Ghana Business News

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Ibrahim Mahama Honored with Honorary Doctorate by UMaT for Decades of Impact in Mining and Construction
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Ibrahim Mahama Honored with Honorary Doctorate by UMaT for Decades of Impact in Mining and Construction

On January 31, 2026, the University of Mines and Technology (UMaT) conferred an honorary Doctor of Science degree upon renowned businessman and philanthropist Ibrahim Mahama during its 18th Special Congregation. The ceremony, a high-profile event attended by President John Dramani Mahama and former President John Agyekum Kufuor, recognized Mr. Mahama’s transformative contributions to Ghana’s mining and construction sectors over nearly three decades. This accolade underscores his pivotal role in domesticating industrial leadership and his long-standing commitment to national development through large-scale engineering and extractive projects. During his acceptance speech, Mr. Mahama, the founder of Engineers & Planners (E&P), shared his journey from operating a small equipment rental firm in 1997 to leading the largest indigenous mining company in West Africa. A major highlight of his address was the Black Volta Gold Project, which he celebrated as a significant milestone for the nation: the first large-scale gold mining asset that is 100% Ghanaian-owned. He urged the graduating class to look beyond traditional educational pathways, emphasizing that vision, discipline, and unwavering hard work are the ultimate drivers of success. President John Dramani Mahama echoed these sentiments, reflecting on his brother’s innate entrepreneurial instincts that had been evident since their childhood. In a move to immortalize his contributions and advance industry standards, UMaT announced the establishment of the Ibrahim Mahama Institute for Precious and Green Ghana. This new institute is designed to spearhead research and promote sustainable, environmentally friendly mining practices across the sub-region. Mr. Mahama also lauded the university’s collaboration with the Ghana Chamber of Mines in establishing an AI Robotics Centre, a facility poised to address the technological challenges of the modern mining sector. By fostering local ownership and green innovation, the recognition of Ibrahim Mahama signals a maturing of the Ghanaian extractive industry toward self-reliance and academic-private sector synergy.

Ghana's Economic Reset: Minister Ofosu-Adjare Urges UK Investors to Lead New Investment Wave
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Ghana's Economic Reset: Minister Ofosu-Adjare Urges UK Investors to Lead New Investment Wave

Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has issued a strong call to the United Kingdom’s private sector to lead a new wave of investment in Ghana, citing a successful "economic reset." Speaking at a reception for the British International Investment (BII) Board on January 29, 2026, the Minister highlighted Ghana’s transition from economic volatility to stability. She presented the country as a primary destination for foreign capital, bolstered by transparent governance and a strategic position as the gateway to the $3.4 trillion African Continental Free Trade Area (AfCFTA) market. The cornerstone of the Minister’s pitch was Ghana’s remarkable macroeconomic turnaround over the last three years. She noted that inflation, which stood at a staggering 54% in December 2022, plummeted to just 5.4% by December 2025. This stabilization is complemented by a robust 5.5% GDP growth rate recorded in late 2025. Furthermore, the Ghana Cedi has emerged as Africa’s top-performing currency, reflecting renewed investor confidence and effective fiscal management. These improvements form the basis of the government's narrative of a comprehensive economic recovery that has made the nation more attractive for industrial and extractive sectors. The trade relationship between Ghana and the UK is already flourishing, with bilateral trade reaching £1.5 billion by mid-2025—a 5.7% increase year-on-year. Notably, Ghanaian exports to the UK increasingly consist of high-value processed goods. The Minister urged the BII and the broader British private sector to expand their portfolios by focusing on high-growth sectors such as pharmaceuticals, renewable energy, and automotive manufacturing. She emphasized that Ghana is not just looking for aid, but for sustainable joint ventures and partnerships that benefit both economies. Looking ahead, the government is implementing further measures to enhance the business environment. Minister Ofosu-Adjare announced that the 2026 National Budget introduces specific fiscal reforms designed to streamline operations for foreign investors. As a major next step, a Ghana Investment Forum is scheduled to take place in London later this year. This forum will serve as a critical platform for formalizing partnerships and facilitating direct business negotiations between British investors and Ghanaian industrial leaders, signaling that Ghana is fully open for business.

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Global Gold Prices Hit Historic $5,000 Milestone Amid Geopolitical Tensions and Trade Uncertainties

Gold prices have shattered historical records, surging past the $5,000 per ounce milestone and briefly touching as high as $5,500. This unprecedented rally is primarily driven by a global rush toward safe-haven assets as investors grapple with escalating political and economic instability. Despite a recent corrective dip following signs of relative political stabilization in the United States, the precious metal maintains a valuation significantly higher than levels seen just a year ago, underscoring its enduring appeal in a volatile global landscape. Central to this price surge are the trade policies and tariff threats associated with the U.S. administration, alongside heightened geopolitical tensions. Ongoing conflicts in Ukraine and Gaza, as well as political tensions surrounding regions like Greenland, have created a climate of fear, prompting both individual and institutional investors to seek refuge in gold’s perceived stability. The scarcity of gold, coupled with its independence from the debt cycles that affect equities, has made it the preferred choice for those looking to mitigate risks in their portfolios amidst fears of inflation and shifting foreign policies. Beyond private investors, central banks—most notably in China—have been aggressively expanding their gold reserves. These institutions are increasingly viewing gold as a critical buffer against potential shifts in U.S. fiscal policy and the dominance of the dollar. The market has also seen the entry of new players, including digital currency firms, which has added layers of complexity and volatility to price movements. This institutional backing provides a strong floor for gold prices, even as markets react to short-term news cycles regarding Federal Reserve leadership or diplomatic developments. While the market recently experienced a cooling period attributed to emerging signs of political stability and potential adjustments to U.S. interest rate expectations, the long-term outlook remains tied to global stability. The recent volatility serves as a reminder of gold’s sensitivity to geopolitical shifts and its status as a secure asset in uncertain times. Analysts suggest that as long as trade wars and international conflicts persist, the demand for gold will likely remain robust, impacting everything from individual investment portfolios to the national economies of gold-producing nations.

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Ghana National Airline Set for 12-Month Launch Amid Strengthening West African Aviation Partnerships

Ghana’s aviation sector is poised for a significant transformation with the announcement that a new national airline is expected to commence operations within the next 12 months. Transport Minister Joseph Bukari Nikpe revealed that a government task force has been established to oversee the creation of a sustainable business model, aiming to avoid the pitfalls that led to the liquidation of Ghana Airways in the early 2000s. Unlike previous state-led efforts, the current strategy emphasizes a private-sector-led approach, with the government planning to limit its ownership stake to ensure the airline is managed with maximum commercial efficiency and long-term viability. To support the new carrier, the government is prioritizing substantial upgrades to airport infrastructure. These improvements include the physical connection of terminals at Kotoka International Airport to enhance the transit experience for passengers. This push for a national airline coincides with broader efforts to improve regional connectivity across West Africa. Notably, Emirates and Air Peace have recently activated a bilateral interline agreement, which facilitates seamless travel between Africa, the UAE, and the United Kingdom. The partnership enables single-ticket travel and through-checked baggage to destinations such as Banjul, Dakar, Freetown, and Monrovia, strengthening trade and tourism links between Nigeria and the global market. Beyond physical infrastructure and transportation, the business landscape is also seeing innovation in digital security. Samsung has introduced a specialized privacy feature, developed over five years, to protect users from "shoulder surfing" in public environments. This technology allows users to customize visibility for specific apps and notifications, reflecting a growing corporate commitment to mobile security and user privacy. Collectively, the re-establishment of a national carrier, the expansion of international airline partnerships, and the integration of advanced mobile security features signal a robust drive toward modernization and competitive integration for the region’s business and travel sectors.

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Ghana’s Customer Satisfaction Plummets to 59% as National Rating Slumps to D-Plus

Ghana's national customer satisfaction score has experienced a significant decline, falling from 72% in 2024 to 59% in 2025. According to the latest Ghana Customer Service Index (GCSI) released by the Institute of Customer Service Professionals (ICSP), this sharp downturn has resulted in the country's service rating being downgraded from a "B" grade to a "D-plus." The report, which surveyed over 5,000 respondents across 11 key industries, highlights a growing gap between consumer expectations and the actual quality of service delivery across both private and public sectors. The 2025 index reveals a stark contrast between high-performing sectors and those struggling to meet basic standards. The insurance industry emerged as the most resilient, leading with a 71% satisfaction score. In contrast, the telecommunications sector recorded the lowest satisfaction level at just 53%. Within specific industries, notable leaders included Stanbic Bank, which topped the banking sector with a 76% score, and Aqua Safari, which maintained its lead in hospitality with 81% despite a general decline in scores. In the public sector, the Ghana Revenue Authority (GRA) was recognized as the top performer with a score of 64%, while Ghana Water Limited led the utilities category, which surprisingly remained among the top four performing sectors overall. The underlying drivers of this decline point to a crisis of trust. The ICSP report identifies trust as the primary driver of satisfaction, noting that as Ghanaian consumers—particularly higher-income earners—become more sophisticated, their demands for transparency and service quality increase. This sentiment is echoed by recent local grievances, such as those from residents in Kadjebi in the Oti Region. Community members there have expressed deep frustration and a loss of confidence in the Electricity Company of Ghana (ECG) due to persistent overbilling and perceived lack of accountability, illustrating the real-world consequences of the service delivery failures captured in the national index. To address this slump, the ICSP emphasizes the urgent need for organizations to foster a customer-focused culture and refine internal processes. The report suggests that technical improvements alone are insufficient; rather, businesses and public institutions must rebuild trust through consistent, high-quality interactions. As the national rating hovers at a D-plus, stakeholders across all 11 sectors are being called upon to implement rigorous service quality standards and improve responsiveness to restore consumer confidence and stabilize the nation's service reputation.

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Trade Ministry Unveils 2026-2029 Development Plan as Ghana Targets $10B Export Revenue and Poultry Self-Sufficiency

In a bold move to reshape Ghana's economic landscape, the Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has unveiled a comprehensive development plan for the 2026–2029 period. Speaking at a sector-wide planning workshop in Accra, the Minister outlined a strategic roadmap designed to trigger an industrial revival and significantly boost the nation’s export revenue. At the heart of this vision is the Accelerated Export Development Programme, which targets a monumental US$10 billion in non-traditional export revenue by 2030. This initiative is complemented by the Rapid Industrialisation for Jobs Programme, specifically aimed at revitalizing state-owned enterprises and creating sustainable employment opportunities across the country. The Ministry’s strategy emphasizes local production through the Feed Industry Programme and the Made-in-Ghana Programme, both of which seek to reduce reliance on imports by strengthening local manufacturing and raw material supply chains. A critical component of this plan is the introduction of a Sector Accountability Platform, intended to ensure transparent monitoring and results-based reporting across all participating agencies. Furthermore, the Minister highlighted a dedicated focus on gender inclusion through the Women in Trade, Agribusiness, and Industry Programme, ensuring that the economic gains from these industrial programs are equitably distributed and inclusive of women-led enterprises. Complementing these industrial goals is a significant surge in the poultry sector under the ‘Nkoko Nkitinkiti Project,’ a key pillar of the broader ‘Feed Ghana’ program. The project recently reached a major milestone with the processing of its first 50,000 birds at Aglow Farms, marking a shift toward the national goal of producing 80 million birds by the end of 2026. National Coordinator Kelvin Ocran indicated that the initiative is set to scale further with the establishment of high-tech ‘Poultry Estates’ in October 2026. This push for poultry self-sufficiency aligns with ongoing agricultural support measures, such as COCOBOD’s distribution of free fertilizers to over 11,000 cocoa farmers in the Nkawie district to enhance national output. Collectively, these initiatives represent a multi-faceted approach to achieving economic resilience and food security. By integrating industrialization with aggressive agribusiness expansion, the government aims to transform Ghana into a regional powerhouse of production and trade. The success of the 2026–2029 plan will depend heavily on the sustained collaboration between state agencies and private sector partners like Aglow Farms. As the Ministry moves into the implementation phase, the focus remains on building a robust local economy that can withstand global market fluctuations while providing a high standard of living for all Ghanaians through job creation and enhanced export capacity.

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Ghana Chamber of Mines CEO Calls for Minerals Revenue Management Act to Secure Long-Term Stability

Ken Ashigbey, CEO of the Ghana Chamber of Mines, is leading a charge for a comprehensive overhaul of how Ghana manages its mineral wealth. Amidst a significant surge in global gold prices, Ashigbey has warned the government against adopting what he calls an 'Esau mentality'—prioritizing immediate gains over long-term economic security. The Chamber is urgently advocating for the enactment of a Minerals Revenue Management Act, designed to create a legal framework for saving mineral windfalls and protecting the national economy from the volatile boom-and-bust cycles of global commodity markets. Ashigbey argues that without such a law, the country remains vulnerable to price fluctuations that could derail fiscal stability. Central to this proposed reform is a demand for a more inclusive and equitable tax regime. Ashigbey is pushing the Minerals Commission to formalize the small-scale mining sector, which contributes a significant portion of the country’s gold output but remains largely under-regulated in terms of revenue contribution. By integrating these miners into the tax base, the Chamber believes the government can boost its revenue without further overburdening large-scale formal operators. Specific fiscal proposals include replacing the existing Growth and Sustainability Levy with a more flexible sliding royalty scale ranging from 4% to 8%, which would adjust automatically based on prevailing gold prices to maintain industry viability. Beyond state coffers, the Chamber is advocating for direct benefits to mining-impacted communities and the broader economy. A key proposal involves a mandatory 1% levy on net profits to be funneled into a dedicated community development fund, ensuring that local populations see tangible benefits when gold prices peak. Furthermore, Ashigbey emphasizes that increased mining revenues should not be absorbed into general recurrent spending. Instead, he argues for channeling these funds into strategic sectors such as commercial agriculture and building a robust stabilization reserve to provide a financial buffer during future market downturns. These recommendations come at a critical time as Ghana seeks to stabilize its macroeconomic indicators. While current gold prices offer a temporary windfall, Ashigbey maintains that long-term fiscal decisions must not be based on transient market highs. The proposed Minerals Revenue Management Act would serve as a cornerstone for disciplined spending and strategic investment, ensuring that the country’s mineral endowment serves as a catalyst for sustainable growth rather than a short-term fix. The Chamber’s vision is clear: Ghana must save the windfalls of today to ensure the economic bust of tomorrow does not compromise the nation’s development.

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Ghana’s Economic Transition: Bank of Ghana Slashes Rates and Introduces Non-Interest Banking Ahead of IMF Exit

The Bank of Ghana (BoG) has signaled a decisive shift from economic crisis management to private-sector stimulus by cutting its Monetary Policy Rate (MPR) by 250 basis points to 15.5%. Announced by Governor Dr. Johnson Pandit Asiama during the 128th Monetary Policy Committee (MPC) meeting, this reduction brings the policy rate to its lowest level since March 2022. The move is underpinned by a remarkable disinflation trend, with headline inflation plummeting from a peak of over 54% in late 2022 to just 5.4% in December 2025. This aggressive easing cycle, which began in 2025, aims to lower borrowing costs and provide a critical lifeline for businesses in the agriculture and manufacturing sectors that have long struggled under high interest rates. In tandem with the rate cut, the central bank has announced that it will soon begin issuing licenses for non-interest (Islamic) banking operations. Governor Asiama highlighted that this initiative follows increasing investor interest and aims to bolster financial inclusion and job creation. By providing an alternative funding avenue grounded in principles that avoid interest-based transactions, the BoG intends to offer small and medium-sized enterprises (SMEs) more flexible financing options. Professor John Gartchie Gatsi, an advisor to the Governor, emphasized that while the legal framework was established under the 2016 Banks and Specialised Deposit-Taking Institutions Act, the formal rollout will provide a much-needed boost to sustainable development and infrastructure financing. However, this period of monetary easing is met with professional caution from the Ghana Association of Banks (GAB). As Ghana prepares to exit the IMF Extended Credit Facility programme in August 2026, the Association has warned lenders to brace for a landscape without external support. Potential risks include renewed currency volatility, fluctuations in global interest rates, and capital flow reversals that could tighten liquidity and increase funding costs. The GAB is urging financial institutions to enhance their risk management frameworks and maintain prudent lending practices to ensure that the current gains in macroeconomic stability are not erased post-IMF exit. Looking ahead, the success of this transition depends on the effective transmission of the lower MPR from commercial banks to the real economy. Analysts forecast that average lending rates could fall to between 17% and 20% by mid-2026 if transmission is successful. While the outlook remains positive with single-digit inflation projected to hold through the year, both the central bank and the Association of Banks agree that fiscal discipline and structural reforms remain essential. The coming months will be a critical test of Ghana’s ability to sustain private-sector growth and financial stability as it navigates the final stages of its international recovery program.

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Nigeria Police Arrest Six in N7.7 Billion Cyber Fraud Case Against Telecom Company

The Nigeria Police Force has arrested six individuals linked to a significant cyber-enabled fraud scheme that resulted in losses exceeding N7.7 billion for a telecommunications company. The arrests were made following a petition from the company, which reported unauthorized activities in its billing systems. Investigations revealed that the suspects had compromised staff login credentials, allowing them to manipulate airtime and data resources illegally. The police conducted operations in Kano, Katsina, and the Federal Capital Territory, leading to the recovery of various high-value assets, including properties, electronics, and substantial cash from bank accounts connected to the suspects. Inspector-General of Police Kayode Egbetokun praised the professionalism of the officers involved and reaffirmed the police's commitment to combating cybercrime and safeguarding digital and financial systems.

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Mahama Highlights AfCFTA as Africa's Key to Industrial Integration at Trade Summit 2026

During the Africa Trade Summit 2026 held in Accra, President John Mahama underscored the transformative potential of the African Continental Free Trade Area (AfCFTA), describing it as the most ambitious integration project in Africa's history. He emphasized that the AfCFTA, which creates a single market of over 1.3 billion people, is crucial for enhancing Africa's manufacturing and investment opportunities. Mahama articulated that achieving industrialization through AfCFTA requires deliberate policies focused on infrastructure investment, enterprise development, and digital trade initiatives. He pointed out the necessity of reducing non-tariff barriers, simplifying customs processes, and improving logistics to foster a conducive environment for trade and investment. The President called for a collaborative effort among governments, private sectors, financial institutions, and development partners to turn the vision of a prosperous, integrated Africa into reality. He urged African leaders to shift from mere agreements to actionable implementation, ensuring that the benefits of AfCFTA are fully realized across the continent. Mahama's remarks highlight the importance of coordinated efforts and strong governance to achieve the ambitious goals set forth by the AfCFTA.

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Bank of Ghana Reports Increased Lending as Liquidity Improves

The Bank of Ghana (BoG) has reported a significant increase in loan offers from commercial banks, indicating improved liquidity and a strengthening banking sector. Governor Dr. Johnson Asiama announced during a press briefing on January 28, 2026, that banks are actively reaching out to customers with loan proposals, a trend attributed to a recent reduction in the Monetary Policy Rate (MPR) from 18% to 15.5%. This 250 basis point cut is part of the BoG's strategy to support economic growth and enhance access to credit for the private sector. Dr. Asiama emphasized that the lowered interest rates are a positive sign of renewed confidence in the financial system, which is expected to stimulate private-sector investment and consumption. He noted that while inflation forecasts remain within target, ongoing geopolitical tensions and changes in utility tariffs could pose risks to the economy. Nevertheless, the overall outlook for GDP growth in 2026 remains robust, bolstered by the anticipated increase in lending activity. This shift towards more accessible credit is seen as a crucial factor in fostering economic recovery and growth, as banks become more willing to extend loans at lower rates, reflecting a more favorable lending environment in Ghana.

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Bank of Ghana to Receive Government Support for Recapitalisation Amid DDEP Challenges

The Bank of Ghana (BoG) is set to receive government support for its recapitalisation efforts following financial strains resulting from the Domestic Debt Exchange Programme (DDEP). BoG Governor Dr. Johnson Asiama confirmed that discussions with the government have been constructive, emphasizing the importance of restoring the Bank's financial health for its credibility and operational independence. Although former Finance Minister Dr. Cassiel Ato Forson previously ruled out taxpayer funding, advocating for internal reforms instead, the current dialogue suggests a shift towards government involvement in the recapitalisation process. Furthermore, improvements have been noted in the commercial banking sector, with 21 out of 23 banks meeting capital adequacy requirements by the end of December 2025. The remaining banks have until March 2026 to comply with these standards, indicating a positive trend in the sector's resilience and regulatory adherence.