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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Ghana cocoa sector faces three-month EU deforestation deadline

Ghana’s cocoa industry is racing against a critical three-month countdown to comply with the European Union’s new Deforestation Regulation (EUDR). With the December 30 deadline fast approaching, the sector must demonstrate that its cocoa beans are not linked to land cleared of forest since late 2020. Failure to meet these stringent environmental standards threatens to block Ghanaian cocoa from entering one of its most lucrative and essential international markets, posing a significant risk to the nation’s export revenue. Under the EUDR framework, large and medium-sized trading companies are required to provide verifiable proof and traceable geo-location data for every batch of cocoa beans exported to the European Union. This documentation must confirm that the products were not sourced from land that underwent deforestation after December 31, 2020. While major industry players face the immediate December deadline, the regulation provides a temporary reprieve for micro and small enterprises, which have until June 30, 2027, to align their operations with the new tracking and reporting requirements. The requirement for precise geo-location data represents a significant logistical challenge for the sector, which relies on a vast network of smallholder farmers across various regions. To maintain market access, stakeholders must rapidly digitize farm mapping and supply chain tracking to provide the necessary transparency. As the deadline nears, the focus remains on ensuring that Ghana’s primary agricultural export remains competitive and compliant with evolving global sustainability standards, safeguarding the livelihoods of millions who depend on the cocoa value chain.

John Dramani Mahama commends Trade Minister during Kasapreko tour
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John Dramani Mahama commends Trade Minister during Kasapreko tour

President John Dramani Mahama has commended the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, for her proactive engagement with Ghana’s manufacturing sector. Speaking during a tour of industrial facilities at Kasapreko Plc on October 8, 2026, the President highlighted the Minister’s effectiveness in identifying and addressing the operational challenges faced by local businesses. He noted that the recent redesignation of the ministry to include Agribusiness and Industry was specifically intended to provide a more robust platform for industrial advocacy and growth. During the visit, Minister Ofosu-Adjare described President Mahama as the "Commander-in-Chief of Industry," attributing the country's supportive environment for production and exports to his leadership. The tour highlighted the significant progress of Kasapreko Plc, which recently demonstrated its market strength by raising GH‵1.72 billion through an Initial Public Offering (IPO). This capital injection is expected to bolster the company's expansion and improve its access to long-term funding, further cementing its position as a leader in the manufacturing space. Beyond immediate industrial gains, President Mahama used the occasion to address a critical issue facing indigenous enterprises: business continuity. He urged Ghanaian entrepreneurs to prioritize succession planning, observing that many local businesses struggle to survive after their founders retire. He praised Kasapreko for its successful leadership transition and expanding market reach, pointing to the company as a model for other local firms. By establishing formal structures, the President argued, businesses can ensure long-term stability and contribute to the national economy across multiple generations. The President concluded by reaffirming his government’s commitment to fostering a favorable economic climate that attracts foreign investment while empowering local industries. He emphasized that the growth of companies like Kasapreko is essential for creating sustainable jobs for the youth and reducing the country's reliance on imports. As the manufacturing sector continues to evolve, the government remains focused on maintaining close collaboration with industrial stakeholders to drive the national industrialization agenda forward.

GRA invites Jamila Home management over alleged assault of officer
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Ghana Revenue Authority invites Jamila Home management after alleged assault

The Ghana Revenue Authority (GRA) has officially invited the management of Jamila Home, an antique and home decor showroom in Accra, to assist in investigations following an alleged physical assault on a revenue officer. The incident occurred on October 7, 2026, when GRA officials attempted to conduct a tax compliance operation at the premises based on specific intelligence. The exercise reportedly turned confrontational after the management allegedly denied the revenue team entry to the showroom. According to the GRA, the altercation resulted in the physical assault of an officer and damage to professional and personal property, including a mobile phone and an identification card. The affected officers have since filed a formal complaint with the Criminal Investigations Department (CID) of the Ghana Police Service for further action. The Authority expressed concern over the resistance encountered by its staff while performing their lawful duties to ensure national revenue mobilization. In a stern warning to the public, the GRA emphasized that assaulting or obstructing revenue officers is a serious criminal offense under the Revenue Administration Act. Offenders found guilty of such acts face severe legal consequences, including potential prison sentences of up to 20 years. The Authority reiterated its commitment to a customer-centered approach but maintained that it would not tolerate any form of violence or intimidation against its personnel during official duties. For its part, Jamila Home management has responded to the allegations by asserting that the business has consistently remained compliant with national tax regulations. While expressing a willingness to cooperate with the ongoing investigations to resolve the matter, the showroom's representatives stated they intend to address the concerns raised during the compliance exercise. The GRA continues to urge all taxpayers to cooperate with officials to facilitate smooth compliance processes and avoid legal repercussions.

An exterior view of the Bank of Ghana building in Accra, featuring the central bank's logo and name prominently on a perimeter wall. Flags are visible flying in front of the modern multi-story office complex, while a lone pedestrian walks past the entrance.
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Bank of Ghana issues 20-point advisory against digital fraud and Ponzi schemes

The Bank of Ghana (BoG) has released a comprehensive 20-point public advisory targeting the rising incidence of digital financial fraud and "money-doubling" Ponzi schemes. Released on October 7, 2026, the directive serves as a crucial intervention to protect consumers as mobile money and online banking usage continues to expand across the country. The central bank emphasized that increasing financial literacy is the most effective defense against sophisticated scams targeting unsuspecting citizens. The advisory provides practical safeguards for users of digital financial services, specifically warning against the sharing of sensitive information such as Personal Identification Numbers (PINs) and passwords. According to the BoG, legitimate financial institutions will never request personal data, credentials, or transaction validation through unsolicited phone calls, text messages, or emails. Consumers are urged to remain skeptical of any individual or entity claiming to represent a bank while soliciting such confidential information. Beyond individual account security, the BoG raised alarms regarding fraudulent investment opportunities that promise unrealistic returns. These "money-doubling" schemes often masquerade as legitimate business ventures but are designed to defraud participants of their capital. The central bank advised the public to rigorously verify the licensing status of any investment firm before committing funds and to regularly monitor their account statements to detect any unauthorized activities or discrepancies early. The central bank highlighted that combating financial crime is a collective responsibility involving banks, service providers, and the general public. By prioritizing cybersecurity education and promoting a culture of vigilance, the BoG aims to strengthen the integrity of Ghana's digital financial ecosystem. The advisory concludes by encouraging stakeholders to collaborate on continuous security awareness programs to ensure that the benefits of financial inclusion are not undermined by criminal activities.

Same tax, smarter collection
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Ghana Revenue Authority to launch RTVAT for foreign digital services

The Ghana Revenue Authority (GRA) has announced the upcoming launch of its Real-Time VAT (RTVAT) system, scheduled for implementation on October 15, 2026. This new mechanism is specifically designed to capture value-added tax from foreign digital service providers, including global streaming platforms, cloud storage companies, and online gaming operators. Under the new system, tax will be automatically deducted at the point of payment when customers use Ghana-issued debit or credit cards, mobile money accounts, or other local digital wallets. The GRA has clarified that the RTVAT does not represent a new tax or an increase in current rates. Instead, it serves as a more efficient collection method for the existing 15% VAT and its associated levies, which these foreign entities are already legally required to pay. By automating the process through local financial intermediaries, the authority aims to ensure total compliance from international digital firms. Projections based on 2025 data suggest that this improved collection strategy could generate over GH₵2.5 billion in annual revenue for the state. This initiative aligns Ghana with international taxation trends, following similar successful models adopted in the European Union, South Africa, and Kenya. Beyond revenue generation, the GRA expects the RTVAT system to level the competitive playing field for domestic businesses. Local digital service providers have long been subject to standard VAT regulations, and the enforcement of these same rules on foreign competitors is intended to remove the price advantage previously held by non-compliant international firms.

OPDAG reports 150,000-tonne annual crude palm oil supply gap
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OPDAG reports 150,000-tonne annual crude palm oil supply gap

Ghana is facing a significant shortfall in its crude palm oil supply, with the Oil Palm Development Association of Ghana (OPDAG) reporting a deficit of 150,000 metric tonnes annually. According to OPDAG President Paul Kwabena Amaning, the country's current production stands at approximately 250,000 metric tonnes, which is insufficient to meet the national demand of 400,000 metric tonnes. This gap highlights a critical need for expansion within the local industry to ensure food security and reduce the nation's reliance on imported edible oils. To address this shortfall, Amaning has proposed a US$500 million financing initiative aimed at supporting smallholder farmers and enhancing the overall competitiveness of the oil palm sector. Speaking at a recent industry workshop, he emphasized that this scale of funding is essential for improving infrastructure and operational efficiency across the value chain. By empowering small-scale producers, who form the backbone of the industry, the association aims to bridge the production-demand divide and unlock the latent economic potential of Ghana's oil palm plantations. The workshop also underscored the pivotal role of digital financial services in transforming the agricultural landscape. Amaning noted that adopting digital tools can significantly improve transparency and help small businesses build reliable financial records, which are often required to secure credit from traditional banking institutions. He advocated for enhanced consumer protection within digital services and urged stakeholders to collaborate on creating an ecosystem that fosters innovation and sustainable growth for rural farmers. Strengthening the domestic oil palm industry is viewed as a vital step toward broader industrialization and economic resilience. By focusing on processing efficiency and increased land cultivation, Ghana could potentially transition from a net importer to a significant regional supplier. OPDAG remains committed to working with government and private partners to implement these strategic investments, ensuring that the sector contributes more robustly to the national economy in the coming years.

Top producers enjoy gross margin of over 80% due to AI-driven chip shortage
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Samsung Electronics projects record $80.17bn profit on AI chip boom

Samsung Electronics has announced a projected quarterly operating profit of 107.4 trillion won ($80.17 billion) for the third quarter, representing a nearly nine-fold increase from the previous year. This record-breaking figure marks the highest quarterly profit ever recorded by a technology company, driven primarily by a global surge in demand for memory chips used in artificial intelligence infrastructure. The growth highlights how the massive investment in AI across the tech sector is fundamentally reshaping the semiconductor market. The company’s revenue is forecasted to rise by 127% to 195 trillion won as the semiconductor division capitalizes on high memory prices and a tightening global supply. This boom in AI-related hardware has allowed Samsung to offset significant challenges in other areas of its business. While the chip market flourishes, the company noted that rising production and material costs are putting pressure on its smartphone and consumer electronics divisions, which are facing narrower margins despite the high-performing memory business. Despite the unprecedented profit projections, Samsung's share prices experienced a slight decline following the announcement. Investors appear cautious regarding the long-term sustainability of the artificial intelligence boom and the potential impact of currency fluctuations on global trade performance. Analysts have also pointed toward a potential cooling in growth, with profit expansion expected to slow to 8.2% in the fourth quarter, a notable drop from the 20% growth rate witnessed during the third quarter. Samsung is scheduled to release its detailed, audited earnings report on October 29, which will provide a more granular breakdown of performance across its various business segments. This upcoming disclosure will be closely watched by market observers to determine if the company can maintain its dominance in the high-end chip market while successfully navigating the rising costs associated with its consumer device manufacturing arms.

Anthony Kwasi Sarpong forms committee to probe 28 missing containers
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Anthony Kwasi Sarpong forms committee to probe 28 missing containers

The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, has established a nine-member committee to investigate the unauthorized removal of 28 containers from the Tema Port. This decisive action follows reports of a significant security breach at the country's main maritime hub. The probe is intended to identify the circumstances surrounding the disappearance of the cargo and to determine whether any standard operating procedures were bypassed or compromised during the removal process. The formal inquiry was initiated after the GRA received a petition from a group of concerned importers on September 29, 2026. The petitioners sought urgent clarification on the status of their goods, noting that the containers had vanished from the port facility without their authorization or the completion of mandatory exit protocols. The loss of these 28 containers has raised alarms within the business community regarding the safety of goods transiting through Tema and the potential for revenue leakage that affects the state's coffers. By convening this nine-member committee, Commissioner-General Sarpong has signaled a commitment to transparency and accountability within the GRA's operations at the port. The investigation is expected to provide a comprehensive account of the logistics chain and point to specific points of failure. Beyond locating the missing cargo, the committee's recommendations are anticipated to lead to the implementation of more rigorous oversight and digitized tracking systems to safeguard against future unauthorized removals and protect Ghana's reputation as a secure trade destination in the sub-region.

Financial irregularities hit GH¢117.9bn in decade
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Auditor-General reveals GH‵117.9bn in financial irregularities since 2015

Ghana’s Auditor-General has reported a cumulative total of GH‵117.9 billion in financial irregularities spanning the decade from 2015 to 2024. The findings, synthesized from multiple annual audit reviews, highlight persistent and systemic weaknesses in the country’s public financial management. The most recent data indicates a sharp escalation in these figures, with the 2024 reporting period seeing an 83% jump as the energy sector and various public boards dominated the list of fiscal infractions. These irregularities reflect a broad range of issues including cash losses, payroll errors, and non-compliance with established procurement regulations. Public boards were identified as the primary drivers of recent losses, accounting for approximately GH‵18.42 billion in the 2024 cycle alone. The Electricity Company of Ghana (ECG) was specifically cited for significant lapses, with auditors pointing to substantial problems in procurement processes and financial reporting. These failures often involve the acquisition of goods and services without following the proper competitive bidding processes or failing to provide adequate documentation for multi-million cedi transactions. The report suggests that without more rigorous oversight, these state-owned enterprises will continue to serve as a drain on national resources. In response to these findings, financial experts and policy analysts are advocating for a total overhaul of internal oversight mechanisms. Key recommendations include enhancing the independence of internal audit units within state agencies and providing continuous, mandatory training for procurement officers to ensure they stay abreast of the Public Procurement Act. Furthermore, there is a growing call for the strict enforcement of financial controls and legal sanctions against officials responsible for these losses. Strengthening these institutional safeguards is considered critical to reducing the high volume of irregularities and ensuring that public funds are managed with greater transparency and accountability.

Ghana Gold Board auctions US$125m to commercial banks in maiden sale
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Ghana Gold Board auctions US$125m to commercial banks in maiden sale

The Ghana Gold Board (GoldBod) has successfully conducted its inaugural foreign exchange auction, selling approximately US$125 million to commercial banks. This maiden sale marks the beginning of a strategic program intended to inject US$1 billion into the domestic market throughout the current month. The initiative is designed to enhance transparency and ensure regulatory compliance within the foreign exchange market, providing a structured mechanism for dollar distribution. Under the newly established regulatory framework, these foreign exchange sales are scheduled to occur twice every week. To maintain fairness and market stability, GoldBod will employ a pro-rata allocation system in instances where the total demand from commercial banks exceeds the available supply. Participating banks are strictly required to ensure that their bids reflect genuine market demand from their clients, preventing speculative bidding and ensuring the funds effectively support economic activity. The entire auction process operates under the rigorous oversight of the Bank of Ghana. Central bank officials have real-time access to the GoldBod GoFX platform, a dedicated digital infrastructure used to track all transactions and allocations. By monitoring these flows in real-time, the regulator aims to improve liquidity management and stabilize the domestic market through a more predictable and transparent supply of foreign exchange.

Telecel Ghana partners with Black Sherif to launch Project X
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Telecel Ghana partners with Black Sherif to launch Project X

Telecel Ghana has officially unveiled music star Black Sherif as the face of its new Project X initiative, a strategic collaboration designed to engage the youth demographic and drive adoption of the Telecel Cash mobile money platform. The year-long partnership aims to leverage the musician's significant cultural influence to deepen the company's connection with younger consumers. By integrating entertainment with digital financial services, Telecel Ghana seeks to enhance the visibility and daily usage of its digital wallet and the Telecel Play app. The initiative will feature a series of monthly rewards and social media-driven surprises communicated directly through Black Sherif's platforms. To participate in these promotional activities and access exclusive rewards, customers must maintain an active Telecel Cash wallet and use the Telecel Play app. Black Sherif has encouraged his followers to stay connected to his social media handles for upcoming codes and engagement activities, which are intended to create a more interactive relationship between the brand and its young user base. Telecel Ghana’s CEO, Ing. Patricia Obo-Nai, emphasized that the collaboration reflects the authenticity and resilience of Ghana's youth. While highlighting the creative aspects of Project X, she also stressed the importance of platform security, reassuring customers that their funds on Telecel Cash are well-protected. The company also used the launch to remind users to remain vigilant against mobile money fraud and to safeguard their account information during these promotional events. This partnership represents a significant push by Telecel Ghana to consolidate its market share in the competitive mobile money sector by aligning with one of the country's most prominent creative exports. As Project X rolls out over the next year, the company anticipates a surge in digital wallet registrations and app downloads. The collaboration underscores a broader trend of telecommunications firms using high-profile celebrity endorsements to drive the transition toward a more cashless, digitally-integrated economy among younger Ghanaians.

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Bank of Ghana directs banks to lower NPL ratios to 10% by 2026

The Bank of Ghana has issued a directive to all commercial banks to reduce their non-performing loan (NPL) ratios to a maximum of 10% by December 2026. Governor Dr. Johnson Pandit Asiama announced the mandate, emphasizing that the measure is critical for improving asset quality and strengthening the overall resilience of the banking sector. This policy shift is intended to sustain the momentum of the ongoing national economic recovery and ensure that financial institutions are well-positioned to support sustainable growth. Recent data indicates a steady downward trend in the industry's NPL ratio, which fell from 20.7% in August 2025 to 18.7% in August 2026. While this decline marks positive progress, Dr. Asiama stressed that banks must enhance their risk management frameworks and internal controls to meet the new 10% threshold. The Governor further noted that all commercial banks in the country currently satisfy regulatory capital requirements, providing a stable foundation for the implementation of these tighter credit standards. He urged institutions to maintain adequate capital levels to safeguard against potential future shocks. John Awuah, the CEO of the Ghana Association of Banks, highlighted the necessity for financial institutions to adapt to the changing financial landscape in light of the directive. He pointed out that achieving the target will require a more disciplined approach to lending and a robust focus on recovery efforts for existing bad debts. As the banking sector moves toward this 2026 target, the central bank expects improved credit availability for the private sector, driven by healthier balance sheets across the industry.