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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Strengthening Trade and Investment: Ghana's Strategic Initiatives in Africa

Ghana is actively enhancing its trade and investment landscape through various strategic initiatives aimed at fostering economic collaboration both regionally and globally. Harruna Attah, Ghana’s High Commissioner to Namibia, has been a key figure in promoting the 'November in Namibia' campaign, which seeks to bolster tourism, trade, and cultural ties between Ghana and Namibia. This initiative, organized by Hype.UP Limited, includes a Business Forum and Exhibition set for 2025, where business leaders will explore investment opportunities and showcase Ghanaian offerings. The campaign is supported by both nations' High Commissions and investment promotion boards, reflecting a commitment to economic diplomacy. In a parallel effort, the Global Africa Summit, scheduled for December 11-12, 2025, in Accra, aims to rally investors, policymakers, and the diaspora to drive trade and inclusive economic growth across the continent. The summit will focus on strategic partnerships and diaspora-led investments, with Ghana positioned as a vital investment hub. A significant outcome expected from the summit is the establishment of a Diaspora Investment Platform by 2026, further enhancing Ghana's role in Africa's economic development. Additionally, the Ecobank Group has signed a memorandum of understanding with the Bank of China to deepen financial cooperation between China and Africa. This partnership, which builds on a previous agreement from 2010, aims to facilitate trade finance and cross-border payments, aligning with the China-Africa Cooperation Forum. The collaboration seeks to provide reliable financial infrastructure to support the growing commerce between China and Africa, emphasizing the importance of shared expertise in financing projects involving Chinese stakeholders. These initiatives collectively reflect Ghana's strategic approach to enhancing trade, investment, and economic growth, positioning the nation as a pivotal player in Africa's development.

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Optimism for Economic Growth in Ghana: Insights from NPA, SMEs, and Deloitte

As Ghana approaches 2026, optimism is palpable among various sectors regarding economic growth and stability. The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, commended his staff for their strong performance in 2025, emphasizing their commitment to regulatory excellence and consumer protection. Tameklo called for continued focus on efficiency and innovation as the NPA aims to enhance its service to the nation. In the Sekondi-Takoradi Metropolis, Small and Medium Enterprises (SMEs) share this optimism, with local business leaders highlighting positive economic indicators such as the stability of the Ghanaian Cedi and the abolition of certain taxes, including the COVID-19 recovery levy. Desmond Tyro, CEO of Mayor’s Tap, acknowledged the government's efforts to reduce fuel prices but expressed concern over rising utility tariffs, urging the government to implement measures that keep utility costs manageable for SMEs to thrive. Adding to the positive sentiment, Daniel Kwadwo Owusu, the Country Managing Partner of Deloitte Ghana, expressed confidence in the 2026 business environment, citing strong economic fundamentals established by the previous government. He noted improvements in exchange rates and inflation, which contributed to a favorable economic climate in 2025. Owusu called on the government to accelerate initiatives that foster economic growth and job creation, while also recognizing the hard work of his team in navigating the challenges of the business landscape. Overall, the collective insights from the NPA, SMEs, and Deloitte reflect a hopeful outlook for Ghana's economy in 2026, contingent on continued government support and strategic initiatives to address emerging challenges.

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Ghana Gold Board Strengthens Gold Sector with New Aggregation Model and Blockchain Initiatives

The Ghana Gold Board (GoldBod) is taking significant steps to enhance the gold sector's integrity and economic contribution, following the endorsement of Bawa Rock Ltd as the exclusive aggregator under its new aggregation model. The Chamber of Licensed Gold Buyers (CLBG) has voiced strong support for Bawa Rock, highlighting its commitment to transparency and effective measures to combat gold smuggling. The CLBG argues that Bawa Rock's practices improve compliance and traceability, which are crucial for stabilizing revenue in Ghana's gold market. They urge authorities to maintain Bawa Rock's license amid criticisms from the parliamentary Minority, warning that any weakening of its mandate could reverse progress in formalizing the industry. In parallel, GoldBod has refuted allegations of purchasing gold from illegal miners, clarifying that it sources gold exclusively through licensed channels. The Board is developing a blockchain-based track-and-trace system to enhance oversight and curb illegal sourcing, with plans for rollout in 2026. This initiative is part of GoldBod's broader strategy to promote responsible sourcing and environmentally friendly mining practices. Moreover, GoldBod has clarified that it is not a rebranding of the Precious Minerals Marketing Company (PMMC) but rather an institutional upgrade aimed at improving Ghana's economic stability through reforms in the gold sector. Unlike PMMC, which focused on profit, GoldBod's mission includes generating foreign exchange for the country and supporting gold reserve accumulation for the Bank of Ghana. With exclusive rights to purchase artisanal and small-scale mining gold and a dedicated task force to combat smuggling, GoldBod is positioned to formalize and enhance the gold sector in Ghana.

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GRA Reports Positive Impact of VAT Reforms: GH¢6.5 Billion Returned to Consumers

The Ghana Revenue Authority (GRA) has confirmed that recent Value Added Tax (VAT) reforms are yielding positive results for consumers and businesses alike. Following a reduction in the effective VAT rate to 15% and the removal of the COVID-19 Levy, approximately GH¢6.5 billion has been returned to households, reflecting a 1.9% decrease in prices of goods and services. This change was highlighted during a compliance check conducted by GRA officials at Palace Mall in Accra, led by Dr. Martin Yamborigya. Customers expressed satisfaction with the lower prices, indicating financial relief due to the revised tax structure. Shop managers reported that they have updated their billing systems in compliance with the new VAT regulations. GRA Commissioner-General Anthony Sarpong emphasized the importance of voluntary compliance with the new VAT framework, as it supports national revenue and economic growth. He encouraged consumers to request VAT invoices to aid enforcement and ensure responsible tax compliance, which is crucial for national development. The GRA remains committed to ongoing monitoring and consumer education regarding these tax reforms.

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Ghana's Economic Landscape: Record Reserves, Regulatory Changes, and Optimism for 2026

Ghana's economic landscape is witnessing significant developments as the Bank of Ghana (BoG) reported a record international reserve of $13.8 billion at the end of 2025, bolstered by strong government revenues and an early Eurobond payment. This marks a substantial increase from $7.4 billion in October 2024, with the cedi appreciating by over 40% against the US dollar, enhancing market confidence in the BoG's currency stabilization efforts. In parallel, the BoG has introduced stringent regulations for International Money Transfer Operators (IMTOs) to enhance consumer protection and financial integrity, implementing a 90-day licensing process and requiring detailed reporting. This move aims to formalize the remittance sector and mitigate financial risks. Looking ahead, the BoG plans to sell up to $1 billion under its Foreign Exchange Intermediation Programme in January 2026 to support market stability. This initiative follows a successful $721 million FX sale in December 2025, aimed at managing exchange rate volatility and supporting businesses' import needs. The Ghanaian government is also seeking to raise GH¢7.5 billion from the domestic market to address short-term financing needs, significantly increasing its target from previous auctions. This comes amid strong investor demand for Treasury Bills, with average interest rates hovering around 12%. Deloitte's recent report highlights the importance of government initiatives like the 24-hour Economy Programme and the Accelerated Export Development Programme in unlocking Ghana's economic potential, projecting GDP growth rates of 5.5% for 2025 and further increases in subsequent years. However, challenges such as inflation and commodity price volatility remain. Dr. Theo Acheampong, a Technical Advisor at the Ministry of Finance, expressed optimism for 2026, citing positive government policies and macroeconomic interventions that are expected to enhance living standards. He noted that Ghana's planned exit from the IMF programme by mid-2026 could further boost economic opportunities. Additionally, business owners are calling for tax reductions and a reassessment of import duties to support local enterprises, advocating for policies that enhance competitiveness. The Ghana Revenue Authority reported that recent VAT reforms have returned approximately GH¢6.5 billion to consumers, easing price pressures and improving satisfaction with lower prices. Overall, while challenges persist, the outlook for Ghana's economy appears optimistic as stakeholders push for reforms and stability in 2026.

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GIPC CEO Calls on Diaspora to Invest Remittances for National Development

Simon Madjie, the CEO of the Ghana Investment Promotion Centre (GIPC), has urged Ghanaians living abroad to channel their remittances into productive investments to bolster national development. Speaking at a recent Diaspora Summit, Madjie highlighted that remittances from the diaspora exceed foreign direct investments and can significantly enhance the Ghanaian economy if utilized effectively. To facilitate this, the GIPC has established frameworks and support systems, including a Diaspora Desk and an AfCFTA Desk, aimed at assisting Ghanaians worldwide in navigating investment opportunities. Madjie emphasized the potential in key sectors such as real estate, information and communication technology (ICT), healthcare, and sustainable industries. In a bid to attract more investments, he announced the removal of minimum capital requirements for foreign investors and assured robust legal protections for those looking to invest in Ghana. Madjie reaffirmed the importance of the diaspora in Ghana's development and reiterated that the country is open for business, encouraging Ghanaians abroad to explore opportunities beyond the capital, Accra.

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Ghana's Poultry Sector at Risk from Cheap Imports and Rising Feed Costs

Boris Baidoo, CEO of Boris B's Farms, has raised alarm over the challenges facing Ghana's poultry industry, primarily due to cheap imports and escalating feed costs. He emphasized that while local expertise exists, inconsistent policy support is hampering domestic production efforts. Currently, feed prices account for a staggering 70% of production costs, putting immense pressure on local poultry producers. Baidoo advocates for enhanced collaboration between the government and private investors to create affordable feed alternatives. He also calls for the establishment of a unified national poultry policy aimed at safeguarding local producers and ensuring food security in the country. Without these measures, the future of Ghana's poultry industry remains uncertain, jeopardizing both local livelihoods and the nation's food supply.

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Accra High Court Orders First Atlantic Bank to Compensate Vihama Energy GH¢10 Million for Unauthorized Bond Tendering

The Accra High Court has ordered First Atlantic Bank to pay over GH¢10 million to Vihama Energy Company Ltd for unlawfully tendering the company's bonds in the Domestic Debt Exchange Programme (DDEP) without proper authorization. The court's ruling, delivered by Justice Sedina Agbamava, includes a compensation of GH¢28.4 million for losses incurred, GH¢2 million in exemplary damages, and GH¢100,000 to cover litigation costs. The court found that First Atlantic Bank acted negligently, breaching its fiduciary duty to the client. The bank's defense, which claimed regulatory coercion, was dismissed, as the court affirmed that Vihama Energy had not defaulted on its obligations and that the bonds retained their value during the period of wrongful tendering. This ruling underscores the importance of banks adhering to fiduciary responsibilities and obtaining client consent in financial transactions.

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Ghana Gold Board Optimizes Gold-for-Reserves Programme to Boost Economic Gains

The Ghana Gold Board, known as GoldBod, is implementing strategies to reduce operational costs associated with its Gold-for-Reserves (G4R) programme, which has significantly enhanced the nation's foreign exchange reserves. Launched to formalize gold trading and support the small-scale mining sector, the G4R initiative allows the Board to purchase gold from licensed aggregators and miners at competitive prices. In collaboration with the Bank of Ghana and the Ministry of Finance, GoldBod is developing a policy blueprint aimed at streamlining G4R operations by 2026. This includes stakeholder consultations to establish fair pricing regulations, ensuring a sustainable gold trading ecosystem while safeguarding economic interests. Additionally, GoldBod has clarified misconceptions regarding its identity, asserting that it is not merely a rebranding of the Precious Minerals Marketing Company (PMMC). Instead, it represents a significant upgrade in institutional capacity, focusing on enhancing Ghana's economic stability through exclusive rights to purchase artisanal mining gold and combatting gold smuggling. This transformation aims to formalize the gold sector and prioritize national economic objectives, positioning GoldBod as a pivotal player in Ghana's gold industry.

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Bank of Ghana's Policies Bolster Cedi Recovery Amid New Regulations for Money Transfers

The Importers and Exporters Association of Ghana (IEAG) has defended the Bank of Ghana (BoG) against recent criticisms, attributing the cedi's remarkable recovery in 2025 to the central bank's disciplined monetary policies. The cedi appreciated by 40% against the US dollar, a feat linked to improved macroeconomic fundamentals and increased export earnings, according to IEAG Executive Secretary Samson Asaki Awingobit. He criticized what he termed ‘false reportage’ that undermines the BoG's contributions to economic stability, expressing optimism for continued growth in 2026 as long as prudent policies are maintained. In a related development, the Bank of Ghana has introduced stringent new regulations for International Money Transfer Operators (IMTOs) aimed at enhancing consumer protection and financial integrity. Effective December 2025, these guidelines require a 90-day licensing process for IMTOs, restricting them to inward, person-to-person remittances, and prohibiting outbound transfers and lending activities. Operators must conduct transactions in Ghana cedis and adhere to strict data collection and reporting standards, with a three-month transition period to comply. As the new year begins, the cedi opened trading on January 5, 2026, at an average rate of GH¢10.5053 to the US dollar, reflecting a slight increase from GH¢10.45 earlier in the week. The Bank of Ghana reported a buying rate of GH¢10.4948 and a selling rate of GH¢10.5053, while forex bureaus showed wider margins, with the dollar being bought at GH¢11.90 and sold at GH¢12.35. The central bank is expected to intervene in the market to manage volatility as it prepares for upcoming monetary policy decisions and anticipates external inflows.

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Bank of Ghana to Withdraw from Small-Scale Gold Trading by 2026

The Bank of Ghana (BoG) has announced its decision to exit the small-scale gold trading sector effective January 1, 2026. This strategic move will transfer full control of gold trading to the Ghana Gold Board (GoldBod). The decision, approved by the bank's governor, Dr. Johnson Asiama, aims to allow the BoG to concentrate on other critical aspects of the Domestic Gold Purchase Programme (DGPP), particularly focusing on inflation targeting and maintaining price stability. Although the International Monetary Fund (IMF) has raised concerns about potential financial losses stemming from this transition, the Central Bank asserts that the decision is independent and is intended to better manage the evolving dynamics of the gold and foreign exchange markets. This shift marks a significant change in the regulatory landscape of Ghana's gold trading sector, reflecting the government's ongoing efforts to streamline operations and enhance market efficiency.

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Ghana Settles US$709 Million Eurobond Payment Early, Boosting Economic Recovery

The Government of Ghana has successfully settled a US$709 million Eurobond obligation ahead of schedule on December 30, 2025. This significant payment is part of a larger commitment to manage a total of US$1.4 billion in Eurobond payments for the year. Finance Minister Dr. Cassiel Ato Forson emphasized that this achievement marks a crucial step in the nation's economic recovery and public debt management strategy. By making this early payment, Ghana aims to enhance its credibility as a borrower and signal a strong commitment to restoring investor confidence. The government is focused on strengthening fiscal buffers and continuing reforms in revenue and debt management to ensure sustainable long-term development.