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.

Elizabeth Ofosu-Adjare discusses trade partnerships with Russia and UAE
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Elizabeth Ofosu-Adjare discusses trade partnerships with Russia and UAE

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has held a series of high-level diplomatic meetings aimed at deepening Ghana’s international trade relations and securing strategic investments. On October 16, 2026, the Minister met separately with the Russian Ambassador, the Ambassador of the United Arab Emirates (UAE), and representatives from the United Nations Development Programme (UNDP). These discussions form part of a coordinated effort by the government to expand market access for Ghanaian goods and attract capital for the country’s growing industrial sector. In her meeting with the Russian Ambassador, discussions centered on enhancing bilateral trade and identifying new areas of cooperation between the two nations. A significant portion of the dialogue was dedicated to preparations for the upcoming Russia-Africa Summit, which is expected to serve as a platform for strengthening economic ties across various sectors. Minister Ofosu-Adjare emphasized Ghana’s readiness to leverage such international forums to showcase the country’s investment potential and expand the reach of its non-traditional exports. The engagement with the UAE Ambassador focused on advancing the Comprehensive Economic Partnership Agreement (CEPA). This agreement is designed to provide a structured framework for increased investment flows and trade facilitation between Ghana and the UAE. A key priority highlighted during the talks was the promotion of Ghana’s industrial parks, which are being positioned as competitive hubs for manufacturing and value addition. The Minister noted that a finalized CEPA would significantly benefit Ghanaian exporters by reducing trade barriers and fostering closer business-to-business links. Beyond bilateral state relations, Minister Ofosu-Adjare also met with the UNDP to discuss the Ministry’s Feed the Industry Programme. This initiative is a cornerstone of the government’s industrialization strategy, focusing on strengthening local agribusinesses and promoting import substitution. By fostering stronger links between the agricultural sector and domestic manufacturers, the programme aims to create sustainable jobs and reduce the national import bill. The UNDP’s involvement is seen as crucial for providing technical support and aligning Ghana's industrial goals with global sustainable development standards. These diplomatic and developmental engagements underscore the Ministry of Trade, Agribusiness and Industry’s commitment to driving economic transformation through partnership. By simultaneously engaging established global powers and international development agencies, the Mahama administration is seeking to create a diversified and resilient economic environment. The outcomes of these meetings are expected to pave the way for increased foreign direct investment and a more robust industrial base that supports Ghana’s long-term growth objectives.

Ghanaian cedi appreciates to GH‵11.66 against US dollar on interbank market
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Ghanaian cedi appreciates to GH‵11.66 against US dollar on interbank market

The Ghanaian cedi recorded gains against the United States dollar on Wednesday, October 16, 2026, continuing a recent trend of relative currency stabilization. On the interbank market, the local currency traded at an average buying rate of GH‵11.64 and a selling rate of GH‵11.66. This performance reflects ongoing efforts under the government’s economic recovery programme to manage exchange rate volatility and restore macroeconomic stability. At private forex bureaus, the cedi's performance remained slightly more varied but showed resilience. The buying rate at these bureaus stood at GH‵11.90, while the selling rate was quoted at GH‵12.25. Broader market averages for the day indicated a buying rate of GH‵11.85 and a selling rate of GH‵12.17. These figures suggest a narrowing gap between official interbank rates and the retail market, a key indicator often monitored by analysts for signs of market efficiency. Beyond the US dollar, the cedi also demonstrated movement against other major international currencies, including the British pound and the Euro. The remittance sector remains a significant factor in the local foreign exchange ecosystem, with digital platforms such as LemFi and Taptap Send continuing to offer competitive rates for Ghanaians receiving funds from abroad in major global currencies. The current appreciation comes as the administration of President John Mahama continues to implement fiscal measures aimed at strengthening the national economy. Financial analysts suggest that the sustained stability of the cedi is crucial for controlling inflation and reducing the cost of imported goods. As the government maintains its focus on the economic recovery programme, market participants will be looking for continued consistency in the central bank's monetary interventions and foreign exchange reserve management.

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Bank of Ghana warns public against 20 unlicensed mobile loan apps

The Bank of Ghana (BoG) has issued a formal public alert identifying 20 mobile loan applications that are currently operating in the country without the necessary regulatory approval. This enforcement action is part of the central bank’s ongoing efforts to sanitize the digital lending space and protect consumers from illegal financial practices. The BoG emphasized that these entities have not been granted licenses to provide credit services, making their operations a violation of national banking laws. Among the flagged applications are Agile Loan and AmanaPay, which were specifically named as part of the group of 20 unauthorized lenders. By operating outside the BoG’s regulatory perimeter, these platforms bypass the stringent oversight mechanisms designed to ensure fair interest rates, transparent terms, and professional debt collection standards. The central bank's notice serves as a directive to the public to cease using these platforms immediately to avoid potential financial exploitation. The regulator warned that engaging with these unlicensed entities poses significant risks to consumers, particularly concerning data privacy and financial security. Unlicensed lenders frequently demand excessive access to personal information stored on users' mobile devices, which can lead to the unauthorized sharing of private data or harassment during the debt recovery process. Because these apps are not regulated, users lack the legal protections and recourse options afforded to customers of licensed financial institutions. To safeguard personal data and financial integrity, the Bank of Ghana has urged the public to transact only with approved financial institutions. The BoG stated it is taking active measures to improve the digital credit landscape and will continue to monitor the market for unauthorized operators. Citizens are encouraged to verify the licensing status of any financial service provider through the central bank’s official website or offices before entering into any loan agreements or sharing sensitive personal information.

Strategic Mobilization Ghana Limited secures order to protect equipment
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Strategic Mobilization Ghana Limited secures order to protect equipment

The High Court in Accra has issued a preservation order to safeguard technical equipment belonging to Strategic Mobilization Ghana Limited (SML) currently installed at 25 fuel depots across the country. Presided over by Justice Doris Awuah Dabanka-Bekoe, the court’s ruling ensures that the status quo is maintained regarding SML’s hardware while a broader legal dispute between the company and the Ghana Revenue Authority (GRA) is resolved. The order effectively prevents the immediate removal of or interference with infrastructure used for auditing and verification in the petroleum sector. The legal action follows a directive from the GRA instructing SML to remove its audit and verification hardware from various sites. SML contested this move, arguing that its equipment is essential to fulfilling its contractual obligations and protecting its significant financial interests. By securing the preservation order, the company has ensured that its technological assets remain in place at the depots, which are critical nodes in Ghana's fuel distribution network. Cephas Boyuo, the corporate lawyer for SML, expressed confidence in the company’s legal position following the court's decision. He emphasized that SML has invested more than US$500 million in providing specialized services to the petroleum sector, including sophisticated audit and monitoring systems designed to improve revenue collection and transparency. Boyuo noted that the preservation order is a vital step in protecting these investments as the parties prepare to argue the substantive merits of the case. This judicial intervention marks a significant phase in the ongoing friction between the private mobilization firm and the national revenue regulator. While the GRA had sought the dismantling of SML’s operations at the depots, the court's decision prioritizes the protection of the physical assets involved until a final determination is made. The outcome of the substantive case is expected to have major implications for how petroleum sector audits are managed and the legal standing of multi-million dollar private-sector contracts with state agencies.

Minerals Commission revokes Nawara Company mining licence over US$990,000 debt
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Minerals Commission revokes Nawara Company mining licence over US$990,000 debt

The Minerals Commission has officially revoked the mining licence of Nawara Company Limited, citing the firm's failure to settle a significant financial debt to the state. The regulatory body took the decisive action after the mining company amassed outstanding mineral rights fees totaling approximately US$990,000. This enforcement measure marks a firm stance by the Commission against non-compliance with the financial regulations governing the country’s extractive sector. According to the Commission, the decision was not immediate but followed a period of engagement with the company. Nawara Company Limited was reportedly granted ample opportunity to clear its arrears and meet its statutory obligations. However, the firm failed to remit the required payments within the legally mandated timeframe, leaving the regulator with little choice but to terminate its operating rights. The unpaid fees specifically relate to annual mineral rights payments, which are a critical component of the state's revenue from the mining industry. The revocation serves as a stern warning to other mining operators across Ghana regarding the necessity of meeting their fiscal responsibilities. The Minerals Commission has emphasized its commitment to ensuring that all entities within the sector adhere to the legal and financial frameworks designed to benefit the national economy. As the government continues to streamline the mining industry under the administration of President John Mahama, such enforcement actions are expected to ensure that only compliant and financially responsible firms maintain active operations in the country's mineral-rich regions.

Mahamudu Bawumia meets GUTA to address high import duties
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Mahamudu Bawumia meets GUTA to address high import duties

New Patriotic Party (NPP) flagbearer and former Vice President Dr. Mahamudu Bawumia has held a consultative meeting with the Ghana Union of Traders’ Associations (GUTA) to address the rising costs of doing business. The dialogue focused on the significant financial pressures currently facing the trading community, particularly the impact of high import duties and demurrage charges. The meeting served as a platform for GUTA to formally present its grievances regarding the current fiscal landscape. During the discussions, GUTA leadership highlighted several critical bottlenecks, including the burden of shop rents and the complexities of the Value Added Tax (VAT) structure as it applies to the informal sector. Traders argued that the existing tax regime has become increasingly prohibitive, stifling the growth of small and medium-scale enterprises. GUTA members presented specific proposals to reform these tax structures, seeking a more streamlined approach to reduce the cost of port clearances and overall business operations. Dr. Bawumia characterized the engagement as highly productive, emphasizing the need for a shift toward local production and the introduction of new investment incentives. He acknowledged the concerns raised by the association and underscored the importance of creating a business environment that supports local traders and manufacturing. By focusing on investment incentives, the NPP flagbearer suggested that the government could better assist the private sector in navigating current economic challenges. This meeting marks a significant step in the ongoing dialogue between the political leadership and the Ghanaian business community. The proposals submitted by GUTA are expected to inform future policy frameworks aimed at improving the competitiveness of local traders within the sub-region. As the country navigates its economic recovery, the alignment of government policy with the practical needs of the informal sector remains a key priority for sustainable industrial growth.

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Samuel Okudzeto Abalakwa announces Ghana's official BRICS application

Foreign Affairs Minister Samuel Okudzeto Abalakwa has announced that the Ghanaian government has officially approved an application to join the BRICS economic bloc. The announcement was made during a high-level diplomatic engagement with India’s External Affairs Minister. This strategic move is intended to diversify Ghana’s international partnerships and secure access to alternative development financing through the New Development Bank (NDB). The decision aligns with the "New Economy" agenda introduced by President John Mahama, which focuses on seeking growth opportunities outside the traditional constraints of Western institutional frameworks. The BRICS group, which originally consisted of Brazil, Russia, India, and China before expanding to include South Africa and several other nations, represents a significant portion of the global population and economic output. For Ghana, joining this alliance offers the potential for enhanced trade relations and a stronger voice in global economic governance. By seeking membership, the Mahama administration aims to position Ghana as a key player within an emerging multipolar world order, leveraging relationships with fast-growing economies to support domestic industrialization goals. However, economic observers have cautioned that formal membership is merely the first step toward achieving long-term economic transformation. Experts emphasize that the government must proactively utilize the BRICS platform to attract targeted investments and foster genuine industrial growth rather than relying solely on the prestige of the alliance. As the global economic landscape shifts, Ghana’s success within the bloc will depend on its ability to negotiate favorable trade terms and maintain a balanced foreign policy that maximizes benefits for the national economy.

Ghana hosts signing of UN Convention on Negotiable Cargo Documents
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Ghana hosts signing of UN Convention on Negotiable Cargo Documents

Ghana is set to host the official signing of the United Nations Convention on Negotiable Cargo Documents in Accra on October 26, 2026. The event, which coincides with the 60th anniversary of the United Nations Conference on Trade and Development (UNCTAD), is expected to draw representatives from over 10 countries, including government officials and international trade organisations. This landmark convention aims to establish a unified legal framework for cargo documentation, facilitating a transition from traditional paper-based systems to digital formats across the international shipping industry. Professor Ransford Gyampo, CEO of the Ghana Shippers’ Authority, highlighted that the primary goal of the convention is to modernise international trade processes. By providing a legal basis for electronic negotiable cargo documents, the framework is designed to minimise administrative delays and reduce the inherent risks of fraud associated with physical paperwork. This shift is expected to significantly improve the efficiency of cross-border transactions and create a more secure environment for importers and exporters globally. Beyond administrative efficiency, the convention is expected to have a profound impact on trade financing. Stella Akosua Ansah from the Ministry of Trade noted that the new framework would enhance access to credit for small and medium enterprises (SMEs). In particular, the move toward digital documentation is anticipated to remove barriers for women-led businesses, allowing them to leverage their cargo documents more effectively to secure the financing needed for international trade. Ghana is currently mobilising support from fellow ECOWAS member states to ensure a coordinated regional approach to these new standards. The convention will officially enter into force 180 days after the tenth country deposits its instrument of ratification. By hosting this signing ceremony, Ghana reaffirms its commitment to leading digital reform in the African maritime sector and harmonising global trade practices for the benefit of both local and international stakeholders.

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Bank of Ghana maintains medium-term inflation target at 8 percent

The Bank of Ghana (BoG) has reaffirmed its commitment to a medium-term inflation target of 8 ± 2 percent, despite a slight uptick in headline inflation during September 2026. Following the 132nd Monetary Policy Committee (MPC) meeting, the central bank indicated that while domestic economic conditions remain generally favorable, external pressures and domestic fiscal risks necessitate a cautious stance to ensure long-term price stability. The decision comes at a time when the bank is balancing the need for growth with the necessity of curbing underlying price pressures. According to the latest data, headline inflation rose for the third consecutive month, reaching 5.2 percent in September from 5.0 percent in August. This trend was largely driven by food inflation, which climbed to 4.0 percent from 3.0 percent the previous month. Overall Consumer Price Inflation recorded a month-on-month increase of 1.1 percent. Despite these increases, the MPC noted that core inflation and easing inflation expectations suggest that underlying price pressures could moderate in the coming months, supported by improved food supply conditions and ongoing fiscal consolidation. The central bank expressed specific concerns regarding the government’s fiscal policy implementation for 2026. The BoG highlighted that increased government spending and potential challenges in debt management and project execution could pose downside risks to the inflation outlook. Furthermore, external factors, such as the US-Iran conflict and its subsequent impact on global oil price volatility, remain significant threats. Domestically, the central bank warned that adjustments to utility tariffs and petroleum prices are expected to exert upward pressure on the non-food component of the inflation basket. To mitigate these risks, the Bank of Ghana emphasized the importance of enhanced domestic revenue mobilization and strengthened fiscal management. The Committee stressed that maintaining stable GDP growth, lower interest rates, and exchange rate stability is crucial for avoiding debt distress and fostering sustainable economic growth. Moving forward, the bank remains focused on aligning fiscal and monetary policies to ensure that inflation stays within the target band amidst an evolving global economic landscape.

Theo Acheampong says Ghana reset its economy in 18 months
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Theo Acheampong says Ghana reset its economy in 18 months

Dr. Theo Acheampong, a Technical Advisor at the Ministry of Finance and economist, has stated that Ghana has successfully reset its economic fundamentals within an 18-month period following a major crisis. Speaking on the country’s recovery trajectory, he observed that this turnaround, which typically takes five years in similar international contexts, is the result of aggressive fiscal reforms rather than just external market conditions. He emphasized that while commodity prices, particularly gold, have been favorable, the recovery is primarily driven by internal structural changes in government operations. A significant component of this economic reset has been the government's aggressive approach to debt management. According to Acheampong, the government cleared nearly GH‵29 billion in arrears during 2025, a figure that significantly surpassed the initial budget allocation of GH‵13 billion for the year. This expenditure reflects a deliberate commitment to resolving outstanding financial obligations while maintaining broader fiscal discipline, which has played a crucial role in restoring the country’s debt servicing capacity. The economist also highlighted the elimination of backlogs in statutory fund transfers as a vital indicator of the recovery's health. For the first time in several years, the government has maintained timely payments to essential funds, including the District Assemblies Common Fund (DACF) and the National Health Insurance Fund (NHIF), with no backlogs reported from January through September. Acheampong credited this consistency to improved tax collection mechanisms and a rising tax-to-GDP ratio, supported by more stringent spending controls implemented across various state sectors. These reforms have reportedly bolstered investor confidence as international observers monitor how Ghana has rapidly restored its economic baseline. Acheampong noted that the consistent fulfillment of financial obligations is directly influencing the country’s ability to manage its debt and attract further investment. Moving forward, the focus remains on sustaining these spending controls and fiscal management strategies to ensure that the rapid recovery translates into long-term economic stability.

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Sammy Gyamfi clarifies Ghana Gold Board foreign exchange operations to PAC

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board, has informed Parliament's Public Accounts Committee (PAC) that the newly established agency does not engage in foreign currency trading. Testifying before the committee, Gyamfi clarified that the Board's primary function regarding currency is to sell foreign exchange generated from its gold operations directly to the Bank of Ghana and authorized commercial banks in exchange for cedis. This operational structure, established under the Ghana Gold Board Act of 2025, is designed to bolster national gold reserves while maintaining a steady flow of liquidity into the domestic financial system. Gyamfi emphasized that the Board's funding and exchange model received specific authorization from the Bank of Ghana following approval from the Minister of Finance. During the hearing, committee members focused on the legal nature of this arrangement, requesting the Board to provide formal documentation to confirm whether the central bank's authorization serves as a de facto trading license. The CEO maintained that the Board acts as a supplier rather than a speculative trader, ensuring that the proceeds from gold sales are integrated into the formal banking sector through approved channels. The clarification comes as the Ghana Gold Board implements its new Spot FX Sales and Intermediation Framework, which was launched to bring greater predictability to the domestic dollar supply. Under this framework, authorized banks can purchase foreign exchange on specific, pre-determined days. This systematic approach is intended to allow market participants to plan their foreign exchange needs more effectively, reducing the frantic search for dollars that often drives market instability. Providing economic context to the Board's activities, economist and political risk specialist Dr. Theo Acheampong noted that while the new framework improves market transparency, it does not replace the Bank of Ghana's core mandates. Acheampong stressed that the central bank must remain vigilant and intervene directly whenever the cedi experiences excessive volatility. He argued that the Gold Board’s expanding role should be viewed as a complementary mechanism that supports currency stability by ensuring a transparent and reliable supply of foreign exchange to the banking sector.

Dr. Mohammed Amin Adam is captured speaking during a press briefing, seated behind a row of microphones from various media houses including Joy Business and GTV. He is dressed in a grey suit and striped tie, with the Ghana national flag and the Ministry of Finance seal visible in the background.
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Dr. Mohammed Amin Adam proposes 13 debt management reforms

Former Finance Minister Dr. Mohammed Amin Adam has proposed 13 strategic measures aimed at enhancing transparency and market confidence in Ghana's public debt management. His recommendations emphasize a transition from emergency financing to a more stable domestic debt market, driven by competitive auctions and mandatory monthly disclosures. Dr. Amin Adam expressed concern that the country's reliance on Treasury bills and non-competitive borrowing could obscure the true cost of public debt and undermine the long-term recovery of the financial sector. A central pillar of his analysis is the growing "sovereign-bank nexus," where domestic banks have become increasingly exposed to government debt. According to Dr. Amin Adam, central government domestic debt rose to GH‵190.1 billion by July 2026, with banks holding 31.9% of that total, up from 26.5% at the start of that year. He warned that this trend risks crowding out private sector credit and leaves bank balance sheets vulnerable to sovereign risks. To mitigate this, he called for more transparent debt issuance and competitive pricing to protect the banking system. The former minister also highlighted significant refinancing risks associated with the Domestic Debt Exchange Programme (DDEP). Ghana faces total principal repayments of GH‵111 billion across 2027 and 2028. While the national Sinking Fund is intended to cushion these payments, it currently holds only GH‵15.6 billion against a projected target of GH‵30 billion. Dr. Amin Adam urged the government to provide monthly disclosures of Sinking Fund inflows and investments to build public confidence and ensure the country is adequately prepared for the upcoming repayment cycle. Finally, Dr. Amin Adam cautioned that external factors, particularly cedi depreciation, could erode recent debt relief gains. While the appreciation of the cedi in 2025 reduced the local value of external debt by GH‵125.3 billion, a 6% weakening of the currency between January and July 2026 caused the cedi-denominated debt to rise by GH‵14.8 billion. To stabilize the fiscal landscape, he recommended mandatory disclosure of all non-competitive borrowing transactions and independent assessments of value-for-money to ensure borrowing rates accurately reflect market conditions.