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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Bank of Ghana warns public against 20 unlicensed mobile loan apps

The Bank of Ghana (BoG) has issued a formal warning to the public regarding the activities of 20 mobile loan applications currently operating within the country without the requisite regulatory licenses. According to the central bank, these entities are providing credit services in direct violation of established financial laws, bypassing the oversight necessary to ensure fair lending practices. The BoG emphasized that the surge in unapproved digital lending platforms presents a growing challenge to the integrity of the national financial system and requires immediate public vigilance. Beyond the legal violations, the central bank highlighted significant risks associated with these unauthorized platforms, particularly concerning customer data privacy and compliance with financial regulations. Users of these apps often find themselves vulnerable to unethical debt collection methods and the potential misuse of their personal information, as these providers do not adhere to the consumer protection standards mandated for licensed financial institutions. The BoG stressed that transacting with unlicensed entities leaves borrowers with little to no legal recourse in the event of disputes or predatory behavior. In response to these violations, the Bank of Ghana has committed to taking stringent enforcement actions against the operators of these illegal mobile applications to safeguard consumers. The regulator urged the public to verify the licensing status of any financial institution or digital lender before engaging in credit transactions. This move is part of a broader effort by the BoG to sanitize the digital credit sector and ensure that the transition toward financial technology occurs within a secure and transparent regulatory framework that protects the rights of all Ghanaian citizens.

John Mahama commissions expanded Nestlé milk production line in Tema
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John Mahama commissions expanded Nestlé milk production line in Tema

President John Dramani Mahama has officially commissioned an expanded evaporated milk production line at Nestlé Ghana Limited’s factory in Tema. The new facility more than doubles the plant’s annual capacity, increasing it from 12,960 tonnes to nearly 30,000 tonnes. This expansion aligns with the government’s industrialisation agenda and the 24-Hour Economy initiative, which seeks to transform Ghana into a robust manufacturing and export hub within the African continent. The investment, which replaces an older production line, is expected to support approximately 2,500 jobs, comprising 1,200 full-time staff and 1,300 third-party workers. President Mahama commended Nestlé for its commitment to local employment, noting that 94.4% of the company’s workforce consists of Ghanaians. He emphasised that the expansion reflects growing investor confidence in the country’s economy, citing improvements in macroeconomic indicators such as rising foreign direct investment and declining inflation rates. During the inauguration, the President highlighted the historical significance of Tema as a cornerstone of Ghana’s industrial growth. He urged Nestlé to leverage its enhanced production capabilities to target regional markets, encouraging the company to take full advantage of the export potential across Africa. Madam Salomé Azevedo, Managing Director of Nestlé Ghana, reinforced the company's long-term commitment to local production and expressed optimism regarding the nation's economic prospects. The commissioning comes as both the Republic of Ghana and Nestlé prepare to celebrate their respective 70th anniversaries in 2027. President Mahama called for continued partnership between the state and the private sector to create sustainable jobs and enhance the nation’s manufacturing capabilities. The new line is expected to significantly boost the local processing of dairy products, reducing reliance on imports and strengthening the domestic value chain.

Eric Opoku announces egg exports to Burkina Faso amid domestic surplus
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Eric Opoku announces egg exports to Burkina Faso amid domestic surplus

The Minister for Food and Agriculture, Eric Opoku, has announced that Ghana has officially commenced the export of eggs to Burkina Faso to address a significant domestic surplus. This initiative follows a direct intervention by President John Mahama, who instructed the ministry to negotiate market access after local production levels exceeded internal demand. The move aims to stabilize the poultry sector and provide Ghanaian farmers with expanded regional markets for their produce. The current surplus is largely attributed to the Nkoko Nketenkete programme, which Minister Opoku credits with a historic surge in domestic poultry production. According to ministry data, local production capacity rose from 4.6% to 22% as of May 2026. This rapid growth has led to a year-long abundance of eggs across the country, making them highly accessible to the public, with retail prices often reaching two eggs for five cedis on the streets. During a recent inspection of a poultry facility alongside President Mahama, Mr. Opoku revealed that a delegation sent to the border found more than 20 trucks loaded with eggs ready for transport. These vehicles were subsequently cleared for entry into Burkina Faso. However, the Minister cautioned that while these initial exports are a positive step, they are currently insufficient to completely exhaust the national surplus, necessitating further domestic interventions. To further manage the excess supply, the government is collaborating with the Ministry of Education to incorporate eggs into meals served through the National School Feeding Programme. Additionally, a new poultry processing facility is under construction in Bechem, which will have the capacity to process 6,000 birds per hour. Expected to be operational by early 2027, the facility and an accompanying feed mill are designed to strengthen the value chain by utilizing by-products like eggshells for feed production.

Bank of Ghana introduces directive to reduce NPL ratios to 10%
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Bank of Ghana introduces directive to reduce NPL ratios to 10%

The Bank of Ghana (BoG) has announced plans to introduce a new Credit Risk Management Directive aimed at strengthening lending practices and improving loan recovery across the financial sector. Announced by the Second Deputy Governor, Mrs. Matilda Asante-Asiedu, the directive specifically targets the rising non-performing loan (NPL) ratios currently plaguing the savings and loans sub-sector. The central bank has set a clear mandate for Regulated Financial Institutions (RFIs) to bring their NPL ratios down to no more than 10% by the end of December 2026. Under the upcoming directive, financial institutions will be required to develop and implement robust credit risk management frameworks. These frameworks are designed to enhance the quality of assets and ensure that lending processes are more rigorous, thereby preventing the accumulation of bad debt. Mrs. Asante-Asiedu emphasized that the move is necessary as the savings and loan sub-sector faces increased pressure from deteriorating loan portfolios, which threatens the overall stability of the financial system. This regulatory shift is part of a broader Bank of Ghana initiative to improve corporate governance and foster greater public confidence in Ghana's financial institutions. In addition to the NPL targets, providers in the sector will be required to comply with stricter capital requirements by December 31, 2026. The restructuring process will also involve new classifications for savings and loans companies, ensuring that they are better equipped to handle economic fluctuations and maintain liquidity in the long term.

John Mahama congratulates Kasapreko PLC on GH‵1.72bn GSE listing
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John Mahama congratulates Kasapreko PLC on GH‵1.72bn GSE listing

President John Dramani Mahama visited the production facility of Kasapreko PLC to formally congratulate the company on its successful listing on the Ghana Stock Exchange (GSE). The listing, which took place on June 15, 2026, followed an Initial Public Offering (IPO) that generated GH‵1.72 billion in investor demand. The President described the event as a landmark moment for Ghana's capital market and a pivotal achievement in the company’s 38-year history. During his working visit, President Mahama hailed Kasapreko as a model for indigenous enterprises and encouraged other local manufacturing firms to embrace public listings. He sought to reassure entrepreneurs that joining the stock exchange allows for significant capital injection without the loss of company control. By transitioning into a public entity, the President noted that Kasapreko has set a standard for transparency and growth that other Ghanaian businesses should emulate to enhance their competitiveness. Beyond the financial milestone, President Mahama emphasized the importance of succession planning and building institutional structures that outlive their founders. He commended Kasapreko for its successful leadership transition, noting that many local businesses often decline after the departure of their original owners. By establishing robust corporate governance, he argued that firms can ensure long-term sustainability and continue to provide vital jobs, such as those expected from Kasapreko's new factory development at Adeiso. The President concluded by linking the company's expansion to government initiatives aimed at fostering industrial growth, including the 24-Hour Economy policy and the Accelerated Export Development Programme. He reaffirmed the government’s commitment to improving the economic environment for the private sector, citing rising foreign direct investment and supportive fiscal policies as key drivers for future industrialization and export-led growth.

Samuel Okudzeto Ablakwa confirms Ghana will apply for BRICS membership
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Samuel Okudzeto Ablakwa confirms Ghana will apply for BRICS membership

Foreign Affairs Minister Samuel Okudzeto Ablakwa has confirmed Ghana's intention to apply for membership in the BRICS collective, marking a significant shift in the nation's economic diplomacy. This decision is aimed at diversifying Ghana's international partnerships and reducing its historical reliance on traditional Western-led financial institutions such as the International Monetary Fund (IMF) and the World Bank. By seeking to join the bloc—currently comprising Brazil, Russia, India, China, and South Africa—the government hopes to align itself with emerging global economies to secure more varied avenues for national development. \n\nThe move is expected to open new doors for investment, technological exchange, and infrastructure development. A key component of this strategy is gaining access to the New Development Bank (NDB), which provides alternative financing for major projects. Minister Ablakwa emphasized that joining BRICS will allow Ghana to better leverage its natural resources by enhancing local processing capabilities and industrial value chains. This approach aligns with the government’s broader goal of moving away from a raw material export economy toward a more industrialized and self-sustaining model. \n\nDespite the potential benefits, the Minister clarified that BRICS membership is not an automatic solution to all economic hurdles. Ghana will be required to meet specific criteria to fully engage with the New Development Bank and other bloc initiatives. Furthermore, the application does not signify a break from existing global financial frameworks; the government intends to maintain its constructive relationships with the IMF and the World Bank. The ultimate success of this transition will depend on Ghana’s ability to effectively use these new partnerships to stimulate job creation, improve living standards, and drive long-term economic stability.

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Bernard Antwi Boasiako sues EOCO over GH₵18m Ghana Exim Bank loan

Bernard Antwi Boasiako, the former Ashanti Regional Chairman of the New Patriotic Party (NPP), has filed a lawsuit at the High Court against the Economic and Organised Crime Office (EOCO) and the Ghana Exim Bank. The legal action stems from a dispute over a GH‵18 million loan facility granted to Wontumi Farms for an agricultural project. Boasiako, popularly known as Chairman Wontumi, is seeking a court declaration that the matter is a civil contractual issue rather than a criminal one, following allegations of fraud and money laundering. According to the lawsuit, which also names the Attorney General as a defendant, the plaintiffs argue that EOCO has exceeded its statutory mandate by acting as a debt recovery agency. The dispute centers on a loan secured against a 10,000-acre land parcel. Boasiako asserts that the farming project suffered significant setbacks due to flooding, and he claims the bank failed to activate an insurance arrangement that was intended to cover such losses. He maintains that the inability to meet repayment terms is a breach of contract that should be resolved through civil litigation and the realization of collateral, not through criminal prosecution. The lawsuit specifically challenges the charges of defrauding by false pretences and money laundering. Boasiako and Wontumi Farms contend that these criminal allegations are being used to pressure them into a settlement, effectively turning EOCO into a debt collector for the bank. They are asking the court to mandate that any recovery efforts focus on the agreed-upon guarantees and to provide a transparent accounting of the outstanding debt. The plaintiffs further argue that treating a commercial disagreement as a criminal enterprise sets a problematic precedent for business owners in Ghana. This legal battle highlights the ongoing tension between financial institutions and borrowers over the classification of debt defaults. By seeking to halt the criminal proceedings, Boasiako is forcing a judicial review of the boundaries between civil liability and criminal intent in high-value loan disputes. The outcome of the case at the High Court will likely clarify the scope of EOCO’s authority in investigating financial transactions that originate from commercial loan agreements.

Dr Johnson Pandit Asiama (5th from right), Governor, BoG; Kwamina Asomaning (4th from right), President, Ghana Association of Banks; Abena Osei-Poku (5th from left), MD, Ecobank Ghana, and other heads of banks at the 43rd annual general meeting of the Ghana Association of Banks
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Johnson Pandit Asiama warns banks against complacency after recovery

Bank of Ghana Governor Dr. Johnson Pandit Asiama has cautioned financial institutions against complacency despite the banking sector's successful recovery from the recent domestic debt crisis. Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks, Dr. Asiama highlighted that while the industry has achieved significant macroeconomic stability, the focus must now shift from immediate crisis management to long-term sustainability and robust risk oversight. He emphasized that the return to stability should not lead to a relaxation of standards but rather a period of institutional strengthening. The Governor's remarks come as the sector shows strong signs of rebounding from the Domestic Debt Exchange Programme (DDEP). For the first time since the crisis, all 23 commercial banks in Ghana meet the central bank's regulatory capital requirements. Financial data reflects this upward trajectory, with total sector assets growing by 20.5% to reach GH₵500.2 billion. Additionally, Dr. Asiama noted a welcome decline in the non-performing loan (NPL) ratio, suggesting a marked improvement in credit quality and overall bank profitability across the country. Looking ahead, the Bank of Ghana intends to intensify its supervisory role to prevent a recurrence of past vulnerabilities. Dr. Asiama announced that the central bank will conduct a comprehensive review of all banks' business models starting in 2027 to ensure they remain resilient to economic shocks. Furthermore, the regulator is preparing to issue new directives focused on the integration of artificial intelligence in financial services and the enhancement of cybersecurity frameworks to protect the industry from emerging digital threats and operational risks.

John Awuah, CEO, Ghana Association of Banks
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Ghana Association of Banks threatens to halt lending to government workers

The Ghana Association of Banks (GAB) has warned it may suspend new payroll-based lending to public sector employees if the Controller and Accountant-General’s Department (CAGD) does not resolve significant delays in loan deduction remittances. Currently, payments from the department are three months in arrears, a situation that GAB says is undermining the financial health of the banking sector and its ability to support government workers, including teachers and nurses. This threat follows concerns that banks are bearing the cost of administrative delays that prevent them from recovering loan installments directly from source deductions. According to GAB Chief Executive Officer John Awuah, commercial banks are currently absorbing losses because they cannot access the funds already deducted from workers' salaries to service their outstanding debts. This delay directly impacts bank profitability and asset quality at a time when the industry is under pressure to improve its balance sheets. The association is particularly concerned about maintaining the downward trend of non-performing loans (NPLs). While the industry's NPL ratio improved to 15.7% in August 2026, the ongoing remittance delays from the CAGD threaten to reverse these gains and make it increasingly difficult for banks to reach the regulatory target of a 10% NPL ratio by December 2026. The issue of delayed remittances has reportedly persisted in various forms for over a decade, but the current three-month backlog has reached a critical point. GAB is calling on the CAGD to expedite the transfer of these deductions to ensure that public sector employees continue to have access to credit facilities, which many rely on for essential needs. If the situation is not resolved, the proposed suspension of lending would force banks to halt the processing of new loan applications for government employees to manage their risk effectively and protect shareholder value.

Prudential Bank strengthens capital position with GH¢1.13bn investment
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Prudential Bank secures GH₵1.13bn investment from Bloom Africa Holdings

Prudential Bank Limited has finalized a strategic GH₵1.13 billion capital investment from Bloom Africa Holdings Ghana Limited (BAHGL) following official approval from the Bank of Ghana. The transaction marks a significant development in the bank's efforts to bolster its financial standing and long-term stability. This substantial capital injection is designed to ensure the bank not only meets but exceeds the regulatory capital requirements set by the central bank, providing a robust foundation for its future operations in the Ghanaian financial sector. The investment is earmarked for several key areas of growth, including the acceleration of digital transformation and the improvement of overall customer service delivery. Acting Managing Director of Prudential Bank, Mr. Ebow Quayson, emphasized that the new capital will be instrumental in strengthening the bank's resilience within a competitive landscape. By enhancing its technological infrastructure, the bank aims to offer more innovative products and streamlined services to its clients. Furthermore, the increased capital position is expected to significantly boost the bank's lending capacity, with a specific focus on supporting small and medium-sized enterprises (SMEs). Bloom Africa Holdings stated that the investment aligns with its broader vision of building a Pan-African financial institution. The holding company intends to leverage Prudential Bank’s extensive local market knowledge to drive economic activity and expansion across the West African sub-region. The bank’s leadership expressed gratitude to the Bank of Ghana and all stakeholders for their roles in facilitating the deal. This partnership is viewed as a pivotal step for Prudential Bank as it pursues sustainable growth and seeks to enhance its value proposition to customers across the country.

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Bernard Antwi Boasiako sues to declare GH₵18m Exim Bank dispute a civil matter

NPP Ashanti Regional Chairman Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has filed a lawsuit at the High Court seeking to reclassify a GH‵18 million loan dispute with the Ghana Export-Import (EXIM) Bank. Alongside his company, Wontumi Farms, the businessman is challenging the state's characterization of the debt as a criminal matter involving allegations of fraud, money laundering, and causing financial loss. The plaintiffs are asking the court for a declaration that the dispute is strictly a civil issue arising from a legitimate commercial transaction. According to the writ, the GH‵18 million loan was obtained for a large-scale farming project and was secured by sufficient collateral, including land and personal guarantees provided by Boasiako. The plaintiffs contend that the credit facility was a transparent business deal and that any failure to meet repayment obligations should be addressed through standard civil debt recovery processes. They argue that the current criminal charges are mischaracterizations of what is essentially a contractual debt issue. The legal team for Boasiako and Wontumi Farms asserts that using the criminal justice system to resolve a business loan default is inappropriate. They are seeking a court order to direct the Ghana Exim Bank to recover the loan through established civil agreements rather than through criminal prosecution. The suit emphasizes that the transaction followed legal protocols for agricultural financing and that the state's intervention via criminal charges lacks a proper basis in commercial law. This legal challenge comes as the state maintains a firm stance on recovering debts owed to public financial institutions. The outcome of this case could set a significant precedent for the distinction between corporate loan defaults and criminal financial misconduct in Ghana. The High Court is expected to hear the application in the coming weeks to determine whether the matter will proceed as a criminal trial or be relegated to the civil division for debt settlement.

World Bank raises 2026 Sub-Saharan Africa growth forecast to 4.3%
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World Bank raises 2026 Sub-Saharan Africa growth forecast to 4.3%

The World Bank has adjusted its economic outlook for Sub-Saharan Africa, raising the projected growth rate for 2026 to 4.3%. This represents a 0.3 percentage point increase from the bank's previous estimate issued in April. The upward revision signals a strengthening recovery across the region, driven primarily by robust domestic demand and enhanced economic resilience in major African economies despite ongoing global volatility. The revised forecast affects nearly three-quarters of the countries in the region, with significant upward adjustments for major players such as Nigeria, Angola, Ethiopia, and Zambia. According to the World Bank, these nations are showing an improved capacity to withstand external pressures, even as they contend with geopolitical tensions and climate-related shocks. This broader regional stability is a critical factor in the bank's more optimistic shift for the 2026 fiscal year. Despite the positive growth prospects, the report cautions about rising inflationary pressures and persistent fiscal constraints. The median inflation rate for the region is projected to climb from 3.7% in 2025 to 5.5% in 2026, largely due to the escalating global costs of essential commodities such as fuel, food, and fertilizers. Furthermore, while regional public debt has stabilized at approximately 57% of Gross Domestic Product (GDP), the high cost of servicing this debt continues to siphon funds away from essential public investments in health, education, and infrastructure. To sustain and accelerate this growth, the World Bank emphasizes the urgent need for strategic investments in artificial intelligence and digital technologies. The report suggests that leveraging these advancements through regional cooperation could significantly boost productivity and create much-needed jobs for the continent's growing workforce. By embracing digital transformation, the bank argues that Sub-Saharan African nations can better navigate the complexities of the global economy and secure long-term development stability.