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.

Ernest Brogya Genfi urges private sector to expand local investment
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Ernest Brogya Genfi urges private sector to expand local investment

Presidential Adviser Ernest Brogya Genfi has called on the private sector to take advantage of Ghana's improving macroeconomic indicators to expand their investments and create more jobs. Speaking at the Ghana Converge Summit 2026, Genfi noted that recent positive trends, including easing inflation and declining interest rates, have created a more favorable environment for business growth. He emphasized that the restoration of stability in exchange rates is currently rebuilding confidence among both domestic and international investors. Genfi highlighted the need for a stronger collaboration between the government and the private sector to ensure that these economic gains lead to sustainable development. He argued that the private sector must move beyond traditional business models to embrace more ambitious expansion plans that align with the government's economic reforms. By leveraging the current stability, he suggested that businesses could significantly scale their operations and contribute to a more resilient national economy. A key component of this growth strategy, according to the Presidential Adviser, is a structural shift away from raw-material dependence toward local processing and manufacturing. Genfi advocated for increased investment in industrialization, supported by government initiatives such as the Accelerated Export Agenda. This framework is designed to help businesses add value to Ghanaian products, making them more competitive in international markets and increasing the country's export earnings. In addition to industrialization, Genfi underscored the importance of innovation and the development of digital skills. He discussed various government programs aimed at equipping the workforce with the necessary tools to navigate a modern, technology-driven economy. He concluded by urging the business community to invest in human capital and digital transformation, noting that a highly skilled and innovative workforce is essential for Ghana to maintain its competitive edge on the global stage.

Officials from the Ghana Revenue Authority (GRA) accompanied by security personnel are seen during an enforcement exercise at the Jamila Home premises. A central official wears a white t-shirt with the slogan 'Pay Your Taxes, Let's Build Ghana', while media personnel record the event in front of the building which is partially covered in scaffolding.
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GRA warns taxpayers against assaulting officials after Accra incident

The Ghana Revenue Authority (GRA) has issued a stern warning to the public against the physical assault of its personnel during the discharge of their official duties. This directive follows a recent confrontation at Jamila Homes, an antique shop located in Accra, where security personnel allegedly attacked tax officials during a compliance exercise. The authority emphasized that any act of violence directed toward its staff in the field is viewed with the utmost seriousness by the administration and will not be tolerated. Assistant Commissioner Joseph Annan, representing the GRA, condemned the incident and stated that assaults on tax officers are effectively regarded as attacks on the Commissioner-General himself. He highlighted that the authority’s staff are carrying out a constitutional mandate to ensure tax compliance and revenue collection for national development. The GRA noted that such hostile behavior is not only illegal but also hampers the state's ability to mobilize necessary resources, warning that the law would be fully applied to anyone found obstructing or harming tax officials. The confrontation at Jamila Homes reportedly stemmed from a misunderstanding regarding the establishment's tax obligations. Hillarius McCash, the Economic Advisor for Jamila Homes, addressed the situation by stating that the company remains willing to cooperate with the GRA in its ongoing investigations. While acknowledging the incident, the company indicated a desire to resolve the tax-related discrepancies through proper administrative channels rather than further conflict. The GRA continues to urge all taxpayers to facilitate the work of revenue officers and to address any grievances or disputes through official complaint mechanisms provided by the authority. By maintaining a collaborative environment, both the government and the private sector can ensure that tax compliance exercises are conducted peacefully and transparently, avoiding legal repercussions for obstruction or assault.

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Ghana Brands Awards 2026 set for November 20 to honor business excellence

The Chartered Institute of Project Analysts and Consultants (CIPAC) has announced that the Ghana Brands Awards (GBA) 2026 will be held on November 20, 2026. This prestigious event is set to recognize and celebrate leading brands and visionary entrepreneurs who have demonstrated exceptional performance, innovation, and commitment to excellence across various sectors of the Ghanaian economy. By focusing on operational excellence and sustainable growth, the awards seek to elevate the standards of business practices and celebrate those who contribute significantly to national progress. The upcoming ceremony will feature 24 distinct award categories, ensuring a comprehensive recognition of the diverse industrial landscape in Ghana. Key sectors to be spotlighted include banking, healthcare, and entrepreneurship, providing a broad platform to acknowledge both established corporate giants and emerging business leaders. These categories are specifically designed to honor those who have not only achieved substantial commercial success but have also maintained high standards of service and innovation while fostering a positive impact on the economy. Organized by CIPAC, the Ghana Brands Awards also aims to encourage a culture of healthy competition among local and international entities. The organizers believe that by publicly honoring those who achieve significant milestones, they can inspire other businesses to adopt best practices and improve their overall efficiency and service delivery. Furthermore, the event serves as a vital networking platform, allowing industry leaders to connect, share insights, and discuss strategies for overcoming market challenges and driving long-term success. As the corporate community looks forward to the gala on November 20, 2026, the awards underscore the importance of brand integrity and resilience in a dynamic economic environment. The ceremony is intended to be more than just a presentation of accolades; it is a reflection of the hard work and dedication required to build and sustain a successful brand. By celebrating these achievements, CIPAC continues to support the growth of the private sector and the overall economic development of Ghana.

Bank of Ghana develops directive to regulate artificial intelligence in finance
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Bank of Ghana develops directive to regulate artificial intelligence in finance

The Bank of Ghana (BoG) has commenced the development of a regulatory directive aimed at overseeing the application of artificial intelligence (AI) within the country's financial sector. Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks on October 10, Governor Dr. Johnson Pandit Asiama explained that the initiative is designed to foster technological innovation while establishing a robust framework for risk management. The move comes as part of broader efforts to adapt regulatory frameworks to the ongoing digital transformation of financial services. Governor Asiama highlighted that while AI presents significant opportunities to enhance efficiency in credit assessment, fraud detection, and customer service, its adoption must be tempered with caution. He pointed out that the integration of AI into banking operations introduces specific vulnerabilities, most notably regarding data quality, cybersecurity threats, and consumer protection. The proposed directive intends to address these concerns by ensuring that financial institutions maintain high standards of operational integrity as they adopt new technologies. Dr. Asiama underscored the importance of "responsible experimentation," advocating for a governance structure that spans the entire lifecycle of AI applications. He noted that the central bank is actively collaborating with industry stakeholders, including the Ghana Association of Banks, to strengthen cybersecurity protocols and improve the overall resilience of the financial ecosystem. This collaborative approach is intended to provide clear guidelines for banks as they navigate the complexities of automated decision-making and data processing. As the financial services landscape continues to evolve, the BoG is urging bank executives to treat cybersecurity and operational resilience as fundamental components of their core business strategies rather than isolated technical issues. The Governor emphasized that building resilient business models is essential for maintaining stability in the sector amid rapid digitalization. The forthcoming directive is expected to provide the necessary regulatory clarity to support a safe, transparent, and innovative financial environment in Ghana.

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Bank of Ghana sets July 2027 deadline for credit risk management directive

The Bank of Ghana (BoG) has issued a new directive requiring all Regulated Financial Institutions (RFIs) to implement enhanced credit risk management systems by July 1, 2027. This regulatory framework is designed to bolster the resilience of banks, finance houses, and other financial entities against potential systemic shocks. By setting a clear implementation timeline, the central bank aims to ensure that all institutions develop risk management protocols that are strictly aligned with their specific risk profiles and capital strengths. Under the new directive, the Board of Directors of each financial institution will be held directly responsible for the oversight of credit risk. Senior management teams are mandated to implement approved strategies and policies, ensuring that credit-granting criteria are sound and that rigorous due diligence is performed on all borrowers. This structured approach to governance is intended to create a culture of accountability at the highest levels of Ghana’s financial sector. A significant portion of the directive focuses on the risks associated with cross-border lending, investments, and foreign currency exposures. The BoG has instructed RFIs to establish robust policies to identify and manage country and transfer risks. These measures are specifically aimed at protecting local institutions from defaults that could arise due to volatile macroeconomic or political conditions in foreign jurisdictions, which have historically posed challenges to domestic financial stability. The introduction of these guidelines follows extensive analysis of global financial crises and previous instabilities within the Ghanaian banking sector that led to a major financial clean-up. By enforcing stricter credit risk assessments and management practices, the Bank of Ghana seeks to prevent the recurrence of past failures and ensure the long-term sustainability of the nation's financial architecture.

Cassiel Ato Forson pledges New Economy will tackle youth unemployment
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Cassiel Ato Forson pledges New Economy will tackle youth unemployment

Finance Minister Dr. Cassiel Ato Forson has announced that the government’s New Economy initiative will focus on removing the structural barriers that hinder job creation for young people and small businesses. Speaking during an engagement at the University for Development Studies (UDS), Dr. Forson emphasized the urgent need to confront the high human cost of unemployment. He stated that the current disconnect between academic education and employment is unacceptable and must be addressed to restore hope to the nation's youth. The Minister detailed how the initiative aims to support various sectors, specifically targeting small businesses and agriculture. He identified high credit costs as a major obstacle for entrepreneurs and noted that many farmers continue to struggle due to a lack of reliable markets for their produce. According to Dr. Forson, the New Economy framework is designed to ensure that productive efforts translate into real opportunities. He called for actionable steps to support local talent and create a more inclusive environment for both job seekers and business owners. In his address, Dr. Forson argued that chronic unemployment should not be the norm in a serious nation. He urged for a system where academic success leads directly to sustainable livelihoods, rather than the current cycle of joblessness. By aligning education with the practical needs of the job market and lowering the barriers for entry into business, the government intends to build a more resilient economic foundation that prioritizes the welfare and productivity of its citizens.

BoG to review banks’ cybersecurity compliance amid growing concerns about digital financial services fraud
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Bank of Ghana initiates thematic reviews of bank cybersecurity compliance

The Bank of Ghana (BoG) has announced plans to conduct thematic reviews across the banking sector to assess compliance with its revised Cyber and Information Security Directive. Governor Dr. Johnson Pandit Asiama disclosed the upcoming regulatory action, emphasizing that the central bank is intensifying its oversight to counter the growing threat of digital fraud and cybercrime. The announcement was made during the 43rd Annual General Meeting of the Ghana Association of Banks (GAB) held in Accra. The move comes as financial institutions increasingly transition to digital platforms, a shift that has expanded the attack surface for cyber threats. Governor Asiama urged financial institutions to elevate cybersecurity from a technical IT concern to a core business risk. By integrating cybersecurity into their primary risk-management frameworks, banks are expected to better anticipate and mitigate vulnerabilities that could compromise customer funds or systemic stability. The thematic reviews are designed to evaluate how effectively banks have implemented the updated security protocols mandated by the central bank. These assessments aim to bolster the overall resilience of the financial sector, ensuring that institutions remain robust against evolving digital tactics. During the same event, the Ghana Association of Banks also marked a milestone with the launch of the sixth edition of the GH Bankers’ Voice magazine, which provides industry insights and professional perspectives. This regulatory push highlights the Bank of Ghana's commitment to maintaining public confidence in the digital financial ecosystem. As Ghana's banking sector continues to innovate with mobile and online services, the BoG’s proactive reviews serve as a critical safeguard. Moving forward, banks will be expected to demonstrate continuous improvement in their security posture to align with both national directives and international best practices.

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Kwasi Afreh Biney pledges market stalls for displaced La beach traders

The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwasi Afreh Biney, has announced a comprehensive plan to provide market stalls and employment opportunities for traders and hotel staff displaced by recent demolitions at the Labadi beachfront. Speaking on the initiative, Mr. Biney revealed that a committee has already been established to document all affected individuals, ensuring they are reintegrated into the local economy before the upcoming Christmas season. The primary focus of this intervention is to restore the livelihoods of those who operated independent businesses or worked in hospitality facilities along the popular coastal stretch. A key component of the recovery plan involves the creation of a new African market designed specifically to accommodate local vendors. This market will prioritize those selling traditional foods and artifacts, providing them with a structured and permanent space to conduct their business. In addition to the market stalls, SSNIT is looking to absorb displaced hotel workers into its existing hospitality portfolio. Mr. Biney indicated that employment opportunities will be made available at the SSNIT-owned Labadi Beach Hotel and the La Palm Royal Beach Hotel, both of which are prominent landmarks in the area. The effort to support the displaced community coincides with broader development plans for the region, including the construction of a new Meetings, Incentives, Conferences, and Exhibitions (MICE) center at the nearby Ghana Trade Fair Company site. While the demolitions were necessary for the modernization of the beachfront, the Director-General emphasized that restoration efforts would be expedited to minimize the long-term economic impact on the local community. This initiative follows recent advocacy by the Member of Parliament for La Dadekotopon, Rita Naa Odoley Sowah, regarding compensation for those affected by the clearance.

A group of banking executives and professionals pose for a formal photograph at the Ghana Association of Banks (GAB) 43rd Annual General Meeting. Dr. Ernest Addison, the Governor of the Bank of Ghana, is standing in the front row among other industry leaders in front of a blue promotional backdrop.
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Johnson Pandit Asiama confirms all 23 banks meet capital requirements

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has announced that all 23 commercial banks in the country have successfully met regulatory capital requirements. This achievement marks a significant milestone in the sector's recovery following the Domestic Debt Exchange Programme (DDEP), which had previously left 13 banks in breach of capital regulations. Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks, the Governor revealed that the banking sector's total assets grew by 20.47%, reaching GH₵500.20 billion as of August 2026. The surge in assets, up from GH₵415.20 billion in August 2025, is being attributed to improved macroeconomic conditions and a series of robust regulatory reforms. Financial stability indicators have also shown marked improvement; the industry's Capital Adequacy Ratio (CAR) rose from 18.28% to 19.10% over the past year. Furthermore, the sector has seen a notable improvement in asset quality, with the Non-Performing Loans (NPL) ratio dropping from 20.77% to 15.66% during the same period. Despite these gains, Dr. Asiama cautioned that the completion of the capital recovery process is not an end in itself. He emphasized that banks must maintain capital levels that align with their specific risk profiles and continue to strengthen their internal risk management systems. The Governor set a further target for the industry, directing all banks to work toward reducing their NPL ratios to 10% by the end of December 2026 to ensure the long-term health of their loan portfolios. Looking forward, the Bank of Ghana plans to release new directives concerning credit risk management and liquidity coverage to further solidify the regulatory framework. Dr. Asiama also highlighted the increasing importance of cybersecurity and the integration of artificial intelligence in banking operations. He stressed that while regulatory compliance is mandatory, the future stability of the sector depends on proactive management and the adoption of sustainable business models capable of withstanding future economic shocks.

Ghana to host AfriSAFE 2026 as Tropical Cable, Seplat Energy, others back event
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Ghana to host AfriSAFE 2026 safety and sustainability summit

Ghana has been selected to host the 2026 Africa Safety Award for Excellence (AfriSAFE) summit in November, a major event expected to bring together safety and sustainability professionals from across the continent. The summit will focus on technical safety and environmental governance, aiming to elevate industrial standards and promote safer community practices. As a centerpiece of Africa's safety calendar, the gathering will serve as a platform for experts to exchange ideas and develop strategies for sustainable growth. Beyond high-level discussions, the organizers have committed to practical community impact by offering free first-aid training to 1,000 Ghanaians. This initiative is designed to ensure that the benefits of the summit extend beyond the conference halls and into the everyday lives of citizens, equipping them with life-saving skills. The emphasis of the 2026 event is a deliberate transition from theoretical conversations to actionable, measurable changes in both industrial and local safety environments. The event will also feature the AfriSAFE Awards, which recognize outstanding contributions to safety excellence. The competition for these prestigious honors is already high, with more than 13,000 nominations submitted. These awards aim to celebrate professionals and organizations that have demonstrated an exceptional commitment to maintaining high safety standards and protecting lives in various sectors, ranging from energy to manufacturing. Major industry players, including Tropical Cable and Seplat Energy, have already thrown their weight behind the event. This corporate backing underscores the growing importance of environmental, social, and governance (ESG) standards in Africa’s business landscape. By hosting the summit, Ghana positions itself as a leader in the regional push for better safety regulations and sustainability practices, fostering an environment where industrial development does not come at the cost of human health or ecological integrity.

Bechem to become chicken capital of Ghana – Mahama projects
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John Mahama projects Bechem to become Ghana's chicken capital

President John Dramani Mahama has announced that the ongoing construction of the Poultry and Meat Processing Factory in Bechem, Ahafo Region, has reached the 50% completion milestone. During an inspection tour of the project site, the President projected that the facility would transform Bechem into the "chicken capital" of Ghana once it is fully operational. The factory, which began construction on November 27, 2025, is currently scheduled for commissioning by the end of the first quarter of 2027. The project is a central component of the government's broader "Nkoko Nketenkete" initiative, which aims to revitalize the domestic poultry sector and reduce reliance on imports. President Mahama highlighted the significant progress already made under this program, noting that domestic poultry production in Ghana has risen from a low of 4.6% to 22% since the initiative's inception. He emphasized that the Bechem factory would provide the necessary infrastructure to sustain this growth and bolster national food security. Addressing the local community during his visit, President Mahama encouraged the youth in the Ahafo Region to take up poultry farming as a viable and profitable business venture. He assured prospective farmers of a ready market for their produce, as the new factory will serve as a reliable off-taker for local poultry. The President stated that the facility is designed not only for meat processing but also to create numerous direct and indirect jobs for residents, contributing significantly to the local economy. Supporting the President's assessment, the Minister of Food and Agriculture indicated that the recent increase in domestic production is a direct result of targeted government interventions and private sector engagement. As the factory enters its final phases of construction over the next year, the government intends to continue supporting smallholder farmers to ensure a steady supply of birds for the processing plant. The successful completion of the Bechem factory is expected to serve as a model for similar industrial poultry projects across other regions in Ghana.

Star Oil pays GH₵2.7bn in taxes and levies during first nine months of 2026
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Star Oil pays GH₵2.7bn in taxes and levies during first nine months of 2026

Star Oil has announced a total contribution of GH₵2.7 billion in taxes and levies to the Ghanaian government for the first nine months of 2026. This financial milestone reflects the company's significant presence in the downstream petroleum sector and its commitment to meeting national fiscal obligations. The payments, covering the period from January to September 2026, highlight the scale of the indigenous oil marketing company’s operations within the local economy. The GH₵2.7 billion total encompasses several categories of fiscal responsibilities, including corporate income tax, withholding tax, and Pay As You Earn (PAYE) deductions for its extensive workforce. Additionally, the figure includes contributions toward the Growth and Sustainability Levy, a critical component of the government's revenue mobilization strategy. During this reporting period, the company successfully distributed and sold 792 million litres of petroleum products across the country. Star Oil’s operational reach is supported by a network of 280 pump stations, which allowed the firm to command a 15.78% share of the Ghanaian petroleum market. Beyond its tax contributions, the company remains a significant employer in the private sector, providing jobs for 3,106 individuals nationwide. These employees manage the retail, logistics, and administrative functions required to sustain the company's market position and service delivery. The performance of Star Oil underscores the vital role that indigenous companies play in driving economic growth and supporting the state's budgetary requirements. By maintaining a double-digit market share and a large retail footprint, the company demonstrates the capacity of local firms to compete effectively in a high-volume industry. As the 2026 fiscal year progresses, the company's consistent tax performance serves as a key indicator of the health of the downstream petroleum sector.