CSA Fines EY Ghana Over Licensing as SHCL and Absa Bank Partner to Tackle Housing Deficit

Ghana's business landscape is witnessing a period of rigorous regulatory enforcement and strategic financial collaboration. The Cyber Security Authority (CSA) has imposed a GH‵360,000 fine on Ernst & Young (EY) Ghana for providing cybersecurity services without a valid Cybersecurity Service Provider (CSP) licence. Despite previous directives to comply with the Cybersecurity Act of 2020, EY Ghana continued its operations, leading to three separate penalties of GH‵120,000 each. The CSA has issued an immediate cease-and-desist order for all unlicensed services, emphasizing that compliance is mandatory to protect the nation's Critical Information Infrastructure and ensure the security of the digital ecosystem.

In the financial and real estate sectors, the State Housing Company Limited (SHCL) and Absa Bank Ghana have signed a Memorandum of Understanding (MoU) to expand mortgage access. This partnership is a direct effort to address Ghana's staggering housing deficit of 1.8 million units. SHCL Managing Director John Bawah expressed optimism about the collaboration, noting that the current interest rate environment presents a strategic opportunity for prospective homeowners. By improving the availability of long-term financing, the partnership aims to make affordable housing more accessible while strengthening the overall stability of the housing industry.

The consumer goods and retail sectors are also seeing significant activity, with Promasidor Ghana launching its new Onga Mix Tomato Paste. Tailored to local preferences for quality and texture, the product was unveiled in Accra with gospel musician Diana Hamilton named as the official brand ambassador. This launch aligns with broader retail trends, such as the upcoming Family Fun Day and Back-to-School Bonanza at Accra Mall from August 21 to 23, 2026. Marketing Manager Anthony Asamoah highlighted that such events are designed to meet modern shopper expectations by blending essential retail activities with family-friendly recreation.

Finally, global lifestyle and wellness company QNET has revamped its leadership team to drive growth across Africa, appointing Mattias Mildenborn as CEO. The new leadership, including regional managers Cherif Sarr and Jared Thwaits, will focus on market development, education, and regulatory compliance. Together, these developments across cybersecurity, finance, and retail reflect a Ghanaian economy that is increasingly focused on formalization, strategic partnerships, and meeting the evolving needs of the modern consumer.