs of diminishing returns could trigger a sharp and substantial market correction. This volatility poses a threat to the stability of the broader financial system as investors reassess the valuation of technology-driven assets. Beyond the immediate impact of the tech sector, the IMF highlighted the mounting pressure from rising government bond yields. These increases, driven by persistent inflationary pressures, are occurring alongside a notable lack of market liquidity, which could further exacerbate financial stability risks. The report suggests that these combined factors create a fragile environment where sudden price shifts could lead to broader economic disruptions. While the Fund acknowledged that many banks currently maintain solid capital buffers, it noted that specific vulnerabilities remain within the global banking sector that could be exposed during a period of market stress. Technological risks also extend into the realm of security, with the IMF warning that advanced technologies are being leveraged to launch increasingly sophisticated cyberattacks. These threats target the core of the financial infrastructure, potentially disrupting essential services and undermining investor confidence. To counter these emerging dangers, the Fund has urged policymakers and financial regulators to enhance their oversight mechanisms and bolster defensive frameworks. The IMF emphasizes that proactive management of these multifaceted risks is essential to navigating a landscape defined by both rapid innovation and shifting global monetary conditions.

IMF projects global economic growth will slow to 3.1% in 2026
business|

IMF projects global economic growth will slow to 3.1% in 2026

The International Monetary Fund (IMF) has projected global economic growth to moderate to 3.1% in 2026 in its latest World Economic Outlook report, titled "Resilience Under Strain, Urgent Choices." This forecast represents a decrease from the 3.5% growth recorded in 2025, although the IMF anticipates a slight recovery to 3.4% in 2027. Despite the overall slowdown, the fund noted that advanced economies have shown unexpected resilience against rising energy prices, leading to a marginal 0.1 percentage point upgrade to previous estimates for 2026. The report identifies a "bifurcated outlook" where advanced economies benefit from significant investments in Artificial Intelligence (AI) while lower-income nations remain vulnerable. Global inflation is expected to rise to 4.7% in 2026, driven by geopolitical tensions—specifically ongoing conflicts in the Middle East—and higher transportation and production costs. IMF Chief Economist Silvana Tenreyro warned that these pressures, combined with high public debt and potential trade disruptions from new tariffs, pose significant risks to global economic stability. For Sub-Saharan Africa, the IMF forecasts growth of 4.5% for both 2026 and 2027. However, the region faces a deepening debt crisis, with many countries currently allocating 30% to 50% of tax revenues toward debt servicing rather than healthcare or infrastructure. In Ghana, the IMF cautioned that rising oil prices linked to international conflicts could increase domestic transport and production costs, complicating the government's efforts to maintain price stability. The IMF urged policymakers to prioritize sound fiscal management and enhanced revenue collection to navigate these uncertain conditions. The fund specifically advised governments to shift away from broad-based subsidies toward targeted financial relief for the most vulnerable populations. As world trade volume is expected to slow due to production adjustments and trade barriers, the report emphasized the need for urgent fiscal and monetary actions to maintain macroeconomic stability and ensure food and energy security across all regions.

Bank of Ghana proposes income-based rules for loan assessments
business|

Bank of Ghana proposes income-based rules for loan assessments

The Bank of Ghana has unveiled a draft Credit Risk Management Directive, 2026, which aims to transform how financial institutions evaluate creditworthiness. The proposed rules require lenders to prioritize a borrower's income and cash flows over the value of their collateral when making lending decisions. This shift is intended to improve the accuracy of credit assessments across the banking sector and facilitate the earlier identification of potential problem loans. According to the draft directive, banks will be expected to implement more stringent verification processes. This includes a thorough analysis of a borrower's income stability, a review of their past repayment behavior, and a "stress test" of their financial capacity against adverse economic shifts. While collateral will still be used to mitigate risk, the Bank of Ghana insists that asset values should not be the primary justification for extending credit. This approach seeks to ensure that loans are granted to individuals and businesses with the genuine capacity to service their debt, rather than those who simply possess high-value assets. Stakeholders in the financial sector have until November 30, 2026, to submit their comments and suggestions on the draft proposal. The Bank of Ghana has set a deadline of June 30, 2027, for all commercial banks to align their internal credit policies and risk management frameworks with the new standards. The directive is officially scheduled for implementation on July 1, 2027, as part of a broader effort to strengthen the resilience of Ghana's financial system.

Bank of Ghana engages Techiman stakeholders on financial literacy
business|

Bank of Ghana engages Techiman stakeholders on financial literacy

The Bank of Ghana (BoG) held a regional stakeholder engagement forum in Techiman on October 12, 2026, as part of a nationwide initiative to deepen public trust and enhance financial literacy. Held at the Jemima Grace Hotel, the event brought together over 150 participants, including traditional rulers, religious leaders, media representatives, and members of the Ghana Union of Traders Association (GUTA). The forum, themed "Strengthening Stakeholder Relations Through Dialogue and Engagement," sought to clarify the central bank's mandate while fostering an environment of transparent communication within the Bono East Region. During the session, Bernard Ato Otabil, the Director of Communications at the BoG, led discussions on several critical financial topics, including microfinance reforms, currency education, and the legal implications of issuing dud cheques. A significant portion of the outreach focused on responsible borrowing and the importance of inclusiveness in the bank's operations. Mr. Otabil emphasized that public confidence and active participation are essential components of an effective monetary policy, noting that the central bank is committed to protecting the interests of all depositors. Participants at the forum raised various concerns regarding the financial sector, specifically pointing to the risks posed by unregulated lenders and the challenges of accessing affordable credit. Some attendees cited past financial institution collapses as a reason for their skepticism. In response, the BoG team assured the public that stringent measures are currently in place to safeguard deposits. Mr. Otabil urged citizens to remain vigilant and to always verify the licensing status of any financial institution with the Bank of Ghana before engaging in transactions. This outreach in Techiman is part of a broader 16-regional engagement program designed to reach every part of the country. The Ghana Union of Traders Association praised the initiative, highlighting its potential to assist in poverty alleviation through better financial management. Moving forward, the Bank of Ghana plans to utilize the feedback received from these regional dialogues to refine its services and strengthen consumer protection frameworks across Ghana.

business|

Ghana Gold Board terminates $1bn deal with Goldstream Global DMCC

The Ghana Gold Board (GoldBod) has officially cancelled a US$1 billion Memorandum of Understanding (MoU) with Goldstream Global DMCC due to the firm’s non-performance. The agreement, which was designed to modernize and develop more than 300 small-scale mines across the country, was terminated after Goldstream Global failed to meet its investment obligations. This significant development comes nearly a year after the ambitious partnership was first announced, marking a setback for the state's efforts to attract large-scale foreign investment into the small-scale mining sector. Details of the termination were brought to light following a Right to Information (RTI) request filed by Ing. Wisdom Gomashie of Africa Policy Lens (APL). According to the information disclosed, the deal was formally signed on August 22, 2025, following earlier announcements regarding the potential partnership. Under the terms of the MoU, the Dubai-based Goldstream Global was expected to provide the capital necessary to transform traditional mining operations, yet the firm failed to deliver on its financial commitments within the required timeframe. Africa Policy Lens has expressed concerns regarding the lack of transparency that has characterized both the signing and the eventual collapse of the deal. While GoldBod confirmed the termination, the specific technicalities and the results of the initial due diligence process have not been fully disclosed. APL is now calling for the comprehensive publication of the MoU and its related documents to ensure public accountability and to provide lessons for future public-private commercial agreements. The collapse of this billion-dollar deal highlights the ongoing challenges in securing reliable international partnerships for Ghana's extractive industries. Policy analysts are urging for more rigorous vetting processes for foreign investors to prevent the recurrence of such non-performing agreements. Moving forward, the Ghana Gold Board is expected to face increased pressure to demonstrate greater oversight and transparency in its pursuit of industrial development for small-scale miners.

Sammy Gyamfi reports 90% of GoldBod gold now refined locally
business|

Sammy Gyamfi reports 90% of GoldBod gold now refined locally

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has informed Parliament’s Public Accounts Committee that between 80% and 90% of the gold purchased and exported by the institution is now refined within Ghana. This transition represents a major shift in the country's gold sector, moving away from the historical practice of exporting raw, unrefined bullion. By refining gold locally, the board is successfully retaining refining fees that were previously lost to foreign markets and is strengthening the domestic value chain through silver recovery for local industries. The shift to local refining has provided a significant boost to the national economy, particularly through job creation. Mr. Gyamfi reported that the policy has generated employment for over 1,300 Ghanaians, with local refineries now operating on a 24/7 basis. This industrial activity is a cornerstone of GoldBod’s strategy to ensure that the nation’s mineral wealth translates into tangible economic benefits for its citizens. Additionally, the CEO noted that the institution is well-positioned to meet or even surpass its 2025 foreign exchange target of US$10.8 billion. During the session, Mr. Gyamfi also addressed and dismissed claims that GoldBod engages in speculative foreign exchange trading. He clarified that the board only sells foreign exchange proceeds generated directly from its statutory gold operations to support the Bank of Ghana’s reserves and the broader economy. He emphasized that these operations are conducted in strict accordance with the Ghana Gold Board Act, 2025 (Act 1140), and are performed under the necessary authorizations from the central bank following consultations with the Ministry of Finance. Established to regulate gold trading and assist the Bank of Ghana in accumulating gold reserves, GoldBod continues to play a vital role in the country's economic stability. By focusing on value addition and maintaining a transparent funding model, the board aims to maximize the returns from Ghana's gold production. The institution remains on track to exceed its 2025 purchase and export targets, further securing its position as a key contributor to national development.

Nana Akwasi Awuah defends PMMC tenure against audit delay claims
business|

Nana Akwasi Awuah defends PMMC tenure against audit delay claims

Nana Akwasi Awuah, the former Managing Director of the Precious Minerals Marketing Company (PMMC), has rejected assertions that his management was responsible for the delay in auditing the company's financial statements between 2020 and 2024. In a statement issued on October 13, 2026, Awuah clarified that he proactively requested a multi-year audit from the Auditor-General in September 2024 to address the backlog of unaudited accounts. He maintained that the company had undergone a successful financial turnaround by the end of 2024, positioning its successor, the Ghana Gold Board (GoldBod), for a strong start. The former Managing Director explained that the request for the comprehensive audit was formally submitted on September 2, 2024, covering a five-year period. While Parliamentary discussions had suggested that PMMC's accounts remained unaudited until 2025, Awuah attributed the timeline to bureaucratic challenges within the auditing process rather than management inaction. He noted that the final audit reports were eventually completed and submitted in April and June 2025. Furthermore, he highlighted that a performance audit conducted in 2023 was the first of its kind at the PMMC in over two decades, signaling his administration's commitment to transparency. Defending the company's operational health, Awuah cited the final financial reports from 2020 to 2024 as evidence of significant progress despite a challenging economic environment. He asserted that the strategic measures implemented during his leadership successfully stabilized the PMMC before its eventual transition into GoldBod. By the time the new entity was established, the PMMC had moved from a period of uncertainty into a more robust financial position, which he argued contradicts claims of mismanagement or neglect regarding the company's fiscal responsibilities. The transition from PMMC to GoldBod marks a significant shift in Ghana's mineral marketing landscape. Awuah’s defense comes as part of a broader effort to clarify the legacy of the PMMC management before its restructuring. By emphasizing the proactive steps taken to engage the Auditor-General and the subsequent delivery of the financial reports, the former Managing Director seeks to ensure that the narrative of the company's transition is rooted in its documented financial recovery and the first-of-its-kind performance evaluations conducted under his watch.