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.

Ghana’s Financial Markets Face Turbulent Week: GSE Sheds Billions Amid Gold Reserve Controversy and Banking Reforms
business|

Ghana’s Financial Markets Face Turbulent Week: GSE Sheds Billions Amid Gold Reserve Controversy and Banking Reforms

Ghana’s financial landscape experienced significant volatility during the final week of March 2026, characterized by a steep sell-off on the Ghana Stock Exchange (GSE) and growing scrutiny over the Bank of Ghana’s gold reserve management. The GSE Composite Index (GSE-CI) plummeted for four consecutive sessions, dropping 566.53 points to close at 12,989.79 by March 27. This followed an even sharper decline earlier in the week where panic selling caused the market capitalization to shed approximately GH¢44 billion in just two days. The downturn was largely driven by institutional sell-offs in Scancom PLC (MTNGH), which accounted for over 90% of trading activity, and significant losses in major banking stocks like GCB Bank and Standard Chartered. Despite the correction, the market maintains a year-to-date gain of over 48%, and the local downstream sector saw a boost with ZEN Petroleum Holdings PLC launching a fully subscribed GH¢640 million IPO to list on the exchange. Simultaneously, the Bank of Ghana (BoG) faces intense criticism following an analytical review by the Institute of Political Studies–Ghana (IPS-Ghana) regarding its gold reserve policy. The report highlights a controversial sequence of transactions where the central bank liquidated 18.5 tonnes of gold at USD 3,500/oz in late 2025, only for the government to propose repurchasing the same quantity under the Ghana Accelerated National Reserve Accumulation Policy (GHANRAP) at USD 5,500/oz just months later. This policy reversal implies a financial discrepancy of roughly USD 1.27 billion. Critics are calling for urgent parliamentary inquiries and greater transparency in reserve management to protect the nation's macroeconomic credibility and restore public trust in the central bank’s disciplinary oversight. On the regulatory front, the financial sector is undergoing structural transformations aimed at long-term stability. The Financial Stability Advisory Council (FSC) recently reaffirmed its commitment to risk management and consumer protection, while Dr. Daniel Osabutey of Accra Technical University has lauded the BoG’s directive for all rural banks to convert to community banks by March 31, 2026. This mandate is expected to address structural weaknesses and enhance financial inclusion for small enterprises. Additionally, the Controller and Accountant-General’s Department has transitioned government transactions to a fully integrated Electronic Funds Transfer (EFT) system, partnering with 24 commercial banks to replace manual cheque systems with the Ghana Interbank Payment and Settlement System (GHIPSS), thereby improving accountability in public finance. The business community also marked several milestones in leadership and social responsibility. Boatemaa Barfour-Awuah, CEO of Star Assurance, was sworn in as a member of the GETFund Board of Trustees, while Felix Tamattey of CFY Partners was inducted into the Corporate Ghana Hall of Fame for his contributions to the accounting profession. Furthermore, the Ghana Investment Promotion Centre (GIPC) and MASLOC have entered a partnership to match diaspora investors with local micro-businesses. These initiatives, alongside corporate social responsibility efforts like the Insurance Brokers Association of Ghana’s (IBAG) donation of water facilities to St. Peter’s SHS, reflect a resilient private sector continuing to invest in Ghana’s development despite the prevailing market fluctuations and policy debates.

US Currency Overhaul and Regional Economic Shifts: A Global and Local Business Roundup
business|

US Currency Overhaul and Regional Economic Shifts: A Global and Local Business Roundup

The United States Treasury Department has announced a historic redesign of paper currency, set to feature the signature of President Donald Trump starting in June 2026. This move, coinciding with the 250th anniversary of American independence, marks the first time a sitting president’s signature will appear on banknotes. The transition begins with the $100 bill and effectively ends a 165-year tradition of including the U.S. Treasurer's signature on currency. Treasury Secretary Scott Bessent framed the change as a symbol of national pride and economic achievement. For global markets, including Ghana, this shift carries weight as changes in U.S. currency policy and perception often influence the performance of the cedi and national inflation management strategies. On the domestic front, the Ghanaian business community is grappling with localized challenges that highlight the risks within the retail and informal sectors. In Kasoa, a devastating midnight fire at Man-Man Phones Accessories resulted in losses estimated at GHS 1.5 million. The shop owner, Boniface Denyo, had recently restocked before the blaze destroyed critical inventory and technical equipment. Simultaneously, in the Volta Region, the rise of itinerant “mani-pedi” services in Hohoe highlights the tension between affordability and safety. While practitioners like Ibrahim Adam offer services for as little as GHS 5, public health experts such as Ruby Gbagbo have raised alarms regarding the risk of infection from unsterilized tools. These incidents underscore the urgent need for improved fire safety protocols and health regulations for street-based service providers. In broader regional news, Zambia’s economy demonstrated resilience by maintaining a growth rate of 3.8% through 2025. According to the Zambia Statistical Agency, this expansion was largely fueled by the agriculture, forestry, and fishing sectors, which contributed over 51% of the total growth. Back in Ghana, corporate entities continue to prioritize social investment despite economic fluctuations. BlowChem Industries Limited, the producer of Bel-Aqua and Bel Beverages, recently marked Eid al-Fitr with a significant donation to the National Chief Imam, Sheikh Osmanu Nuhu Sharubutu. This Corporate Social Responsibility (CSR) initiative, which coincided with the launch of new product sizes, reflects a strategic effort by manufacturers to strengthen community ties and maintain brand loyalty. These developments, ranging from international monetary policy shifts to local market hazards and regional agricultural success, paint a complex picture of the current economic landscape. While the U.S. dollar redesign introduces a new era for the world's primary reserve currency, the day-to-day realities for West African entrepreneurs remain shaped by infrastructure risks and the evolution of the informal economy. Moving forward, businesses must balance the opportunities presented by regional growth with the necessity of robust financial planning and safety standards to navigate the complexities of both local and global markets.

Ghana’s Business Outlook: Strategic Insurance Reforms, Energy Security, and the Push for Green Innovation
business|

Ghana’s Business Outlook: Strategic Insurance Reforms, Energy Security, and the Push for Green Innovation

Ghana's financial landscape is undergoing a significant transformation as the government moves to position the country as a sub-regional insurance hub, despite persistent structural challenges. According to the 2026 Deloitte Africa Insurance Outlook, insurance penetration in Ghana remains stalled at just 1.0%, even with over 50 licensed insurers operating in the market. To revitalize the sector, Minister for Finance Dr. Cassiel Ato Forson has announced a 10-year Master Plan aimed at improving market penetration, correcting pricing inefficiencies, and restoring consumer confidence. While the industry has been strained by the Domestic Debt Exchange Programme (DDEP), inflation, and currency depreciation, the government has established a US$750 million Financial Stability Fund to support affected institutions and facilitate a transition to the IFRS 17 reporting standard for greater transparency. In the energy sector, stability remains a top priority as stakeholders navigate global volatility. Edward Bawa, CEO of Ghana Oil Company Limited (GOIL), recently assured consumers that fuel supplies are secure despite ongoing geopolitical tensions in the Middle East. This regional focus on energy costs is further highlighted by the Dangote Petroleum Refinery, which recently reduced its petrol gantry price to N1,200 per litre, a move expected to influence downstream distribution costs across the sub-region. On the domestic front, the Electricity Company of Ghana (ECG) has been engaging with the Public Utilities Regulatory Commission (PURC) in the Volta Region to address consumer grievances regarding billing inconsistencies and power fluctuations, signaling a renewed commitment to utility service delivery. Concurrently, Ghana is accelerating its transition toward a green economy through strategic investments in sustainable technology. The Energy Commission is actively encouraging private sector participation in the development of solar-powered electric vehicle (EV) charging stations. Officials at Sunyani Technical University emphasized that shifting to renewable energy solutions is critical for meeting national climate obligations and generating new employment opportunities. Industrial players are also aligning with this vision; Nutrifoods Ghana Limited recently commissioned an upgraded wastewater treatment plant in Accra. The facility, designed by Danish firm Alumichem, is capable of conserving 8,000 liters of water daily and converting sludge into renewable energy, setting a benchmark for responsible industrial waste management. However, leadership experts caution that these advancements must be supported by modernized risk management strategies. During the Insurance Brokers Association’s 2026 conference, business executive Sir Sam Jonah urged the insurance industry to adopt proactive measures against climate-related risks, arguing that traditional risk assessment models are no longer effective against increasingly frequent extreme weather events. He stressed that as the nation pursues growth, the industry must prioritize professional capacity, integrity, and adaptation to technological advancements. The convergence of these legislative reforms, energy security measures, and environmental initiatives represents a multifaceted approach to building a more resilient and sustainable Ghanaian economy.

Ghana’s Industrial Reset: GEXIM, VALCO, and SMEs Drive 2026 Economic Transformation Strategy
business|

Ghana’s Industrial Reset: GEXIM, VALCO, and SMEs Drive 2026 Economic Transformation Strategy

Ghana is embarking on a significant strategic reset aimed at transforming its industrial landscape and enhancing export competitiveness, spearheaded by the Ghana Export-Import Bank (GEXIM). At the GEXIM @10 International Conference, CEO Sylvester Adinam Mensah and Vice-President Professor Naana Jane Opoku-Agyemang outlined a 2025–2030 roadmap focusing on MSME competitiveness, agro-processing, and pharmaceuticals. The bank aims to expand its loan portfolio to nearly $300 million by the end of 2025, prioritizing non-traditional exports and job creation. This institutional shift is complemented by a surge in international trade, notably with Canada, where bilateral trade reached $752 million in 2024—a 56% year-on-year increase—and efforts by Absa Bank Ghana to deepen ties with the Chinese business community through tailored financial solutions. On the industrial front, the Volta Aluminium Company Limited (VALCO) is actively seeking strategic investor partnerships to retrofit its infrastructure and deepen value addition for Ghana’s billion-ton bauxite reserves. The move aims to transition the economy from exporting raw bauxite to producing refined aluminum, maximizing domestic returns. Simultaneously, the SME sector is showing remarkable resilience and growth. A standout example is B. Manna Foods Limited, which grew from a COVID-era kitchen operation into an international exporter to the UK market with government support. Other initiatives, such as Bolt Ghana’s ‘She Moves to Win’ campaign—which attracted 1,170 applications from women-led businesses—and MTN’s SME business clinics, underscore a nationwide push to provide young entrepreneurs with the funding and digital tools necessary for global competition. Looking toward future growth windows, Ghana is positioning itself to leverage major international events and emerging markets. The 2026 Commonwealth Games in Glasgow are projected to open a £100 million investment window for Ghanaian businesses, while the 2026 FIFA World Cup is being used as a catalyst to boost tourism and the creative arts through cultural showcases in U.S. host cities. Furthermore, industry leaders are urging Ghanaian businesses to tap into global carbon market opportunities and the 24-hour economy model to enhance productivity. Together with the Cocoa Processing Company’s (CPC) renewed focus on local value creation, these developments reflect a multi-sectoral commitment to building a resilient, eco-friendly, and export-led Ghanaian economy.

Ghana’s Gold Sector Undergoes Historic Transformation as Gold Board Records $10 Billion in Foreign Exchange Inflows
business|

Ghana’s Gold Sector Undergoes Historic Transformation as Gold Board Records $10 Billion in Foreign Exchange Inflows

Ghana’s gold sector is experiencing a historic transformation, marked by record-breaking production figures and prestigious institutional recognition. The Precious Minerals Marketing Company (PMMC), now operating as the Ghana Gold Board (GoldBod), has transitioned from a debt-ridden entity into a highly profitable state-owned enterprise (SOE). This shift was recently validated at the 2024 Public Enterprise League Table (PELT) Awards, organized by the State Interests and Governance Authority (SIGA), where the organization swept top honors. GoldBod was recognized as the Overall Best Specified Entity, State-Owned Enterprise of the Year, and the Most Profitable State-Owned Enterprise, reflecting the success of broad structural reforms designed to formalize the artisanal and small-scale mining (ASM) sector. Former PMMC Managing Director, Nana Akwasi Awuah, credited these accolades to rigorous leadership reforms and accountability systems implemented during his tenure. Awuah highlighted that when he first took charge, the company was financially distressed and struggling to meet basic obligations, including staff salaries. Through strategic collaboration with SIGA and consistent performance reviews, the company established a solid foundation for profitability. This institutional turnaround provided the platform for the current Gold Board to expand its regulatory oversight and enforce transparent pricing models that incentivize local miners to trade through official channels rather than illicit markets, effectively turning "debt into dominance." Under the leadership of the current CEO, Sammy Gyamfi, the Ghana Gold Board has reported unprecedented growth in gold volumes and foreign exchange inflows. A landmark achievement was recorded in 2025, with ASM gold production reaching 104 metric tons—a substantial increase from the 63 tons recorded in 2024. This surge, bolstered by favorable global gold prices, generated over $10 billion in foreign exchange, significantly strengthening Ghana’s monetary stability and liquidity. Gyamfi noted that while smuggling has not been entirely eradicated, it has dropped sharply due to a strategic shift toward state control of the trade. The new system, which guarantees 100% payment before gold release, ensures that the nation retains the full value of its mineral wealth. Looking ahead, the Gold Board has set an ambitious target to reach 120 metric tons of gold production under its National Reserve Accumulation Program. This goal aligns with a broader "economic reset" agenda that emphasizes local refining and value addition rather than raw extraction. By positioning gold as an active financial asset to stabilize the cedi and hedge against global inflation, the government aims to transition emergency stabilization measures into sustainable economic practices. These ongoing reforms are expected to secure Ghana’s position as a leader in the global gold market while ensuring that natural resources drive long-term national development.

Ghana’s Financial Markets Face Volatility as GSE Corrects While Government Returns to Bond Market
business|

Ghana’s Financial Markets Face Volatility as GSE Corrects While Government Returns to Bond Market

The Ghanaian financial landscape experienced a week of significant contrasts as the Ghana Stock Exchange (GSE) underwent a sharp correction, erasing approximately GH¢44 billion in market capitalization over two days of intense panic selling. By March 27, 2026, the GSE Composite Index (GSE-CI) had posted its fourth consecutive decline, closing at 12,989.79 points. The downturn was largely driven by institutional sell-offs in Scancom PLC (MTNGH), which saw its share price drop to GH¢5.03, and notable declines in major banking stocks like Standard Chartered and GCB Bank. Despite this steep retreat, market analysts noted that the GSE-CI remains up 48.11% year-to-date, suggesting that the recent volatility is a harsh correction following a record-breaking rally earlier in the year. Contrasting the secondary market's turbulence, the primary market showed signs of robust appetite and corporate growth. ZEN Petroleum Holdings PLC launched a landmark GH¢640 million Initial Public Offering (IPO) on March 25, which was quickly fully subscribed by institutional investors, including Bora Capital Advisors. Additionally, GCB Bank PLC reported a record-breaking pre-tax profit of GH¢3.17 billion for the 2025 financial year, a 67.4% increase fueled by a surge in customer deposits and recovering credit demand. This corporate resilience is mirrored in the pension sector, where the Social Security and National Insurance Trust (SSNIT) announced that its assets under management grew by 25% to exceed GH¢25 billion in 2025, with real investment returns swinging from a negative -4.2% to a positive 8.03%. In a major move to restore long-term fiscal stability, the Ghanaian government announced its return to the domestic bond market, launching its first seven-year local-currency bond since the 2022 debt default. This issuance, closing on April 1, 2026, aims to leverage a significant drop in inflation to 3.3% and recent interest rate cuts to rebuild the sovereign yield curve. Finance Minister Cassiel Ato Forson, speaking at the first investor town hall since 2021, emphasized that the successful Domestic Debt Exchange Programme and disciplined macroeconomic management have paved the way for raising GH¢20.2 billion in securities this year to support budgetary needs. To safeguard this recovering digital and financial ecosystem, the Bank of Ghana has introduced a revised Cyber and Information Security Directive (CISD). The new regulations expand oversight to include fintechs and microfinance institutions, mandating stricter cloud data hosting and AI standards for fraud detection. The Ghana Association of Banks (GAB) has urged financial institutions to treat cybersecurity as core business infrastructure rather than a mere compliance checkbox. As the market navigates these regulatory shifts and the current stock market correction, the combination of strong corporate earnings, improved pension performance, and the reopening of the bond market points toward a complex but maturing financial environment.

Ghana’s Energy Sector Faces Supply Shortfalls Amid Debt Settlements and Renewable Energy Push
business|

Ghana’s Energy Sector Faces Supply Shortfalls Amid Debt Settlements and Renewable Energy Push

Ghana’s energy sector is currently navigating a complex landscape of supply shortfalls, financial negotiations, and a strategic pivot toward sustainable infrastructure. Energy sector insiders have issued warnings of a looming power crisis, often referred to as 'dumsor,' as the nation faces a significant gas supply deficit. With current demand standing at 230 million standard cubic feet (mmscf) and supply reaching only 170 mmscf, the resulting shortfall has led to daily load shedding of approximately 200MW, particularly affecting the Greater Accra and Ashanti Regions. While official government communications have attributed recent outages to maintenance work, critics and experts argue that inadequate investment and infrastructure gaps are the underlying causes. In a positive development, the government successfully averted a major power disruption by negotiating a repayment plan for a $400 million debt owed to Karpowership, ensuring the continued supply of 450MW to the national grid. Operational and financial stability are also at the forefront of the industry's challenges. In the Western Region, the Electricity Company of Ghana (ECG) has identified the activities of unauthorized 'quack' electricians and seasonal vegetation interference as primary contributors to localized power outages and transformer damage. Simultaneously, the Volta Region ECG is collaborating with the Public Utilities Regulatory Commission (PURC) to address consumer grievances regarding billing inconsistencies and service fluctuations. On the financial front, Ghana Oil Company Limited (GOIL) Managing Director Edward Bawa has reported progress in debt recovery, noting that government agencies are gradually settling their arrears. Bawa also emphasized that the current price competition among oil marketing companies is fostering efficiency and providing much-needed relief to consumers at the pump. Looking toward the future, the government is aggressively encouraging the private sector to spearhead investments in renewable energy, specifically solar-powered electric vehicle (EV) charging stations. The Energy Commission's 'Drive Electric Programme' highlights that such investments are crucial for meeting national climate obligations and creating new job opportunities in a sector where Africa currently holds only a 1% global market share. This domestic transition is taking place against a volatile international backdrop, where Brent crude prices have fluctuated near $100 per barrel due to geopolitical tensions between the U.S. and Iran. As Fitch Ratings warns that sustained high energy prices could pressure credit profiles across various sectors, Ghana’s ability to stabilize its domestic gas supply while expanding its renewable infrastructure remains vital for long-term economic resilience.

Ghana Targets Tomato Self-Sufficiency and Economic Growth Amid Burkina Faso Export Ban
business|

Ghana Targets Tomato Self-Sufficiency and Economic Growth Amid Burkina Faso Export Ban

The Government of Ghana and the Bank of Ghana have moved to transform a potential food security crisis into a strategic economic opportunity following Burkina Faso’s ban on tomato exports. Minister of Food and Agriculture, Eric Opoku, has assured the public that the nation is well-positioned to maintain a stable supply despite a current production deficit. Ghana currently requires approximately 805,000 metric tonnes of tomatoes annually but produces only 510,000 metric tonnes. To bridge this 300,000-tonne gap and address a staggering 30% post-harvest loss rate, the government is implementing a comprehensive strategy focused on high-yield seeds, expanded irrigation, and the revival of processing facilities like the Northern Star Tomato Factory. Supporting this vision, Bank of Ghana Governor Dr. Johnson Asiama has highlighted the ban as a catalyst for job creation and reduced import dependency. Dr. Asiama emphasized that Ghana possesses the necessary human and financial capital to achieve self-sufficiency, noting that the Ghana EXIM Bank is prepared to fund large-scale agricultural ventures. This sentiment is echoed by recent high-level inspections of private sector successes, including President John Dramani Mahama’s visit to Nobi Farms in the Afram Plains. The 21,000-acre farm, owned by Kwame Awuah-Darko, serves as a model for modern productivity, employing advanced irrigation and technology to provide over 150 jobs while insulating crop yields from erratic weather patterns. Beyond industrial farming, the Ministry is spearheading a grassroots movement to secure the national food basket. Citizens are being urged to establish backyard gardens, while the "FEED Ghana" program is integrating agricultural education into 413 schools. By cultivating high-yield varieties capable of producing 18 metric tonnes per hectare across 81 target communities and 40,000 acres of land, the government aims to empower local farmers and stabilize market prices. Dr. Peter Boamah Otokunor, Director of Presidential Initiatives in Agriculture, noted that these efforts are designed to create a sustainable value chain that links production directly to agro-processing, ensuring long-term stability for farmer incomes. While Ghana navigates this transition toward agricultural resilience, the regional landscape remains volatile. In neighboring Ivory Coast, cocoa producers are currently facing an economic crisis as global price drops forced a significant reduction in government-mandated purchase prices—tumbling from 2,800 to 1,200 CFA francs per kilo. This regional downturn underscores the importance of Ghana's move toward a diversified and self-reliant agricultural sector. By shifting from import reliance to robust domestic production and processing, Ghana aims to shield its economy from the type of commodity shocks currently impacting the regional cocoa market.

Ghana Export-Import Bank Spearheads Industrial Transformation as Stakeholders Seek to Unlock West African Trade Potential
business|

Ghana Export-Import Bank Spearheads Industrial Transformation as Stakeholders Seek to Unlock West African Trade Potential

The Ghana Export-Import (GEXIM) Bank has marked its 10th anniversary with a strategic "reset" aimed at intensifying the nation's export capacity and industrial transformation between 2025 and 2030. Speaking at an international conference in Accra, GEXIM CEO Sylvester Adinam Mensah unveiled a roadmap to modernize the institution, enhance the competitiveness of Micro, Small, and Medium Enterprises (MSMEs), and increase non-traditional exports. This institutional shift comes at a critical juncture as regional leaders, including Chief of Staff Julius Debrah, call for the removal of trade barriers to fully harness the opportunities presented by the African Continental Free Trade Area (AfCFTA). The government’s focus remains on creating a supportive policy environment that fosters regional economic cooperation and addresses the low levels of intra-continental trade. To catalyze this industrial growth, GEXIM signed Memoranda of Understanding (MoUs) with eight local firms and international partners like Arise Integrated Industrial Platforms (Arise IIP). These agreements target vital sectors such as garment manufacturing, agribusiness, and packaging, aimed at enhancing value addition and local production readiness. In a significant move to ease financial constraints, GEXIM also announced a reduction in collateral requirements for SME loans. However, industry experts like William Obeng, GEXIM’s Head of Projects, cautioned that inefficiencies in the poultry value chain—including unstable feed prices and fragmented processing infrastructure—must be addressed through targeted funding and consistent policy enforcement to achieve long-term sustainability. Beyond institutional finance, the private sector is actively preparing for new market realities through specialized training and entrepreneurship initiatives. ShEquity Partners recently equipped 15 Ghanaian SMEs with the technical skills needed to tap into international carbon markets, while Bolt Ghana’s "She Moves to Win" campaign recorded over 1,170 applications from women-led businesses seeking funding. Despite these advancements, the Ghana Union of Traders Association (GUTA) has called for urgent government intervention regarding high transportation costs and alleged customs harassment. GUTA is advocating for a return to flat VAT rates and has announced plans to establish a GUTA Bank to provide tailored financial empowerment for its members, emphasizing the need for fairness in trade practices. The business landscape is also being shaped by a growing emphasis on sustainability and high-level corporate engagement. Unilever Ghana’s Pepsodent brand has launched a nationwide initiative to recycle toothpaste tubes into school furniture, aligning corporate social responsibility with environmental goals. Meanwhile, the real estate sector is seeing a shift in investment strategies, with a debate emerging between high-yield short-let rentals and stable long-term leases in Accra’s premium areas. On the global stage, the projected £100 million investment window from the Glasgow 2026 Commonwealth Games offers a significant platform for Ghanaian media, tourism, and infrastructure firms to expand their international reach. As Ghana positions itself as a central player in West African commerce, the integration of public policy with private sector innovation remains paramount. From the digital transformation of trade platforms—mirrored by Nigeria’s recent launch of a "National Single Window"—to local efforts in skills training by organizations like Auba Consult, the focus is on building a resilient, practical-skilled workforce. While global market fluctuations and international business developments, such as SpaceX’s potential IPO and legal battles involving X Corp, continue to influence the broader investment climate, Ghana’s domestic strategy is increasingly anchored in industrial value addition, regional integration, and sustainable business practices.

Ghana’s Gold Sector Achieves Record $10bn Inflow Amid Bold State Reforms and Mine Transitions
business|

Ghana’s Gold Sector Achieves Record $10bn Inflow Amid Bold State Reforms and Mine Transitions

Ghana’s mining and gold trading sector has entered a transformative era, marked by record-breaking production volumes and a significant shift toward state-led control. In 2025, the country achieved a historic milestone in artisanal and small-scale mining (ASM), producing 104 metric tons—a substantial increase from the 63 tons recorded in 2024. This surge, bolstered by favorable global prices and aggressive regulatory reforms, has generated over $10 billion in foreign exchange inflows. Parallel to this, the Minerals Investment and Income Fund (MIIF) reported record mineral royalty inflows of GH"5.43 billion for 2025, a 10.8% increase from the previous year. These results underscore the strengthening of Ghana’s mineral revenue framework through disciplined enforcement and improved financial management. Central to this growth is the Ghana Gold Board’s (GoldBod) strategy to assert greater state control over the gold trade. CEO Sammy Gyamfi has defended the state takeover, arguing that the previous framework favored foreign entities at the expense of local players. By implementing a centralized trading system that guarantees 100% payment before gold is released, the state has improved dollar liquidity and significantly reduced gold smuggling, though Gyamfi admits the practice has not been entirely eliminated. These reforms build upon a foundation of structural transformation at the Precious Minerals Marketing Company (PMMC), now GoldBod. Former Managing Director Nana Akwasi Awuah recently credited these foundational reforms for the company’s sweep at the 2024 SIGA PELT Awards, where it was named the Overall Best Specified Entity and Most Profitable State-Owned Enterprise. On the operational front, the landscape of Ghanaian mining is shifting toward increased local participation and state ownership. Gold Fields is currently progressing with the handover of its Damang Mine to the Ghanaian government, a transition scheduled for completion in April 2026. This move is accompanied by vocal support for local ownership from figures such as former Chief Justice Sophia Akuffo, who advocates for Ghanaian firms like Engineers and Planners to take leading roles in the sector. Similarly, at the Bogoso-Prestea Mine, local mining service providers under the LOCOMS group have expressed strong support for Heath Goldfields Limited (HGL), praising the company for stabilizing operations and prioritizing local contractor payments after years of management instability. Looking ahead, the government aims to further industrialize the sector by emphasizing value addition and local refining. Vice President Professor Naana Jane Opoku-Agyemang has called for a shift from exporting raw materials to processing gold locally to drive national prosperity. To support this, GoldBod is rolling out District Gold Buying Centres to enhance market access and transparency for small-scale miners. While the global gold market recently faced its worst weekly drop since 1983 due to U.S. interest rate pressures, experts maintain that long-term fundamentals remain robust. For the coming year, the Gold Board has set an ambitious production target of over 120 metric tons, signaling continued confidence in the nation’s gold-backed economic recovery.

Ghana’s Financial Landscape Signals Recovery with Bond Market Re-entry and Robust Corporate Performance
business|

Ghana’s Financial Landscape Signals Recovery with Bond Market Re-entry and Robust Corporate Performance

Ghana’s financial sector is demonstrating a resilient recovery and strategic evolution, marked by the government’s return to the domestic bond market for the first time since the 2022 debt default. The Ministry of Finance has announced plans to issue a seven-year cedi-denominated bond on March 30, 2026, a move aimed at rebuilding the sovereign yield curve and restoring investor confidence. This fiscal milestone is bolstered by a significant improvement in macroeconomic indicators, including a drop in inflation to 3.3% and a successful investor town hall led by Finance Minister Dr. Cassiel Ato Forson. While the domestic market shows signs of stabilization, the Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, has cautioned that the economy remains vulnerable to external commodity shocks, particularly regarding global gold market volatility and oil price pressures, necessitating close monitoring to maintain growth. Adding to this momentum, major financial and pension institutions have reported record-breaking performances. The Social Security and National Insurance Trust (SSNIT) announced that its assets under management exceeded GHC25 billion in 2025, representing a 25% year-on-year growth. Director-General Kwesi Afreh Biney attributed this success to improved accountability and a positive real return on investments of 8.03%. In the corporate sector, GCB Bank PLC reported a record profit before tax of GH¢3.17 billion for 2025, driven by a nearly 20% rise in customer deposits. Similarly, MTN Ghana announced a total dividend payout of GH¢6.4 billion to shareholders following a 36.1% revenue surge. These gains, however, have occurred alongside recent volatility on the Ghana Stock Exchange, which experienced panic selling that saw market capitalization shed billions in late March. Technological resilience has become a top priority for regulators as the digital financial ecosystem expands. The Bank of Ghana officially launched the Cyber and Information Security Directive (CISD) 2026, replacing the 2018 framework to address evolving digital threats. Governor Dr. Johnson Asiama and the Ghana Association of Banks (GAB) have urged financial institutions to treat cybersecurity as core business infrastructure rather than a mere compliance requirement. This regulatory push is complemented by the efforts of the Financial Stability Advisory Council, which recently convened to discuss the launch of the 'Listing of Banks Project' on the Ghana Stock Exchange and to enhance consumer protection strategies across the industry. Efforts to support small and medium enterprises (SMEs) and diversify the investment landscape are also gaining traction with the launch of the Ci Gaba Fund of Funds. Managed by Savannah Impact Advisory, the fund has already raised GH¢380 million of its GH¢1 billion target to channel pension capital into private equity for SMEs in sectors like agriculture and healthcare. However, Amma Lartey, CEO of Impact Investing Ghana, noted that a lack of 'investment-ready' businesses remains a challenge. In the insurance sector, penetration remains low at 1.0%, prompting business leaders like Sir Sam Jonah to call for greater integrity and digital adoption to build public trust. Sir Sam warned against political interference and urged brokers to uphold ethical standards to ensure the sector's long-term sustainability. Looking ahead, international support continues to play a vital role in Ghana’s structural reforms. The World Bank has reaffirmed its commitment to the nation's recovery with a $300 million investment in the STARR-J program, focusing on secondary education and vocational training to address youth unemployment. As the government seeks to balance domestic revenue mobilization with investor interests, the Institute of Economic Affairs (IEA) has cautioned against reducing the Growth and Sustainability Levy, suggesting that such moves could undermine the country’s ability to maximize benefits from its natural resources. The combination of strong corporate earnings, proactive regulatory updates, and international backing provides a cautiously optimistic outlook for Ghana’s economic trajectory through 2026.

Getty Images Four members of the Sidemen pose with an unknown fifth man in front of a purple background
business|

Business Pulse: Kenya Airways Faces Financial Turbulence, Tech Regulatory Shifts, and Ghana’s Local Industry Innovations

The African and global business landscapes are navigating a period of significant transition, marked by financial challenges in the aviation sector and shifting regulatory environments in technology. Kenya Airways reported a pre-tax loss of 17.93 billion shillings ($138.30 million) for 2025, a sharp reversal from its profitable 2024 performance. The airline’s revenue fell by 14% amid an 18% capacity reduction, largely driven by the grounding of three Boeing 787-8 Dreamliner jets due to global supply chain constraints. Despite these hurdles, Acting CEO George Kamal remains optimistic, announcing plans to increase capacity on the London Heathrow route and introduce Boeing 777 freighters by 2026 to capitalize on surging demand from Europe and Asia. In the gaming sector, Epic Games similarly faced economic pressure, announcing layoffs of over 1,000 staff as engagement with its flagship title, Fortnite, saw a marked decline. Technological expansion across the continent is meeting both regulatory resistance and new competitive strategies. In Namibia, Elon Musk’s Starlink had its license application rejected by the Communications Regulatory Authority of Namibia (Cran) due to failure to meet the 51% local ownership requirement. This follows similar regulatory setbacks in South Africa, highlighting the friction between global tech giants and local equity laws. Simultaneously, Facebook is attempting to regain digital relevance by launching the 'Content Fast Track' programme, offering influencers with over a million followers up to $3,000 a month to post short-form videos. While intended to lure creators from TikTok and YouTube, the initiative has met with skepticism from industry experts regarding its long-term impact on audience engagement. In Ghana, local business leaders are advocating for a rethink of traditional economic pillars. Broadcaster Paul Adom-Otchere has called for the creative arts to be treated as a multi-billion dollar industry on par with gold and cocoa, urging for digitized content curation and consistent theatrical productions. On the environmental front, the company Minimize is scaling up e-waste recycling by connecting European businesses with Ghanaian scrap dealers, already collecting 20 tons of waste to bolster sustainable local infrastructure. Brand activity also remains high, with hair styling brand XBlock signing singer Adina Thembi as a brand ambassador to target the youth market, while GoldBod CEO Sammy Gyamfi moved to clarify that his company’s involvement in the 'Women of Valour' London event was promotional rather than a direct financial sponsorship. Efficiency and employment remain central to the national agenda. Contractors on major trunk road projects under the 'Big Push' programme are increasingly hiring local 'chop bar' operators to cook on-site, a move supported by Minister of Roads and Highways Kwame Governs Agbodza to reduce downtime and ensure projects meet deadlines. To support the broader workforce, the E4Impact Foundation, in collaboration with the Italian Innovation Center, is launching the I.N.S.P.I.R.E. Entrepreneurship and Job Fair in Accra. The initiative aims to create 1,620 jobs and support 570 SMEs, fostering deeper tech and business ties between Italy and Ghana. Amidst these local developments, Delta Air Lines has appointed Matt Long as Managing Director for Europe and Africa, signaling a strategic focus on service excellence during its busiest trans-Atlantic season to date.