Ghana Business News

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Abu Dhabi selected to host 2029 IMF and World Bank annual meetings
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Abu Dhabi selected to host 2029 IMF and World Bank annual meetings

The United Arab Emirates (UAE) has officially signed an agreement with the World Bank Group and the International Monetary Fund (IMF) to host their 2029 Annual Meetings in Abu Dhabi. This landmark agreement marks the return of the high-level global financial gathering to the UAE for the first time in more than two decades, following the 2003 meetings held in Dubai. The formalisation of the deal was conducted by World Bank Group President Ajay Banga and IMF Managing Director Kristalina Georgieva, alongside senior Emirati officials. World Bank Group President Ajay Banga expressed significant enthusiasm for the selection of Abu Dhabi, highlighting the UAE's strategic importance as a host nation. He specifically noted the country's role as the location for the World Bank’s Knowledge Hub on Gender, suggesting that the venue will provide a meaningful context for discussions on inclusive economic growth. IMF Managing Director Kristalina Georgieva reflected on the benefits of holding these meetings outside of their permanent headquarters in Washington, D.C., pointing to the rapid economic and social transformation of the UAE as an inspiring backdrop for global financial dialogue. Representing the host nation, the UAE Minister of State for Financial Affairs stated that the opportunity to host the 2029 meetings aligns with the country's national vision of strengthening international partnerships and fostering global economic cooperation. The Annual Meetings typically bring together a diverse range of stakeholders, including central bank governors, ministers of finance and development, private sector executives, and academics. These leaders gather to address pressing global issues such as the economic outlook, poverty eradication, and international investment strategies. By securing the 2029 event, Abu Dhabi reinforces its position as a central hub for international finance and diplomacy in the Middle East. The 2003 Dubai meetings served as a significant turning point for the region's visibility in the global financial sector, and the 2029 iteration is expected to further showcase the UAE's advanced infrastructure and its evolving role in addressing contemporary challenges like sustainable development. The signing of this agreement initiates several years of logistical and diplomatic preparation to accommodate thousands of delegates from nearly 190 member countries.

High Commissioner Prof. Edu-Buandoh and Minister Mr. Ahmed Ibrahim will speak at the launch
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Ghana Consulate in Toronto to launch Diaspora Property Expo on November 27

The Consulate-General of Ghana in Toronto is set to officially launch the Diaspora Property Expo (DPE) Canada 2027 on November 27, 2026. Organized under the patronage of the Ghana High Commissioner to Canada, Professor Dora Francisca Edu-Buandoh, the initiative is designed to encourage Ghanaians living abroad to invest in the domestic housing market. The event serves as a key component of the upcoming Ghana@70 celebrations, focusing on creating secure and transparent pathways for property ownership in Ghana. Several high-profile government officials and industry leaders are expected to address the launch. Notable speakers include Ahmed Ibrahim, the Minister for Works, Housing, and Water Resources, alongside Dr. James Ato Orleans-Lindsay, President of the Ghana Real Estate Developers Association (GREDA). They will be joined by Emmanuel Jeffrey, the Acting CEO of the Ghana Real Estate Agency Council, reflecting a coordinated effort between the state and the private sector to promote credible investment opportunities. A central objective of the DPE Canada 2027 is to unveil the first 20 vetted exhibitors from Ghana’s real estate sector. These exhibitors have been selected through a screening process intended to protect diaspora investors from the risks of fraud and mismanagement often associated with long-distance property transactions. By highlighting pre-screened developers and agents, the Consulate-General aims to build trust and ensure that capital from the diaspora is channeled into legitimate housing projects. The expo is the result of strategic partnerships aimed at fostering economic collaboration between Ghana and its citizens in North America. Beyond the individual benefits of homeownership, the initiative is expected to boost foreign exchange inflows and support national infrastructure development. Organizers anticipate that the transparent framework established for the expo will set a new standard for diaspora engagement in the Ghanaian real estate market, aligning with the broader goals of national development and heritage celebration.

Patrons and exhibitors interact at a housing exhibition booth during the Republic Bank–JoyNews Habitat Fair in Ho. Several individuals are seen wearing branded SiMef apparel while discussing real estate options under outdoor event tents.
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Republic Bank–JoyNews Habitat Fair concludes three-day event in Ho

The Ho edition of the Republic Bank–JoyNews Habitat Fair has concluded at the Ho Sports Stadium, successfully connecting prospective homeowners in the Volta Region with key players in the construction and real estate industries. The three-day event, which ended on October 18, provided a platform for visitors to explore affordable housing solutions, building materials, and real estate financing. Organizers emphasized that the fair's primary objective was to extend housing resources beyond major urban centers to reach buyers closer to their locales. Throughout the exhibition, patrons benefited from significant price reductions, with exhibitors offering discounts of up to 30% on various housing products and services. Participating companies, including DoorMaster, Virtual Security Africa, Rhoyak Ventures, and TDC Ghana Ltd, showcased a wide range of offerings from roofing systems to advanced home security solutions. Representatives from Republic Bank were also available to guide attendees through mortgage facilities and financing options, facilitating direct engagement between the public and industry experts. The fair balanced its commercial focus with cultural entertainment and family-oriented activities. The final day featured a lively rap battle among participating institutions, where Rhoyak Ventures secured first place and DoorMasters took second. Additionally, the Woelinam Borborbor Group performed traditional music and dance, highlighting the cultural heritage of the Volta Region. To ensure a family-friendly atmosphere, the event included a children's play area with activities such as bouncy castles, allowing parents to consult with exhibitors while their children were entertained. The successful conclusion of the Ho clinic underscores the growing demand for structured housing and property investment opportunities in the region. By bringing together professionals from across the housing sector, the Republic Bank–JoyNews Habitat Fair provided a comprehensive resource for individuals at various stages of the home-building process. Attendees reported that the direct access to specialists and the available discounts would play a crucial role in their future homeownership decisions.

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Government secures GH₵3.48 billion in marginally oversubscribed T-bill sale

The Government of Ghana accepted GH₵3.48 billion in its latest treasury bills auction, slightly exceeding its target by just over 1%. Despite a marginal reduction in overall demand compared to previous weeks, investors submitted bids totaling GH₵5.173 billion across the three available tenors. The results indicate that the government continues to meet its short-term domestic borrowing requirements while exercising selectivity in the volume of bids accepted. A breakdown of the auction results shows that the 91-day bill remained the most popular instrument among investors, attracting GH₵2.9 billion in bids. From this amount, the government accepted GH₵2.2 billion. The 182-day bill saw total bids of approximately GH₵1.1 billion, with the government taking up GH₵692.30 million. For the 364-day maturity, investors tendered GH₵1.1 billion, resulting in an acceptance of GH₵587.61 million. Interest rates across the yield curve exhibited mixed performance during the sale. The yield on the 91-day instrument rose to 4.62%, while the 182-day yield also saw an increase, climbing to 6.31%. In contrast, the yield for the 364-day bill trended downwards, falling to 9.71%. This divergence in yields suggests varying investor sentiment across different time horizons as the Bank of Ghana manages liquidity and borrowing costs. The marginal oversubscription highlights a stabilizing appetite for government debt in the domestic market. While the total bid amount was significantly higher than the accepted figure, the government’s decision to stay close to its original target reflects a cautious approach to debt accumulation. Observers will continue to monitor these weekly auctions for signals on interest rate stability and the overall health of the domestic financial market.

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GRA identifies 100 digital service providers avoiding tax compliance

The Ghana Revenue Authority (GRA) has identified approximately 100 non-resident digital service providers that have failed to charge or remit the required taxes to the state. This discovery is part of an ongoing effort by the tax authority to bolster compliance within the digital economy and ensure that all foreign-based companies operating in Ghana contribute their fair share of revenue. The initiative specifically targets the digital Value Added Tax (VAT) collection system, which is designed to capture revenue from various online services accessed by Ghanaian consumers. According to the GRA, these non-resident entities have been providing services to the local market without adhering to the statutory requirements for tax remittance. By bringing these 100 providers into the tax net, the authority aims to close loopholes that have allowed significant revenue to leak from the digital sector. The move is expected to streamline how digital services are taxed, creating a more level playing field between foreign providers and local businesses that are already compliant with Ghana's tax laws. The GRA plans to rigorously integrate these entities into its existing collection frameworks to ensure ongoing accountability. For consumers, the enforcement of these tax obligations is likely to result in a noticeable increase in the cost of digital subscriptions and online payments. Services that previously did not include VAT and other statutory charges will now have these components added to their pricing structures to reflect the required tax components. As the GRA moves forward with bringing these providers into compliance, it signals a broader push to modernize Ghana's tax administration and capture the growing value of the global digital marketplace within the national revenue framework. This initiative is expected to provide a consistent stream of revenue from a sector that has historically been difficult to regulate.

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Ghana's banking sector earns GH₵9.2bn profit through August 2026

Ghana’s banking sector recorded a total profit-after-tax of GH₵9.2 billion for the first eight months of 2026, representing a 5.7% decline from the GH₵9.7 billion reported during the same period in 2025. This contraction in earnings marks a period of moderating profitability for the industry, as financial institutions navigate a shifting economic landscape. Profit-before-tax also saw an identical 5.7% drop, signaling a broader cooling effect on the sector's bottom line compared to the robust growth seen in previous cycles. The dip in net interest income was a primary driver for the overall profit decline, shrinking by 4.2% as a result of a prevailing low-interest-rate environment. This trend squeezed the interest spread—the difference between what banks earn on loans and pay on deposits—which narrowed significantly to 5.9% from 7.9% a year earlier. Despite this, banks saw a resilient performance in non-funded income streams; fee and commission income rose by 17.9%, suggesting a strategic shift toward service-based revenue to offset the decline in traditional lending margins. While revenue growth faced hurdles, the industry managed to slow the pace of its operating expenses, which grew by 6.4% compared to a much sharper 19.5% increase in the previous year. However, this fiscal discipline was overshadowed by a dramatic 76.3% surge in provisions for bad debts. This spike in impairments indicates that banks are bracing for potential defaults or addressing deteriorating asset quality within their portfolios. Consequently, key performance metrics such as Return on Equity (ROE) and Return on Assets (ROA) have trended downwards as capital efficiency faces pressure. The current state of the industry reflects a transition toward more modest growth trajectories following a period of high yields. With gross yields and asset utilization ratios on the decline, financial institutions are expected to focus on operational efficiency and aggressive risk management through the final quarter of the year. While the sector remains profitable in absolute terms, the moderation in growth highlights the challenges of maintaining record-breaking margins in a softening interest rate market.

Mahama cuts sod for 1,238-acre Afienya Industrial Park to attract over 120 enterprises
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John Dramani Mahama cuts sod for 1,238-acre Afienya Industrial Park

President John Dramani Mahama has officially broken ground for the construction of the Afienya Industrial Park, a massive 1,238-acre project designed to transform Ghana's industrial and logistics landscape. The park is expected to house more than 120 enterprises, significantly boosting the country's manufacturing capacity. Managed by the Ghana Free Zones Authority (GFZA), the facility will offer fully serviced industrial plots equipped with essential infrastructure to meet the growing demand for dedicated industrial space in the country. During the ceremony, President Mahama highlighted the strategic location of the park, situated along the Eastern Corridor Road and in close proximity to the Tema-Mpakadan railway line. This positioning is intended to streamline logistics and transport, making it an attractive hub for both domestic and foreign investors. The President noted that the project aligns with rising foreign direct investment trends and aims to diversify Ghana's industrial output across several critical sectors, including agriculture, textiles, and renewable energy. Beyond industrial output, the Afienya Industrial Park is geared toward socio-economic development within its host communities. Plans are in place to provide specialized training for local residents to ensure they are equipped for the employment opportunities generated by the resident firms. Furthermore, the President emphasized the park’s role in leveraging the African Continental Free Trade Area (AfCFTA) to foster regional trade and solidify Ghana’s position as a key economic player in West Africa.

IMF projects 5.7% economic growth for Ghana in 2026
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IMF projects 5.7% economic growth for Ghana in 2026

The International Monetary Fund (IMF) has projected that Ghana's economy will achieve a 5.7% growth rate in 2026. According to the latest World Economic Outlook database, the country is expected to maintain a steady economic performance within the West African sub-region. This projection serves as a key indicator of the nation's economic trajectory over the medium term and provides a benchmark for evaluating future fiscal performance. The 2026 forecast represents a slight moderation from the 6.0% growth rate estimated for 2025. This gradual deceleration is expected to continue into the following year, with the IMF forecasting a further adjustment to 5.2% in 2027. Despite the projected softening of growth rates over this period, the figures suggest that Ghana will sustain a consistent level of economic expansion above the 5% threshold, which is significant for regional stability. These projections are part of the IMF’s broader analysis of global and regional economic trends released in October 2026. For Ghana, the data reflects a period of sustained performance following the 6.0% growth anticipated in 2025. As these figures are finalized in the World Economic Outlook database, they provide essential data for domestic economic planning, international monitoring of the country’s economic health, and the formulation of long-term financial strategies.

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Ghana economic activity registers 7.4% growth in July

Ghana’s economic activity expanded by 7.4% year-on-year in July 2026, signaling a significant acceleration in the nation's fiscal performance. This growth was primarily driven by a robust expansion in the services sector and a notable rebound in industrial production. The data suggests that domestic economic conditions are improving steadily, providing a strong foundation for the second half of the year as various sectors align to boost overall national output. The recovery in the industrial sector is a key highlight of the July report, marking a shift from previous periods of slower activity. When combined with the consistent performance of the services sector, these two areas have become the primary engines of Ghana's current economic trajectory. Analysts note that the synergy between increased industrial capacity and service-oriented growth is contributing to a more diversified and resilient economic base, which is essential for long-term stability. Based on these positive trends, the government has indicated that the full-year growth rate for 2026 is likely to exceed the International Monetary Fund's (IMF) initial projection. While the IMF had previously forecast a growth rate of 5.7%, the current pace of expansion suggests a much stronger outcome. This optimism reflects broader confidence in the government's economic management and the ongoing recovery of key industries that are now contributing more significantly to the Gross Domestic Product.

Salem Kalmoni and Abena Amoah win top CIMG marketing awards
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Salem Kalmoni and Abena Amoah win top CIMG marketing awards

Salem Kalmoni, the Managing Director of Japan Motors, and Abena Amoah, the Managing Director of the Ghana Stock Exchange (GSE), have been named Marketing Man and Marketing Woman of the Year, respectively. The honors were conferred during the 37th Annual National Marketing Performance Awards, organized by the Chartered Institute of Marketing, Ghana (CIMG). The ceremony, held at the Labadi Beach Hotel in Accra, brought together industry leaders to celebrate professional excellence and the strategic impact of marketing on national business development. In addition to the top executive awards, the CIMG recognized Mavis Frimpong as the Marketing Practitioner of the Year. The awards cite Mr. Kalmoni for his leadership and marketing contributions within the automotive sector, while Ms. Amoah was honored for her transformative leadership and contributions to Ghana’s financial sector and capital market. The institute emphasized that these accolades are intended to highlight the critical role that marketing plays in driving corporate success and economic growth. Following the ceremony, CEO Network Ghana issued a statement congratulating Chief Abena Amoah and Chief Salem Kalmoni for their achievements. The network praised the two executives for their innovation, professional excellence, and significant contributions to the Ghanaian corporate landscape. The organization noted that such recognition serves as a testament to their dedication and leadership within the business community, encouraging others to pursue similar standards of excellence. The 37th edition of the National Marketing Performance Awards remains a key benchmark for corporate performance in Ghana. By spotlighting the achievements of these high-profile leaders, the CIMG aims to foster a more competitive and innovative business environment. The event underscores the institute's commitment to elevating the marketing profession as a catalyst for sustainable business success and global competitiveness for Ghanaian enterprises.

GRA generates GH¢1 billion extra customs revenue through AI system
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GRA generates GH¢1 billion extra customs revenue through AI system

The Ghana Revenue Authority (GRA) has reported a significant boost in tax mobilization, generating an additional GH¢1 billion in customs revenue for April 2026 alone. This substantial increase is attributed to the deployment of the Publican AI system, a specialized artificial intelligence tool designed to detect discrepancies in the declaration of imported goods. The success of the initiative underscores the authority's strategic shift toward digital transformation to curb revenue leakages and enhance efficiency at the country's ports. The AI system functions by cross-referencing values declared by importers against extensive international databases and historical transaction records. By identifying instances where the declared value of goods is lower than market reality—a practice known as under-declaration—the technology allows customs officers to make more accurate assessments and recover lost funds. Elsie Appau-Klu, Technical Adviser to the Commissioner-General, explained that the AI system empowers officials with real-time data to challenge inconsistent filings, ensuring that the appropriate duties are paid on all imports based on verifiable global pricing. These results were shared by the GRA during a presentation at the 7th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) held in Jakarta, Indonesia. The forum, which focused on digital transformation and tax compliance, provided a platform for Ghana to showcase its progress in integrating advanced technology into its tax administration framework. The GRA’s success with the Publican AI system serves as a case study for how digital-driven compliance strategies can effectively address traditional challenges in customs and tax administration, providing a more transparent and predictable environment for international trade.

President John Dramani Mahama is pictured delivering an official address from behind a presidential podium. He is wearing a white shirt, while a military aide-de-camp stands behind him holding an umbrella during what appears to be an outdoor state function.
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John Dramani Mahama pledges $10bn investment for New Economy Policy

President John Dramani Mahama has unveiled a $10 billion investment plan over the next five years to drive job creation and industrial expansion under the government's New Economy Policy. The initiative involves an annual injection of $2 billion into strategic sectors, including agriculture, pharmaceuticals, textiles, and tourism. Crucially, the President emphasized that this massive financial commitment will be funded entirely through domestic resources, avoiding additional external borrowing to maintain fiscal discipline. Speaking on the nation's economic trajectory since his inauguration in January 2025, President Mahama noted that the International Monetary Fund (IMF) projects a growth rate of 5.7% for the country. The New Economy Policy is designed to capitalize on this recovery by stabilizing the macroeconomy and reducing interest rates. By creating a more favorable lending environment, the administration aims to empower the private sector to lead the charge in industrialization and reduce Ghana's long-standing dependence on imports. The investment strategy is already manifesting in tangible projects, particularly within the manufacturing and construction industries. The President highlighted the development of new infrastructure and a specific textile factory that is expected to provide significant employment opportunities, with a focus on hiring women. These efforts are part of a broader push to revitalize Ghana's local production capacity in high-value areas like pharmaceutical manufacturing, which the government views as essential for sustainable economic independence and long-term employment. This $10 billion roadmap represents a cornerstone of the Mahama administration's strategy to move beyond traditional debt-fueled growth. By prioritizing domestic financing and focusing on value-added sectors, the government intends to foster a more resilient and self-sufficient economy. As these investments roll out over the five-year period, the administration expects to see a significant reduction in unemployment and a strengthened domestic currency through decreased import demand.