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.

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Government raises GH₵4.41bn in oversubscribed Treasury bill auction

The Ghanaian government secured GH₵4.41 billion in its most recent Treasury bill auction, significantly exceeding its initial fundraising target of GH₵2.87 billion. This performance represents a 53.5% oversubscription, signaling robust investor confidence in the nation's short-term debt instruments. Despite the government exceeding its borrowing goals, the auction saw a notable trend of falling yields across all maturities, indicating that investors are prepared to accept lower returns for the security of these government-backed assets. The auction results showed a clear preference for shorter-term investments. The 91-day and 182-day bills attracted the highest level of interest and acceptance from the market. This surge in demand occurred even as interest rates for these instruments declined compared to previous auctions. Specifically, the strong uptake of the 182-day bill alongside the 91-day variant suggests that market participants are currently prioritizing liquidity and short-term stability within the broader financial environment. Financial analysts observe that the downward trend in yields across all maturities—91-day, 182-day, and 364-day bills—could be a strategic advantage for the state. By successfully raising more capital than anticipated at lower interest rates, the government may be better positioned to manage its short-term domestic debt obligations. This reduction in borrowing costs is a critical metric for fiscal management, as it reduces the overall interest burden on the national budget. The success of this auction reflects a period of high liquidity in the banking sector and a search for safe-haven assets among institutional investors. As the administration of President John Mahama continues to navigate the country's economic landscape, the consistent oversubscription of Treasury bills provides a stable mechanism for government financing. Future auctions will likely be monitored closely to see if this trend of falling yields and high demand persists, which would further support the government's efforts to lower the domestic cost of capital.

GRA warns of legal action after staff assault at Jamila Homes
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GRA warns of legal action after staff assault at Jamila Homes

The Ghana Revenue Authority (GRA) has issued a stern warning to the public against the assault of its enforcement officers, emphasizing that any person found guilty of such acts will face the full rigors of the law. This warning follows a reported incident in Accra where GRA officials were allegedly attacked by security personnel at Jamila Homes during a routine tax compliance exercise. The Authority has made it clear that it will no longer tolerate physical interference with its staff while they perform their constitutionally mandated duties. Providing details on the confrontation, Assistant Commissioner Joseph Annan stated that the GRA views any assault on its enforcement team as a direct attack on the office of the Commissioner-General. He noted that the officers were engaged in a lawful exercise to ensure tax compliance when the altercation occurred. Despite the nature of the incident, Mr. Annan reiterated the Authority's broader commitment to maintaining a positive and professional relationship with the business community and individual taxpayers, provided there is mutual respect for the law. In response to the allegations, the Economic Advisor for Jamila Homes attributed the unfortunate incident to a misunderstanding regarding the shop's specific tax obligations. The advisor clarified that the friction arose from confusion over how the business should meet certain requirements but expressed regret over the escalation. Jamila Homes has since assured the GRA of its full cooperation and commitment to resolving any outstanding tax issues through the appropriate legal and administrative channels. The GRA continues to urge businesses to utilize established grievance procedures if they have disagreements with enforcement actions rather than resorting to physical resistance. As the Authority intensifies its efforts to mobilize domestic revenue, officials maintain that compliance exercises are essential for national development. The GRA has signaled that it will continue to monitor high-traffic commercial zones in Accra and beyond to ensure that all taxable entities are contributing their fair share to the national purse.

Three officials are pictured smiling during a formal ceremony where the National Lottery Authority (NLA) presented a GH¢10 million dividend check to the Government of Ghana. The presentation features a large symbolic check held against a backdrop of traditional Ghanaian artwork and Adinkra symbols.
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National Lottery Authority pays GH₵10m dividend to government

The National Lottery Authority (NLA) has presented a dividend of GH₵10 million to the Ministry of Finance for the Consolidated Fund. This payment marks a significant milestone in the authority's commitment to financial accountability and its contribution to national development initiatives. The formal presentation was led by the NLA Board Chairman, Mr. Frederick Amissah, and the Director-General, Mr. Mohammed Abdul-Salam, who handed over the funds to the Minister of Finance, Dr. Cassiel Ato Forson. Director-General Mohammed Abdul-Salam attributed the authority's ability to pay the dividend to significant ongoing reforms aimed at streamlining operations and increasing revenue generation. A core component of these reforms involves the migration of Private Lotto Operators to digital Point of Sale (POS) terminals. This shift is designed to improve transparency, minimize revenue leakages, and ensure that lottery activities across the country are properly accounted for within the NLA’s regulatory framework. In addition to digital transformation, the NLA is expanding its portfolio to boost revenue through new lottery products. The authority revealed plans to introduce a Sports Fund Lotto in partnership with the Ghana Sports Fund, intended to create a sustainable funding stream for athletic development in the country. Mr. Frederick Amissah noted that these operational efficiencies are part of a broader strategy to reposition the NLA as a commercially viable and state-accountable institution. The Minister of Finance, Dr. Cassiel Ato Forson, welcomed the contribution and praised the NLA leadership for their diligent management. He emphasized that the continued implementation of these reforms holds the potential for even higher returns in the future. Dr. Forson noted that such dividends are vital for supporting public services and funding the government's development projects under the administration of President John Mahama.

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Bank of Ghana develops directive to regulate AI in financial sector

The Bank of Ghana (BoG) is currently drafting a new regulatory framework to govern the deployment of artificial intelligence (AI) across the country's financial services industry. Governor Dr. Johnson Pandit Asiama announced the initiative, emphasizing that the central bank intends to provide a structured environment that supports technological advancement while ensuring financial stability. The directive aims to foster innovation while maintaining a robust oversight mechanism to protect the integrity of the financial system. According to Dr. Asiama, the forthcoming directive is designed to help financial institutions harness the transformative power of AI in several critical areas. These include improving credit assessments, enhancing fraud detection mechanisms, and optimizing customer service through automated platforms. The central bank views AI as a tool that can significantly boost operational efficiency and risk management if implemented within clear legal and ethical boundaries. By providing a roadmap for adoption, the BoG hopes to encourage banks to transition toward more data-driven decision-making processes. The move reflects a proactive stance by the BoG to address the rapid integration of emerging technologies in the banking sector. While acknowledging the benefits of automation, the Governor stressed the importance of managing the unique risks associated with AI, such as algorithmic bias and data privacy concerns. The regulatory framework will likely include guidelines on data usage and the transparency of automated systems to ensure that the technology does not disadvantage consumers. This regulatory development aligns with broader efforts to modernize Ghana’s financial landscape. As the BoG finalizes the directive, industry stakeholders are expected to align their digital transformation strategies with the new standards. The framework is anticipated to provide the necessary certainty for banks and fintech companies to invest in AI-driven solutions, ultimately fostering a more resilient and inclusive financial sector that can compete on a global scale.

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Bank of Ghana requires lenders to focus on income over collateral

The Bank of Ghana (BoG) has introduced a draft directive that fundamentally shifts how financial institutions assess creditworthiness, moving away from a traditional reliance on physical assets. Under the proposed Credit Risk Management Directive, 2026, lenders will be required to prioritize a borrower’s income and cash flows as the primary basis for granting loans. This regulatory shift is designed to ensure more robust credit assessments and enhance the overall stability of the banking sector by focusing on actual repayment capacity. The new guidelines mandate that banks and other financial institutions conduct comprehensive verifications of a borrower's financial history before approving any credit facilities. Instead of focusing primarily on the value of collateral provided as security, the central bank expects lenders to demonstrate a clear understanding of the borrower's ability to service the debt through regular earnings. While the BoG clarified that collateral will still play a role in the credit process, its significance in determining the actual performance and viability of a loan will be strictly limited under the new framework. A key component of the draft directive is the requirement for lenders to factor in potential adverse economic conditions when evaluating loan applications. By stress-testing a borrower’s repayment capacity against economic volatility, the BoG aims to build a more resilient financial system. This proactive approach ensures that loans are not just viable under stable market conditions but can also withstand broader financial shocks, thereby protecting both the lending institutions and their customers. The central bank has officially invited stakeholders and the general public to provide feedback on the draft rules, with a submission deadline set for November 30, 2026. Following the consultation period and any necessary revisions, the Credit Risk Management Directive is scheduled for a full rollout on July 1, 2027. This transition period is intended to give financial institutions sufficient time to align their internal credit policies and risk management frameworks with the new regulatory requirements.

Johnson Pandit Asiama orders reviews of bank cybersecurity compliance
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Johnson Pandit Asiama orders reviews of bank cybersecurity compliance

The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has announced that the central bank will conduct thematic reviews to assess how financial institutions are complying with updated cybersecurity directives. Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks, Dr. Asiama emphasized that these reviews are a direct response to the rising threat of digital fraud and the increasing complexity of the cyber landscape. He urged banks to integrate operational resilience into their core business strategies rather than treating it as a secondary technical issue. The Governor highlighted that while digitalization has significantly enhanced efficiency and expanded financial inclusion across Ghana, it has simultaneously introduced new vulnerabilities. The BoG’s updated Cyber and Information Security Directive is designed to mitigate these risks, and the upcoming thematic reviews will specifically monitor adherence to these standards. Dr. Asiama noted that banks must be proactive in defending their digital infrastructure to maintain public trust in the financial system, stressing that cybersecurity is now a fundamental business concern. Beyond cybersecurity, the Governor acknowledged the notable progress made within the banking sector regarding capital positions and overall financial stability. However, he cautioned that this stability must be underpinned by sound governance and constant innovation to ensure the sector can absorb shocks. He stressed that building a resilient banking sector is essential for supporting Ghana’s long-term economic transformation and ensuring that institutions remain robust in an evolving technological landscape. The meeting also marked the release of the sixth edition of the GH Bankers’ Voice magazine. Dr. Asiama concluded his address by reminding bank executives that sustainability and risk management are no longer optional but are vital to the survival of financial institutions. He encouraged the Association of Banks to continue collaborating with the regulator to maintain a secure and stable environment for all stakeholders in the financial ecosystem.

Ashanti cocoa farmers endorse Ghana Cocoa Board Act 2026
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Ashanti cocoa farmers endorse Ghana Cocoa Board Act 2026

Cocoa farmers and traditional leaders across seven districts in the Ashanti Region have formally expressed their satisfaction with the Ghana Cocoa Board Act, 2026. During a series of engagement sessions organized by the Ghana Cocoa Board (COCOBOD), stakeholders from the major cocoa-growing areas gathered to discuss the implications of the new legislation and the strategic direction of the industry for the current season. The dialogue served as a platform for COCOBOD to explain the regulatory shifts intended to modernize the sector and improve the livelihoods of those within the value chain. Central to the discussions was the recently announced producer price for the new cocoa season. While many farmers admitted they had initially hoped for a higher price point, they acknowledged the rationale provided by COCOBOD regarding market dynamics and the financial sustainability of the industry. Beyond pricing, the farmers welcomed the structural reforms introduced by the 2026 Act but stressed the importance of enhanced public education to ensure every farmer fully understands how the new laws affect their operations. They also highlighted the critical need for the timely and equitable distribution of agricultural inputs to boost productivity. The farming community used the engagement to advocate for specific welfare improvements, most notably the call for a more transparent administration of cocoa scholarships. Furthermore, there was a strong emphasis on the full implementation of a robust Farmer Pension Scheme. Farmers argued that such a scheme is essential for securing their financial welfare in their later years, providing a necessary safety net for those who have dedicated their lives to Ghana's primary cash crop. In response to these concerns, COCOBOD’s Deputy Head of Public Affairs reaffirmed the board's commitment to maintaining an open line of communication and building trust with the farming community. The sessions in the Ashanti Region are part of a broader national strategy, with more engagements planned for other cocoa-growing regions. COCOBOD officials emphasized that these dialogues are vital for the long-term sustainability of the cocoa industry, ensuring that policy implementation is met with grassroots support and cooperation.

State Housing Company lists Amrahia homes for sale starting at GH‵950,000
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State Housing Company lists Amrahia homes for sale starting at GH‵950,000

The State Housing Company Limited (SHCL) has officially opened sales for its Surge Homes development in Amrahia, Greater Accra, with prices for two-bedroom units beginning at GH‵950,000. The project, which also offers three- and four-bedroom configurations, has triggered a significant public debate regarding the accessibility of homeownership for many Ghanaians. Online reactions have highlighted concerns that these price points remain out of reach for the low- and middle-income earners typically targeted by state housing initiatives. In response to the public feedback, the Managing Director of SHCL, John Bawah, explained that providing genuinely affordable housing requires substantial government intervention. Speaking on the Citi Breakfast Show, Bawah noted that the costs of on-site and off-site infrastructure, such as roads, water, and electricity, significantly drive up the final price of homes. He argued that for housing to be accessible to low-income earners, the government must provide between 30% and 40% support to cover these essential infrastructure costs, which currently fall on the developer. The discussion around the Amrahia project comes as President John Mahama introduces a GH‵3 billion revolving fund designed to support the housing sector. Bawah emphasized that such financial mechanisms are vital for converting commercial housing projects into social housing. By utilizing state funds to subsidize infrastructure and alleviate the cost burden on developers, the SHCL aims to better align its future projects with the financial realities of the broader Ghanaian workforce.

Ghana cedi sells at GH₵12.30 against US dollar at forex bureaus
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Ghana cedi sells at GH₵12.30 against US dollar at forex bureaus

The Ghana cedi reached a selling rate of GH₵12.30 against the US dollar at forex bureaus on October 12, 2026, continuing a period of sustained depreciation. Market data indicates that while the retail market hit this high, the Bank of Ghana’s interbank market maintained a slightly lower selling rate of GH₵11.80. The average buying rate at forex bureaus stood at GH₵12.00, reflecting the increasing cost of foreign exchange for businesses and individuals alike. Performance against other major trading currencies also showed signs of weakness during the pricing window of October 5 to October 12. The cedi started the second week of October at GH₵15.40 against the British pound and GH₵13.10 against the euro on the interbank market. For digital transactions, the depreciation was even more pronounced, with Visa and Mastercard exchange rates for international payments reported between GH₵12.65 and GH₵12.69 per dollar. Analysts from IC Insights have identified a decline in Ghana's external buffers as a primary cause for the currency's volatility. The firm's recent report noted that foreign exchange reserves have fallen, making it difficult for the central bank to support the cedi against rising seasonal import demand. This fiscal pressure follows a period between March and June 2026 during which the cedi lost nearly 10% of its value against the dollar. Rebuilding these reserves is now considered a key economic priority to stabilize the market. Looking ahead, experts suggest that the government may need to intensify gold exports, including through GOLDBOD, to provide the necessary foreign exchange liquidity. Although tax revenues have shown signs of improvement, the high demand for dollars in the final quarter of 2026 is expected to maintain pressure on the local currency. Market participants are closely watching for further central bank interventions to manage the depreciation and prevent further spikes in the exchange rate as the year draws to a close.

GEXPO 2026 opens registration for 500 indigenous enterprises
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GEXPO 2026 opens registration for 500 indigenous enterprises

Accra Markets & Expo Limited has officially opened exhibitor registration for the maiden Ghana Export and SME Fair (GEXPO 2026). The event, scheduled to take place from 18 to 22 November 2026 at the Black Star Square in Accra, targets more than 500 local manufacturers and exporters. Supported by the Ministry of Trade, the fair is designed to provide a global platform for high-value "Made-in-Ghana" products and facilitate direct connections between small and medium-sized enterprises (SMEs) and international buyers. The inaugural fair aligns with President John Mahama’s Accelerated Export Development Programme, a central pillar of the administration's strategy to transition Ghana’s economy from a reliance on imports to a robust export-led model. By focusing on non-traditional exports, GEXPO 2026 aims to catalyze national economic growth and diversify the country's revenue streams. Organisers have identified key sectors such as agro-processing and textiles as priority areas due to their high potential for international expansion. Beyond traditional exhibitions, the five-day event will feature structured business-to-business (B2B) engagements and commercial deal-making opportunities. Technical training sessions will also be provided to help local businesses navigate the complexities of international export standards and meet rigorous quality certifications. These sessions are intended to address the persistent challenges that often prevent indigenous firms from successfully competing in global markets. The launch of GEXPO 2026 represents a coordinated effort between the private sector and various government agencies to empower local industries. By bringing together over 500 exhibitors, the fair seeks to foster an environment where SMEs can scale their operations through significant global exposure. Interested businesses and manufacturers are encouraged to complete their registration early to secure a place at the Black Star Square venue.

GIPA launches 13-day investment roadshow across five northern regions
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GIPA launches 13-day investment roadshow across five northern regions

The Ghana Investment Promotion Authority (GIPA) has commenced a 13-day investment roadshow across the Northern, North East, Upper East, Upper West, and Savanna regions. Running from October 11 to 23, the initiative is designed to showcase regional economic potential and connect prospective investors with 128 specifically identified projects. The tour serves as a strategic precursor to the inaugural Invest Ghana Summit, a major event scheduled for November 2026 aimed at anchoring long-term capital in the northern belt. Trade Minister Mrs. Elizabeth Ofosu-Adjare officially launched the summit under the theme ‘Investing in Ghana’s New Economy: Building a Productive Economy that Creates Value and Competes Globally.’ This initiative aligns with President John Mahama’s ‘New Economy’ agenda, which seeks to transition Ghana from a primary exporter of raw materials to a hub for value-added industrial production. GIPA CEO Mr. Simon Madjie emphasized that the authority is focused on building sustained partnerships between the state and private investors to stimulate job creation and industrialization. Led by Deputy CEO Abdul Razak Baba, the delegation is currently engaging with regional leaders and traditional authorities to assess investment sites and verify project readiness. While GIPA has identified over 1,600 project profiles across the country, this specific roadshow highlights opportunities in the northern regions within the agriculture, manufacturing, and renewable energy sectors. The exercise is supported by MTN Ghana and various government agencies to ensure that technical data and infrastructure requirements are clearly communicated to potential partners. By identifying and marketing bankable projects at the regional level, GIPA aims to ensure that the benefits of the national industrialization drive are distributed across the country. Officials believe these efforts will cultivate the necessary investments to enhance Ghana’s global competitiveness. The roadshow will conclude with a series of stakeholder consultations intended to refine the project profiles before they are formally presented at the global summit in 2026.

Ghana Gold Board sells $255m to commercial banks to stabilize cedi
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Ghana Gold Board sells $255m to commercial banks to stabilize cedi

The Ghana Gold Board (GoldBod) has sold a total of $255 million to commercial banks through its newly launched GoFX platform to enhance liquidity in the foreign exchange market. These transactions, conducted at a uniform exchange rate of GH₵11.77 per dollar, are specifically designed to ease the mounting pressure on the Ghana cedi. The intervention comes as the country prepares for the heightened demand for foreign currency typically associated with the upcoming Christmas and end-of-year festive season. The total injection was achieved through two separate auctions held during the first week of the program. The maiden session took place on Tuesday, where GoldBod successfully offloaded $125 million to authorized dealers. This was followed by a subsequent sale of $130 million on Thursday. By utilizing the GoFX platform, GoldBod aims to ensure a transparent and fair distribution process, allowing commercial banks reliable access to dollars to meet the genuine needs of their clients while discouraging speculative behavior that often drives currency depreciation. This initiative is part of a larger strategic roadmap conducted under the regulatory oversight of the Bank of Ghana. GoldBod has indicated plans to sell as much as $1 billion throughout the month of October to further fortify the foreign exchange market. By providing a steady and predictable supply of dollars, the board intends to mitigate market volatility and support a more stable economic environment for businesses and consumers during the high-demand fourth quarter.