Ghana Business News

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Ghana Water Limited finds 62% of commercial meters missing from database
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Ghana Water Limited finds 62% of commercial meters missing from database

The Managing Director of Ghana Water Limited (GWL), Adam Mutawakilu, has revealed that a staggering 62% of commercial water meters inspected during a recent exercise were missing from the company’s official database. This disclosure, made during an appearance before Parliament’s Public Accounts Committee, underscores a significant crisis in the utility’s revenue mobilization, with the company currently collecting less than 50% of its potential earnings. The findings highlight deep-seated deficiencies in how the utility tracks and bills its largest consumers. According to Mutawakilu, the lack of recorded meters has created a massive billing gap that the company is now racing to close. Current records indicate that over 38,000 commercial customers and 150,000 residential customers are receiving water services without being billed. The scale of the challenge is further highlighted by the fact that approximately 73,000 commercial customers are still waiting to be assessed, with more than half of that group estimated to be unbilled. To rectify this, the company has initiated a metering blitz, though it has so far metered only 521 commercial customers in its latest drive. GWL aims to achieve complete financial self-sustainability by June 2027. To reach this milestone, the utility is targeting a 120% increase in revenue through a comprehensive strategy of customer identification, universal metering, and modernized billing processes. By integrating thousands of currently unbilled users into the system, the management hopes to bridge the gap between actual collections and potential revenue, eventually removing the need for regular operational subsidies. Despite the internal reforms, Mutawakilu emphasized that government intervention remains crucial for the company's long-term health. He specifically requested support in managing legacy loans that continue to weigh down the utility's balance sheet. One proposed solution is the conversion of repaid loans into equity, a move that the Managing Director believes would improve the company’s financial profile and make it more attractive to private investment as it seeks to modernize Ghana's water infrastructure.

Ghana Gold Board recovers GH¢38.7m in legacy PMMC debts
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Ghana Gold Board recovers GH¢38.7m in legacy PMMC debts

The Ghana Gold Board (GoldBod) has successfully recovered GHȅ38.71 million of the GHȅ55.88 million in legacy debts owed to its predecessor, the Precious Minerals Marketing Company (PMMC). Chief Executive Officer Sammy Gyamfi disclosed this progress during a session with Parliament’s Public Accounts Committee on October 13, 2026. The recovered amount represents approximately 69.2% of the total outstanding arrears identified through recent financial reviews of the defunct entity. The debts were initially uncovered following an audit spanning the period from 2020 to 2024. This investigation revealed that PMMC's financial statements had gone unaudited for several years, allowing substantial third-party liabilities to accumulate. As of December 31, 2023, these outstanding obligations stood at GHȅ55.88 million, prompting GoldBod to initiate a rigorous collection exercise to protect public funds. To secure the payments, the Board employed a combination of strategies, including the issuance of formal demand notices and the pursuit of legal action against recalcitrant debtors. Mr. Gyamfi explained that while the majority of the debt has been recouped, approximately GHȅ17.1 million remains unpaid. Of this balance, GHȅ7.5 million is currently the subject of ongoing litigation, while the remaining GHȅ9.6 million is being pursued through continued negotiations and administrative demands. Looking forward, the Chief Executive expressed optimism regarding the full recovery of the remaining arrears. He indicated that the Board is committed to ensuring that all outstanding funds are returned to the state’s coffers by the end of the year. The recovery effort is viewed as a crucial step in cleaning up the financial records of the PMMC and strengthening the overall financial position of the Ghana Gold Board.

Sammy Gyamfi rejects $1.7bn loss claim in gold purchase programme
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Sammy Gyamfi rejects $1.7bn loss claim in gold purchase programme

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has strongly refuted claims that the institution is responsible for a $1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme. The denial occurred during a heated exchange at a Public Accounts Committee (PAC) hearing, where the committee’s chairperson, Abena Osei-Asare, confronted the CEO with figures suggesting massive financial discrepancies. Gyamfi maintained that the reported losses, which were highlighted in a recent International Monetary Fund (IMF) report, do not reflect the actual financial standing or internal records of the Gold Board.\n\nThe confrontation focused on the interpretation of the IMF data, which indicated significant losses within the central bank's gold-buying scheme. Abena Osei-Asare pressed the GoldBod CEO on the accountability of these funds and questioned the institution's role in the reported deficit. Gyamfi criticized the chairperson's assertion, arguing that the $1.7 billion figure cited has 'no expression' in the Gold Board’s financials. He insisted that the losses mentioned in the international report should not be attributed to the institution he leads, effectively distancing GoldBod from the central bank's broader fiscal challenges.\n\nThis disagreement underscores the ongoing tension between state agency heads and parliamentary oversight committees regarding the reporting of large-scale financial programmes. The Domestic Gold Purchase Programme was established to help stabilize the national economy, but its execution has faced increasing scrutiny from both domestic auditors and international financial bodies. Gyamfi’s firm rejection of the loss claim suggests a disconnect between the financial assessments provided by the IMF and the specific accounting used by the Ghana Gold Board.\n\nThe Public Accounts Committee is expected to proceed with further investigations to clarify the source of the $1.7 billion discrepancy. While the Gold Board has formally denied the losses on its own books, the committee may seek additional testimony from the Bank of Ghana to understand the full scope of the domestic gold programme’s financial impact. The outcome of these hearings will be critical for determining the level of transparency and accountability in the management of Ghana's precious metal reserves.

Dr Cassiel Ato Forson, Finance Minister
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Cassiel Ato Forson declares Ghana ready for economic take-off

Finance Minister Dr. Cassiel Ato Forson has announced that Ghana has successfully navigated its recent economic crisis and is now positioned for sustainable growth. Speaking at the University of Development Studies, Dr. Forson stated that the government has "turned the tide," establishing a firm foundation for what he described as an imminent "economic take-off." He emphasized that the recovery marks a transition toward long-term prosperity and a more resilient national economy under the leadership of President John Mahama. Central to this recovery is the New Economy initiative, which the Finance Minister highlighted as the primary vehicle for addressing youth unemployment. Dr. Forson expressed concern over the persistent disconnect between the country's educational system and the job market. He characterized the current level of unemployment as unacceptable, noting the heavy emotional and financial burden on families who invest in education only to see their graduates struggle for work. The initiative aims to bridge this gap by creating sustainable livelihoods and empowering individuals capable of generating jobs. Beyond youth employment, the New Economy program is designed to provide targeted support to farmers and small businesses. Dr. Forson stressed that systemic changes are necessary to create a more favorable economic environment for these sectors. By focusing on those capable of driving local production and entrepreneurship, the government intends to ensure that the benefits of the economic recovery reach the grassroots level and support the broader goal of national self-reliance. While expressing optimism, the Finance Minister cautioned that maintaining macroeconomic stability is essential to safeguard the progress made so far. He reminded government leaders of their mandate to respond effectively to the national crisis and their shared responsibility for the well-being of all citizens. Dr. Forson urged a strategy of cautious advancement, ensuring that fiscal discipline remains a priority to prevent any reversal of the hard-won gains in the nation's financial standing.

Moody's 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 from Caa1 to B3, reflecting a significant improvement in the country’s macroeconomic landscape. Alongside the upgrade, the agency revised Ghana's outlook from positive to stable. This change is primarily attributed to a substantial easing in domestic financing conditions, which has led to lower borrowing costs and a more sustainable path for government debt management under the current administration. A key driver for the upgrade is the marked improvement in debt affordability. According to Moody's, interest payments now account for 17.2% of government revenue, the lowest level seen since 2012. The agency also noted that the government’s commitment to fiscal discipline and enhanced revenue generation is expected to stabilize total debt at approximately 50% of the Gross Domestic Product (GDP). These factors have collectively reduced liquidity risks and improved the government's ability to service its obligations despite ongoing external pressures. The recovery is further supported by strong performance in the extractives sector, particularly through favorable global gold prices. These high prices have helped Ghana maintain a current account surplus since 2024, providing a buffer against external shocks. Moody's also highlighted that the stabilization of inflation and the implementation of institutional reforms have contributed to a more predictable economic environment. Consequently, the agency raised the country’s local and foreign currency ceilings, signaling increased confidence in Ghana’s political and economic stability. While the outlook is positive, Moody's cautioned that the B3 rating remains sensitive to potential risks, including exchange rate volatility and fluctuations in commodity prices. The agency emphasized that maintaining the current momentum of fiscal consolidation is essential for future rating improvements. Any significant deviation from the current policy path or a sharp deterioration in financing conditions could exert downward pressure on the nation's credit profile.

The image features the silver emblem of the International Monetary Fund (IMF) prominently displayed on the glass exterior of a modern skyscraper. The building's windows reflect surrounding architecture and a clear blue sky, emphasizing a corporate and global financial atmosphere.
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IMF raises Ghana’s 2026 economic growth forecast to 5.7%

The International Monetary Fund (IMF) has upwardly revised its 2026 economic growth projection for Ghana to 5.7%, up from a previous estimate of 4.6%. Announced during the IMF and World Bank Annual Meetings in Bangkok, the updated forecast in the October 2026 World Economic Outlook surpasses the Ghanaian government’s own target of 4.8%. This revision highlights Ghana as a leading performer in sub-Saharan Africa, where regional growth is expected to remain steady at 4.5% during the same period.\n\nThe improved outlook is attributed to strong fiscal discipline and robust earnings from commodity exports, particularly gold. Gold prices continue to drive the national economy, with the metal accounting for 67% of total goods exports in 2025. Consequently, the IMF expects Ghana to maintain a current account surplus of 6.0% of GDP in 2026. Furthermore, the Fund predicts a sharp decline in consumer price inflation to 4.8% by the end of 2026, a significant drop from previous estimates of 7.9% and the 14.2% recorded in 2025.\n\nThis positive trajectory is supported by a recent credit rating upgrade from Moody’s Ratings, which raised Ghana’s status to B3 following improvements in debt management and fiscal consolidation. However, the IMF report suggests that growth may moderate to 5.2% in 2027. To sustain long-term stability, the Fund emphasized the need for structural reforms and temporary fiscal measures to protect against global economic shocks and rising energy and food prices.\n\nThe IMF also urged the government to prioritize export diversification to reduce the nation's vulnerability to fluctuations in gold prices. While domestic economic activity remains resilient, driven by technological progress and increased investment, the Fund warned that global uncertainties persist. Continued adherence to the Policy Coordination Instrument (PCI) programme will be essential for maintaining investor confidence and lowering future financing costs as the country continues its recovery.

Deloitte Cyprus allegedly falsified documents to hide Abramovich's $10bn
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Deloitte Cyprus allegedly falsified documents to hide Abramovich's $10bn

A BBC Panorama investigation has revealed allegations that Deloitte Cyprus facilitated the falsification of financial documents to help Russian billionaire Roman Abramovich conceal wealth totaling approximately $10 billion. The probe claims that the accounting firm played a key role in understating assets and shielding them from public scrutiny. This concealment allowed Abramovich to keep significant portions of his vast fortune, including luxury properties and high-value investments, away from published accounts and official records. The investigation found that documents signed by Deloitte Cyprus deliberately understated the true value of assets belonging to companies owned by Abramovich. By manipulating these financial records, the firm allegedly enabled the Russian oligarch to evade taxes and maintain a lower profile regarding his international holdings. The hidden assets reportedly include private jets, superyachts, and high-end real estate, which are frequently the targets of international regulatory scrutiny. This systematic concealment suggests a sophisticated effort to bypass standard accounting transparency and legal disclosure requirements. These findings come at a time of heightened global attention on the movements of Russian wealth following the implementation of international sanctions. The report places a spotlight on the ethical and legal responsibilities of major accounting firms when operating in jurisdictions like Cyprus, which is known for its offshore financial services. While Deloitte Cyprus is the specific entity named in the investigation, the case underscores the ongoing challenges regulators face in tracking wealth across borders and ensuring that audit firms adhere to rigorous international financial reporting standards.

Weston family acquires Boots pharmacy chain for $8.9bn
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Weston family acquires Boots pharmacy chain for $8.9bn

The Canadian Weston family has acquired the British pharmacy and beauty retailer Boots in a deal valued at $8.9 billion (£6.7 billion). The transaction, confirmed by Wittington Investments, the family's investment vehicle, marks a significant shift in ownership for the historic high-street brand. The acquisition covers Boots' extensive retail operations across the United Kingdom and Ireland, along with the Boots Opticians business. As part of the takeover, Galen Weston is set to assume the role of chairman. The move comes as Boots reports robust financial performance, generating approximately £7.5 billion in sales over the past year. This growth persisted despite broader economic challenges, including a notable reduction in physical foot traffic across major retail centers. The deal signals the Weston family's confidence in the brand's long-term value and its central role in the British retail landscape. Industry analysts expect the change in ownership to trigger a series of strategic improvements across the chain's network. Retail expert Catherine Shuttleworth noted that the acquisition is likely to result in enhanced shopping experiences for customers as new capital is injected into the business. The new owners have already indicated plans for service expansions and significant store upgrades to modernize the brand's physical presence. The sale marks the end of a period of speculation regarding the future of the iconic pharmacy chain. With the Weston family’s proven track record in international retail, the focus will now shift to how they integrate Boots into their existing portfolio while navigating the evolving demands of the healthcare and beauty markets. The transition is expected to focus on strengthening the brand's digital capabilities alongside its traditional brick-and-mortar operations.

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Royal Mail to cut 2,500 head office and support roles by 2027

Royal Mail has announced plans to reduce its workforce by approximately 2,500 roles by the end of 2027. This restructuring, which affects about 2% of the company's total staff, will focus exclusively on head office and support positions rather than frontline postal workers. The move is intended to improve operational efficiency as the organization adapts to a sustained decline in letter delivery volumes and increased competition in the global logistics market. The company stated that the primary objective of these cuts is to remove organizational duplication and streamline internal processes. By reducing administrative overhead, Royal Mail aims to redirect resources toward improving customer service and modernizing its infrastructure. To support this transition, the firm has committed to investing £500 million over the next five years into its operations, seeking to stabilize a business that has faced significant financial and operational headwinds in recent years. However, the announcement has been met with concern from labor unions and political figures. The Communication Workers Union (CWU) and Unite have expressed fears regarding the impact of the job losses on staff morale and the overall quality of service provided to the public. Royal Mail has already been under scrutiny for failing to meet its delivery targets and has previously incurred fines for performance lapses. Additionally, more than 100 Members of Parliament have called for government intervention, arguing that the company must do more to protect its universal service obligations. As Royal Mail enters formal consultations with the affected unions, the company faces the challenge of balancing necessary cost-cutting measures with the need to restore its reputation for reliability. The outcome of these negotiations and the effectiveness of the proposed £500 million investment will be pivotal in determining whether the postal service can successfully pivot toward a more sustainable business model while maintaining its essential role in national infrastructure.

Prestea Sankofa Gold resumes operations with 70kg production target
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Prestea Sankofa Gold resumes operations with 70kg production target

Prestea Sankofa Gold Limited, a state-owned mining firm, has resumed operations following a nine-month strategic shutdown aimed at critical facility upgrades. The company has set an immediate production target of 70 kilograms of gold to be achieved by the end of October 2026. Senior Plant Manager Reginald Soweh confirmed that the facility is now geared to process 850 tonnes of material daily as it ramps up its activities to meet these output goals. The suspension of operations was primarily driven by the need for comprehensive maintenance of the processing plant and to resolve capacity issues at the tailings dam. A critical component of the recovery plan is the construction of a new tailings dam, which is nearing completion at a cost of $5m. This infrastructure project is being funded entirely through the company’s internal resources, reflecting a drive toward operational self-sufficiency. Management also plans to improve technical efficiency, targeting an increase in gold recovery rates from the current 75% to 80%, with a long-term goal of exceeding 90%. Despite the financial pressures of the nine-month halt, the company maintained its commitment to the local community and its workforce. It continued to pay full salaries to its employees throughout the shutdown and engaged 150 local youths in specialized training roles. Moving forward, the company’s leadership is focused on ensuring operational stability and achieving its production targets to provide a sustainable boost to the economy of Prestea and the national mining sector.

Goosie Tanoh, Presidential Adviser, 24-Hour Economy
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Government invites drugmakers to register for 2,000-acre LePIP facility

The Ghanaian government has officially opened registration for pharmaceutical manufacturers to establish operations at the Legon Pharmaceutical Innovation Park (LePIP), a sprawling 2,000-acre facility located in Ningo Prampram. This initiative, spearheaded by the 24-Hour Economy and Accelerated Export Development (24H+) Authority in collaboration with the Ghana Infrastructure and Investment Fund (GIIF), represents a significant step toward industrializing the health sector. Interested companies have been invited to submit their expressions of interest immediately to facilitate the project's development phase. LePIP is designed to provide comprehensive infrastructure and utilities tailored to the specific needs of the pharmaceutical industry. The park will house companies specializing in the production of active pharmaceutical ingredients (APIs), generic medications, and vaccines. By centralizing these operations, the government aims to transform Ghana into a regional manufacturing and export hub, significantly reducing the nation's heavy reliance on imported drugs. The project is further bolstered by technical and strategic support from the UK-funded Ghana Jobs and Economic Transformation (JET) Programme, ensuring that the facility meets international standards for pharmaceutical manufacturing. Beyond industrial capacity, the innovation park is a central pillar of the government's job creation strategy under the 24-Hour Economy policy. Officials estimate that the full operationalization of LePIP will generate approximately 30,000 direct and indirect jobs, providing a substantial boost to the local economy in Ningo Prampram and surrounding areas. By fostering an environment conducive to large-scale production and export, the initiative seeks to stabilize the pharmaceutical supply chain while positioning Ghana as a leader in medical self-sufficiency within the West African sub-region.

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Secondary bond market turnover rises 47.5% to GH‵4.07bn

Ghana’s secondary bond market recorded a significant surge in activity this week, with total turnover rising by 47.55% to reach GH‵4.07 billion. This sharp week-on-week increase reflects a renewed appetite among investors, driven largely by improved sentiment following international credit rating adjustments. The volume of trade suggests a stabilizing environment as market participants respond to the country's evolving economic landscape. Trading activity was heavily concentrated in the short-to-medium segments of the market. Specifically, bonds maturing between 2027 and 2030 dominated the landscape, accounting for 63.68% of the total turnover. These instruments offered investors an average yield of 12.43%. Within this bracket, the September 2030 bond alone saw a turnover of GH‵45.85 million, trading at a weighted average yield of 11.94%. Investors also showed considerable interest in medium-term securities maturing between 2031 and 2034, which represented 34.69% of the market activity with a higher average yield of 14.05%. In contrast, long-term bonds maturing after 2035 saw very limited engagement, contributing only 1.63% to the total turnover. These long-dated papers commanded the highest average yield at 14.84%, reflecting the risk premium still associated with extended durations. The uptick in market liquidity coincides with a positive shift in Ghana's credit profile. Moody’s Ratings recently upgraded Ghana’s sovereign credit rating to B3 from Caa1, a move that signals improved creditworthiness and a more stable fiscal outlook. Market analysts expect this upgrade to further bolster investor confidence in the coming weeks, potentially leading to sustained turnover growth and more competitive yields as the secondary market continues its recovery.