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 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.

Ghana Chamber of Mines challenges Reuters over mining bill report
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Ghana Chamber of Mines challenges Reuters over mining bill report

The Ghana Chamber of Mines has formally challenged a Reuters report regarding the proposed Minerals and Mining Bill 2026, alleging that the publication misrepresented key legal provisions and the state's existing powers. In a statement released on October 7, 2026, the Chamber expressed concern that the news agency’s September 30 report inaccurately portrayed the government's "special-share" authority and the framework governing mining lease durations. The industry body urged for accurate reporting to prevent misinformation from damaging international investor confidence and distorting the policy landscape. A primary point of contention involves the "special-share" provision, which the Chamber claims Reuters framed as a new development in the 2026 Bill. However, the Chamber clarified that these rights—which grant the state consent over significant corporate transactions—are already established under Section 60 of the Minerals and Mining Act, 2006 (Act 703). According to the Chamber, the proposed 2026 legislation does not introduce a new power but rather seeks to strengthen the enforcement of the existing framework by introducing more stringent sanctions for non-compliance. The Chamber also highlighted significant discrepancies between the text of the proposed Bill and previous public statements made by the government regarding the duration of mining leases. While government rhetoric had suggested specific changes, the Chamber pointed out that any adjustments to the tenure of leases must be explicitly codified through parliamentary amendments. They emphasized that consistent and clear communication is essential for the industry, as conflicting information can lead to uncertainty for both current operators and prospective investors. Reiterating its commitment to the development of the sector, the Ghana Chamber of Mines confirmed it is reaching out to Reuters for a formal clarification of the facts. The body stressed that as Ghana undergoes these legislative reforms, constructive engagement between the state and private stakeholders is vital. The Chamber remains focused on ensuring that the final Minerals and Mining Bill 2026 creates a balanced environment that protects national interests while maintaining the country’s attractiveness as a premier mining destination.

Bank of Ghana advises the public on what to do with torn cedi notes
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Bank of Ghana warns against using adhesive tape to repair mutilated notes

The Bank of Ghana (BoG) has issued a stern warning to the general public against the practice of using adhesive tape, glue, or other materials to repair torn or soiled Ghana cedi banknotes. In a directive issued on October 7, 2026, the central bank emphasized that such actions undermine the integrity of the national currency and render the notes unfit for general circulation. Instead of attempting manual repairs, citizens are urged to surrender damaged or mutilated banknotes to commercial banks across the country for legitimate examination and replacement. According to the BoG, repaired banknotes pose significant risks to the country's financial infrastructure. These modified notes often cause malfunctions in automated teller machines (ATMs) and other automated processing equipment used by banks, which can lead to transaction disruptions and potential financial losses for both institutions and customers. The central bank clarified that it remains the sole authority responsible for currency management and the re-issuance of banknotes, warning that any unauthorized tampering with the currency is a punishable offense under Ghanaian law, potentially leading to fines or imprisonment. For a damaged note to be eligible for exchange, the BoG stipulates that a claimant must present more than half of the original banknote to a commercial bank for verification. The central bank highlighted that the frequent replacement of mutilated currency imposes a substantial financial burden on the state, given the high costs associated with printing and distributing new banknotes. By encouraging proper handling and discouraging illegal repairs, the BoG aims to extend the lifespan of the cedi and promote respect for the currency as a national symbol. The public is further advised to report any individuals or entities engaged in the illegal business of repairing damaged currency.

The image captures the entrance of Cocoa House, the headquarters of the Ghana Cocoa Board (COCOBOD) located in Accra. Several pedestrians and street vendors are visible on the sidewalk in front of the building, which displays the national flag and prominent signage. The scene depicts a typical busy day outside this central economic institution in Ghana.
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COCOBOD raises GH•3.4bn through maiden cocoa notes offer

The Ghana Cocoa Board (COCOBOD) has successfully raised GH•3.4 billion through its first-ever commercial paper issuance on the domestic capital market. The short-term debt, issued via the special purpose vehicle Cocoa Capital PLC, carries an 11% yield and is intended to provide critical liquidity for the 2026/2027 cocoa crop season. This maiden offer represents a significant step in the board's strategic shift toward domestic financing to support its operations and Licensed Buying Companies (LBCs). While the issuance marks a successful entry into the domestic notes market, the amount raised fell 15% short of COCOBOD's indicative target of GH•4 billion. The GH•610 million shortfall means the board achieved roughly 85% of its immediate financing goal. The notes were issued on October 5, 2026, and are scheduled to mature on June 28, 2027. Despite the gap between the target and the actual bids accepted, the 11% interest rate is seen as a competitive benchmark for the board's new borrowing strategy. This issuance is part of a broader GH•16.3 billion domestic financing program aimed at reducing COCOBOD's historical reliance on international syndicated loans. By tapping into local capital, the board seeks to gain greater control over its borrowing costs and repayment schedules. The funds are primarily earmarked for cocoa purchases, ensuring that LBCs have the necessary cash flow to pay farmers promptly, a move intended to stabilize the sector following previous challenges with international financing arrangements. Deputy Chief Executive Ato Boateng indicated that the board is closely monitoring market conditions and may return to the capital market in the near future to secure additional funding. The ultimate success of this new financial direction will depend on the timely disbursement of these funds to the field. Industry observers note that while the shift to domestic debt increases autonomy, the board must consistently meet its obligations to maintain investor confidence in future tranches of the GH•16.3 billion program.

A high-quality digital illustration of the World Bank logo and name prominently displayed on the glass exterior of a modern skyscraper. The 3D silver text and golden world map are set against a background reflecting a clear blue sky with white clouds.
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Ghana faces $6.4bn in Eurobond maturities by 2030, says World Bank

Ghana is projected to encounter approximately US$6.4 billion in sovereign bond principal maturities between 2027 and 2030, according to the World Bank’s October 2026 Africa Economic Update. This obligation places Ghana among the nations in Sub-Saharan Africa with the highest repayment requirements, sharing a similar burden with Nigeria, while South Africa faces the continent's largest at US$11.8 billion. The report emphasizes that managing these maturities will remain a critical priority for the country's debt managers over the next four years. While the completion of a comprehensive debt restructuring in October 2024 has significantly improved investor sentiment, the World Bank warns that the upcoming repayment schedule presents substantial fiscal challenges. Sovereign spreads have decreased since the restructure, reflecting a reduction in perceived borrowing risk and improved market confidence. However, the report highlights that high debt-servicing costs could severely limit the government's capacity for public investment and essential social spending, potentially slowing down long-term development goals. The World Bank’s analysis further indicates that Ghana’s ability to meet these obligations without straining public finances depends heavily on sustained fiscal discipline and improved revenue mobilization. Although the fiscal deficit stood at 0.6% of GDP as of July 2026, there are concerns that weaker-than-expected revenue collection could necessitate further fiscal adjustments. Such adjustments might lead to cuts in infrastructure spending or delays in critical projects, particularly as political pressures mount ahead of future elections. On a broader scale, maturing Eurobonds across Sub-Saharan Africa are expected to total US$43.6 billion through 2030. Many regional governments have responded to these pressures through refinancing operations rather than direct fiscal repayments. For Ghana, the World Bank suggests that maintaining the momentum of recent economic reforms will be vital to navigating this period of high financing needs and ensuring that the country remains resilient against potential global economic shocks.

Elizabeth Ofosu-Adjare launches inaugural Invest Ghana Summit 2026
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Elizabeth Ofosu-Adjare launches inaugural Invest Ghana Summit 2026

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, officially launched the inaugural Invest Ghana Summit and the 22nd Ghana Club 100 Awards in Accra. Scheduled to take place on November 16 and 17, 2026, at the Kempinski Hotel Gold Coast City, the summit is themed "Investing in Ghana’s New Economy." The event, held under the patronage of President John Mahama, seeks to attract over 2,000 international and local investors to explore opportunities within Ghana's manufacturing and agribusiness sectors. Minister Ofosu-Adjare emphasized that the government is committed to shifting the national economy from a reliance on raw material exports toward value addition and industrial innovation. She stated that the focus of the current administration is to attract strategic investments that do not only provide capital but also facilitate technology transfer and job creation for the youth. By fostering meaningful partnerships between the state and the private sector, the Minister highlighted that Ghana aims to build a more resilient and competitive industrial base. The Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), Simon Madjie, pointed to significant legislative and economic reforms designed to improve the business climate. He highlighted the new Ghana Investment Promotion Authority Act, 2026, which aims to enhance investor protections and remove traditional capital requirements for foreign investments. According to Madjie, the summit arrives at a time of improving domestic economic indicators, including a stable exchange rate and declining inflation, which have bolstered overall investor confidence. Complementing these efforts, the 22nd Ghana Club 100 Awards will be held alongside the summit to recognize excellence among local enterprises. Francis Kojo Kwarteng Arthur, CEO of the Ghana Export Promotion Authority (GEPA), added that these initiatives are vital for leveraging the African Continental Free Trade Area (AfCFTA). By connecting global investors with local businesses, the summit serves as a platform to boost exports and integrate Ghanaian companies into the regional and global value chains.

State must support local entrepreneurs - Ibrahim Mahama urges at Dzata Cement 5th milestone
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Ibrahim Mahama marks Dzata Cement fifth anniversary with 30m bags produced

Ibrahim Mahama, the founder and Group CEO of Dzata Holdings, has celebrated the fifth anniversary of Dzata Cement, Ghana's only wholly indigenous cement manufacturing facility. During the milestone event, it was revealed that the company has produced nearly 30 million bags of cement since its inception. Mahama cited this achievement as concrete evidence of the industrial capability of local entrepreneurs and their potential to drive national development through large-scale ventures. Addressing the gathering, Mahama urged the state to deliberately create stronger support systems and opportunities for local businesses. He emphasized that for Ghana to achieve true economic resilience, the nation must move away from a heavy dependency on foreign companies and instead empower Ghanaian-owned enterprises to grow into major industrial giants. He described the success of Dzata Cement as a testament to what can be achieved when local players are given the room to innovate and compete in the manufacturing sector. A central theme of the anniversary was the sustainability and longevity of Ghanaian businesses. Mahama advocated for building institutions that are structured to outlast their founders, calling for a transition that empowers younger leaders to take on management roles. Reflecting on his own journey from a cement transporter to a manufacturer, he acknowledged the challenges he faced and credited the support of his family and distributors for helping the company defy the odds to become a significant player in the construction industry. Looking toward the future, the management of Dzata Cement announced plans for significant expansion and innovation by 2030. These plans include diversifying the company's output into ready-mixed concrete and enhancing overall operational capacities. By scaling up its production and product range, the company aims to further its role in Ghana’s infrastructure growth while promoting a broader message of self-sufficiency and industrial excellence.

John Dramani Mahama commissions Nestlé’s 30,000-tonne milk production line
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John Dramani Mahama commissions Nestlé’s 30,000-tonne milk production line

President John Dramani Mahama has officially commissioned an expanded evaporated milk production line at the Nestlé Ghana factory in Tema, a move that more than doubles the facility's output. The new production line, which replaces an aging 30-year-old system, increases the factory's annual capacity from approximately 12,960 tonnes to nearly 30,000 tonnes. This expansion is designed to meet growing domestic demand and strengthen Ghana’s position as a key supplier for West and Central African markets.\n\nDuring the ceremony, President Mahama highlighted the investment as a concrete example of his administration's 24-hour economy policy. He noted that the increased production scale would create more local jobs and enhance the skills of the Ghanaian workforce who will operate the state-of-the-art facility. Trade Minister Elizabeth Ofosu-Adjare added that the project reflects a significant rise in Foreign Direct Investment (FDI), signaling renewed confidence from global investors in the nation's economic stability and industrial potential.\n\nThe President emphasized that the Nestlé expansion aligns with a broader strategy to revitalize the Tema industrial enclave and promote "Made in Ghana" products. By leveraging the African Continental Free Trade Area (AfCFTA), the government aims to transform the country into a regional manufacturing hub, reducing reliance on imported dairy products. This development is part of a series of industrial initiatives focused on boosting infrastructure and logistics to support large-scale manufacturing across the country.

Eric Opoku launches $18.8m REWARD project for rice self-sufficiency
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Eric Opoku launches $18.8m REWARD project for rice self-sufficiency

The Minister of Food and Agriculture, Eric Opoku, has announced the launch of the $18.8 million Regional West Africa Resilient Rice Value Chains (REWARD) project to address Ghana's reliance on food imports. Funded by a grant from the African Development Bank (AfDB), the initiative is the cornerstone of a government strategy to achieve total rice self-sufficiency by 2028. Currently, domestic production satisfies only 56% of national demand, leaving a 44% gap that costs the country approximately $500 million in annual import expenditures. The project, set for its official unveiling in November 2026, aims to increase total paddy production to 3.31 million metric tonnes. To achieve this, the Ministry will oversee the cultivation of 3,200 hectares of land in the Northern Savannah Ecological Zone. The REWARD initiative is designed to benefit more than 20,000 smallholder farmers by providing improved seeds, technical training, and modernized infrastructure. This includes the establishment or upgrading of 10 rice processing centers and significant improvements to local storage facilities to minimize post-harvest losses. In addition to the AfDB funding, the project will be bolstered by $2.5 million in equipment support from the Japanese government. This contribution, which includes harvesters and seed-cleaning machinery, is scheduled to arrive in Ghana by November 2026. Minister Opoku also detailed policy shifts intended to support the local industry, including a new import quota system. Under this framework, the right to import rice will be tied to a company’s level of investment in local production, encouraging deeper collaboration between commercial importers and domestic rice farmers. By integrating financial investment, technical support, and policy reform, the government seeks to create a more resilient agricultural sector. The successful execution of the REWARD project is expected to significantly reduce the drain on Ghana's foreign exchange reserves while enhancing national food security. Beyond the economic savings, the initiative aims to transform the rice value chain into a more lucrative venture for rural communities, providing a sustainable pathway for economic growth in the northern regions.

National Housing Fund reduces mortgage interest rate to 8.4%
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National Housing Fund reduces mortgage interest rate to 8.4%

The National Housing Fund (NHF) has announced a significant reduction in the interest rate for its National Mortgage Scheme, lowering it from 13.5% to 8.4%. Chief Executive Officer Prosper Hoetu disclosed the change during the National Conference on Housing Finance in Accra, stating that the move is designed to make home financing more accessible to the average Ghanaian. The reduction, which became effective last month, is part of a broader effort to improve affordability, with developer financing also being reduced to 10.4%. Hoetu explained that the revised rates are the result of improved economic management and strategic collaboration with financial partners. According to the NHF, approximately 60% of Ghanaians currently face difficulties in accessing suitable housing finance due to the rigid requirements of conventional banking. With mortgage penetration in Ghana currently at a low 0.3% of Gross Domestic Product (GDP), and 90% of housing projects relying on self-financing, the NHF aims to provide a more inclusive alternative. The scheme is specifically reviewing its structures to better serve low-income households and workers in the informal sector who have historically been excluded from the mortgage market. Since the rate cut was implemented, the NHF has reported an encouraging response, with a notable increase in applications and interest from financial institutions. In addition to the interest rate reduction, the NHF is introducing several innovative measures to further boost homeownership. These include the development of a homebuyers database to enhance market transparency and the exploration of rent-to-own schemes. Hoetu also proposed allowing citizens to use their pension contributions as a means of securing home ownership. Having completed a diagnostic assessment for the sector, the NHF intends to use these findings for future strategic planning to ensure that the housing market becomes more sustainable and responsive to the needs of the Ghanaian workforce.

Ghana Association of Banks threatens to suspend public sector loans
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Ghana Association of Banks threatens to suspend public sector loans

The Ghana Association of Banks (GAB) has warned it may suspend new credit facilities to public sector workers due to persistent delays by the Controller and Accountant-General’s Department (CAGD) in remitting loan repayments. Commercial banks are currently facing significant financial strain, with three months of salary deductions still outstanding. The association indicated that it can no longer sustain lending under a scheme where the agreed-upon repayment mechanism is not functioning reliably. Speaking at the GAB’s 43rd Annual General Meeting, Chief Executive Officer John Awuah explained that while the Ministry of Finance has previously intervened, the issue remains unresolved. These delays have persisted for over a decade but have recently reached a critical point, hampering the ability of banks to manage their loan portfolios. Mr. Awuah noted that a suspension would primarily impact essential workers, including teachers, nurses, and doctors, who rely heavily on these payroll-deducted loans for their personal financial needs. The potential suspension is also tied to a broader directive from the Bank of Ghana (BoG) to improve the health of the banking industry. The central bank has mandated that commercial banks reduce their non-performing loans (NPLs) to below 10% by next year. High NPL ratios, exacerbated by government-linked repayment delays and instances of wilful default, are forcing banks to tighten lending criteria to safeguard the industry's stability. Discussions between the GAB and the CAGD are currently underway to resolve the impasse before the proposed suspension takes effect in the coming weeks. The association is also working with the Bank of Ghana on the framework of the Lenders and Borrowers Act to address the broader issue of defaults. If a resolution is not reached, the move could significantly limit the credit options available to thousands of government employees across the country.

Ghana's inflation rises to 5.2% in September
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Ghana Statistical Service reports inflation rose to 5.2% in September

The Ghana Statistical Service (GSS) has announced that the national year-on-year inflation rate for September 2026 rose slightly to 5.2%, up from 5.0% recorded in August. While this represents a marginal month-on-on increase, the current rate remains significantly lower than the 9.4% recorded during the same period in 2025. According to the Government Statistician, the current figure remains below the Bank of Ghana's target range, reflecting a period of relative price stability compared to the previous year. The primary drivers of inflation during the month included significant price hikes for specific food items and essential services. Fresh tomatoes recorded a staggering year-on-year price increase of 153.4%, contributing 20.3% to the overall inflation figure. Other major contributors were rent payments, which saw a 13.9% rise, and ginger, which doubled in price with a 100.4% increase. The data highlights a stark contrast between goods inflation, which stood at 4.2%, and services inflation, which was nearly double at 8.3%. Domestic factors continue to dominate Ghana's inflationary landscape, with local items accounting for approximately 86% of the total inflation recorded in September. The GSS report also noted significant regional disparities in price movements. The Ashanti Region recorded the highest inflation rate at 9.8%, followed closely by Greater Accra, both of which heavily influenced the national average. In contrast, the Western Region experienced a slight deflationary trend, recording an inflation rate of -0.5%. In light of these figures, the GSS emphasized the importance of addressing food supply chain pressures to manage the volatility seen in commodities like tomatoes and ginger. While the Consumer Price Index reached 271.5 with a month-on-month inflation of 1.1%, the overall downward trend from the previous year offers some potential relief for household financial management. Policymakers and businesses are encouraged to utilize this official data to inform pricing strategies and economic interventions moving forward.