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.

A man in a white polo shirt addresses a diverse group of participants during a business management training workshop. The audience is seated at U-shaped tables covered in pink cloths, with water bottles and training materials present in what appears to be a conference hall in Techiman.
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Association of Small-Scale Industries trains 50 artisans in Techiman

The Association of Small-Scale Industries (ASSI), in partnership with the MasterCard Foundation, has completed a specialized business management and apprenticeship training program for approximately 50 artisans in the Bono East Region. Hosted in Techiman, the initiative aimed to equip local craftsmen and women with modern operational skills designed to improve their efficiency and capacity for local job creation. The training focused on bridging the gap between traditional craftsmanship and the requirements of a formal business environment. Participants received instruction on essential administrative and technical competencies, including rigorous financial record-keeping and advanced training methodologies. A significant portion of the curriculum was dedicated to fostering better master-apprentice relationships, ensuring that the transfer of vocational skills to the next generation is both structured and effective. By addressing these core areas, the organizers expect to help small-scale businesses stabilize their operations and scale their service delivery. Speaking at the event, the Bono East Regional Chairman of ASSI, Alhaji Osman Ibrahim, emphasized that the training is a critical step toward boosting income generation within the region. The National President of ASSI, Reverend Christian Balagi, reinforced this by urging the artisans to refine their professional skills to stay competitive in an increasingly demanding market. He noted that the ability to adapt to new business practices is essential for long-term sustainability in the private sector. The program also saw support from the Ghana Enterprise Agency (GEA), which expressed a continued commitment to providing technical and management assistance to the artisan sector. This collaborative effort underscores a broader strategic goal to strengthen Ghana's informal sector, which serves as a vital pillar of the national economy. Moving forward, the trained artisans are expected to serve as models of professional excellence within their respective communities, contributing to the overall economic development of Techiman and the surrounding districts.

A man in a dark suit and glasses delivers a speech at a podium equipped with several microphones. The official logo of the Bank of Ghana is visible in the lower left corner, while the word SPEAKERS appears on a red graphic in the background.
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Bank of Ghana identifies credit risks as major barrier to SME lending

The Bank of Ghana (BoG) has identified persistent credit risks as the primary factor constraining commercial banks from extending loans to small and medium-sized enterprises (SMEs). Despite a trend of easing inflation and generally improving economic conditions, the central bank’s Monetary Policy Committee (MPC) noted that financial institutions remain hesitant to increase their exposure to the SME sector. This caution is driven by underlying concerns regarding the ability of these businesses to meet their debt obligations in a volatile economic landscape. According to the MPC, the reluctance to lend stems from several structural weaknesses within the SME ecosystem. Banks have expressed significant reservations about the quality of assets and the repayment capacities of potential borrowers. These challenges are exacerbated by the lack of robust financial records and limited collateral among many smaller firms, making them less attractive to traditional lenders. The central bank highlighted that this risk aversion is particularly pronounced in sectors considered high-risk, such as agriculture and construction, where income streams can be unpredictable. While there has been a notable decrease in lending rates alongside broader macroeconomic stabilization, this has not yet translated into a significant surge in credit availability for SMEs. Banks are currently prioritizing the preservation of their asset quality over the expansion of their loan books. The BoG observation suggests that even as the cost of borrowing drops, the stringent eligibility criteria applied by commercial banks continue to act as a bottleneck for private-sector growth. Looking ahead, the Monetary Policy Committee anticipates a gradual recovery in private-sector credit growth. However, this progress remains contingent on further improvements in macroeconomic conditions and the strengthening of credit information systems. By enhancing the quality of data available to lenders, the central bank hopes to reduce the information asymmetry that currently hampers the SME financing landscape, eventually fostering a more inclusive environment for business expansion.

Ajay Banga, the President of the World Bank Group, is captured delivering a speech from behind a white podium. He is dressed in a formal suit and a dark turban, set against a deep blue background at an international event.
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World Bank to quintuple critical minerals business over five years

World Bank President Ajay Banga has announced an ambitious strategy to quintuple the institution's critical minerals business over the next five years. Speaking at an event in Bangkok, Banga explained that the initiative is designed to help resource-rich countries, particularly those in Africa, move beyond the mere extraction of raw materials. The goal is to assist these nations in building robust local industries that can handle domestic processing and manufacturing, ensuring they retain more economic value from their natural wealth. The initiative will specifically focus on implementing critical reforms in 20 identified countries, including Zambia, Argentina, and India. These reforms are intended to create a more attractive environment for private investment and to support the development of necessary infrastructure. By facilitating the shift toward domestic processing, the World Bank aims to help these nations integrate more effectively into global value chains, transforming them into industrial hubs rather than just sources of raw ore. This expansion of the critical minerals business is part of the World Bank's broader response to a global employment challenge. With a massive influx of youth expected to enter the labor market, experts predict a potential shortfall of 800 million jobs. The bank views the development of the minerals sector—and the associated manufacturing industries—as a vital tool for job creation. By focusing on sustainable industrialization, the bank hopes to provide high-quality employment opportunities that can absorb the growing workforce. Ultimately, the strategy underscores the importance of critical minerals in the global energy transition and sustainable development. By linking mineral resources to local industrial growth, the World Bank aims to provide a pathway for developing nations to achieve long-term economic stability. The project highlights a shift in international development strategy, where natural resources serve as a foundation for broader economic diversification and technological advancement.

Anokye Asare, Board Chairman of Asawinso Community Bank PLC
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Asawinso Community Bank PLC launches scholarship for shareholders’ children

Asawinso Community Bank PLC has officially launched a scholarship scheme designed to support the children of its shareholders in their pursuit of tertiary education. Announced during the bank’s 40th Annual General Meeting (AGM), the initiative specifically targets financially needy students, marking a significant milestone in the institution's commitment to community development and corporate social responsibility. The scheme aims to reduce the financial barriers faced by families within the bank's stakeholder network, ensuring that academic merit is rewarded with the necessary financial backing. The introduction of the scholarship comes on the back of a remarkably strong financial year for the bank. Board Chairman Anokye Asare reported that the institution achieved a 211% increase in profit before tax, alongside a 34% growth in total assets over the past year. Mr. Asare highlighted that these financial gains have not only strengthened the bank's market position but have also enabled it to give back more substantively to the stakeholders who sustain its operations. The bank's recent performance and transformation have garnered multiple local and international recognitions, emphasizing its positive impact on financial inclusion. CEO Kwasi Ameyaw attributed the bank's successful growth to the collective efforts of management, staff, and shareholders. He noted that the institution has focused on enhancing its service quality and meeting stringent regulatory requirements, which has improved customer confidence and operational capacity. This internal strengthening has provided the necessary foundation for the bank to expand its social impact programs, such as the newly inaugurated scholarship fund, which serves as a tangible dividend of the bank's recent success. Looking ahead, the scholarship scheme is expected to alleviate the financial burden on shareholder families while fostering long-term educational advancement in the community. By aligning its financial achievements with strategic social investment, Asawinso Community Bank PLC aims to deepen its relationship with its members and ensure that its corporate growth translates into lasting benefits for the next generation of professionals in the region. The bank remains committed to maintaining this upward trajectory in both its financial performance and its contributions to the socio-economic development of its operating areas.

Universal bank borrowers get cheaper loans faster than community bank customers - Survey
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CIB Ghana survey shows universal banks lower rates faster than microfinance

A survey presented by the Chartered Institute of Bankers (CIB) Ghana has revealed a significant disparity in how monetary policy changes affect different tiers of the banking sector. The study, discussed at a recent CIB seminar, indicates that interest rate reductions reach customers of universal banks more rapidly than those borrowing from community and microfinance institutions. This finding highlights a persistent delay in monetary policy transmission within the smaller-scale lending sector, even when the broader economy shows signs of stabilization. The discussion was held in the context of recent decisions by the Bank of Ghana, which kept its policy rate at 14.0% on September 24, 2026. Governor Dr. Johnson P. Asiama noted during the seminar that shifts in central bank policy do not translate into immediate benefits for all borrowers across the board. The survey findings confirmed high lending rates among microfinance and community banks, suggesting that smaller lenders are slower to adjust their pricing models following policy shifts compared to their larger counterparts. Dr. Ellen Ohene-Afoakwa of CIB Ghana emphasized the need for financial institutions to support productive sectors of the economy through responsible lending. While the survey indicated that banks are generally confident in the current macroeconomic environment, there are widespread expectations of rising inflation in the upcoming months. Dr. Ohene-Afoakwa urged the industry to manage credit growth carefully to avoid systemic risks while ensuring that liquidity continues to flow to essential sectors. The seminar is part of a series of events leading up to the annual Bankers Week, which aims to enhance banking education and professional standards in Ghana. The findings underscore the challenge of ensuring that the benefits of a stable monetary environment reach all segments of the population. As the industry moves forward, closing the transmission gap remains a priority to ensure that micro-enterprises and rural communities served by smaller lenders are not disadvantaged by slower interest rate adjustments.

Why Virtual Asset Providers are financial crime investigation's most underused ally
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Japhet Gana urges joint training between regulators and virtual asset providers

Japhet Gana, a financial crime expert, has called for a collaborative approach between regulators and virtual asset service providers (VASPs) to strengthen Africa's response to financial crime. Speaking at a five-day regional training program in Nairobi, Kenya, Gana emphasized that joint training is essential for bridging the communication gap between the public and private sectors. This initiative aims to enhance the effectiveness of investigations involving digital assets and prevent costly delays in urgent cases. The call for cooperation comes as global regulatory bodies struggle to close loopholes in the digital finance space. A recent Financial Action Task Force (FATF) review revealed that while 83% of jurisdictions have enacted Travel Rule legislation, organized crime continues to exploit gaps in compliance and investigative abilities. Gana argued that the key to effective investigations lies in fostering a deeper understanding between providers and investigators. By defining specific requests for information and streamlining communication channels, the efficacy of financial crime investigations can improve significantly. Gana highlighted that Africa has a unique opportunity to develop a robust regulatory framework that avoids the adversarial dynamics often seen in other global regions. He noted that through proactive capacity-building, African jurisdictions can create sustainable systems that effectively monitor virtual assets while supporting innovation. He concluded that Africa is no longer merely a recipient of international expertise but is actively creating valuable cooperation models that can serve as a blueprint for the global community in the fight against digital financial crime.

A group of professionals and stakeholders are seated in an auditorium during a formal engagement session. The participants, dressed in a mix of Western business attire and traditional Ghanaian fabrics, appear focused on a presentation or speaker off-camera.
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Bank of Ghana affirms banking sector stability with GH₵500bn in assets

The Bank of Ghana (BoG) has held a stakeholder engagement forum in Techiman to provide clarity on the central bank's operations and assure the public of the financial sector's resilience. Speaking at the event, the Director of Communications, Bernard Ato Otabil, dismissed concerns about the health of the industry, stating that the banking sector remains solid and robust. He revealed that the sector’s total assets have surpassed the GH₵500 billion mark, signaling strong growth and stability despite broader economic challenges. The forum attracted approximately 200 participants, including members of the Ghana Union of Traders Association (GUTA) and representatives from various financial institutions in the Bono East Region. The initiative was designed to foster transparency and bridge the communication gap between the regulator and the public. Officials addressed several critical topics, including the ongoing reforms in the microfinance sub-sector and the necessity for citizens to practice responsible borrowing to avoid financial distress. To ensure the information was accessible to all attendees, presentations were delivered in both English and Twi. This approach allowed traders and local entrepreneurs to engage directly with BoG representatives, asking questions and seeking clarification on the central bank’s mandate and policies. The bank's leadership emphasized that such dialogues are essential for dispelling misinformation and ensuring that market participants have accurate information to guide their business decisions. This engagement in Techiman reflects the Bank of Ghana’s ongoing commitment to community outreach and public education. By taking its message to regional hubs, the central bank aims to build a more inclusive financial environment where stakeholders are better informed about the regulatory measures in place to protect their deposits and support sustainable economic activities across the country.

Caveman Watches partners with Mfantsipim School for 150th anniversary
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Caveman Watches partners with Mfantsipim School for 150th anniversary

Caveman Watches, a prominent Ghanaian luxury watchmaker, has officially partnered with Mfantsipim School to commemorate the institution's upcoming 150th anniversary. The collaboration seeks to celebrate the school's long-standing legacy of academic excellence, leadership, and national service, dating back to its establishment in 1876. By merging artisanal craftsmanship with educational heritage, the partnership aims to inspire a new generation of leaders while honoring the history of Ghana's oldest secondary school. Established nearly a century and a half ago, Mfantsipim School has played a pivotal role in shaping Ghana’s leadership landscape, producing numerous figures who have contributed significantly to national and international development. The partnership with Caveman Watches, founded in 2018, represents a symbolic bridge between established Ghanaian heritage and contemporary local enterprise. Caveman Watches has gained international recognition for its focus on African identity and high-quality craftsmanship, making it a fitting choice to create luxury timepieces that reflect the school's enduring values of discipline and quality. The collaboration is designed to highlight the importance of "Made in Ghana" brands and the power of local institutional partnerships. Both Mfantsipim School and Caveman Watches view the 150th-anniversary milestone as an opportunity to reinforce the commitment to character development and education. The project will involve the creation of bespoke timepieces that serve as a tribute to the school and its contributions to the intellectual and moral fabric of the nation over the last 150 years. As the school prepares for its sesquicentennial celebrations, the partnership serves as a broader call to recognize and support home-grown excellence. By celebrating Ghanaian heritage through such high-profile collaborations, both institutions hope to foster a sense of pride and ambition among current students and alumni. The anniversary activities are expected to not only honor the past but also lay a foundation for the school's future growth and its continued influence on the African continent.

IMF raises Ghana economic growth forecast to 5.7% for 2026
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IMF raises Ghana economic growth forecast to 5.7% for 2026

The International Monetary Fund (IMF) has upgraded its economic growth forecast for Ghana, projecting a 5.7% expansion for 2026. This is a notable increase from the previous estimate of 4.6%, reflecting the Fund's assessment of Ghana's enhanced resilience against global economic volatility. This upward revision follows the country’s transition from the Extended Credit Facility (ECF) to the non-financial Policy Coordination Instrument (PCI), which emphasizes policy reform and macroeconomic stability under the administration of President John Mahama.\n\nZeine Zeidane, Director of the IMF’s African Department, credited the improved outlook to Ghana’s ability to withstand shocks in global commodity prices. Speaking during the conclusion of meetings in Bangkok, Zeidane noted that the country’s recent credit rating upgrade and consistent economic performance are clear indicators of a strengthening recovery. While the 2026 outlook is particularly strong, the IMF anticipates that growth will settle at a steady 5.2% in 2027 as the initial surge from structural reforms moderates.\n\nDespite the positive forecast, the IMF maintains that the government must remain focused on fiscal discipline and the management of public finances. The transition to the PCI signifies a shift toward technical support and policy monitoring, requiring the Ghanaian government to sustain its reform momentum to protect against external vulnerabilities. This outlook provides a favorable backdrop for Ghana's efforts to attract foreign investment and consolidate its position as a resilient emerging economy in West Africa.

Deputy Finance Minister Dr. Stephen Amoah is seen speaking at a formal business event, holding a microphone while standing behind a glass lectern. He is dressed in a navy pinstripe suit and red tie, with corporate sponsor logos for organizations like GRIDCo and KPMG visible on the backdrop behind him.
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Thomas Nyarko Ampem urges stronger internal controls in public institutions

Deputy Minister for Finance, Thomas Nyarko Ampem, has called for the strengthening of internal controls across public institutions to prevent financial irregularities and protect the public purse. Speaking at the 25th anniversary of the Institute of Internal Auditors Ghana, Ampem highlighted the essential role internal auditors play in ensuring that national resources are directed toward development priorities rather than being lost to mismanagement. He emphasized that rigorous oversight is fundamental to maintaining public trust and fiscal stability. The Deputy Minister revealed a significant improvement in the management of public funds, noting that financial irregularities in Ghana dropped by 62.9% over the past year. According to government figures, these irregularities fell from GH‵20.72 billion in 2024 to GH‵7.69 billion in 2025. Despite this progress, Ampem cautioned that the current figure remains unacceptably high and that further efforts are required to eliminate systemic weaknesses in financial management and administration. To achieve further reductions in financial leakage, the Deputy Minister urged internal auditors to move beyond traditional methods and embrace modern technology. He advocated for the adoption of data analytics and advanced digital tools to improve accountability and detect irregularities in real-time. Specifically, he called for more rigorous scrutiny of procurement processes and financial transactions, which are often the primary areas where public funds are diverted or mismanaged. Ampem emphasized that the success of the government’s New Economy agenda depends heavily on effective resource management and the rectification of weak financial controls. He concluded by reiterating that internal auditing is not just a regulatory requirement but a vital component of good governance. By safeguarding public resources, auditors directly support the state's ability to deliver critical infrastructure and social services to the Ghanaian people.

COMAC supports Agbogbloshie waste evacuation with fuel and cash
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COMAC supports Agbogbloshie waste evacuation with fuel and cash

The Chamber of Oil Marketing Companies (COMAC) has donated fuel and financial resources to the Ministry of Local Government, Chieftaincy and Religious Affairs to facilitate the ongoing evacuation of the Agbogbloshie landfill site. The contribution is specifically aimed at assisting the logistics required to transport accumulated waste from the central Accra location to the Adepa Waste Engineered Landfill Site. This move represents a collaborative effort between the private energy sector and the government to address pressing urban environmental challenges through direct resource intervention. Dr. Riverson Oppong, the Chief Executive Officer of COMAC, presented the support package on Friday, emphasizing the chamber's commitment to corporate social responsibility and environmental sustainability. By providing fuel, COMAC is directly addressing one of the primary operational costs associated with large-scale waste relocation: the fueling of heavy-duty trucks and machinery. The accompanying financial assistance is intended to help the Ministry manage the various field and administrative expenses incurred during the relocation exercise, ensuring that the project does not stall due to funding gaps. The evacuation of the Agbogbloshie site is a critical component of the government’s broader strategy to improve sanitation and public health in the capital. For years, the landfill has been a focal point for environmental concerns due to its proximity to residential and commercial hubs. The transition to the Adepa Waste Engineered Landfill Site, which is designed to handle waste more sustainably than traditional dumpsites, marks a significant upgrade in the city’s waste management infrastructure and general urban planning. This partnership highlights the essential role that industry stakeholders play in supporting public infrastructure projects. As the Ministry continues the demanding task of clearing the Agbogbloshie site, the support from COMAC is expected to accelerate the timeline for completion. This initiative aligns with national goals to transform Accra into a cleaner, more resilient city and provides a template for future cooperation between the petroleum downstream sector and local government authorities in tackling municipal waste issues.

Hajia Rabiatu Abukari, President, Ghana Shea Employers Association, Northern Region
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Rabiatu Abukari urges government to build local organic shea labs

Hajia Rabiatu Abukari, President of the Ghana Shea Employers Association, has called on the government to establish local laboratories dedicated to organic shea testing and certification. Speaking with the Daily Graphic, she explained that the current absence of these specialized facilities within Ghana forces local processors to rely on expensive foreign laboratories. This dependency not only inflates operational costs but also creates significant delays that hinder the competitiveness of Ghanaian shea products in the international market. The demand for certified organic shea is growing rapidly worldwide, and local processors are struggling to keep pace without affordable certification services. Abukari noted that the high costs associated with international testing put small and medium enterprises at a disadvantage. By investing in domestic testing infrastructure, the government could streamline the certification process, allowing Ghanaian businesses to capture a larger share of the global premium shea market while ensuring the quality and integrity of their exports. Beyond testing infrastructure, the Association expressed deep concern over the increasing export of raw shea nuts. Abukari warned that this trend undermines the domestic processing industry and directly threatens the livelihoods of thousands of women who lead local shea enterprises. She advocated for the implementation of policies that prioritize local value addition, which would ensure that more of the wealth generated from the shea sector remains within Ghanaian communities. Environmental sustainability also remains a critical priority for the industry. Abukari highlighted the ongoing threats to shea trees and urged for stronger conservation efforts and protection policies to safeguard the resource. As the shea industry plays a vital role in supporting household incomes and the broader national economy, she emphasized that the sector should be treated as a national priority to secure long-term economic benefits and environmental health.