Ghana Business Update: New MoMo Fees, Vehicle Amnesty, and Gold Refining Milestones Drive Economic Shift

Ghana’s business landscape is undergoing significant regulatory and structural shifts as the government and private sector move to formalize the economy and increase domestic value addition. Key developments include a new fee structure for mobile money transactions, a major customs amnesty for vehicle owners, and strategic agreements to enhance the local gold refining industry. These initiatives, while aimed at improving service delivery and revenue collection, are being met with both support and caution from industry stakeholders as the country navigates persistent challenges in energy stability and fiscal oversight.

Starting June 1, 2026, MTN Ghana will implement a 0.75% fee on transfers from Mobile Money (MoMo) wallets to bank accounts, with the charge capped at GHS 5. This move, which applies even to transfers between a user’s own accounts, is intended to fund service improvements but has already sparked debate among frequent users and businesses. Simultaneously, the Ghana Revenue Authority (GRA) has announced a two-month amnesty period from June 1 to July 31, 2026, allowing owners of uncustomed vehicles to regularize their documentation without penalty. The GRA has warned that a nationwide enforcement operation will follow the expiration of this grace period. To further assist with compliance, the Registrar of Companies has extended the deadline for filing annual returns and renewing business names to June 30, 2026.

In the mining and industrial sectors, the Ghana Gold Board (GoldBod) has signed a landmark partnership with Royal Ghana Gold Refinery to refine up to one metric tonne of gold weekly. This deal is a core component of the government's strategy to end the export of raw gold by 2030 and maximize domestic earnings. However, the Association of Ghana Industries (AGI) has raised alarms regarding power instability, which they claim is "quietly strangling" the manufacturing sector. The AGI emphasizes that reliable energy is essential for the success of the newly launched 24H+ Economy portal, an initiative designed to boost production, exports, and youth employment through 24-hour industrial operations.

Infrastructure and trade reforms are also taking center stage. The Ministry for Fisheries and Aquaculture has announced plans for a modern fish market and harbor in Shama to empower women and improve local livelihoods. In the shipping sector, the Joint Consultative Business Forum has voiced strong support for the Ghana Shippers’ Authority’s (GSA) efforts to regulate shipping charges, condemning legal challenges from international shipping lines as contrary to national interests. Meanwhile, a forensic audit of the 2023 African Games commissioned by President Mahama has uncovered over $40 million in avoidable costs and financial irregularities, particularly regarding the Borteyman Sports Complex, highlighting a critical need for enhanced transparency in public project management.

As Ghana pushes forward with modernization efforts like the new E-Visa platform and digital regulatory frameworks such as the draft NITA Bill, the business community remains focused on balancing innovation with inclusion. Critics of the NITA Bill warn against over-regulation that could stifle the ICT sector, while economic analysts point to the ongoing struggles of informal traders who remain excluded from formal credit systems. Moving forward, the success of Ghana’s economic agenda will depend on the effective execution of these reforms and the government’s ability to address the foundational issues of energy reliability and fiscal discipline.