Ghana Business News

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Recovery not enough, new economy will turn stability into jobs – Ato Forson
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Cassiel Ato Forson urges transition from economic stability to job creation

Finance Minister Dr. Cassiel Ato Forson has stated that Ghana’s current economic recovery must be leveraged to create decent jobs and higher incomes for citizens. Speaking at the University of Ghana, the Minister emphasized that while restoring macroeconomic stability is a significant achievement, it serves only as a starting point for a more productive and self-sufficient economy. He argued that the true measure of success for the government’s fiscal policies will be the tangible improvement in the living standards of Ghanaians and the restoration of public confidence. Dr. Forson outlined a vision for what he termed a "New Economy," which prioritizes production and investment over mere stabilization. He noted that although significant progress has been made in reducing inflation and managing the country’s debt pressures, these gains must be actively built upon to ensure long-term sustainability. The Minister highlighted that the government aims to move beyond fiscal discipline toward a model that encourages massive job creation through value addition to natural resources and enhanced industrial capacity. Central to this transition is the strengthening of public-private partnerships to harness economic benefits for all. Dr. Forson stressed that the private sector remains the primary engine of growth and that the government is committed to creating an environment that facilitates its expansion. He acknowledged the sacrifices made by Ghanaians to achieve the current level of economic confidence, asserting that the benefits of this stability must now reach those who bore the brunt of the recovery process. As the government moves forward with its economic agenda, the focus will shift toward ensuring that the recovery translates into a self-sufficient Ghana that creates substantial employment. This involves reducing reliance on imports and fostering a climate where domestic businesses can thrive. By turning stability into high-paying employment opportunities, Dr. Forson believes the nation can achieve a resilient economy that serves the interests of all its citizens, ensuring that the recovery is not just a statistical success but a lived reality.

Ghana to host UN Convention on Negotiable Cargo Documents signing
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Ghana to host UN Convention on Negotiable Cargo Documents signing

Ghana is scheduled to host the signing ceremony for the United Nations Convention on Negotiable Cargo Documents in Accra on October 26, 2026. The event marks a significant milestone in the digitalization of international trade documentation and coincides with the 60th anniversary of the United Nations Commission on International Trade Law (UNCITRAL). By hosting this event, Ghana positions itself at the center of global efforts to streamline logistics and modernize the legal frameworks governing international commerce. The Ghana Shippers’ Authority (GSA) has begun active preparations for the ceremony, recently engaging with media representatives to outline the convention’s objectives and implications. According to the GSA, the new framework is designed to transition traditional paper-based cargo documents into secure digital formats. This shift is expected to reduce administrative delays, lower costs for shippers, and enhance the transparency and security of goods in transit across international borders. During the media engagement, officials emphasized that the convention addresses long-standing challenges in the logistics sector, particularly regarding the negotiability of transport documents. By providing a clear legal structure for electronic records, the convention aims to facilitate smoother trade flows and provide greater legal certainty for businesses operating within the global supply chain. Ghana's selection as the host nation underscores its growing influence in regional and international trade policy. The upcoming ceremony is anticipated to draw international delegates and trade experts to the capital, further highlighting Ghana's role as a gateway for trade in Africa. For the domestic economy, the successful implementation of the convention's principles could lead to improved efficiency at national ports and create a more competitive environment for local businesses. As the 2026 date approaches, the GSA and its partners are focused on ensuring that the local trade community is well-informed and prepared to leverage the benefits of this modern legal instrument.

Evelyn Nattey commissions ERA Bakery in Kolenu to empower local women
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Evelyn Nattey commissions ERA Bakery in Kolenu to empower local women

Evelyn Nattey, an aspiring National Democratic Congress (NDC) Women’s Organiser for the Afadzato South constituency, has officially commissioned the ERA Bakery in Kolenu. The launch of the new facility was accompanied by the distribution of industrial equipment, including hot ovens, to women within the community. This dual initiative is designed to bolster local economic activity while providing a direct pathway for women to achieve financial independence and participate more actively in the political process. The ERA Bakery aims to provide high-quality local baking services, addressing a market need in Kolenu while simultaneously creating employment opportunities. During the commissioning ceremony, Nattey emphasised that the bakery was established with a focus on sustainability and job creation. By sourcing ingredients locally and implementing eco-friendly practices, the business seeks to keep wealth circulating within the community and ensure long-term viability for its employees, the majority of whom are expected to be women. Beyond the physical infrastructure of the bakery, the donation of baking equipment to local entrepreneurs serves as a catalyst for small-scale business growth. Nattey highlighted that economic empowerment is a prerequisite for meaningful political engagement, suggesting that when women are financially secure, they are better positioned to contribute to national discourse and community leadership. The distribution of these items is intended to remove barriers to entry for women looking to start or expand their own baking ventures. Addressing the gathering at Kolenu, Nattey urged residents to patronise the bakery to ensure its success and the continued development of the area. She noted that supporting local enterprises is crucial for regional growth and promised that the initiative is part of a broader commitment to enhancing the livelihoods of constituents in Afadzato South. The event concludes with a call for unity and support for local industrialisation efforts that prioritise the welfare of women and the youth.

MobileMoney Fintech LTD identifies social engineering as top fraud driver
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MobileMoney Fintech LTD identifies social engineering as top fraud driver

MobileMoney Fintech LTD has identified social engineering as the primary catalyst behind mobile money (MoMo) fraud in Ghana, shifting the focus away from technical system vulnerabilities. Moses Tetteh, the Senior Manager for Financial Crimes at the company, clarified that fraudsters are increasingly exploiting human psychology rather than attempting to hack the underlying financial infrastructure. This trend highlights a shift in criminal tactics, where manipulation through trust, fear, or greed is used to trick unsuspecting users into compromising their own security. According to Mr. Tetteh, these social engineering tactics are designed to deceive victims into revealing sensitive information that grants access to their funds. Fraudsters often pose as customer service representatives, prize winning notifications, or distressed relatives to create a sense of urgency. By manipulating the victim's emotions, criminals are able to bypass sophisticated security protocols that would otherwise be difficult to penetrate via traditional hacking. The manager emphasized that the integrity of the technical systems remains robust, but the "human element" remains the most vulnerable point in the transaction chain. To combat this growing threat, MobileMoney Fintech LTD is urging customers to exercise extreme vigilance and treat their personal security information with the highest level of confidentiality. Key preventative measures include never sharing one-time passwords (OTPs), protecting access credentials like PINs, and refraining from clicking on or sharing private links sent through unverified channels. Tetteh noted that the fight against fraud is a collective responsibility that requires active participation from both the service provider and the end-user. In response to these challenges, the company is intensifying its efforts in customer education and stakeholder training. This includes specialized programs for mobile money agents to help them identify suspicious behavior and assist customers in protecting their accounts. By enhancing security awareness across the ecosystem, MobileMoney Fintech LTD aims to create a more resilient financial environment where users are better equipped to recognize and rebuff fraudulent attempts before financial loss occurs.

Ghana National Gas Company to launch greenhouse project in Ellembelle
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Ghana National Gas Company to launch greenhouse project in Ellembelle

The Ghana National Gas Company (GNGC) has announced plans to establish a Greenhouse Vegetable Initiative in the Ellembelle District of the Western Region. Judith Adjobah Blay, the Chief Executive Officer of the company, stated that the project is designed to create sustainable livelihoods and provide meaningful employment opportunities for the local youth. This initiative marks a significant effort by the national gas aggregator to contribute to agricultural development and food security within its operational areas. The project will involve the construction of a modern, state-of-the-art greenhouse facility situated on an acre of secured land. This infrastructure is intended to facilitate the production of high-quality vegetables under controlled environmental conditions, allowing for year-round cultivation and improved crop yields. By introducing modern farming technologies, the Ghana National Gas Company aims to modernize the local agricultural sector and make farming a more attractive career path for the younger generation. To ensure the long-term success and professional management of the initiative, the participating youth will be organized into a formal business cooperative. This cooperative will be responsible for the day-to-day operations and commercial activities of the greenhouse, managing the project as a commercial venture. This model is intended to instill essential entrepreneurial and management skills in the participants while ensuring that the project remains self-sustaining. This initiative aligns with broader national efforts to diversify the economic impact of the energy sector in the Western Region. By focusing on agribusiness, the Ghana National Gas Company is addressing the need for job creation outside the traditional oil and gas value chain. The project is expected to serve as a blueprint for corporate social responsibility programs that empower local communities through technology-driven agricultural solutions and collective ownership models.

Bank of Ghana reports credit growth rose 34.6% to GH₵128.3 billion
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Bank of Ghana reports credit growth rose 34.6% to GH₵128.3 billion

Credit growth in Ghana’s banking sector experienced significant acceleration during the first eight months of 2026. According to recent data from the Bank of Ghana, gross loans and advances reached GH₵128.3 billion by the end of August 2026, representing a 34.6% increase. This expansion highlights a robust upward trend in financial intermediation as banks continue to deploy capital into various segments of the national economy. The private sector remains the primary beneficiary of this credit surge, accounting for 96.1% of the total industry lending. While private enterprises dominate the credit landscape, the public sector also recorded a notable rebound in borrowing. Lending to public sector entities grew by 16.1% during the same eight-month period, indicating a broader recovery in credit demand across both state and non-state actors compared to previous years. A breakdown of the credit distribution reveals that the services sector captured the largest portion of bank financing, securing 37.7% of total lending. This was followed by the commerce and finance sector at 22.4%, and the construction sector at 11.3%. Combined, these three key sectors accounted for 71.3% of all loans and advances issued by the banking industry, which suggests a slight shift toward more diversified lending portfolios compared to earlier reporting cycles. This sustained growth in credit is viewed as a vital indicator of economic momentum, as it provides the necessary liquidity for business expansion and infrastructural development. Financial analysts suggest that the concentration of credit in services and commerce reflects the current structure of the Ghanaian economy, though the steady growth in construction lending may point toward long-term capital investments. The Bank of Ghana is expected to continue monitoring these trends to ensure that credit expansion remains aligned with broader monetary stability goals.

Accra metal trunk sellers report losses as SHS students prefer suitcases
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Accra metal trunk sellers report losses as SHS students prefer suitcases

Traders in Accra markets are experiencing a significant downturn in business as senior high school (SHS) students increasingly abandon traditional metal trunks in favor of modern suitcases. The shift, which marks a departure from decades of Ghanaian boarding school tradition, is being attributed to changing consumer tastes and specific requirements listed in school prospectuses. Veteran sellers report that the decline is placing a severe financial strain on local manufacturers and small-scale retailers who have long depended on the back-to-school season for their primary income. Mr. Victor Amankwa, a veteran trader in the capital, highlighted the severity of the situation, noting that he has sold only 20 trunks this year, a sharp drop from the 50 or more he typically averages during the admission period. This sentiment is echoed across various markets, where sellers argue that school authorities are inadvertently undermining the local industry. Many school prospectuses now explicitly list suitcases as a requirement, and some institutions have begun selling these supplies directly on campus, further bypassing traditional market vendors. Beyond aesthetics, practical concerns are also driving the change. There is an increasing preference for plastic chop boxes over traditional wooden or metal versions, largely due to concerns over bedbug infestations, which are easier to manage with plastic surfaces. While suitcase sellers are enjoying a temporary boost in sales, the trend is devastating the local manufacturing hub in areas such as Bukom, where artisans specialize in hand-crafting metal trunks. These manufacturers are now calling for a review of school policies to ensure that affordable, durable local options are not phased out by more expensive imports. The economic impact is further complicated by the overall rising cost of school supplies. While suitcases are often seen as more stylish, traders maintain that metal trunks remain a more durable and cost-effective investment for parents, especially those with multiple children who can reuse the items. As the academic year progresses, local artisans and sellers are urging the government and school heads to reconsider prospectus guidelines to support indigenous industries and provide relief to families struggling with the high cost of educational preparation.

Republic Bank–JoyNews Habitat Fair draws crowds at Ho Sports Stadium
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Republic Bank–JoyNews Habitat Fair draws crowds at Ho Sports Stadium

The Republic Bank–JoyNews Habitat Fair has entered its second day at the Ho Sports Stadium, seeing a significant surge in patronage from residents across the Volta Region. Running from October 16 to October 18, the three-day exhibition provides a comprehensive platform for the housing and construction industries to showcase their latest innovations and services to the public. The event serves as a one-stop-shop for prospective homeowners, connecting them with industry experts and financial institutions to facilitate homeownership. Exhibitors at the fair include a diverse range of companies, from property developers and home security providers to telecommunications giants and financial institutions. Notable participants such as Republic Bank and MTN are engaging with visitors alongside various local construction firms. These interactions allow attendees to explore a variety of solutions, including high-quality building materials, land acquisition services, and modern interior decor, all aimed at improving the standard of housing in the region. Despite experiencing light rain showers during the second day, the enthusiasm of both exhibitors and attendees remained high throughout the event. The fair serves as an interactive hub where industry professionals offer direct consultations on home improvement and structural security. For many visitors, the event is a unique opportunity to gain expert insights into the complexities of the real estate market and to find affordable paths toward owning their own homes through mortgage guidance and planning. As the event moves into its final day, organizers expect the momentum to continue building. By bringing together key players in the housing value chain, the Habitat Fair aims to address the housing needs of the region while stimulating local economic activity. Residents are encouraged to visit the stadium to benefit from the exclusive deals and professional guidance available only during the fair's duration, ensuring they have the tools needed to build or improve their properties effectively.

Fanaka International University partners GISI for capital market training
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Fanaka International University partners GISI for capital market training

Fanaka International University College and the Ghana Investment and Securities Institute (GISI) have formalised a partnership aimed at bridging the gap between academic theory and professional practice in the financial sector. The two institutions signed a Memorandum of Understanding (MoU) to integrate specialized professional capital market training into the university’s Master of Science in Finance program. This collaboration is designed to equip students with practical skills and recognized professional qualifications necessary for the securities and investment industry. Under the terms of the agreement, students enrolled in the MSc Finance program will gain direct access to industry-specific insights and professional modules curated by GISI. Professor Samuel Agyei-Ampomah, the Rector of Fanaka International University College, highlighted the significance of the partnership, noting that it provides students with a competitive edge. He emphasized that the initiative is part of the university's commitment to offering modern financial education that meets the evolving demands of the global market. Alexander Williams, the Chief Executive Officer of GISI, stressed that the collaboration would significantly enhance curriculum relevance by aligning academic study with current market realities. By fostering closer ties between academia and the financial industry, the partnership aims to produce a pipeline of highly skilled professionals ready to contribute to the growth of Ghana’s capital markets. The initiative is expected to set a new standard for professional development within the country's educational framework, ensuring that graduates are not only academically qualified but also professionally certified.

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Ghana applies for BRICS membership to diversify economic partnerships

Ghana has formally submitted an application to join the BRICS group, signaling a strategic shift in the country's foreign policy under the administration of President John Mahama. Foreign Affairs Minister Samuel Okudzeto Ablakwa confirmed the move, characterizing it as a deliberate effort to diversify Ghana’s international partnerships and reduce its historical dependency on traditional Western allies. The application marks a pivotal moment for the nation as it seeks to integrate more closely with the world’s major emerging economies. The BRICS bloc—consisting of Brazil, Russia, India, China, and South Africa—represents a powerful coalition aimed at fostering economic cooperation and mutual growth among its members. By joining this group, Ghana aims to unlock new avenues for trade and investment, while also gaining improved access to technological advancements pioneered within the bloc. The government views this as a necessary step to stabilize the national economy and expand Ghana's influence within the Global South. While the move has been met with optimism regarding market expansion, economic experts have highlighted the necessity of accompanying domestic reforms to ensure meaningful gains. Analysts suggest that for Ghana to truly benefit from BRICS membership, the government must address internal challenges such as inflation and the need for sustainable job creation. Public reaction remains mixed, reflecting a balance between high expectations for growth and concerns about how the shift might impact existing diplomatic and economic ties. Ultimately, the success of Ghana’s bid and its subsequent participation in the bloc will hinge on the country’s internal economic management and its ability to negotiate favorable terms. As the application proceeds, the focus will likely shift to how the Mahama administration aligns its national development goals with the collective objectives of the BRICS nations, ensuring that the partnership yields tangible benefits for the Ghanaian people.

Mary Asamoah poses with her Africa Travel 100 award at the Akwaaba travel market event. She is dressed in a vibrant red and yellow kente-style outfit, standing in front of a black backdrop featuring event branding.
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Mary Nyamekye Asamoah wins Africa Travel 100 Tour Operators Award

Mary Nyamekye Asamoah, the Chief Executive Officer of Spotless Travel and Tours, has been honored with the Africa Travel 100 Tour Operators Award 2026. This prestigious accolade was presented during the 22nd Akwaaba Travel Market held in Nigeria, a major international event that brings together key stakeholders in the African travel and tourism industry. Asamoah’s recognition highlights her dedicated service to the continental travel ecosystem and her influential role in advancing professional standards within the sector. A significant factor in her selection for the award is her commitment to youth empowerment and technical education through the Spotless Aviation and Professional Training Institute. Asamoah has pioneered practical training methods designed to prepare the next generation of hospitality and aviation professionals. Her curriculum includes the innovative use of an actual aircraft for hands-on learning, a strategy that has been widely praised for providing students with realistic, real-world experience before they enter the professional workforce. The Akwaaba Travel Market serves as a vital platform for fostering partnerships and promoting intra-continental tourism. By honoring leaders like Asamoah, the event organizers emphasized the critical role of private sector innovation and human capital development in sustaining Africa's travel industry. This award solidifies her status as a leading figure in Ghana’s aviation and tourism landscape, reflecting a commitment to excellence that extends across the sub-region and the wider African market.

Mahama urges Ghanaian businesses to tap CSIR innovations
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John Mahama urges businesses to adopt local CSIR innovations

President John Mahama has called on Ghanaian businesses to prioritize homegrown technological solutions over foreign alternatives to drive national economic transformation. Speaking at the CSIR Innovation Fair 2026, the President emphasized that the Council for Scientific and Industrial Research (CSIR) possesses the expertise and innovations necessary to modernize the country's industrial landscape and ensure long-term self-sustainability. The fair, held under the theme ‘From Research to Market,’ focused on the critical need to make scientific discoveries commercially viable. President Mahama noted that for Ghana to achieve true economic independence, local industries must move away from an over-reliance on imported technology, which often carries high costs and may not be tailored to the specific environmental and economic needs of the Ghanaian market. He highlighted that partnerships, increased private sector investment, and efficient technology transfer are essential to bringing research findings to the doorstep of the consumer. Supporting the President's call, the Director-General of the CSIR, Professor Paul Bosu, reaffirmed the council's commitment to ensuring its research outputs are directly applicable to businesses and local communities. Prof. Bosu stated that the CSIR is actively working to streamline its processes to facilitate easier collaboration with the private sector, ensuring that scientific advancements translate into tangible products and services that solve local problems. This push for the commercialization of research aligns with the government's broader strategy to stimulate industrial growth and reduce import dependency. By leveraging local scientific advancements in sectors such as agriculture, energy, and manufacturing, the administration aims to create new employment opportunities and build a more resilient economy. The 2026 Innovation Fair serves as a key platform to showcase these possibilities and encourage a shift toward Ghanaian-made research solutions.