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.

GHATOF demands compensation for 85 demolished La Pleasure Beach businesses
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GHATOF demands compensation for 85 demolished La Pleasure Beach businesses

The Ghana Tourism Federation (GHATOF) is demanding immediate compensation for 85 businesses that were recently demolished at La Pleasure Beach. This action has placed approximately 4,000 jobs at risk, a majority of which are held by women who serve as the backbone of the local beachfront economy. During a meeting held on October 15, the federation expressed grave concern over the demolition exercise, which they claim was carried out without providing any prior notice to the affected business owners. GHATOF President Seth Ocran highlighted that many of the impacted businesses held valid operating permits issued by various district assemblies and government institutions. He questioned the lack of coordination between state agencies, calling for a thorough investigation into the institutions that authorized these permits. The federation argues that it is unjust for businesses to be legally licensed only to have their structures razed without due process, an act that has caused significant financial distress to indigenous entrepreneurs. In addition to financial restitution, the federation is advocating for the displaced traders to be granted the first right of refusal in any future redevelopment plans for the La Pleasure Beach area. Ocran warned that such incidents could severely undermine investor confidence in Ghana’s tourism sector. GHATOF maintains that the future of the beachfront economy depends on a transparent redevelopment strategy that integrates and protects the livelihoods of the local business community.

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Alex Dodoo sues Ghana Standards Authority over used-vehicle ban

Alex Dodoo, a private legal practitioner, has filed a lawsuit against the Ghana Standards Authority (GSA) to challenge the enforcement of new regulations that restrict the importation of certain used vehicles into the country. The legal action, initiated on October 5, 2026, seeks to halt the implementation of the GSA's National Vehicle Standards, which the plaintiff contends are being applied unlawfully. The suit argues that these standards are currently being enforced without the necessary formal ministerial declaration, rendering the authority's actions legally void. This legal challenge comes at a critical time for the automotive industry, which has been grappling with the implications of tighter import rules. In his writ, Mr. Dodoo is seeking a court declaration that the GSA's enforcement of the vehicle standards is unlawful in the absence of an executive instrument or ministerial directive. He is also requesting a restraining order to prevent the authority from continuing to block the entry of used vehicles based on these specific criteria. The GSA is required to respond to the suit within eight days of service. While the authority has not yet provided a formal response or public comment on the matter, the outcome of the case is expected to have far-reaching consequences for the used vehicle trade. The trade is a significant part of the Ghanaian economy, providing affordable transport and employment for thousands of people. Used vehicle importers and dealers across the country are closely monitoring the proceedings, as a ruling in favor of the plaintiff could lead to a significant shift in how import standards are managed. Conversely, a victory for the GSA would affirm the authority's current enforcement strategy and potentially lead to more stringent oversight of the sector. The case highlights the ongoing tension between the government's efforts to modernize the vehicle fleet and the practical economic concerns of the automotive trading community.

Telecel Group signs $200m digital infrastructure deal with Huawei
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Telecel Group signs $200m digital infrastructure deal with Huawei

Telecel Group has entered into a strategic $200 million memorandum of understanding (MOU) with technology giant Huawei to accelerate the development of intelligent digital infrastructure across Africa. The agreement, which prioritises network expansion in Ghana, was formalised during the HUAWEI CONNECT 2026 event held in Shanghai. This major investment aims to significantly enhance mobile broadband densification and improve digital connectivity for millions of users across the continent. This new $200 million commitment marks a substantial increase from a previous $70 million framework agreement between the two telecommunications firms. The expansion signals a deeper collaboration focused on deploying advanced network solutions and smart infrastructure to meet rising data demands. Key executives from both Telecel Group and Huawei participated in the signing ceremony in China, underscoring the high-level commitment to transforming the African digital landscape through shared expertise and resources. For Ghana, the partnership is expected to drive significant improvements in service quality and coverage. By focusing on mobile broadband densification, Telecel aims to address the growing demand for high-speed internet and reliable data services in both urban and rural areas. This move aligns with broader efforts to modernise digital systems and provide the backbone for a more integrated digital economy, ensuring that businesses and individuals in Ghana remain competitive in the global market. As the partnership moves into its implementation phase, the rollout of new infrastructure is expected to create a more resilient and intelligent network environment. The collaboration between Telecel’s operational reach and Huawei’s technological capabilities is positioned to set a new benchmark for telecommunications development in West Africa. This agreement reinforces Telecel's long-term strategy of investing in the future of African connectivity while leveraging global partnerships to bridge the digital divide.

MTN Ghana to invest $1.1bn in network expansion over three years
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MTN Ghana to invest $1.1bn in network expansion over three years

MTN Ghana has announced a major $1.1 billion investment strategy spanning the next three years to bolster its network infrastructure and digital financial services. Disclosed during a stakeholder forum marking the company's 30th anniversary in Ghana, the capital expenditure aims to support its growing base of over 32 million subscribers. The initiative includes a specific commitment of $380 million dedicated to the 2026 financial year to ensure the network remains robust amid increasing demand for data and digital services. Chief Risk and Compliance Officer Joseph Dogbe, speaking at the forum, highlighted that a primary component of this investment is the deployment of 500 new cell sites in 2026 alone. This expansion is designed to enhance network capacity and improve the quality of service for both voice and data consumers. The company is also focusing heavily on its digital financial services ecosystem, noting a significant surge in Mobile Money (MoMo) transactions as a driver for broader economic participation and financial inclusion across the country. The investment announcement follows a period of strong financial performance for the telecommunications giant. In the first half of 2026, MTN Ghana reported a 32.3% increase in service revenue, reflecting the success of its ongoing operational upgrades. Beyond infrastructure, the company emphasized its continued commitment to community development through various Corporate Social Responsibility initiatives, including digital skills training and educational support programs. These efforts are part of a broader strategy to maintain market leadership while contributing to the realization of Ghana’s digital economy goals.

Johnson Pandit Asiamah highlights Ghana's economic gains to Asian investors
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Johnson Pandit Asiamah highlights Ghana's economic gains to Asian investors

Dr. Johnson Pandit Asiamah, Governor of the Bank of Ghana, met with international investors in Bangkok, Thailand, to showcase the nation's significant macroeconomic progress and fiscal discipline. The Governor highlighted that inflation dropped to 5.2% in September 2026, supported by a cumulative 1,400 basis-point reduction in the policy rate over recent periods. He also pointed to Moody’s recent upgrade of Ghana’s sovereign credit rating from Caa1 to B3 as a definitive signal of increasing investor confidence and economic stability following the conclusion of the country's IMF program. During the engagement, Dr. Asiamah addressed the central bank's monetary strategy, noting that the policy rate was maintained at 14% in September due to tightening global financial conditions. He indicated that the upcoming November policy decision would be shaped by external risks, including tensions in the Middle East, fluctuations in gold prices, and the potential impact of the United States midterm elections. To further strengthen the financial sector, the Governor revealed plans for a government-led recapitalization of the Bank of Ghana through bond issuances expected to be formalized next month. Addressing recent speculation regarding the foreign exchange market, Dr. Asiamah clarified that the Bank of Ghana has not relinquished its regulatory responsibilities to Goldbod. He explained that while Goldbod provides crucial foreign exchange intermediation to support market liquidity, the central bank remains focused on its primary mandate of reserve accumulation and cedi stability. Ghana’s international reserves currently stand at approximately $12.04 billion, and the Governor reassured investors that the bank is on track to meet its year-end targets despite prevailing global uncertainties. The push for Asian investment is part of a broader strategy to diversify Ghana's capital sources. Ian Greenstreet, CEO of Ghana International Bank, noted that the Asian region is expected to play a pivotal role in financing Africa's growth. By highlighting recent legislative reforms, such as the investment law enacted in July 2026, and maintaining a stable macroeconomic environment, Ghanaian officials aim to position the country as a primary destination for international capital in the sub-region.

Zonda Tec Ghana launches locally assembled HOWO T3M light-duty trucks
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Zonda Tec Ghana launches locally assembled HOWO T3M light-duty trucks

Zonda Tec Ghana Limited has officially launched its locally assembled HOWO T3M light-duty truck range in a bid to enhance transport efficiency across the country. CEO Yang Yang introduced the new vehicles, which feature payload capacities ranging from 2.7 to 12 tonnes, specifically designed for the agriculture, retail, distribution, and logistics sectors. The launch marks a significant step in the company's expansion within the Ghanaian automotive market and reflects a strategic commitment to supporting the domestic supply chain. During the event, Yang Yang emphasized a strategic shift from a trading culture to a focus on engineering and local manufacturing. She argued that for Ghana to achieve sustainable economic growth, the nation must move beyond simply importing and selling vehicles. Instead, the focus should be on building a robust industrial base by training local engineers to assemble and maintain complex machinery. This approach is intended to close the skills gap in the automotive sector and foster decent employment opportunities for the youth. The trucks are assembled locally through Sinotruk's operations, which have expanded to meet rising market demand. Zonda Tec’s initiative includes intensive technical training for Ghanaian engineers, ensuring that the assembly process contributes to domestic knowledge transfer. This commitment to local production is viewed as a way to bolster the industrial economy and improve the country’s global competitiveness in manufacturing. By providing efficient transportation solutions tailored to the Ghanaian landscape, Zonda Tec aims to support the nation's broader industrialization goals. CEO Yang Yang called for increased collaboration among business leaders to prioritize transportation efficiency and leverage the country’s human resources. The introduction of the T3M range is expected to provide logistics firms and farmers with more reliable and cost-effective tools to transport goods, ultimately stimulating growth in the retail and agricultural sectors.

Emmanuel Armah-Kofi Buah discusses mining investment with Chinese firm
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Emmanuel Armah-Kofi Buah discusses mining investment with Chinese firm

The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has held discussions with a delegation from Guangdong Shengmai Tech Co. Ltd. regarding potential long-term partnerships in Ghana’s mineral sector. During the meeting, the Minister expressed the government's eagerness to attract investors who are committed to sustainable practices and value addition within the industry. This engagement signals a continued push by the Mahama administration to leverage international expertise while ensuring that national resources benefit local populations directly. In his remarks, Mr. Armah-Kofi Buah emphasized that Ghana is prioritizing partnerships that go beyond simple extraction. He stated that the government's preference lies with investors who integrate responsible mining practices, environmental protection, and significant community development projects into their operations. The Minister underscored the importance of ensuring that mining activities contribute to the socio-economic improvement of the areas where mineral wealth is discovered, moving away from past models that often left local communities behind. The Chinese delegation, led by Tang Zhong Chun, highlighted the company's strong interest in expanding its footprint in Ghana. Tang cited the country's abundant mineral resources and its reputation for a peaceful and stable investment climate as primary factors for their interest. To improve the efficiency of mineral discovery, Guangdong Shengmai Tech Co. Ltd. plans to introduce modern electromagnetic technology for exploration. This advanced approach is expected to provide more accurate data while minimizing the environmental impact traditionally associated with initial exploration phases. Beyond exploration and extraction, the company revealed ambitious plans to establish a gold refinery and a branding initiative within Ghana. This move aligns with the government's objective of promoting mineral value addition, ensuring that a larger share of the profit from refined gold remains within the country. The partnership is expected to create jobs and foster technological transfer, supporting the long-term sustainability of the Ghanaian mining industry. Both parties expressed optimism about the potential for a mutually beneficial relationship that supports Ghana's economic growth targets.

Govt to meet Free Zones Authority, Trade Ministry over Customs Act concerns
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John Mahama to meet stakeholders over Customs Act incentive concerns

President John Dramani Mahama has announced a high-level meeting with the Ministry of Trade, Agribusiness and Industry and the Ghana Free Zones Authority to address growing concerns regarding the Customs Act of 2026. The engagement, scheduled to take place next week, follows formal complaints from business leaders that the new legislation has significantly eroded tax and operational incentives previously enjoyed by companies under the Free Zones scheme. The meeting is intended to resolve these issues and ensure the legal framework remains conducive to industrial growth. The discussions are strategically timed to coincide with the return of the Finance Minister from international World Bank and IMF engagements in Bangkok. During a visit to DTRT, a prominent textile manufacturer, President Mahama reaffirmed his administration's dedication to supporting both domestic and foreign investors. He emphasized that the government is committed to providing the necessary incentives for expansion and job creation, ensuring that local industries receive the same level of support as international firms. While assessing the operations at DTRT, which has expanded its workforce from 500 to over 6,000 employees, the President highlighted the importance of domestic investment. He revealed plans for the government to invest approximately $2 billion annually in critical sectors, including textiles and garments. This initiative includes a partnership with the private sector to construct additional textile factories, with a specific focus on creating employment opportunities for women. The upcoming dialogue signals the government's intention to align its revenue-mobilization goals under the 2026 Act with the need to protect the competitiveness of the industrial sector. By engaging directly with the Free Zones Authority and trade representatives, the administration seeks to restore confidence among investors who have expressed fears that the loss of established benefits could undermine their long-term viability in the Ghanaian market.

Government expenditure falls 16.4% below target in first seven months
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Government expenditure falls 16.4% below target in first seven months

The Ghanaian government reported a total expenditure and net lending of GH₵147.077 billion for the first seven months of 2026, representing a 16.4% shortfall from the programmed target of GH₵175.932 billion. According to the Bank of Ghana, this fiscal performance reflects a focus on expenditure efficiency and shifting macroeconomic conditions. While spending categories like employee compensation and interest payments remained below their specific targets, the period saw a significant 157.9% year-on-year surge in capital expenditure, which reached GH₵24.228 billion despite missing its own targeted projection by 25%. Revenue performance for the same period remained relatively stable, with total revenue and grants reaching GH₵144.571 billion. This figure represents approximately 9.1% of GDP and missed the government's target of GH₵144.951 billion by a narrow margin of 0.3%. Domestic revenue accounted for GH₵143.522 billion of the total, with tax revenue contributing GH₵120.008 billion. The revenue stream was bolstered by higher corporate income taxes from mining companies and increased mineral royalties driven by rising global gold prices, though these gains were partially offset by lagging performance in the import and petroleum sectors. Specific expenditure items showed varied trends compared to the previous year. Compensation for employees stood at GH₵50.553 billion, which is 4.5% below the target but marks a 12.6% increase over the same period in 2025. Conversely, interest payments fell to GH₵25.171 billion, a 12.3% decline year-on-year, largely attributed to reduced external interest costs. Spending on goods and services, while below target at GH₵5.482 billion, experienced a sharp 63.4% increase compared to 2025, signaling a shift in operational spending. Overall, the fiscal data suggests a tightening of government spending alongside a strategic push for infrastructure development through capital expenditure. The Bank of Ghana noted that improved macroeconomic conditions and operational changes in project financing have played a critical role in managing these outturns. As the government continues to navigate its fiscal targets for the remainder of the year, the performance of the mining sector remains a key pillar for domestic revenue, while the narrowing deficit reflects ongoing efforts to align national spending with available resources.

Bank of Ghana reports 7.11% cedi depreciation against the US dollar
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Bank of Ghana reports 7.11% cedi depreciation against the US dollar

The Bank of Ghana’s Monetary Policy Report for September 2026 reveals that the Ghana cedi depreciated by 7.11% against the US dollar during the first eight months of the year. This performance represents a notable shift from the same period in 2025, when the local currency experienced significant appreciation. The central bank attributed the current pressure on the foreign exchange market to heightened seasonal demand, primarily driven by the energy and commerce sectors. In addition to its decline against the dollar, the cedi recorded year-to-date depreciations of 7.78% against the British pound and 6.09% against the euro as of August 2026. While the nominal figures indicate a decline in value, the report highlighted that exchange rate volatility remained lower in the first 185 days of 2026 compared to the preceding four years. However, in real effective terms, the cedi’s depreciation was measured at 8.47%, contrasting with the gains recorded in the previous year. The currency's performance and the central bank's monetary stance have prompted a strategic shift among institutional investors, including pension funds, insurance companies, and commercial banks. With the 91-day Treasury bill rate falling to 4.6%—resulting in negative real returns against an inflation rate of approximately 5.2%—investors are increasingly moving away from short-term government securities. Instead, they are rebalancing their portfolios toward restructured Domestic Debt Exchange Programme (DDEP) bonds and other longer-dated government debt to secure better inflation-adjusted returns. Despite the seasonal pressures, the Bank of Ghana maintains a cautious monetary policy aimed at stabilizing the currency and managing inflation. Market data from mid-October indicates the cedi has continued to trade around GH₵12.30 at forex bureaus, though it has shown minor intermittent signs of appreciation in daily spot trading. Analysts expect the central bank to continue monitoring demand from the commerce sector to mitigate further depreciation and ensure the stability of the Ghana Fixed Income Market (GFIM) amidst the ongoing portfolio rebalancing by major financial institutions.

COCOBOD raises GH₵3.39bn through maiden commercial paper issuance
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COCOBOD raises GH₵3.39bn through maiden commercial paper issuance

The Ghana Cocoa Board (COCOBOD) has successfully raised GH₵3.39 billion through its inaugural domestic commercial paper issuance, marking a significant shift in how the country finances its cocoa sector. The 266-day paper was issued through the board's subsidiary, Cocoa Capital PLC, as part of a larger GH₵16.3 billion Domestic Cocoa Notes Programme. The auction attracted substantial interest from the investment community, with 38 institutional investors submitting bids totaling more than GH₵3.586 billion. Ultimately, 36 of these bids were accepted at a yield of 11% per annum. While the issuance represents a major step toward domestic capital mobilization, the initial auction fell approximately GH₵610 million short of its GH₵4 billion target for the first tranche. Despite this shortfall, COCOBOD officials view the exercise as a success in establishing a new financing structure. The overall program is designed to include GH₵14 billion in commercial paper and GH₵2.30 billion in bonds, intended to provide a robust financial cushion for cocoa purchases and general operations on the Ghana Stock Exchange. Chief Executive Dr. Randy Abbey emphasized that this transition to domestic financing is a strategic move to reduce COCOBOD's long-standing reliance on expensive foreign syndicated loans. By tapping into local markets, the board aims to enhance its financial resilience and ensure that Licensed Buying Companies (LBCs) and cocoa farmers receive timely payments. This reform is expected to streamline liquidity management and provide more transparent payment structures for the 2026/27 cocoa season and beyond. The successful launch of the Domestic Cocoa Notes Programme signals a commitment to sustainable agricultural financing in Ghana. By diversifying its funding sources and securing cedi-denominated capital, COCOBOD seeks to protect farmer incomes from international market volatility and currency fluctuations. The board expects that continued investor interest in subsequent tranches will stabilize the industry’s finances and support the long-term growth of the cocoa sector.

MIIF records GH₵7.82bn in mineral royalty receipts for first nine months
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MIIF records GH₵7.82bn in mineral royalty receipts for first nine months

The Minerals Income Investment Fund (MIIF) has reported a significant surge in revenue, collecting GH₵7.82 billion in mineral royalty receipts during the first nine months of 2026. This figure represents a 106% increase compared to the GH₵3.79 billion recorded during the same period in 2025. The fund’s performance from January to September 2026 highlights a robust period for Ghana’s extractive sector, driven primarily by favorable global market conditions and improved internal administrative efficiencies. The substantial growth in royalties is attributed to record-high gold prices and enhanced monitoring of mining activities across the country. MIIF also cited revised methods for calculating royalties as a key factor in maximizing returns. Large-scale gold mining remains the dominant contributor to the fund, yielding GH₵7.66 billion in royalties—a 116% rise from the previous year. While mid-tier gold mining and the quarrying sector also experienced growth, royalties from limestone production saw a decline, which officials attributed to disruptions in local production. Looking ahead, MIIF has set an ambitious target of reaching approximately GH₵9 billion in total mineral royalties by the end of 2026. CEO Mrs. Justina Nelson reaffirmed the fund’s commitment to the responsible management of these revenues, emphasizing that the focus remains on leveraging mineral wealth for sustainable national development. The fund continues to implement operational strategies designed to track production more accurately and ensure that the state receives its fair share of mineral proceeds.