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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Femi Otedola Exits Geregu Power with $750 Million Sale, Boosting His Billionaire Status

Nigerian billionaire Femi Otedola has successfully sold his controlling stake in Geregu Power Plc for $750 million, marking a significant exit from one of Nigeria's leading electricity producers. This transaction concludes a 12-year investment cycle for Otedola, who has been instrumental in the company's growth. The buyer, MA’AM Energy Limited, acquired a 95% equity stake in Amperion, which includes control over the 77% stake in Geregu Power previously held by Otedola. The sale has yielded Otedola a profit of approximately $618 million, further solidifying his status among Africa's wealthiest individuals, with his net worth now estimated at around $1.6 billion. Geregu Power, which generates 10% of Nigeria's national electricity grid, is valued at ₦2.85 trillion and has reported substantial revenue and profit growth in 2025. This transaction also signifies a complete leadership transition at Geregu, setting the stage for its future operations in the energy sector.

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Dangote Refinery Faces Struggles Amid Industry Turmoil and Plans for Expansion

The Dangote Refinery, Africa's largest oil refining facility, is currently battling significant challenges two years after its $20 billion launch. Despite its initial promise to transform Nigeria's fuel landscape, the refinery is facing fierce opposition from labor unions, international oil companies (IOCs), and regulatory bodies. Founder Aliko Dangote has expressed regret over the difficulties encountered, including blocked access to crude oil and allegations of market manipulation. These obstacles have hindered the refinery's ability to stabilize local fuel supply and meet its production goals. In a bid to overcome these challenges, Dangote has announced plans to expand the refinery's capacity from 650,000 to 1.4 million barrels per day. This expansion comes amid ongoing confrontations with various stakeholders, including importers and labor unions, which have characterized the current landscape as highly competitive and combative. The Nigerian government has intervened by directing that crude be sold to the refinery in local currency, aiming to reduce foreign exchange dependency and bolster local production. Despite the turmoil, the Dangote Refinery has begun to stabilize supply and shift market dynamics, although significant hurdles remain. The situation reflects a broader theme of survival in Nigeria's complex oil sector, with Dangote's determination to navigate these challenges underscoring the need for collaboration among industry players to ensure market stability.

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Chamber of Licensed Gold Buyers Refutes IMF's $214 Million Loss Claims on Gold-for-Reserves Program

The Chamber of Licensed Gold Buyers (CLGB) has publicly contested the International Monetary Fund's (IMF) report that suggested a provisional loss of approximately $214 million associated with Ghana's Gold-for-Reserves program. The CLGB clarified that these alleged losses are linked to balance sheet issues of the Bank of Ghana, rather than reflecting any direct operational losses incurred by licensed gold buyers or GoldBod. They attributed the reported figures to timing discrepancies, fluctuations in gold prices, and various operational challenges. The CLGB emphasized that licensed buyers operate within regulated margins when sourcing gold, and called for reforms aimed at enhancing operational transparency and risk management to mitigate future financial discrepancies. GoldBod also rejected the IMF's findings, arguing that the report mischaracterizes the structure of the Gold-for-Reserves program, asserting that the figures mentioned pertain to the Bank's accounting practices rather than actual operational losses.

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Bills Microcredit Celebrates 2025 Success with Employee Awards and Bonuses

Bills Microcredit marked the end of 2025 with a festive End-of-Year Dinner and Awards Night, themed "Gratitude and Growth." CEO Romeo-Richlove Kweku Seshie announced impressive achievements, reporting nearly GH¢2 billion in loan disbursements that benefited over 350,000 customers across Ghana. The event recognized outstanding employees and teams, rewarding them with cash prizes and vehicles for their exceptional performance throughout the year. Founder Richard Nii Armah Quaye also revealed a generous 100% end-of-year bonus for all staff, emphasizing the critical role of trust in the financial services sector. The evening featured performances by notable artists, celebrating the company's achievements and outlining plans for continued growth and a customer-centric approach in 2026.

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Ghana's Economic Recovery Accelerates with Key Financial Improvements

Ghana's economic recovery is gaining significant momentum, marked by a series of positive developments in the financial sector. As of November 2025, inflation has dropped to an impressive 6.3%, the lowest rate observed in years. Additionally, the country's foreign reserves have surged to US$11.4 billion, providing nearly five months of import cover, a critical buffer for the economy. The Ghanaian cedi has appreciated by over 24% year-to-date, attributed to tighter monetary policies and enhanced fiscal discipline. Furthermore, the nation's GDP growth reached 6.3% in the first half of 2025, with non-oil growth nearly hitting 8%. These encouraging statistics were highlighted by Governor Dr. Johnson Asiama during the listing of First Atlantic Bank on the Ghana Stock Exchange in Accra. He underscored the necessity for continued reforms and the resilience of the economy as it navigates these transformative changes.

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Ghana's Currency Practices Under Scrutiny as Cedi Holds Steady Against the Dollar

The International Monetary Fund (IMF) has raised concerns about Ghana's continued use of multiple currency practices (MCPs), which it argues could undermine the efficiency of the country's foreign exchange market. These practices include outdated reference rates, transaction fees for direct foreign exchange dealings with the government, and specific requirements tied to cocoa and remittances. Despite these issues, the Ghanaian government and central bank are reportedly committed to reforming these practices to enhance economic stability. In a related development, the Ghana cedi has shown remarkable stability, maintaining a rate of GH¢11.10 to the US dollar as of December 29, 2025. This stability is expected to positively impact the economy by moderating import costs and alleviating transportation expenses, particularly during the festive season. Analysts suggest that the cedi's performance may improve household purchasing power, providing a much-needed boost during this period. The juxtaposition of the IMF's warnings and the cedi's current stability highlights the complexities facing Ghana's economic landscape as it navigates both reform and market performance.

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Tourism Minister Applauds Ghanaian Entrepreneurs at Aha Ye De Diaspora Festival

During the Aha Ye De Diaspora Festival and Made-in-Ghana Expo held in Accra, Abla Dzifa Gomashie, the Minister of Tourism, Culture and Creative Arts, praised both local and diaspora entrepreneurs for their contributions to the economy. She highlighted the government's commitment to supporting these entrepreneurs and acknowledged the various challenges they encounter. The festival served as a vibrant platform for showcasing Ghanaian culture and products, featuring exhibitions and performances aimed at promoting local enterprises. Minister Gomashie emphasized the importance of collaboration among entrepreneurs to enhance the visibility of Ghanaian goods and culture on both local and international stages.

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Cairo International Airport Tops Africa's Busiest Airports List for December 2025

As the festive season approaches, airports across Africa are experiencing a surge in passenger traffic, with Cairo International Airport emerging as the busiest in December 2025. The airport is set to handle approximately 1.7 million departing seats, marking a notable 7.8% increase from the previous year. This growth reflects a broader trend of rising travel demand as families and friends reunite for the holidays. The top ten busiest airports in Africa for December 2025 are as follows: 1. **Cairo International Airport** - 1,700,000 seats (+7.8%) 2. **O.R. Tambo International Airport** (Johannesburg) - 1,224,799 seats (+6.8%) 3. **Addis Ababa Bole International Airport** - 1,173,631 seats (+5.5%) 4. **Casablanca Mohammed V International Airport** - 684,337 seats (+17.5%) 5. **Cape Town International Airport** - 663,879 seats (+5.5%) 6. **Marrakech Menara International Airport** - 587,925 seats (+13.6%) 7. **Houari Boumediene International Airport** - 552,147 seats (+10%) 8. **Jomo Kenyatta International Airport** - 505,114 seats (+0.2%) 9. **Murtala Muhammed International Airport** - 495,635 seats (+1.3%) 10. **Hurghada International Airport** - 469,149 seats (+5.8%) While some airports have shown modest growth, the overall increase in departing seat capacity indicates a robust demand for air travel across the continent. This trend highlights the importance of the aviation sector in connecting families and supporting economic activity during the holiday season.

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Economic Struggles Persist Despite Government Claims, Says Energy Expert

Kwadwo Nsafoah Poku, an energy expert, has voiced strong concerns regarding the state of Ghana's economy, particularly under the National Democratic Congress (NDC) administration. He criticized the government's claims of economic improvement, asserting that many ordinary Ghanaians are still facing significant financial hardships. Poku pointed to sluggish market activities and questioned the accuracy of official inflation figures, arguing that the prices of essential goods remain excessively high. He illustrated these challenges by referencing specific food prices, emphasizing that the anticipated benefits of the government's reset agenda have not materialized for the average citizen. As Ghanaians prepare for the festive season, Poku's remarks highlight a stark reality: many are unable to afford basic items, such as poultry, undermining the government's narrative of economic recovery.

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Ghana Gold Board Set for Full Operations in 2026, Aims to Transform Gold Trading

The Ghana Gold Board, known as GoldBod, is poised to commence full-scale operations in 2026, marking a significant shift in the country's gold trading and reserve management practices. CEO Sammy Gyamfi announced that the Board will transition from its current role as an agent for the Bank of Ghana, a position it has held since taking over from the now-defunct Precious Minerals Marketing Company Limited (PMMC). Gyamfi outlined that 2025 will be dedicated to establishing the necessary institutional and operational frameworks to facilitate this transition. The planned reforms are designed to enhance the regulatory framework surrounding the Gold-for-Reserve program, address structural challenges, and improve mechanisms to combat smuggling while ensuring pricing efficiency. The CEO emphasized that GoldBod's primary focus is on generating foreign exchange and fostering national economic stability, rather than pursuing profit maximization. To ensure accountability and transparency, financial audits are scheduled for early 2026, which will assess the Board's performance prior to the operational launch.

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Empowering Women Through Vocational Skills Training for Financial Independence

In a recent liquid soap-making workshop held in the Agortime-Ziope District, Rose Xetsa Hadzide, a trainer and final-year Nursing student at KNUST, emphasized the critical need for women to acquire vocational and entrepreneurial skills to achieve economic empowerment. Hadzide urged participants to cultivate self-reliance and not depend solely on partners for financial support. The workshop aimed to equip women with practical skills necessary for starting small businesses, addressing the pressing need for job creation beyond government initiatives. Beneficiary Kafui Latsu expressed gratitude for the initiative, noting its potential to open new avenues for financial independence and entrepreneurship among women in the community. Hadzide encouraged participants to apply their newfound skills and share their knowledge, fostering a culture of empowerment and economic resilience within their communities.