Ghana Business News

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Ghana’s Customer Satisfaction Plummets to 59% as National Rating Slumps to D-Plus
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Ghana’s Customer Satisfaction Plummets to 59% as National Rating Slumps to D-Plus

Ghana's national customer satisfaction score has experienced a significant decline, falling from 72% in 2024 to 59% in 2025. According to the latest Ghana Customer Service Index (GCSI) released by the Institute of Customer Service Professionals (ICSP), this sharp downturn has resulted in the country's service rating being downgraded from a "B" grade to a "D-plus." The report, which surveyed over 5,000 respondents across 11 key industries, highlights a growing gap between consumer expectations and the actual quality of service delivery across both private and public sectors. The 2025 index reveals a stark contrast between high-performing sectors and those struggling to meet basic standards. The insurance industry emerged as the most resilient, leading with a 71% satisfaction score. In contrast, the telecommunications sector recorded the lowest satisfaction level at just 53%. Within specific industries, notable leaders included Stanbic Bank, which topped the banking sector with a 76% score, and Aqua Safari, which maintained its lead in hospitality with 81% despite a general decline in scores. In the public sector, the Ghana Revenue Authority (GRA) was recognized as the top performer with a score of 64%, while Ghana Water Limited led the utilities category, which surprisingly remained among the top four performing sectors overall. The underlying drivers of this decline point to a crisis of trust. The ICSP report identifies trust as the primary driver of satisfaction, noting that as Ghanaian consumers—particularly higher-income earners—become more sophisticated, their demands for transparency and service quality increase. This sentiment is echoed by recent local grievances, such as those from residents in Kadjebi in the Oti Region. Community members there have expressed deep frustration and a loss of confidence in the Electricity Company of Ghana (ECG) due to persistent overbilling and perceived lack of accountability, illustrating the real-world consequences of the service delivery failures captured in the national index. To address this slump, the ICSP emphasizes the urgent need for organizations to foster a customer-focused culture and refine internal processes. The report suggests that technical improvements alone are insufficient; rather, businesses and public institutions must rebuild trust through consistent, high-quality interactions. As the national rating hovers at a D-plus, stakeholders across all 11 sectors are being called upon to implement rigorous service quality standards and improve responsiveness to restore consumer confidence and stabilize the nation's service reputation.

Trade Ministry Unveils 2026-2029 Development Plan as Ghana Targets $10B Export Revenue and Poultry Self-Sufficiency
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Trade Ministry Unveils 2026-2029 Development Plan as Ghana Targets $10B Export Revenue and Poultry Self-Sufficiency

In a bold move to reshape Ghana's economic landscape, the Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has unveiled a comprehensive development plan for the 2026–2029 period. Speaking at a sector-wide planning workshop in Accra, the Minister outlined a strategic roadmap designed to trigger an industrial revival and significantly boost the nation’s export revenue. At the heart of this vision is the Accelerated Export Development Programme, which targets a monumental US$10 billion in non-traditional export revenue by 2030. This initiative is complemented by the Rapid Industrialisation for Jobs Programme, specifically aimed at revitalizing state-owned enterprises and creating sustainable employment opportunities across the country. The Ministry’s strategy emphasizes local production through the Feed Industry Programme and the Made-in-Ghana Programme, both of which seek to reduce reliance on imports by strengthening local manufacturing and raw material supply chains. A critical component of this plan is the introduction of a Sector Accountability Platform, intended to ensure transparent monitoring and results-based reporting across all participating agencies. Furthermore, the Minister highlighted a dedicated focus on gender inclusion through the Women in Trade, Agribusiness, and Industry Programme, ensuring that the economic gains from these industrial programs are equitably distributed and inclusive of women-led enterprises. Complementing these industrial goals is a significant surge in the poultry sector under the ‘Nkoko Nkitinkiti Project,’ a key pillar of the broader ‘Feed Ghana’ program. The project recently reached a major milestone with the processing of its first 50,000 birds at Aglow Farms, marking a shift toward the national goal of producing 80 million birds by the end of 2026. National Coordinator Kelvin Ocran indicated that the initiative is set to scale further with the establishment of high-tech ‘Poultry Estates’ in October 2026. This push for poultry self-sufficiency aligns with ongoing agricultural support measures, such as COCOBOD’s distribution of free fertilizers to over 11,000 cocoa farmers in the Nkawie district to enhance national output. Collectively, these initiatives represent a multi-faceted approach to achieving economic resilience and food security. By integrating industrialization with aggressive agribusiness expansion, the government aims to transform Ghana into a regional powerhouse of production and trade. The success of the 2026–2029 plan will depend heavily on the sustained collaboration between state agencies and private sector partners like Aglow Farms. As the Ministry moves into the implementation phase, the focus remains on building a robust local economy that can withstand global market fluctuations while providing a high standard of living for all Ghanaians through job creation and enhanced export capacity.

Ghana Chamber of Mines CEO Calls for Minerals Revenue Management Act to Secure Long-Term Stability
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Ghana Chamber of Mines CEO Calls for Minerals Revenue Management Act to Secure Long-Term Stability

Ken Ashigbey, CEO of the Ghana Chamber of Mines, is leading a charge for a comprehensive overhaul of how Ghana manages its mineral wealth. Amidst a significant surge in global gold prices, Ashigbey has warned the government against adopting what he calls an 'Esau mentality'—prioritizing immediate gains over long-term economic security. The Chamber is urgently advocating for the enactment of a Minerals Revenue Management Act, designed to create a legal framework for saving mineral windfalls and protecting the national economy from the volatile boom-and-bust cycles of global commodity markets. Ashigbey argues that without such a law, the country remains vulnerable to price fluctuations that could derail fiscal stability. Central to this proposed reform is a demand for a more inclusive and equitable tax regime. Ashigbey is pushing the Minerals Commission to formalize the small-scale mining sector, which contributes a significant portion of the country’s gold output but remains largely under-regulated in terms of revenue contribution. By integrating these miners into the tax base, the Chamber believes the government can boost its revenue without further overburdening large-scale formal operators. Specific fiscal proposals include replacing the existing Growth and Sustainability Levy with a more flexible sliding royalty scale ranging from 4% to 8%, which would adjust automatically based on prevailing gold prices to maintain industry viability. Beyond state coffers, the Chamber is advocating for direct benefits to mining-impacted communities and the broader economy. A key proposal involves a mandatory 1% levy on net profits to be funneled into a dedicated community development fund, ensuring that local populations see tangible benefits when gold prices peak. Furthermore, Ashigbey emphasizes that increased mining revenues should not be absorbed into general recurrent spending. Instead, he argues for channeling these funds into strategic sectors such as commercial agriculture and building a robust stabilization reserve to provide a financial buffer during future market downturns. These recommendations come at a critical time as Ghana seeks to stabilize its macroeconomic indicators. While current gold prices offer a temporary windfall, Ashigbey maintains that long-term fiscal decisions must not be based on transient market highs. The proposed Minerals Revenue Management Act would serve as a cornerstone for disciplined spending and strategic investment, ensuring that the country’s mineral endowment serves as a catalyst for sustainable growth rather than a short-term fix. The Chamber’s vision is clear: Ghana must save the windfalls of today to ensure the economic bust of tomorrow does not compromise the nation’s development.

Ghana’s Economic Transition: Bank of Ghana Slashes Rates and Introduces Non-Interest Banking Ahead of IMF Exit
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Ghana’s Economic Transition: Bank of Ghana Slashes Rates and Introduces Non-Interest Banking Ahead of IMF Exit

The Bank of Ghana (BoG) has signaled a decisive shift from economic crisis management to private-sector stimulus by cutting its Monetary Policy Rate (MPR) by 250 basis points to 15.5%. Announced by Governor Dr. Johnson Pandit Asiama during the 128th Monetary Policy Committee (MPC) meeting, this reduction brings the policy rate to its lowest level since March 2022. The move is underpinned by a remarkable disinflation trend, with headline inflation plummeting from a peak of over 54% in late 2022 to just 5.4% in December 2025. This aggressive easing cycle, which began in 2025, aims to lower borrowing costs and provide a critical lifeline for businesses in the agriculture and manufacturing sectors that have long struggled under high interest rates. In tandem with the rate cut, the central bank has announced that it will soon begin issuing licenses for non-interest (Islamic) banking operations. Governor Asiama highlighted that this initiative follows increasing investor interest and aims to bolster financial inclusion and job creation. By providing an alternative funding avenue grounded in principles that avoid interest-based transactions, the BoG intends to offer small and medium-sized enterprises (SMEs) more flexible financing options. Professor John Gartchie Gatsi, an advisor to the Governor, emphasized that while the legal framework was established under the 2016 Banks and Specialised Deposit-Taking Institutions Act, the formal rollout will provide a much-needed boost to sustainable development and infrastructure financing. However, this period of monetary easing is met with professional caution from the Ghana Association of Banks (GAB). As Ghana prepares to exit the IMF Extended Credit Facility programme in August 2026, the Association has warned lenders to brace for a landscape without external support. Potential risks include renewed currency volatility, fluctuations in global interest rates, and capital flow reversals that could tighten liquidity and increase funding costs. The GAB is urging financial institutions to enhance their risk management frameworks and maintain prudent lending practices to ensure that the current gains in macroeconomic stability are not erased post-IMF exit. Looking ahead, the success of this transition depends on the effective transmission of the lower MPR from commercial banks to the real economy. Analysts forecast that average lending rates could fall to between 17% and 20% by mid-2026 if transmission is successful. While the outlook remains positive with single-digit inflation projected to hold through the year, both the central bank and the Association of Banks agree that fiscal discipline and structural reforms remain essential. The coming months will be a critical test of Ghana’s ability to sustain private-sector growth and financial stability as it navigates the final stages of its international recovery program.

Nigeria Police Arrest Six in N7.7 Billion Cyber Fraud Case Against Telecom Company
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Nigeria Police Arrest Six in N7.7 Billion Cyber Fraud Case Against Telecom Company

The Nigeria Police Force has arrested six individuals linked to a significant cyber-enabled fraud scheme that resulted in losses exceeding N7.7 billion for a telecommunications company. The arrests were made following a petition from the company, which reported unauthorized activities in its billing systems. Investigations revealed that the suspects had compromised staff login credentials, allowing them to manipulate airtime and data resources illegally. The police conducted operations in Kano, Katsina, and the Federal Capital Territory, leading to the recovery of various high-value assets, including properties, electronics, and substantial cash from bank accounts connected to the suspects. Inspector-General of Police Kayode Egbetokun praised the professionalism of the officers involved and reaffirmed the police's commitment to combating cybercrime and safeguarding digital and financial systems.

Mahama Highlights AfCFTA as Africa's Key to Industrial Integration at Trade Summit 2026
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Mahama Highlights AfCFTA as Africa's Key to Industrial Integration at Trade Summit 2026

During the Africa Trade Summit 2026 held in Accra, President John Mahama underscored the transformative potential of the African Continental Free Trade Area (AfCFTA), describing it as the most ambitious integration project in Africa's history. He emphasized that the AfCFTA, which creates a single market of over 1.3 billion people, is crucial for enhancing Africa's manufacturing and investment opportunities. Mahama articulated that achieving industrialization through AfCFTA requires deliberate policies focused on infrastructure investment, enterprise development, and digital trade initiatives. He pointed out the necessity of reducing non-tariff barriers, simplifying customs processes, and improving logistics to foster a conducive environment for trade and investment. The President called for a collaborative effort among governments, private sectors, financial institutions, and development partners to turn the vision of a prosperous, integrated Africa into reality. He urged African leaders to shift from mere agreements to actionable implementation, ensuring that the benefits of AfCFTA are fully realized across the continent. Mahama's remarks highlight the importance of coordinated efforts and strong governance to achieve the ambitious goals set forth by the AfCFTA.

Bank of Ghana Reports Increased Lending as Liquidity Improves
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Bank of Ghana Reports Increased Lending as Liquidity Improves

The Bank of Ghana (BoG) has reported a significant increase in loan offers from commercial banks, indicating improved liquidity and a strengthening banking sector. Governor Dr. Johnson Asiama announced during a press briefing on January 28, 2026, that banks are actively reaching out to customers with loan proposals, a trend attributed to a recent reduction in the Monetary Policy Rate (MPR) from 18% to 15.5%. This 250 basis point cut is part of the BoG's strategy to support economic growth and enhance access to credit for the private sector. Dr. Asiama emphasized that the lowered interest rates are a positive sign of renewed confidence in the financial system, which is expected to stimulate private-sector investment and consumption. He noted that while inflation forecasts remain within target, ongoing geopolitical tensions and changes in utility tariffs could pose risks to the economy. Nevertheless, the overall outlook for GDP growth in 2026 remains robust, bolstered by the anticipated increase in lending activity. This shift towards more accessible credit is seen as a crucial factor in fostering economic recovery and growth, as banks become more willing to extend loans at lower rates, reflecting a more favorable lending environment in Ghana.

Bank of Ghana to Receive Government Support for Recapitalisation Amid DDEP Challenges
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Bank of Ghana to Receive Government Support for Recapitalisation Amid DDEP Challenges

The Bank of Ghana (BoG) is set to receive government support for its recapitalisation efforts following financial strains resulting from the Domestic Debt Exchange Programme (DDEP). BoG Governor Dr. Johnson Asiama confirmed that discussions with the government have been constructive, emphasizing the importance of restoring the Bank's financial health for its credibility and operational independence. Although former Finance Minister Dr. Cassiel Ato Forson previously ruled out taxpayer funding, advocating for internal reforms instead, the current dialogue suggests a shift towards government involvement in the recapitalisation process. Furthermore, improvements have been noted in the commercial banking sector, with 21 out of 23 banks meeting capital adequacy requirements by the end of December 2025. The remaining banks have until March 2026 to comply with these standards, indicating a positive trend in the sector's resilience and regulatory adherence.

Public Outcry for Clarity as Ghana's Gold Reserves Plummet by Nearly 19 Tonnes
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Public Outcry for Clarity as Ghana's Gold Reserves Plummet by Nearly 19 Tonnes

Economist Dr. Frank Bannor has raised alarms over a significant decline in Ghana's gold reserves, which plummeted from 37.1 tonnes in September 2025 to just 18.6 tonnes by December 2025—a staggering drop of 18.5 tonnes within three months. This sharp decrease has prompted calls for a public explanation from the Governor of the Bank of Ghana, as it contrasts sharply with the country's rising Gross International Reserves, which increased from $9.11 billion to $13.83 billion during the same period. Dr. Bannor emphasized the strategic importance of gold as a national asset and questioned the methods behind the reserves' decline, speculating whether it involved sales, swaps, or other arrangements. He underscored the need for transparency in reserve management to restore public confidence amid ongoing economic recovery efforts. The economist's demands highlight the critical need for accountability from the central bank to maintain trust in its monetary governance.

Ghana Secures $2 Billion Gas Agreement with Jubilee Partners to Lower Prices and Boost Consumption
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Ghana Secures $2 Billion Gas Agreement with Jubilee Partners to Lower Prices and Boost Consumption

On January 27, 2026, Ghana's Energy and Green Transition Minister, John Jinapor, announced a significant $2 billion agreement with Jubilee Partners aimed at reducing gas prices from $3.1 to $2.5 per unit. This initiative is designed to enhance domestic gas consumption and support the country's energy transition efforts. The agreement has already received Cabinet approval and will soon be presented to Parliament for further consideration. In addition to the Jubilee Partners deal, the government has also signed a $1.5 billion agreement with Sankofa Partners. This collaboration is expected to further strengthen Ghana's energy sector by stabilizing energy supply, reducing production costs, and increasing oil and gas output. These strategic agreements reflect the government's commitment to improving the energy landscape in Ghana and ensuring a more sustainable energy future.

Amazon Confirms New Round of Layoffs Following Accidental Email Leak
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Amazon Confirms New Round of Layoffs Following Accidental Email Leak

Amazon has inadvertently confirmed a new round of layoffs through a draft email mistakenly sent to employees by Colleen Aubrey, senior vice president at Amazon Web Services (AWS). The email disclosed job cuts affecting workers in the US, Canada, and Costa Rica, as part of the company's strategy to enhance efficiency. This follows an earlier announcement in October regarding 14,000 job cuts, with expectations that total layoffs could reach around 30,000. Employees who are laid off will have the opportunity to reapply for limited open positions, but severance pay will be based on their tenure if they do not secure new roles. This move is part of a broader trend in the tech industry, which has seen approximately 700,000 job cuts over the past four years. Under CEO Andy Jassy's leadership, Amazon is implementing stricter workplace policies, including mandatory in-office attendance five days a week, as part of its cost-cutting measures. Additionally, the company has recently closed its remaining Amazon-branded grocery stores, further indicating a shift in its corporate strategy amidst ongoing workforce reductions.

AGRA President Advocates for Increased Investment in Smallholder Farmers at World Economic Forum
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AGRA President Advocates for Increased Investment in Smallholder Farmers at World Economic Forum

At the World Economic Forum in Davos, AGRA President Alice Ruhweza called for enhanced investments in smallholder farmers, emphasizing their critical role in stabilizing markets and strengthening global food systems. She highlighted that if smallholder farmers were considered a nation, they would represent the largest underperforming economy, yet they also hold significant potential for growth. The African food system is projected to reach a value of $1 trillion by 2030, driven by increasing demand and technological advancements. Ruhweza stressed that improving farmer incomes is essential for creating resilient and sustainable food systems, which can also address broader societal issues such as poverty alleviation and nutrition enhancement. She urged African governments to fulfill their commitment to invest at least 10% of their budgets in agriculture, a sector she described as vital for economic growth and food security. AGRA, celebrating its 20th anniversary, is focused on translating operational evidence into effective strategies for increasing farmer incomes and implementing sustainable agricultural practices across the continent. Additionally, Ruhweza discussed the transformative potential of artificial intelligence (AI) in agriculture, advocating for Africa to lead in this technological advancement to improve efficiency and equity in food systems, particularly for women farmers. The discussions at the forum also included insights from industry leaders like Elon Musk, who highlighted the economic potential of AI and robotics across various sectors.