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.

Sir Sam Jonah
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Sir Sam Jonah urges youth to prioritize business over government jobs

Renowned Ghanaian businessman Sir Sam Jonah has warned that Africa will remain trapped in poverty if its youth continue to prioritize government employment over entrepreneurship. Speaking at the Methodist University Ghana International Conference on October 15, 2026, he called for a fundamental cultural shift in how success is perceived, urging the younger generation to become job creators rather than job seekers. Jonah emphasized that a predominance of job-seekers would only perpetuate the continent's cycle of unemployment and economic stagnation. During his address, the business mogul highlighted the frustration faced by many university graduates who struggle to find stable employment despite their qualifications. He argued that the traditional view of government jobs as the pinnacle of career success is outdated and hampers efforts to combat poverty. Jonah advocated for business creation to be recognized as a respectable and viable career path, suggesting that an entrepreneurial mindset is essential for graduates to navigate the modern economic landscape and drive innovation. While challenging the youth, Jonah also stressed the responsibility of African governments to foster an environment conducive to private enterprise. He noted that without the right conditions for innovation and business growth, the continent would continue to lose its most skilled talent to migration. He urged policymakers to prioritize the development of local business ideas and create opportunities that retain talented young people within their home countries to ensure sustainable economic development. In his concluding remarks, Jonah maintained that Africa's future prosperity depends on its ability to empower a new generation of entrepreneurs. He called on educational institutions and the state to support young people in building their own industries, rather than relying on a public sector that cannot absorb the growing workforce. By shifting the focus toward enterprise, he believes Africa can break free from poverty and achieve lasting economic independence.

Dr Johnson Pandit Asiama (middle), Governor, BoG, speaking at the event
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IMF urges nations to follow Ghana's economic recovery model

The International Monetary Fund (IMF) has lauded Ghana’s economic management under the Extended Credit Facility (ECF) programme, describing the country’s post-pandemic recovery as a model for other nations to emulate. Speaking on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, Thailand, the IMF’s Africa Director, Zeine Zeidane, commended the government’s successful stabilization of public debt and the significant decline in inflation. The three-year ECF programme, initiated in May 2023, has been credited with steering the country through severe economic challenges and fostering a more resilient financial environment. Reflecting this positive trajectory, the IMF has upgraded Ghana’s economic growth forecast for 2026 from 4.6% to 5.7%. Finance Minister Dr. Cassiel Ato Forson expressed confidence that the country could exceed these new projections, emphasizing the government’s commitment to fiscal discipline and structural reforms. Dr. Forson noted that the upgraded forecast is a testament to the effectiveness of current policies in restoring macroeconomic stability and building a foundation for long-term growth. Supporting this outlook, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, reassured international investors at a roundtable event that the country’s fiscal improvements are creating a stronger foundation for private-sector credit. He highlighted a dramatic fall in inflation, which dropped from 23.8% in 2024 to 5.2% in September 2026, facilitating a subsequent reduction in interest rates. Dr. Asiama emphasized that with a primary surplus and a stabilizing cedi, the central bank is focused on fostering an environment conducive to job creation and sustainable investment. In addition to macroeconomic discussions, Dr. Asiama urged the IMF to support Africa’s digital sovereignty and the responsible integration of artificial intelligence into financial systems. He called for stronger partnerships to enhance regulatory capacity and digital infrastructure across the continent. IMF Managing Director Kristalina Georgieva reaffirmed the Fund’s commitment to aiding Africa’s resilience through tailored policy advice. The 2026 Annual Meetings in Bangkok continue to gather global policymakers to discuss these critical shifts in the world economy.

President John Dramani Mahama is seen inspecting a vehicle engine during a high-profile visit to an industrial facility in the Afienya/Tema area. He is accompanied by several officials and factory managers who are briefing him on the manufacturing processes and technical specifications of the equipment.
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John Mahama launches construction of 1,238-acre Afienya Industrial Park

President John Mahama has officially inaugurated the construction of the 1,238-acre Afienya Industrial Park, a strategic development designed to establish Ghana as a leading manufacturing and logistics hub. Managed by the Ghana Free Zones Authority (GFZA), the park is expected to house over 120 enterprises, providing serviced plots and factory shells to accommodate businesses as the nearby Tema Export Processing Zone reaches capacity. The President highlighted that the site offers litigation-free land, making it an attractive destination for foreign direct investment and a primary base for companies looking to export across the African continent. The project is a cornerstone of the government’s New Economy Programme, which involves a projected US$10 billion investment over four years to stimulate growth in high-impact sectors. Under this plan, the government intends to commit US$2 billion annually toward productive areas such as cocoa processing, textiles, garments, and renewable energy. During an industrial tour of the Afienya and Tema enclaves, President Mahama emphasized the role of industrialization in job creation, citing Dignity DTRT Limited as a prime example. The garment manufacturer has expanded its workforce from 500 to more than 6,000 employees, the majority of whom are women, demonstrating the potential of local industrial scaling. In addition to the sod-cutting ceremony, the President visited several manufacturing firms, including Jiudine Ghana Corporation and Huaguang New Energy Battery Ghana Limited, to inspect operations and discuss infrastructure needs. Acknowledging private sector concerns, President Mahama announced an upcoming meeting with key government institutions to address the impact of the new Customs Act of 2026 on Free Zones incentives. This engagement aims to resolve business grievances and ensure that legislative frameworks support local manufacturing while leveraging the market access provided by the African Continental Free Trade Area (AfCFTA).

Alban Sumana Kingsford Bagbin, Speaker of Parliament, speaking at the event in Accra
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Alban Bagbin urges African unity to reform global financial system

Speaker of Parliament Alban Bagbin has called on African nations to forge a united front in demanding a restructuring of the global financial architecture to address the continent’s escalating debt crisis. Speaking at the 10th Ghana International Trade and Finance Conference (GITFiC), Bagbin emphasized that a coordinated approach among African countries is essential for achieving reparative justice and ensuring sustainable development. He argued that the current international financial system often places African economies at a disadvantage, leading to unsustainable debt levels that hinder long-term growth and stability across the region. To counter these systemic challenges, the Speaker advocated for significant internal reforms to complement international advocacy for debt relief. Bagbin pointed to the developmental success stories of countries like Singapore and Rwanda, suggesting that domestic consensus and strong governance are prerequisites for national economic transformation. He stressed that transparent public finance management and institutional integrity are critical to ensuring that any international financial support is effectively utilized for the benefit of citizens and the expansion of local infrastructure. Supporting the Speaker’s call for reform, the UN Resident Coordinator highlighted the necessity of aligning debt management strategies with broader developmental goals. The coordinator noted that debt relief should be viewed as part of a comprehensive strategy for economic stability rather than an isolated financial fix. Meanwhile, the CEO of GITFiC reaffirmed the organization’s commitment to advancing Africa’s role in international trade and fostering sustainable development through deeper regional cooperation and policy alignment. The call for a fairer financial system comes as many African nations face the dual pressures of high interest rates and limited fiscal space. Bagbin’s proposal suggests that Africa must balance its demands for global reform with a commitment to internal accountability and the harmonization of trade policies. By building a more resilient economic block, African leaders aim to negotiate more equitable terms with international creditors and financial institutions, ultimately securing a more stable and prosperous economic future for the continent.

Data Protection Commission flags six companies for privacy breaches
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Data Protection Commission flags six companies for privacy breaches

The Data Protection Commission (DPC) has officially flagged six companies, including the major retailer Melcom and Polytex Ghana Limited, for various breaches of the country’s data protection laws. During a series of compliance checks, the regulatory body discovered that several firms were operating without the required registration or were using certificates that had long expired. This enforcement action highlights the commission's intensifying efforts to hold data controllers accountable for how they handle personal information. As part of the sanctions, the DPC has directed the management of the affected companies to report to both the commission and the Cyber Security Unit of the Criminal Investigation Department (CID) by October 15. The commission noted that while Melcom was among the entities flagged, it deserved mention for its proactive efforts to align with national standards, suggesting its inclusion was due to specific administrative gaps rather than a total lack of engagement. Other companies, however, were found to be in more significant violation of the Data Protection Act by processing data without any legal oversight. The DPC warned that these recent actions are only the beginning of a larger nationwide crackdown on non-compliant institutions. Enforcement exercises are scheduled to continue well into next year as the commission seeks to ensure that every organization processing personal data in Ghana is fully registered and adhering to legal safeguards. Officials have urged all business entities to review their data protection status immediately to avoid legal repercussions and potential prosecution by the CID.

SSNIT launches pension enrolment drive for informal workers in Techiman
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SSNIT launches pension enrolment drive for informal workers in Techiman

The Social Security and National Insurance Trust (SSNIT) has intensified its efforts to bring social security to the informal sector by launching a targeted sensitization campaign in Techiman, located in the Bono East Region. As part of its Self-Employed Enrolment Drive (SEED), the trust organized a street parade and float to engage directly with traders, artisans, and other self-employed individuals. This initiative is designed to broaden the pension net, ensuring that workers who have traditionally operated outside formal benefit structures can secure their financial futures through the national scheme. Alex Appiah, the SSNIT Area Manager, explained that the decision to take the campaign directly to the streets was driven by the recognition that many informal sector workers have demanding schedules that prevent them from visiting official SSNIT branches. By bringing the registration process and information to their places of work, the trust aims to eliminate barriers to entry and provide immediate assistance to potential contributors. During the campaign, officials highlighted the specific advantages of the scheme, including the provision of lifetime pension payments, financial independence during old age, and support during periods of permanent invalidity. The SEED initiative represents a strategic shift for SSNIT as it seeks to reduce the vulnerability of Ghana's massive informal workforce. Officials emphasized that the scheme is not exclusively for salaried employees but serves as a critical safety net for anyone earning an income. By encouraging early and consistent contributions from the self-employed, SSNIT aims to provide a reliable source of income for Ghanaians when they are no longer able to work, thereby enhancing overall social protection across the Bono East Region and the country at large.

Governor of the Bank of Ghana, Dr. Ernest Addison, is seen shaking hands and smiling with another official during a formal gathering. The setting features wood-paneled walls and includes various dignitaries, one wearing traditional Ghanaian headgear and another in military attire.
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Ghana's economy expands 6.0% in second quarter of 2026

Ghana recorded a real Gross Domestic Product (GDP) growth of 6.0% year-on-year for the second quarter of 2026. According to the Bank of Ghana’s September 2026 report, while the growth remains firm, it represents a slight deceleration compared to the 6.6% expansion recorded during the same period in 2025. The data highlights a recovering economy supported by robust performance in the services sector and a rebound in industrial activity, though structural challenges in agriculture persist. The Services sector remains the primary engine of growth, expanding by 8.0% during the quarter. This performance was largely driven by gains in trade, finance, transport, and telecommunications. Meanwhile, the Industry sector showed signs of recovery, growing at 4.3% compared to the 2.4% recorded last year. However, the Agriculture sector experienced a significant slowdown, with its growth rate dropping to 3.9% from 7.1% in the previous year. This deceleration has prompted concerns among policymakers regarding the impact on farming communities and the need for more inclusive growth across all sectors. Supporting this growth is a stabilizing macroeconomic environment characterized by lower inflation and reduced interest rates. Headline inflation stood at 5.2%, while the Bank of Ghana maintained its Monetary Policy Rate at 14%, a substantial reduction from the 25% seen in July 2025. This easing of monetary policy has helped push average bank lending rates down to 15.9%, facilitating an expansion in private-sector credit. Furthermore, the country recorded a significant trade surplus of approximately US$8.8 billion, bolstered by strong gold exports, and the Ghana Stock Exchange (GSE) Composite Index surged by 105.7% year-on-year. Despite these positive indicators, the economy faces ongoing risks. Significant depreciation of the cedi against major international currencies remains a primary concern for price stability. While non-performing loans (NPLs) decreased to 15.7%, bank profit margins have been squeezed by lower interest rates, falling by 5.7%. Moving forward, the Bank of Ghana emphasizes that maintaining fiscal discipline—evidenced by a 0.2% GDP deficit that outperformed the 1.9% target—will be critical to sustaining macroeconomic stability and mitigating the impact of commodity price fluctuations on the national outlook.

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Organised Labour demands higher 2027 base pay despite falling inflation

Organised Labour in Ghana is calling for a substantial increase in the national base pay for the 2027 fiscal year, citing the continued high cost of living. These demands come as negotiations intensify ahead of the presentation of the 2027 Budget to Parliament. While the government points to a downward trend in the national inflation rate as a sign of economic progress, union leaders argue that this macroeconomic improvement has yet to translate into tangible relief for the average Ghanaian worker. Union representatives, including the Ghana Medical Association (GMA), contend that a reduction in the rate of inflation does not equate to a reduction in the actual prices of goods and services. Dr. Ernest Yorke of the GMA emphasized that while price growth may be slowing, the actual cost of essential commodities remains high, which continues to erode the purchasing power of public sector employees. Organised Labour is currently preparing to substantiate its demands with data during the ongoing negotiations to ensure better salaries and a more robust base pay adjustment. The current round of discussions follows a 9% increase in the base pay that was implemented for the 2026 financial year. Labour unions are seeking a more significant upward adjustment for 2027 to protect workers from the cumulative impact of previous price hikes. Both the government and labour leaders are under pressure to reach a consensus that balances the state's fiscal constraints with the welfare of the public workforce. The outcome of these negotiations will be a critical component of the 2027 Budget statement. The final agreement will not only determine the financial outlook for thousands of public servants but also set the tone for industrial relations heading into the next fiscal year. As the government finalises the budget framework for parliamentary approval, the focus remains on whether the state can meet the unions' expectations for a heightened base pay.

Netflix to cut 1,000 global jobs amid rising streaming competition
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Netflix to cut 1,000 global jobs amid rising streaming competition

Netflix has announced a significant reduction in its global workforce, planning to lay off approximately 1,000 employees. This move represents about 6% of the streaming giant's total headcount and marks the company's most substantial round of job cuts since 2022. The decision comes as the streaming pioneer grapples with intensifying competition and a shifting digital landscape that has altered consumer viewing habits. The layoffs are set to primarily affect the company's internal operations, with the most significant impact felt across the human resources, legal, product, and technology departments. Netflix Co-CEO Ted Sarandos addressed the staff regarding the decision, acknowledging that the company’s current growth trajectory is not meeting internal expectations. Sarandos emphasized that the streamlining process is necessary for the company to remain agile and focused on its long-term strategic goals. The restructuring follows a period of rapid evolution in the entertainment industry, where Netflix now faces fierce rivalry not only from traditional streaming competitors but also from short-form video platforms such as TikTok and free alternatives like YouTube. By reducing its workforce in administrative and support roles, the company aims to consolidate its resources and refocus its financial investments on high-impact areas that drive innovation and subscriber engagement. Investors and industry analysts are closely monitoring these developments ahead of Netflix's next quarterly earnings report, scheduled for October 20. The company has signaled that despite the current staff reductions, it remains committed to expanding its revenue streams and meeting its financial forecasts. This workforce reduction is seen as a tactical pivot to ensure the company remains the dominant force in global streaming as it navigates a more crowded and cost-conscious market.

Bank of Ghana reports 10.3% decline in cement sales as costs rise
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Bank of Ghana reports 10.3% decline in cement sales as costs rise

Ghana’s construction and retail sectors are experiencing a significant slowdown as the rising costs of building materials dampen demand across the country. Data from the Bank of Ghana indicates that cement sales fell by 10.3% during the first seven months of 2026, with July alone recording a 4.9% year-on-year decrease. This decline highlights a loss of momentum across the construction value chain, affecting both large-scale developers and individual households planning new projects. In addition to the slump in construction materials, broader retail activity has weakened. Retail sales dipped by 1.5% in July 2026, reflecting a general moderation in consumer demand. While VAT collections saw an 11.5% increase during the same period, economic analysts suggest this rise is likely driven by inflationary pressures rather than an actual increase in the volume of goods sold. Building cost inflation specifically rose to 4.6% in August, heavily impacted by the surging prices of iron rods and cement. The persistent price hikes have forced many project owners to revise their budgets or put construction on hold. Recent market data shows that the high cost of essential materials has become a major hurdle, creating a challenging environment for suppliers who are witnessing a reduction in orders. This trend suggests that without a stabilization in material costs, the construction sector—a traditional engine of economic growth—may continue to face headwinds in the coming months.

Absa and MTN Ghana warn of rising social engineering fraud
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Absa and MTN Ghana warn of rising social engineering fraud

Experts from Absa Bank Ghana and MTN Ghana have issued a stern warning to individuals and businesses regarding the escalating threat of social engineering fraud. During recent industry forums, cybersecurity professionals emphasized that criminals are shifting their focus away from attacking robust banking systems, instead targeting the "human element" to gain unauthorized access to financial accounts. This trend exploits the trust and behavior of customers, making personal vigilance the most critical line of defense in the current digital landscape. Nana Addo Ampem-Darko, a fraud detection expert at Absa Bank Ghana, revealed that fraudsters frequently manipulate victims into disclosing sensitive login credentials under the pretense of protecting their accounts. He highlighted a specific instance where a customer was nearly defrauded of over GH₵700,000 after being tricked into sharing confidential information. Ampem-Darko noted that as technical security measures become more sophisticated, criminals find it easier to deceive individuals than to breach the encrypted infrastructure of financial institutions. The risk is further compounded by the deep integration of mobile money and traditional bank accounts over the last 15 years. Moses Tetteh, Senior Manager for Financial Crimes, speaking at the 14th Absa-UPSA Law School Quarterly Banking Roundtable, explained that a single security breach in the digital ecosystem can trigger a domino effect. Once a fraudster gains access to one platform, they can often exploit linked accounts to deplete funds or even take out loans in the victim’s name. This interconnectivity, while convenient for commerce, requires a collaborative security approach between service providers and their clients. Small and medium-sized enterprises (SMEs) are particularly vulnerable to these digital threats. Jacqueline Hanson-Kotei, Senior Manager of Enterprise Information Security at MTN Ghana, urged business owners to adopt a "trust but verify" mindset. Speaking during an SME Accelerate Programme webinar, she recommended that businesses appoint dedicated cybersecurity overseers and develop robust incident recovery plans. By budgeting for security measures and scrutinizing every request for sensitive data, SMEs can better protect their operations from phishing and other cyber-attacks that could otherwise lead to business failure.

Dr James Klutse Avedzi warns against fraudulent investment schemes
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Dr James Klutse Avedzi warns against fraudulent investment schemes

Dr. James Klutse Avedzi, the Director-General of the Securities and Exchange Commission (SEC), has issued a strong warning to the public regarding the rise of fraudulent investment offers, particularly those circulating on social media. Speaking at the 'Time with the SEC' program held at Sunyani Technical University on October 15, 2026, Dr. Avedzi emphasized the critical importance of verifying the licenses of investment firms before committing any funds. He urged Ghanaians to resist high-pressure tactics from scammers and to base their financial decisions on individual goals and verified information. The Bono Regional Minister, Joseph Addae Akwaboa, joined the call for enhanced financial literacy, describing it as a necessary shield for residents against increasingly sophisticated scams. He noted that understanding investment products and their associated risks is essential for the economic development of the Bono Region. The Minister highlighted that while enticing offers may appear attractive, they often mask significant risks that can lead to devastating financial losses. Supporting this caution, Prof. Kwadwo Adinkrah-Appiah, Vice-Chancellor of Sunyani Technical University, shared a personal experience of financial loss from a collapsed investment scheme to illustrate the real-world dangers of unregulated platforms. To strengthen the regulatory framework and protect investors, Dr. Avedzi announced that the SEC is planning an overhaul of the Securities Industry Act. A key feature of the proposed legislative changes is the introduction of an investor protection fund, which aims to provide a safety net for individuals and boost confidence in the capital market. The Director-General stressed that these reforms are part of a broader strategy to ensure a secure financial future for all Ghanaians by fostering a more transparent and resilient investment environment. The event concluded with a call for closer collaboration among stakeholders, including educational institutions and local government, to prioritize investor education. By mobilizing savings through legitimate channels, the SEC and regional leaders hope to drive essential economic activities while safeguarding the hard-earned assets of citizens from fraudulent actors.