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.

Ghana Standards Authority postpones auction of unserviceable vehicles
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Ghana Standards Authority postpones auction of unserviceable vehicles

The Ghana Standards Authority (GSA) has announced an indefinite postponement of its scheduled public auction of unserviceable vehicles. The exercise, which was originally set to take place on October 10, 2026, has been moved from its initial timeframe, with the Authority yet to provide a specific reason for the change in schedule. The auction was intended to begin at 9:00 AM at the GSA premises, attracting interest from various stakeholders and private bidders across the country. This postponement affects the planned disposal of various vehicles that have been designated as unserviceable by the Authority. Such auctions are a critical component of the GSA's asset management strategy, designed to ensure that government resources and equipment are handled efficiently when they reach the end of their operational life. By auctioning off these vehicles, the Authority aims to streamline its inventory and recover value from assets that no longer serve the institution's technical or administrative needs. The Ghana Standards Authority has expressed its sincere apologies to the public and all prospective bidders for any inconvenience caused by this sudden announcement. The GSA emphasized its appreciation for the public's understanding and interest in the process. While a new date for the auction has not yet been established, the Authority assured the public that a revised schedule will be communicated through official channels as soon as it is confirmed. In the interim, individuals seeking further details or specific information regarding the postponement are encouraged to contact the designated auctioneer. The Authority provided the contact number 0244 687 447 for any inquiries related to the sale. This measure ensures that interested parties remain informed while the GSA works to finalize the new logistics for the public auction.

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Sekondi-Takoradi residents demand action on rising food prices

Residents in the Sekondi-Takoradi Metropolis have called on the government and the Ministry of Food and Agriculture to take immediate steps to stabilize rising food prices. As Ghana prepares to observe World Food Day on October 16, community members highlighted the increasing difficulty households face in affording basic nutritional needs. The plea comes amidst a visible rise in the cost of essential staples, which residents say is straining family budgets and threatening local food security in the Western Region. Both shoppers and vendors in the metropolis have expressed frustration over the pricing trends of essential commodities. Local reports indicate that prices for staples such as tomatoes and fish have seen significant hikes in recent weeks. Market vendors attribute these increases to high transportation costs and systemic challenges within the distribution chain. These logistical hurdles have made it difficult for sellers to maintain stable prices, ultimately passing the financial burden onto consumers who are already struggling with a rising cost of living. To address these challenges, the residents have proposed several strategic interventions for the Ministry of Food and Agriculture to consider. Key recommendations include the expansion of cold-storage facilities to prevent post-harvest losses and the reduction of logistics costs specifically for perishable goods. Additionally, community members are urging the government to enhance access to affordable farm inputs for growers, which would help stabilize supply and prices at the source. By improving the infrastructure surrounding food transport and storage, residents believe the government can mitigate the volatility currently seen in the markets. The outcry in Sekondi-Takoradi serves as a poignant backdrop to the upcoming World Food Day celebrations. The international observance is intended to highlight the global struggle against hunger and the importance of sustainable food systems. For the residents of the metropolis, the day serves as a reminder that food security must encompass more than just the physical availability of produce; it must also ensure accessibility and affordability for the average Ghanaian family. They remain hopeful that their concerns will prompt concrete policy shifts to protect vulnerable households from future price shocks.

A gentleman in a dark suit and glasses is seen speaking at a podium with multiple microphones during a formal event. The background features a large blue screen with a '43rd' anniversary graphic and the Bank of Ghana logo, indicating an official financial sector ceremony or announcement.
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Bank of Ghana drafts directive to regulate artificial intelligence

The Bank of Ghana (BoG) has begun drafting a comprehensive regulatory directive to govern the application of artificial intelligence (AI) within the country's financial industry. Governor Dr. Johnson Pandit Asiama announced the initiative, stating that the new framework is designed to balance the promotion of technological innovation with the necessity of mitigating emerging operational and systemic risks. As digitalization continues to reshape financial services, the central bank aims to ensure that the adoption of AI contributes to a stable and resilient economic environment. According to Dr. Asiama, AI offers significant potential benefits for the banking sector, particularly in enhancing the accuracy of credit assessments and strengthening fraud detection mechanisms. By leveraging advanced algorithms, financial institutions can process vast amounts of data to make more informed lending decisions and identify suspicious transactions in real-time. However, the Governor cautioned that these opportunities come with inherent risks, specifically regarding data quality and the potential for sophisticated cybersecurity threats. He emphasized that the forthcoming directive will provide the necessary guardrails to manage these vulnerabilities effectively. The Governor further stressed that cybersecurity must no longer be viewed as a secondary IT concern but as a core business risk that requires board-level oversight. Under the new regulatory framework, banks and other financial entities will be expected to develop robust risk-management practices tailored to AI-driven processes. This includes ensuring the integrity of data sets used to train AI models and maintaining high standards of transparency. The BoG's proactive stance is part of a broader effort to modernize its regulatory toolkit to keep pace with the rapid technological evolution of the global and domestic financial landscapes.

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Prudential Life Insurance Ghana plants 12,300 mangroves at Songor

Prudential Life Insurance Ghana has reached a milestone in its five-year environmental commitment by planting 12,300 mangroves at the Songor Ramsar Site. The most recent phase of the project involved the planting of 5,000 additional seedlings on October 8, 2026, as part of a strategic effort to combat climate change and restore the nation's vital coastal ecosystems. This initiative, which originally began in 2022 under the broader Green Ghana initiative, underscores the company’s dedication to corporate social responsibility and long-term environmental sustainability. The restoration project is conducted in close collaboration with the Forestry Commission and local schools, ensuring that the community remains at the heart of the conservation effort. By focusing on the Songor Ramsar Site, the initiative addresses critical threats to the area's biodiversity and ecological health. Mangroves play a vital role in coastal defense, acting as natural barriers that reduce the risk of flooding and erosion. Furthermore, the restoration of these ecosystems is expected to enhance economic activities for local residents, who rely on the health of the lagoon and its surrounding flora for their livelihoods. With two years remaining in the five-year plan, Prudential Life Insurance Ghana has already exceeded its intermediate goal of 10,000 mangroves. Moving forward, the project will place a heavy emphasis on the long-term survival and maintenance of the planted seedlings to ensure they reach maturity. By fostering ongoing partnerships with educational institutions and government agencies, the company aims to create a sustainable model for coastal preservation that protects both the environment and the economic future of the Songor region.

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Joe Jackson warns businesses against digitising flawed service processes

Joe Jackson, the Chief Executive Officer of Dalex Finance, has issued a strong cautionary message to business leaders regarding the limitations of digital transformation. Speaking at the sixth annual CXP Ghana Conference on October 9, 2026, Jackson argued that simply moving a service online does not guarantee an improvement in the quality of the customer experience. He warned that if the underlying business process is inherently flawed, digitisation will only serve to automate those inefficiencies rather than resolve the root problems. During his presentation, Jackson emphasized that the primary goal of digital services should be to empower the end-user. He called for the development of highly intuitive and user-friendly applications that allow customers to navigate and access services independently. According to the Dalex Finance boss, a digital tool is truly effective only when it eliminates the need for external assistance or complex interventions, thereby streamlining the interaction between the company and its clientele and reducing friction in the service chain. Jackson’s remarks come at a time when many Ghanaian companies are aggressively pursuing digital-first strategies to stay competitive in a modern economy. However, he cautioned against making broad assumptions about how technology improves service delivery without first auditing internal workflows. He urged organisations to focus on the human-centric aspects of their operations, ensuring that processes are robust and customer-oriented before investing in digital interfaces. This approach, he suggested, is the only way to ensure that technology investments yield tangible benefits for both the business and its customers.

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Ghana Revenue Authority denies extortion over GH₵807.68 airport duty

The Ghana Revenue Authority (GRA) has officially dismissed allegations suggesting that Customs officers stationed at the Kotoka International Airport (KIA) engaged in extortion while processing duty for a passenger. Following a preliminary investigation into the matter, the Authority confirmed that the transaction in question was handled according to standard procedures and that the required funds were properly accounted for within the state's revenue systems. The GRA emphasized that transparency and accountability remain core to its operations at the country's ports of entry. The controversy centered on a duty assessment of GH₵807.68 levied against goods brought in by a traveler. While claims circulated that officers had improperly solicited or handled the money, the GRA's internal review established a clear and different sequence of events. According to the investigation, the exact amount of GH₵807.68 assessed on the passenger's items was paid in full directly into the Authority’s official revenue account. Records indicate that the payment was completed on the same day the assessment was made, contradicting any claims of financial irregularities or private settlements. This confirmation was supported by digital payment trails used by the Customs Division. The GRA’s swift response to these allegations highlights the sensitive nature of revenue collection at Ghana’s primary gateway. By providing specific details regarding the transaction amount and the timeline of payment, the Authority aims to reassure the public of the integrity of its electronic and manual payment systems. This incident underscores the GRA's ongoing efforts to maintain transparency at the airport and to protect the reputation of its staff against unverified reports of misconduct. Moving forward, the Authority encourages the public to use designated channels for reporting any genuine grievances regarding customs processes.

Rev. Dr. Pam Fomunung (in smock), Chief Executive Officer and Group Chair of Africa’s Brain Bank Global, and Dr. Michael Kwame Obeng, a renowned Ghanaian Plastic Surgeon and Board President for the organisation, explaining the concept of the design for the proposed medical city
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Africa’s Brain Bank Global proposes multi-billion-dollar medical city in Ada

The coastal town of Ada in the Greater Accra Region is set to be transformed into a premier destination for both specialized healthcare and ecotourism through the proposed Global Medical City project. Spearheaded by Africa’s Brain Bank Global, the multi-billion-dollar initiative aims to create a world-class medical hub that leverages the area's natural beauty. By integrating advanced technology and artificial intelligence into its clinical operations, the project seeks to position Ghana as a leader in medical tourism within the West African sub-region. Central to the vision of the Global Medical City is the establishment of a sophisticated digital health system. This infrastructure is designed to provide specialized care that currently requires many patients to travel outside of Africa for treatment. By fostering a collaborative network, the project aims to attract African medical professionals from the diaspora, encouraging them to bring their expertise back to the continent. This shift is expected to bolster the regional healthcare sector while providing local communities with access to high-quality medical services. The project also aims to capitalize on Ada’s existing status as a tourist destination by promoting a dual-purpose ecosystem. The development plans include supporting ecotourism activities such as boating and cultural tours, ensuring that the growth of the medical facility complements rather than overshadows the natural environment. This integrated approach is intended to create sustainable economic opportunities for local residents, turning Ada into a vibrant economic engine driven by both science and nature. While the scale of the project presents challenges in sustainable development and asset management, local authorities remain optimistic about its potential impact. The Global Medical City is viewed as a strategic step toward reducing the continent’s reliance on foreign healthcare systems. As the initiative moves forward, it is expected to serve as a model for how African-led organizations can address critical infrastructure gaps while preserving and promoting local environmental assets.

Nabdam District vegetable farmers report losses as tomato prices drop
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Nabdam District vegetable farmers report losses as tomato prices drop

Farmers in the Nabdam District of the Upper East Region are experiencing significant financial losses following a sharp decline in the market prices of staple vegetables. A glut in the supply of tomatoes, peppers, and okra has driven prices down by approximately 50% since early September, leaving many producers unable to recover their high production costs. Producers report that they are struggling to break even as the market becomes saturated with seasonal harvests. The most dramatic impact has been observed in the tomato market, where the price of a standard bucket has plummeted from between GH₵120 and GH₵150 to just GH₵60 to GH₵70. Similar downward trends have been reported for okra and peppers throughout the district. This price collapse is attributed to a simultaneous harvest across several farming communities, which has flooded local markets and severely weakened the bargaining power of individual producers against buyers. While the price drop has caused distress for growers, it has provided relief for consumers and improved profit margins for local food vendors who are benefiting from the lower cost of ingredients. However, farmers expressed frustration, noting that current market rates do not account for the rising costs of seeds, fertilizers, and labor. The situation highlights a recurring challenge in the region where seasonal gluts regularly undermine the livelihoods of smallholder farmers who lack access to storage or processing facilities. To address these cyclical issues, the Upper East Regional Director of Agriculture has emphasized the need for enhanced farming support and modernization. Suggested interventions include increased mechanization to reduce the total reliance on rain-fed agriculture and the implementation of better post-harvest management strategies. Such measures are viewed as critical to stabilizing the food supply year-round and ensuring that farmers can maintain profitability despite seasonal fluctuations in production.

President John Mahama, wearing a white hard hat and yellow safety vest, inspects a detailed architectural site plan for the Bechem Poultry and Meat Processing Factory. He is surrounded by a large contingent of officials, security personnel, and media members who are documenting the site visit.
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John Dramani Mahama inspects 50% completed Bechem poultry factory

President John Dramani Mahama has inspected the ongoing construction of the Poultry, Meat and Feed Processing Factory in Bechem, Ahafo Region, as part of his national "Resetting Ghana" tour. The facility is currently 50% complete and serves as a vital component of the government's Feed Ghana Programme. During the inspection, President Mahama expressed confidence that the project would transform Bechem into the "chicken capital" of Ghana when it becomes operational, which is expected by the first quarter of 2027. Minister of Food and Agriculture Eric Opoku, who accompanied the President, highlighted the significant gains made in the sector. He revealed that domestic poultry production has increased from 4.6% to 22% following the implementation of the Nkoko Nketenkete initiative. The Bechem plant is designed to support this upward trend by providing necessary processing and cold storage infrastructure. This will help address challenges such as the periodic glut in egg production and provide a more stable economic environment for local poultry farmers. The factory is expected to be a major source of employment, particularly for the youth in the region. President Mahama encouraged local residents to take an active interest in poultry farming, emphasizing that the new facility would offer a reliable and ready market for their produce. The Nifahene of Bechem, speaking on behalf of the community, welcomed the project and noted that it has already begun to provide jobs for locals during the construction phase, contributing to the area's economic revitalization. Upon completion, the facility will include modern processing lines and feed production units. In addition to commercial sales, the government plans to incorporate eggs from the factory into the National School Feeding Programme to bolster student nutrition and support local agriculture. The project, which began in late 2025, reflects a broader commitment to industrializing the agricultural sector and reducing Ghana's dependence on imported poultry products.

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National Housing Fund partners stakeholders to enhance homeownership finance

The National Housing Fund (NHF) has entered into fresh agreements with several stakeholders to improve access to affordable housing finance across Ghana. These outcomes were reached during the National Conference on Housing Finance 2026, which took place at the Mövenpick Ambassador Hotel in Accra. The event served as a platform for the NHF and industry participants to coordinate efforts aimed at making homeownership more accessible to the Ghanaian public through enhanced financial mechanisms. During the high-level meeting in Accra, the NHF and various financial partners discussed the current state of housing finance and identified areas where collaboration could yield better results for prospective buyers. The agreements reached are intended to streamline the processes involved in securing funding for residential property. By working together, the Fund and its stakeholders are looking to create a more supportive environment for individuals seeking to purchase their own homes, addressing a critical need for affordable options within the market. The conclusion of the 2026 conference marks a significant step for the National Housing Fund in its mission to lead the drive for homeownership affordability. As these agreements move into the implementation phase, the focus will remain on ensuring that the financial arrangements benefit those most in need of housing support. This collaborative approach between the NHF and the wider financial sector is expected to play a central role in the national strategy to provide sustainable and affordable housing solutions for years to come.

Real Estate Agency Council warns of 10-year prison terms for non-compliance
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Real Estate Agency Council warns of 10-year prison terms for non-compliance

The Real Estate Agency Council (REAC) has issued a stern warning to stakeholders within Ghana's property sector to strictly comply with the Real Estate Agency Act, 2020 (Act 1047). The regulator cautioned that failure to adhere to the statutory requirements would result in administrative sanctions and severe criminal penalties. The move is part of a broader effort to sanitize the real estate industry and ensure that all practitioners operate within a standardized legal framework. David Pappoe, the Head of Anti-Money Laundering and Compliance at REAC, detailed the specific consequences of non-compliance during a recent industry webinar. He highlighted that serious violations of Act 1047 could lead to fines of up to GH‵12,000 and imprisonment terms ranging from five to ten years. These penalties are designed to deter illegal practices and enforce the professional standards required for brokerage, agency, and management services in the country. As the statutory regulator established by the Act, REAC is tasked with overseeing real estate practices and protecting the interests of the public. The Council encouraged stakeholders and consumers to verify the licensing status of practitioners before engaging in any transactions. Furthermore, the public has been urged to report any suspicious or unlicensed activities to the Council to aid in the elimination of fraudulent actors from the market. Moving forward, the Council plans to intensify its public education initiatives to ensure that both practitioners and the general public are fully aware of their rights and obligations under the law. By strengthening the implementation of Act 1047 and collaborating with other relevant institutions, REAC aims to enhance transparency and build international trust in Ghana's real estate market, ultimately fostering a more secure environment for investment.

Elizabeth Ofosu-Adjare (5th from right), Minister of Trade, Agribusiness and Industry, being assisted by Simon Madjie (middle), CEO, GIPA; Dr Mary Awusi (3rd from right), CEO, Ghana Free Zones Authority; Francis Kojo Kwarteng Arthur (4th from right), CEO, Ghana Export Promotion Authority, and other officials to launch the 2026 Invest Ghana Summit and Ghana Club 100 Awards
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Elizabeth Ofosu-Adjare launches 2026 Invest Ghana Summit for 2,000 investors

Trade Minister Elizabeth Ofosu-Adjare has officially launched the 2026 Invest Ghana Summit, a strategic platform designed to position the nation as a top destination for high-impact investments. Scheduled to take place in Accra from November 16 to 17, 2026, the summit is expected to attract more than 2,000 international and local investors. The initiative is a cornerstone of the government’s New Economy programme, which focuses on transforming Ghana’s economic structure through industrialization and technological advancement. During the launch, the Minister emphasized that the summit aims to bridge the gap between global capital and viable local projects. The primary objectives are to drive sustainable job creation and facilitate the transfer of advanced technology to Ghanaian industries. By targeting productive investments, the government seeks to enhance the competitiveness of local businesses in the global marketplace and strengthen domestic supply chains, ensuring that economic growth translates into tangible benefits for citizens. The New Economy programme, under which this summit is organized, marks a shift in the government's approach to investment promotion. Rather than seeking general capital inflows, the Ministry of Trade and Industry is prioritizing sectors that promise high productivity and long-term resilience. Minister Ofosu-Adjare noted that this focus is essential for building an economy that can withstand global volatility while providing consistent opportunities for the country's growing workforce. Concluding the series of high-level economic activities, the 22nd Ghana Club 100 Awards will be held on November 18, 2026. This event will celebrate the achievements of the country's most successful companies, serving as a testament to the potential for growth within the Ghanaian market. Together, the summit and the awards represent a concerted effort by the Mahama administration to boost investor confidence and foster a business environment conducive to large-scale, transformative partnerships.