Ghana Business News

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World Bank Flags Structural Gaps as Ghana Records Fastest Economic Growth Since 2019
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World Bank Flags Structural Gaps as Ghana Records Fastest Economic Growth Since 2019

Ghana’s economy expanded by 6.0% in 2025, marking its strongest annual performance in seven years, according to the latest Tenth Ghana Economic Update from the World Bank. This recovery momentum has reportedly carried into 2026, with first-quarter growth reaching 6.4%. While these macroeconomic indicators suggest a robust rebound supported by services, agriculture, and mining, World Bank Division Director Robert Taliercio O’Brien warned that the recovery remains ‘structurally incomplete.’ Despite the headline growth and a significant drop in inflation to 4.6%, approximately 56.4% of Ghanaians remain in poverty, highlighting a persistent disconnect between national wealth and individual living conditions. A primary obstacle to sustainable development is Ghana’s challenging business environment, which the World Bank identifies as a deterrent to private investment and economic diversification. High operational costs, driven largely by unreliable and expensive connectivity, are fragmenting markets and hindering the growth of non-extractive sectors. Infrastructure remains a critical bottleneck; currently, only 27% of Ghana’s 94,200-kilometre road network is paved. These structural constraints make it difficult for the country to move beyond its traditional reliance on gold and cocoa exports, which, despite contributing to an $8.8 billion trade surplus in the first half of 2026, offer limited employment absorption. Bank of Ghana Governor Dr. Johnson Pandit Asiamah has emphasized that maintaining policy credibility is essential to rebuilding the debt capital market and sustaining investor confidence. The central bank forecasts a continued 6% growth rate for the second half of 2026, bolstered by a stable cedi and coordinated fiscal policies under an IMF-supported programme. However, finance and tax analyst Nelson Cudjoe Kuagbedzi argues that macroeconomic stability alone is insufficient. He has urged the government to direct intensive investment into agriculture and manufacturing, sectors with higher potential for large-scale job creation for the country’s growing youth population. To bridge the gap between economic potential and international investment, President John Mahama is leading a new initiative in partnership with the Oxford Business Group and the Ghana Investment Promotion Authority. This ‘Global Platform’ series showcases twelve priority sectors—including ICT, manufacturing, and transport—to global investors. As Ghana moves forward, the World Bank recommends six priority reforms focused on transport efficiency and domestic revenue mobilization. The goal of these measures is to ensure that the current growth trajectory translates into quality employment and inclusive prosperity for all citizens, rather than remaining confined to the extractive and service sectors.

Ghana Chamber of Mines and Industry Stakeholders Demand Tax and Energy Relief to Support Mandatory Local Gold Refining
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Ghana Chamber of Mines and Industry Stakeholders Demand Tax and Energy Relief to Support Mandatory Local Gold Refining

Ghana is set to transform its mining sector through a new directive from the Ghana Gold Board (GoldBod) that mandates the local refining of all gold doré before export, effective September 1, 2026. This policy, which aligns with the Ghana Gold Board Act of 2025, aims to ensure the country retains more value from its mineral resources and eventually ends the export of raw minerals by 2030. While industry leaders support the shift toward value addition, the Ghana Chamber of Mines has warned that the transition will incur significant operational costs. CEO Dr. Ken Ashigbey has called for the government to put "skin in the game" by reviewing taxes and levies that affect refineries and providing access to cheaper hydroelectric and solar power to ensure the commercial viability of local processing. The economic burden of local refining is a primary concern for stakeholders, as current costs in Ghana are estimated at $10 per ounce, significantly higher than the $2.50 per ounce charged in international hubs like London. To bridge this gap, the Chamber of Mines argues that private refinery operators must invest in advanced technology while the government provides a supportive fiscal framework. Despite these financial challenges, the Association of Small-Scale Miners has thrown its weight behind the directive. Communication Director Abdul Razak Alhassan emphasized that the broader economic benefits—particularly job creation and the reduction of youth unemployment—outweigh the immediate increase in operational expenses. The association views the policy as a critical investment in Ghana’s industrial self-reliance and long-term economic growth. Parallel to these policy shifts, the Institute of Economic Affairs (IEA) has moved to clarify public misconceptions regarding a reported GH―1.7 billion loss involving GoldBod and the Bank of Ghana’s Domestic Gold Purchase Programme. Professor Alexander Bilson-Darku of the IEA explained that approximately 90% of the figure stems from accounting practices and foreign exchange valuation differences rather than actual economic losses. He clarified that payments made to GoldBod should be viewed as internal revenue transfers between state institutions. This clarification comes at a crucial time as the government seeks to maintain investor confidence while navigating the complexities of stabilizing the macroeconomy through gold-backed initiatives. As Ghana moves toward its 2030 goal of achieving London Bullion Market Association (LBMA) accreditation for a local refinery, the success of the 2026 mandate will depend on a collaborative "shared burden" approach. Dr. Ashigbey and other industry advocates stressed that without a cooperative framework to manage energy and tax costs, the refining policy could inadvertently strain the mining sector. Moving forward, the government is expected to engage in further dialogue with both large-scale and small-scale miners to refine the roadmap for local value addition, ensuring that the country’s mineral wealth translates into sustainable national development.

Youth Employment Agency setting up EV 'bike' delivery brigade
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Youth Employment Agency Launches 10,000-Job EV Delivery Brigade as Ghana's Business Landscape Pivots Toward Green Innovation

Ghana’s business landscape is undergoing a significant transformation driven by green technology, market-led agricultural shifts, and a maturing informal economy. Leading this change, the Youth Employment Agency (YEA) has announced the launch of an EV Delivery Brigade, a nationwide initiative designed to create over 10,000 jobs for young Ghanaians. The program will deploy electric bikes across all 16 regions and establish a comprehensive infrastructure of battery charging and swapping stations. Beyond logistics, the YEA is prioritizing technical skill development by providing specialized training for beneficiaries in the assembly, repair, and maintenance of electric vehicles, positioning the youth at the forefront of the country's emerging green economy. This push for sustainability is echoed by calls for increased institutional support for green entrepreneurship. During the Recycle Up! Ghana (RUG) Incubation Programme Demo Day in Ejisu, Director of Operations Gertrude Mawuena Goh urged the government and corporate sector to provide more robust funding for the circular economy. Since 2019, RUG has supported over 35,000 individuals in waste management and sustainable business solutions. The most recent cohort showcased innovative startups like Ecofurn, which won first place for its production of eco-friendly school desks made from recycled materials. However, advocates note that insufficient funding and regulatory hurdles remain significant barriers to scaling these youth-led innovations in the food, cosmetics, and waste sectors. While technology and circularity gain ground, traditional sectors are also adapting to changing market demands. In the Bono East Region, many farmers are transitioning from staple crops like yam and maize to commercial vegetable production. According to Patrick Acheampong, the 2025 Bono East Regional Best Farmer, the shift toward pepper, tomatoes, and garden eggs is a direct response to high market demand and the potential for quicker commercial returns. This adaptability is mirrored in Accra’s informal economy, where roadside trading—once viewed primarily as a survival mechanism—has evolved into a thriving and lucrative business sector. From coconut sellers to food vendors, these entrepreneurs are successfully capturing large customer bases and contributing significantly to urban economic activity. These local developments occur against a backdrop of broader changes in corporate governance and global energy trends. Across the continent, a growing number of African business giants are stepping down from executive roles to facilitate professional succession and restructuring, though they maintain significant influence as shareholders. Internationally, recent massive power disruptions in Europe have spurred a scramble for advanced battery storage solutions to protect industrial production. As Ghana builds out its own electric vehicle and energy infrastructure, these global lessons highlight the importance of resilience. Together, these trends point toward a Ghanaian economy that is increasingly professionalized, environmentally conscious, and responsive to modern consumer needs.

Fidelity Bank Ghana Enhances National Security Infrastructure with Pwalugu Police Training School Renovation
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Fidelity Bank Ghana Enhances National Security Infrastructure with Pwalugu Police Training School Renovation

Fidelity Bank Ghana has officially commissioned the newly renovated Multipurpose Auditorium at the Police Public Safety Training School (PPSTS) in Pwalugu, marking a significant upgrade to the facility's capacity for law enforcement education. This project is the latest milestone in a decade-long partnership between the financial institution and the Ghana Police Service, aimed at bolstering the nation's security apparatus through improved training infrastructure. The refurbished auditorium is designed to serve as a modern hub for training sessions, conferences, and various institutional activities essential to the development of police personnel. Speaking at the handover ceremony, Harold Ansah, the Head of Personal Banking at Fidelity Bank, emphasized the bank's deep-rooted commitment to national security and community well-being. He noted that the provision of high-quality training spaces is fundamental to ensuring that law enforcement officers are adequately prepared for the complexities of modern policing. This renovation follows a string of previous support initiatives by the bank for the PPSTS, which have included the installation of a mechanized borehole and the upgrading of kitchen facilities, reflecting a sustained investment in the school’s operational environment. Assistant Commissioner of Police (ACP) Dr. Wilson Aniagyei expressed profound gratitude on behalf of the Ghana Police Service, acknowledging the positive impact of Fidelity Bank’s consistent support over the past ten years. He highlighted that a well-resourced police service is a prerequisite for public safety and that the upgraded facility would significantly enhance the school's ability to host rigorous training programs. Dr. Aniagyei underscored the importance of such private-sector collaborations in addressing infrastructure gaps within public safety institutions. This initiative underscores the strategic role of Corporate Social Responsibility (CSR) in national development, particularly where financial institutions align their philanthropic efforts with the state's security goals. By modernizing the PPSTS auditorium, Fidelity Bank is contributing to a more efficient and professionalized security force. As the partnership moves into its second decade, both the bank and the Ghana Police Service have indicated a continued dedication to collaborative efforts that strengthen the nation’s security framework and benefit the wider Ghanaian community.

Ghana Hotels Association Navigates Dual Pressures of Galamsey-Tainted Food Supply and High Energy Costs
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Ghana Hotels Association Navigates Dual Pressures of Galamsey-Tainted Food Supply and High Energy Costs

The Ghanaian hospitality sector is facing a complex set of operational challenges that threaten both its profitability and reputation, ranging from environmental pollution affecting food supply chains to rising utility costs. The Ghana Hotels Association (GHA) has raised alarms over the direct impact of illegal mining, popularly known as galamsey, on local fish consumption. Simultaneously, the industry is working with the Energy Commission to implement aggressive cost-saving energy-efficiency measures to mitigate the high cost of doing business in the country. According to the GHA, hotel operators are increasingly forced to import fish to satisfy the demands of their guests, particularly expatriates. This shift is driven by growing health concerns regarding locally caught fish, which many guests perceive to be contaminated by heavy metals and chemicals used in galamsey activities within Ghana’s water bodies. The association notes that the refusal of local produce not only increases operational overheads due to import expenses but also undermines the national "Buy Ghana" initiative, highlighting how environmental degradation is actively disrupting the tourism and hospitality value chain. On the operational front, the Energy Commission has stepped in to help hotels manage electricity costs, which remain a significant burden on the industry. At a recent stakeholder engagement in Tamale, Hubert Nsoh Zan of the Commission identified the hospitality sector as a major consumer of power that requires immediate intervention. The Commission is urging hotels to phase out poorly rated appliances and optimize the use of existing equipment. Specific technical advice provided during the session included the strategic placement of refrigerators away from heat sources and minimizing door openings to conserve energy, which officials say can lead to substantial economic and environmental gains. Industry leaders have expressed a strong commitment to these transitions as a means of survival. Gilbert Dery from the Hotels Association emphasized that investing in energy-efficient technology is no longer optional but a necessity to protect thinning profit margins. Furthermore, Abigail Adjei, General Manager of Modern City Hotel, noted that guest cooperation is vital for the success of energy conservation efforts. As the sector navigates these environmental and economic pressures, the ability of hotel operators to balance food safety with cost-effective energy management will be crucial for the long-term resilience of Ghana's hospitality industry.

Ghana Records $2.62 Billion FDI Surge as Trade Ministry Sets $12 Billion Investment Target
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Ghana Records $2.62 Billion FDI Surge as Trade Ministry Sets $12 Billion Investment Target

Ghana’s investment landscape has witnessed a significant rebound, with Foreign Direct Investment (FDI) inflows surging to $2.62 billion in 2025. This recovery follows a two-year decline where inflows hit a low of $649.58 million in 2023. According to the 2025 Annual Investment Report launched by the Ghana Investment Promotion Authority (GIPA), the country registered 254 new investment projects during the first year of the Mahama administration. These projects are projected to create approximately 18,748 jobs, predominantly for Ghanaian citizens, signaling a renewed confidence in the nation's economic trajectory. Minister for Trade, Agribusiness, and Industry, Mrs. Elizabeth Ofosu-Adjare, highlighted the government's ambitious strategy to convert a nearly $12 billion investment pipeline into operational businesses. Speaking at the report’s launch in Accra, the Minister emphasized that the government is focused on diversifying the economy through sectors such as agribusiness, textiles, pharmaceuticals, and automotive manufacturing. She urged foreign investors to prioritize strategic partnerships with local businesses and utilize Ghanaian inputs to enhance domestic value chains and maximize the economic benefits of their investments. The 2025 data reveals broad-based interest across key economic pillars, with manufacturing, energy, and technology receiving significant attention. Notably, the upstream petroleum sector saw a 20% increase in investment, reaching $870 million. Beyond capital injection, Minister Ofosu-Adjare called for a focus on skills development for the youth, asserting that translating these investments into productive capacity is essential for sustainable growth and reducing unemployment. While investment remains strong, more recent economic indicators from 2026 suggest shifts in the construction sector. The Ghana Statistical Service (GSS) reported that building cost inflation rose to 4.0% in July 2026, up from 3.1% in June. Although this represents a second consecutive monthly increase, the rate remains significantly lower than the 14.2% recorded in July 2025. Current price pressures are largely driven by an 18.0% jump in plant and equipment expenses and a 5.1% rise in material costs, even as labor costs saw a modest decline of 3.2%.

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Global Oil Prices Slide 2% as Iran-Oman Talks Signal Possible Easing in Strait of Hormuz

Global oil markets experienced a notable downturn on Wednesday, August 25, 2026, as prices for key crude benchmarks slid by approximately 2%. This decline was largely triggered by renewed diplomatic discussions between Iran and Oman aimed at reopening or securing navigation through the Strait of Hormuz, a vital chokepoint for global energy supplies. The prospect of eased tensions in the Persian Gulf, coupled with unexpected data regarding U.S. oil reserves, prompted traders to pull back from recent highs, reflecting a cautious optimism regarding the stability of global supply chains. Specific market benchmarks saw significant movement, with Brent crude futures falling by $1.78, or 2.0%, to settle at $86.80 a barrel. Similarly, U.S. West Texas Intermediate (WTI) crude dropped by $1.49, representing a 1.8% decrease to $80.87. At the heart of this market shift are high-level talks between Iranian and Omani officials concerning the establishment of a temporary navigational corridor. Such an agreement would facilitate safer passage for tankers in the Strait, which remains under pressure due to ongoing international sanctions and geopolitical friction. Adding to the downward pressure on prices was the latest report from the American Petroleum Institute (API), which indicated a significant rise in U.S. crude oil inventories. Reserves reportedly increased by 4.2 million barrels last week, far exceeding analyst expectations of a more modest build-up. This surge in domestic supply, combined with the U.S. government’s decision to begin returning diplomatic personnel to missions across the Middle East, suggests a slight de-escalation in the immediate regional risk profile that had previously driven prices upward. Despite the bearish trend, some market analysts observed that bargain hunting has begun to provide a floor for prices, preventing a more drastic collapse. Traders remain wary of underlying volatility, particularly following reports of an oil tanker being struck by an unidentified projectile near the coast of Oman. While the diplomatic overtures between Muscat and Tehran offer a path toward stability, the incident highlights the fragile security environment in the region. Moving forward, the market will closely watch for formal confirmation of the navigational corridor and official U.S. government inventory data to determine the next direction for crude futures.

President Mahama Launches National AI Strategy as Ghana Tightens Automotive Regulations and Global Tech Giants Face Legal Settlements
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President Mahama Launches National AI Strategy as Ghana Tightens Automotive Regulations and Global Tech Giants Face Legal Settlements

Ghana is positioning itself at the intersection of technological innovation and rigorous regulatory enforcement as President John Mahama launches the National Artificial Intelligence (AI) Strategy. This landmark initiative aims to harness AI to drive youth employment and enhance human capabilities across eight strategic pillars. Simultaneously, domestic authorities are intensifying efforts to sanitize the automotive sector, with the Driver and Vehicle Licensing Authority (DVLA) and the Ghana Standards Authority (GSA) introducing high-tech measures to combat fraud and ensure the safety of the nation’s four million vehicles. In a significant move to protect the integrity of the vehicle registration system, the DVLA has successfully seized over 130 vehicles suspected of being cloned or illegally imported to evade duties. Utilizing advanced On-Board Diagnostics (OBD-II) scanners, the Authority can now detect unlawful duplications of Vehicle Identification Numbers (VINs) during the verification process. This enforcement action is complemented by a new GSA mandate, effective October 1, which requires a robust pre-shipment inspection and vehicle age verification (PVoC) for all imported used cars. According to GSA Director-General Professor George Agyei, this program will ensure that the approximately 100,000 used vehicles imported annually meet Ghana’s safety and environmental standards, while a new Vehicle Dealership Information System (VEDIS) will help track stolen property. On the digital front, President Mahama’s National AI Strategy emphasizes a proactive approach to labor market shifts. Rather than viewing automation as a threat to job security, the strategy frames AI as a tool to augment human productivity, particularly through the lens of Human Resources (HR) management. HR leaders are being urged to treat AI adoption as a manageable change process, focusing on digital literacy and the governance of AI tools to maintain competitiveness. This domestic focus on tech governance coincides with major international shifts, most notably Meta Platforms’ recent settlement with 29 U.S. states. Meta resolved allegations that it designed Instagram and Facebook to be addictive for children and misused underage user data, a case that has set a global precedent for social media accountability and youth mental health protection. These developments, ranging from SpaceX’s ambitious $100 billion launch facility project in Louisiana to Ghana’s own digital and regulatory reforms, signal a global trend toward massive infrastructure investment and tighter corporate oversight. For Ghana, the successful integration of the AI strategy and the regularization of the automotive market represent critical steps toward a more transparent and tech-driven economy. As the GSA and DVLA continue their partnership with the Customs Division to recover lost revenue and protect consumers, the Mahama administration remains focused on ensuring that Ghana’s business environment is both innovative and securely regulated against fraud and substandard practices.

Dr Cassiel Ato Forson (2nd from left), Minister of Finance, welcoming Zhang Li (2nd from right), China's Assistant Minister for Commerce, to the meeting. Looking on is Thomas Nyarko Ampem (left), Deputy Minister of Finance
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Canada Triggers C$28bn Retaliatory Tariffs on US Goods as Ghana and Dangote Industries Pivot Toward Regional Trade Sovereignty

In a significant escalation of international trade tensions, Canada has announced a "dollar-for-dollar" retaliatory tariff package on approximately C$28 billion (US$20 billion) worth of United States products. Set to take effect on September 8, 2025, the measures impose levies as high as 50% on a broad range of goods including steel, furniture, fresh tuna, and cotton T-shirts. This move follows the collapse of trade negotiations between the two nations and serves as a direct response to tariffs previously imposed by the Trump administration. Canadian Finance Minister François-Philippe Champagne described the countermeasures as a strategic and proportionate necessity to protect domestic workers and industries from external economic pressure. To mitigate the domestic fallout of this burgeoning trade war, the Canadian government has pledged C$7.5 billion in support programs for businesses and workers caught in the crossfire. Prime Minister Mark Carney has condemned the aggressive trade stance from Washington, specifically citing threats against the Canadian automobile industry as attempts to damage the country's industrial core. While both Ottawa and the White House have exchanged accusations of unreasonable demands, some diplomatic channels remain open with officials expressing a cautious hope for a return to the negotiating table. However, the immediate impact is expected to disrupt established supply chains and potentially drive up consumer prices across North America. Parallel to these global shifts, Ghana is intensifying its efforts to refine its own international trade relationships, moving away from raw material exports toward value addition. Finance Minister Dr. Cassiel Ato Forson has called for a fundamental transformation in Ghana's economic ties with China, emphasizing the need for local processing and manufacturing. With imports from China reaching GH•57.6 billion in 2025, the government is prioritizing the export of processed goods, particularly cocoa, to balance trade. This shift aligns with Ghana's broader strategy to enhance economic sovereignty and reduce vulnerability to global market fluctuations by building robust internal industrial capacities. Regionally, Ghana is also positioning itself as a leader within the African Continental Free Trade Area (AfCFTA). Trade Minister Elizabeth Ofosu-Adjare recently highlighted plans to boost the export of locally manufactured products, such as gari and garments, specifically targeting West African markets. This regional focus is mirrored by private sector heavyweights like Dangote Industries, which is exploring the acquisition of its own shipping fleet. By securing its own maritime logistics, Dangote Cement aims to bypass the high costs and vessel shortages currently hindering exports from Nigeria to Central and West Africa. Together, these developments signal a broader trend of nations and corporations seeking greater control over their supply chains through regional integration and industrial value-addition.

Andrew Ackah (4th from left), President, Advertising Association of Ghana, presenting the Agency of The Year award to Anand Badami (4th from right), Senior Vice-President, Publicis West Africa. Behind them are other staff members of Publicis West Africa. Picture: BENEDICT OBUOBI
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Publicis West Africa and ReZultz Advertising Sweep Honors at 18th AAG Gong Gong Awards

The Advertising Association of Ghana (AAG) recently celebrated excellence in the creative industry at the 18th Gong Gong Awards in Accra, honoring 44 agencies and individual professionals. Under the theme “The Creative Convergence: AI and Human Craft in Advertising,” the ceremony recognized 11 gold, 15 silver, and 18 bronze winners for their innovative contributions to brand building. Publicis West Africa emerged as the night's most decorated firm, securing the prestigious Agency of the Year title for the second consecutive year. Their collaborative success extended to their clients, with Maggi receiving the Gong Brand of the Year award, highlighting the agency's ability to produce locally resonant and globally competitive work. ReZultz Advertising, a member of the Ninani Group, was another major highlight of the evening, taking home a total of eight awards. The agency won Gold for Best Integrated Campaign for its "MoMo Responsible Lending" initiative, which focused on educating the public about responsible borrowing via mobile platforms. In addition to this top honor, ReZultz secured awards for Campaign Effectiveness and Best Film, including four silver and three bronze trophies. Justin Antwi-Darkwah, the agency's Chief Operating Officer, attributed these achievements to the collaborative efforts of his team and their commitment to blending strategic thinking with creative technology. A central theme of the event was the evolving relationship between technology and human creativity. AAG President Andrew Ackah emphasized that while artificial intelligence is a transformative force, it must be utilized to enhance human craft rather than replace it. This “Code X Craft” philosophy encourages marketers to explore the synergy between machine capabilities and the human imagination necessary to elevate brand experiences. Ackah noted that the advertising industry remains a vital economic driver, employing thousands of Ghanaians and requiring a delicate balance between automated efficiency and human-led storytelling. Looking toward the future, the AAG announced plans to expand the scope of the Gong Gong Awards to include entries from other African countries, fostering a more integrated continental creative landscape. However, the association also used the platform to advocate for the passage of the Advertising Council Bill, which currently remains pending in Parliament. The bill is considered a critical step for the industry, as it aims to strengthen regulation, provide formal recognition for practitioners, and ensure that the sector continues to contribute effectively to the national economy.

Angela List — Chief Executive Officer of Nguvu Holdings Limited, parent company of Adamus Resources
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Ghana Gold Sector Reform: GoldBod Mandates Local Refining Amid BoG Losses and Gold Fields Lease Uncertainty

Ghana’s gold sector is navigating a pivotal era of reform under the administration of President John Mahama, marked by the 2025 establishment of the Ghana Gold Board (GoldBod) to curb rampant smuggling. Between 2021 and 2023, the IMF estimates Ghana lost approximately 229 tonnes of gold valued at $11.4 billion to illicit trade. In response, the Bank of Ghana (BoG) initiated the Domestic Gold Purchase Programme (DGPP). Although this programme resulted in significant financial losses for the central bank—amounting to over $1.7 billion in 2025—the BoG maintained a positive operating surplus. Analysts suggest these costs are balanced by broader economic benefits, including improved inflation rates and GDP growth. In a significant move to retain more value within the national economy, GoldBod recently issued a directive mandating that all self-financing aggregators refine gold doré locally before export. This policy has received strong backing from the Ghana Chamber of Mines, whose CEO, Ing Ken Ashigbey, emphasized that local refining is essential for building domestic capacity and eventually achieving London Bullion Market Association (LBMA) accreditation. This regulatory shift coincides with government efforts to restore stability to the Adamus Mine through a 12-month roadmap designed to protect jobs and local businesses following previous lease revocations. However, the sector also faces challenges regarding investor certainty and corporate governance. Gold Fields, a major producer, reported an 81% surge in half-year profits for 2026 due to high global gold prices and robust output from its Tarkwa mine. Despite this financial success, CEO Mike Fraser warned that the company’s valuation is being discounted because the government has not yet formally responded to a lease renewal application submitted in November 2025. While the government asserts it is waiting for specific development plans, Gold Fields is considering legal action to protect its assets. Simultaneously, the industry is grappling with high-profile legal disputes. Nguvu Mining Limited and Nguvu Holdings have recently denied allegations of a $224 million share fraud involving Moses Bosompem related to Adamus Resources. The companies maintain that recent Australian court rulings concerned internal governance rather than share ownership and have called for an impartial investigation into what they describe as misleading claims. These developments underscore the complex balance the Mahama administration must strike between aggressive regulatory oversight and the preservation of international investor confidence in Africa’s largest gold-producing nation.

Michael Bozumbil, CEO, Petrosol Platinum Energy PLC
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Petrosol Lists GH¢100m Bond on GSE as MTN Targets Banking Licenses and Ghana Sets 2027 Digital Asset Roadmap

Ghana's financial sector is experiencing a period of robust expansion and regulatory evolution, highlighted by Petrosol Platinum Energy PLC’s successful listing of a GH¢100 million bond on the Ghana Fixed Income Market. The bond, part of a broader GH¢200 million note programme, saw an impressive 178% oversubscription, signaling deep investor confidence in the local energy sector. CEO Michael Bozumbil noted that the proceeds would fuel the company’s expansion from its current 109 fuel stations toward renewable energy initiatives. This capital market success is mirrored by shifts in the telecommunications sector, where MTN Group is actively pursuing banking licenses in key African markets. CEO Ralph Mupita revealed the telecom giant's strategy to move beyond traditional mobile money partnerships toward direct balance-sheet lending and deposit-taking, supported by a new joint venture to build AI-enabled data centers in Nigeria and South Africa. Simultaneously, the domestic banking and currency markets are undergoing significant changes to promote wealth creation and transparency. First National Bank Ghana has introduced a novel financial product with the launch of Investment Gift Cards, available in denominations up to GHS 10,000, aimed at shifting consumer behavior from temporary gifting to long-term investment. However, the retail foreign exchange market remains a point of complexity for consumers. Recent data tracking 23 commercial banks revealed substantial disparities in US dollar pricing; for instance, while First National Bank offered a narrow spread of GH¢0.35, other institutions like CalBank presented wider margins, resulting in cost differences of up to GH¢700 on a $1,000 purchase. As of late August 2026, the Cedi traded at approximately GHS 12.15 at forex bureaus, though interbank rates remained lower at GHS 11.18, prompting experts to urge customers to negotiate and compare rates before transacting. Looking toward the future of digital finance, the Bank of Ghana has announced a roadmap to fully operationalize the Virtual Asset Service Providers Act, 2025 (Act 1154) by 2027. Governor Dr. Johnson Pandit Asiama emphasized that this regulatory framework is essential for fostering innovation while mitigating risks associated with money laundering and consumer protection. In tandem with these regulatory efforts, corporate leaders are addressing the rise of financial fraud through community engagement. Theodocia Naana B. Quartey of QNET has called upon religious leaders to use their influence to protect congregants from scammers misusing corporate brands. As Ghana positions itself as a potential hub for virtual assets in West Africa, the coordination between the Virtual Assets Coordinating Committee and various regulatory bodies will be critical in maintaining financial stability and public trust in the emerging digital economy.