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.

President John Dramani Mahama speaking at the Council on Foreign Relations in New York
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President Mahama to List 10 State-Owned Enterprises on Stock Exchange Amid Rising Investment and Building Costs

President John Mahama has announced a landmark plan to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange (GSE) as part of a broader strategy to enhance corporate governance and attract public investment. Speaking at the Council on Foreign Relations in New York, the President emphasized that transforming these SOEs into public companies would insulate them from political interference and improve accountability. This move follows a significant turnaround in the sector, which recently recorded a combined net profit of nearly GH¢19 billion. The initiative aligns with a surge in Ghana’s investment appeal, with Foreign Direct Investment (FDI) growing from $640 million in 2024 to $2.6 billion by 2025, supported by a more stable power supply. While the investment climate shows promise, the construction sector is facing renewed price pressures. Data from the Ghana Statistical Service (GSS) reveals that building cost inflation rose to 4.6% in August 2026, up from 4.0% in July. This marks the highest level of construction inflation since November 2025. The Prime Building Cost Index was primarily driven by a 17.9% surge in plant and equipment costs and a 5.8% rise in material prices, with plumbing recording the highest inflation at 26.1%. Conversely, there was some relief in labor and raw material costs, as steel prices declined by 8.9% and labor inflation fell to -2.9% year-on-year. Ghana is also asserting itself as a major player in emerging digital and service economies. A recent International Monetary Fund (IMF) report ranks Ghana as the fifth largest cryptocurrency market in sub-Saharan Africa, with annual transactions reaching approximately $21 billion. Between 8% and 17% of the population is now engaged in crypto activities, primarily using stablecoins as a hedge against inflation. This growth is being met with increased regulatory oversight through the Virtual Asset Service Providers Act 2025. Simultaneously, the tourism sector has emerged as a significant pillar of the economy, generating over $4.34 billion in receipts from 1.3 million international visitors in 2025. To sustain this economic momentum, the Ministry of Finance and the African Development Bank (AfDB) are focusing on strengthening institutional capacity to manage large-scale projects. The AfDB currently supports a portfolio of 20 projects in Ghana valued at approximately $672 million, spanning agriculture, transport, and social interventions. Isaac Fraikue, Director of External Resources Mobilisation, noted that successful project delivery requires robust fiduciary systems and sound procurement practices beyond mere funding. These efforts are intended to address operational inefficiencies that could otherwise delay the benefits of these multi-million dollar investments for the Ghanaian public.

Esi Mmirba Wilson — Chief Human Resource Officer of MTN Ghana
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MTN Ghana and Enterprise Life Celebrate Major Anniversary Milestones Amidst Global Business Regulatory Developments

Ghana’s corporate landscape saw significant milestones this month as telecommunications giant MTN Ghana and insurance leader Enterprise Life celebrated their 30th and 25th anniversaries, respectively. These celebrations, characterized by public engagement and high-profile galas, highlight the long-term resilience of major players in the Ghanaian market despite broader economic pressures. Meanwhile, in the international consumer goods sector, the Advertising Standards Authority (ASA) has taken a firm stance against misleading marketing, banning a prominent advertisement for meal replacement brand Huel for promoting what regulators termed "irresponsible" dietary practices. MTN Ghana marked its three decades of operations with a vibrant street float in Accra, involving staff from its core telecommunications and fintech divisions. Chief Human Resource Officer Esi Mmirba Wilson emphasized that the event was a gesture of appreciation for loyal customers and a reaffirmation of the company’s commitment to supporting small and medium enterprises (SMEs) and digital finance. Simultaneously, Enterprise Life celebrated its 25th anniversary with a gala dinner themed "25 Years Strong, Rooted in Love, Driven by You." During the event, Managing Director Francis Akoto Yirenkyi and Board Chair Martin Eson-Benjamin reflected on the company’s journey in protecting families, while the National Insurance Commission (NIC) commended the firm’s resilience amidst recent economic challenges. In contrast to these local celebrations, global brand Huel is navigating regulatory challenges following the ASA's decision to ban an advertisement featuring brand ambassador Spencer Matthews. The controversy centered on an anecdote about an ultramarathon runner who allegedly "only eats Huel," which the ASA ruled could be misinterpreted as an endorsement for replacing all conventional food with the product. Although Huel argued that the ad was intended to debunk myths and not to recommend exclusive consumption, regulators maintained that the content suggested a beneficial relationship between the meal replacement shakes and elite physical performance that was nutritionally inappropriate. These developments underscore the dual themes of corporate longevity and the increasing necessity for transparency in brand communication. While MTN and Enterprise Life leverage their historical success to deepen customer trust through community engagement and recognition of past achievements, the Huel ruling serves as a reminder of the scrutiny companies face regarding health-related claims. As MTN continues its anniversary month with regional promotions and Enterprise Life looks toward "defining the future together," the global business environment remains increasingly focused on balancing aggressive marketing with ethical responsibility and regulatory compliance.

Charles Antwi-Boahen — CEO of KAB-FAM Ghana Ltd
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Ghanaian Industry Leaders and Entrepreneurs Launch Major Skills, Mentorship, and Innovation Initiatives

Ghana is witnessing a concerted surge in entrepreneurship and vocational empowerment as multiple industry leaders and organizations launch significant initiatives aimed at fostering economic independence and professional growth. Highlighting this movement, philanthropist Alhaji Seidu Agongo has introduced a nationwide program in partnership with the National Entrepreneurship and Innovation Programme (NEIP) to equip 10,000 women and youth with sewing machines and dressmaking skills. This social intervention specifically targets socially disadvantaged individuals, including school dropouts and widows, aiming to alleviate poverty through sustainable employment. Simultaneously, the Ghana Hairdressers and Beauticians Association (GHABA) celebrated its inaugural National Hair and Beauty Festival at the University of Ghana, Legon. During the event, the Industrial and Commercial Workers’ Union (ICU-Ghana) urged beauticians to transition from vocational practitioners to enterprise owners, emphasizing that even small-scale operations can become sustainable businesses with disciplined management. Professional development and mentorship are also taking center stage as the private sector looks toward future-ready workforce training. Get Your Answers Consult has opened applications for its fifth Career Mentorship Programme, scheduled to commence virtually on November 8, 2026. This initiative is designed to provide career clarity, personal branding, and networking strategies to students and jobseekers. Complementing this focus on the next generation, Nana Akwasi Awuah, Managing Partner of Parkwood and Mossane, has advocated for a stronger emphasis on business leadership at the secondary education level. Speaking at the 11th MOBA Annual Engagement Series, Awuah proposed the creation of a Mfantsipim Business and Entrepreneurship Club, setting an ambitious goal of cultivating 10,000 millionaires over the next decade by embedding business discipline and integrity early in the educational cycle. In the corporate sphere, the call for technological adaptation has become a critical priority for business survival and regional competitiveness. At the recent Forty Under 40 Summit in Accra, KAB-FAM CEO Charles Antwi-Boahen delivered a stern "innovate or die" warning to young business leaders, asserting that traditional markers of success like company size and reputation are no longer sufficient. He emphasized the necessity of adopting artificial intelligence (AI) and digitized operations, such as Enterprise Resource Planning (ERP) systems, to maintain relevance and speed in the coming decade. Antwi-Boahen also highlighted the African Continental Free Trade Area (AfCFTA) as a vital platform for expansion, urging entrepreneurs to maintain financial discipline and reinvest profits into technology. Together, these diverse initiatives reflect a broader national strategy to combine vocational training, mentorship, and digital innovation to secure Ghana’s economic future.

From stability to the kitchen:
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Bank of Ghana Personnel Costs Surge to GH¢3.29bn as Investors Face Negative T-Bill Returns

The Bank of Ghana (BoG) has reported a significant 103% surge in personnel costs, which rose from GH¢1.62 billion in 2022 to GH¢3.29 billion by 2025. This increase occurred despite a relatively modest 22% expansion in the total workforce, which grew from 2,206 to 2,691 employees. Governor Dr. Johnson Asiama attributed the rising expenditure to an evolving mandate that requires competitive remuneration for specialized skills in technology and data analytics, as well as the costs associated with replacing retiring staff. By 2025, personnel expenses accounted for 63% of the central bank's total operating costs, though officials expect this figure to moderate toward a 40% threshold in future financial cycles. While the central bank manages its internal costs, domestic investors are grappling with a shifting financial landscape as the 91-day Treasury bill yield recently fell to 4.68%. With national inflation recorded at 5.0% in August, investors are currently experiencing a negative real return of approximately 0.3 percentage points. This serves as a sharp contrast to the previous year when yields exceeded 10%. Dr. Simon Harvey of the BoG further cautioned that the recent decision to maintain the monetary policy rate at 14% may not immediately result in lower commercial lending rates, as banks must continue to weigh operational costs and market risks before adjusting their portfolios. On the broader macroeconomic front, Ghana's economy shows signs of recovery alongside persistent challenges. International reserves have successfully rebounded to approximately $12.04 billion as of September 2026. However, the Ghanaian Cedi has experienced minor depreciation, selling at GHS 12.20 on the forex market and GHS 11.70 on the BoG interbank market as of late September. Rising public debt levels remain a concern, sparking debates regarding government borrowing practices and the urgent need to diversify national exports beyond traditional sectors like gold and cocoa to ensure long-term stability. The current economic phase under the administration of President John Mahama faces the critical task of translating these macroeconomic indicators into tangible household prosperity. While falling inflation and rising reserves suggest stability at the top level, the focus is now shifting toward creating job opportunities and reducing the cost of essentials for the average Ghanaian. As the Bank of Ghana anticipates a slowdown in recruitment and operational growth, the efficacy of monetary policy transmission will be vital in determining whether the recovery can provide affordable credit and sustained economic relief for the populace.

Accra to host LTIF 2026 Trade and Investment Forum
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President Mahama to Address Housing Finance Crisis as Ghana Intensifies Global Trade and Investment Partnerships

President John Mahama is set to headline a pivotal week for Ghana’s economic landscape as he opens the National Conference on Housing Finance in Accra on October 7, 2026. Convened by the National Homeownership Fund (NHF) at the Mövenpick Ambassador Hotel, the two-day event, themed "Adequate Housing for All: Innovative Financing for Ghana’s Housing Future," aims to tackle the critical challenges of rising construction costs and high mortgage rates. The conference, timed to coincide with World Habitat Day 2026, will bring together government officials, financial institutions, and industry experts to develop sustainable financing solutions and produce a policy communiqué intended to reshape the nation’s housing sector for low- and middle-income households. On the international trade front, the UK-Ghana Chamber of Commerce (UKGCC) and the UK-Ghana Jobs and Economic Transformation Programme have launched the UK-Ghana Trade Resource Centre. Unveiled during the UK-Ghana Trade and Investment Summit 2026, this digital platform is designed to bridge information gaps and enhance market access for businesses navigating the UK-Ghana Trade Partnership Agreement. The summit concluded with a high-profile Golf Invitational hosted by UKGCC and Ecobank Ghana PLC, titled ‘Teeing Up for Growth,’ which served as a networking platform to solidify the partnerships and investments discussed during the three-day summit. Ghana is also aggressively pursuing external investment opportunities, most notably through the Ghana–Australia Multicultural & Investment Forum (GAIF) 2026, scheduled for October 13-14 in Sydney. Targeting over $100 million in deals, the forum will connect more than 500 delegates across sectors including agriculture, tourism, and trade. This diplomatic and economic push aims to leverage Ghana’s strategic position within the African Continental Free Trade Area (AfCFTA). Concurrently, the Loveworld Trade and Investment Forum will host its second edition in Accra on October 6-7, expecting 2,500 attendees from across the ECOWAS region to discuss cross-border trade, innovation, and production capacity. In the corporate sector, Midea Building Technologies (MBT) West Africa recently reaffirmed its commitment to the region through a two-day strategic conference in Ghana. Under the theme “MBT × West Africa · Ascend 2027,” the company collaborated with regional partners to review 2026 performance and strategize for future growth in product training and sales. These local and international efforts come amid a shifting global trade climate, highlighted by China’s implementation of a 55% tariff on Brazilian beef imports starting October 1, a move that underscores the importance of diversifying trade relationships and securing stable market access in an increasingly protectionist global economy.

Uganda Airlines and AWA Expand Regional Aviation While VIP Jeoun Enhances Domestic Connectivity
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Uganda Airlines and AWA Expand Regional Aviation While VIP Jeoun Enhances Domestic Connectivity

Ghana’s transport and business landscape is witnessing a significant transformation as both international and domestic operators expand their networks to facilitate trade and tourism. Uganda Airlines has announced the commencement of direct flights between Entebbe and Accra starting October 27, 2026, a move designed to bridge East and West Africa. This expansion coincides with the relaunch of Africa World Airlines (AWA) flights between Accra and Abidjan, and a major domestic infrastructure boost from VIP Jeoun Service, which recently inaugurated a new terminal in Ho to serve the Volta Region. The new Uganda Airlines route is expected to provide a critical link for investment and cargo movement between the two nations. To prepare for the launch, the airline is conducting a series of commercial roadshows and travel trade workshops in Ghana. On October 28, 2026, the airline will host a Ghana-Uganda Trade and Business Forum aimed at forging new partnerships and showcasing investment opportunities. Similarly, the relaunch of AWA’s Accra-Abidjan service has been lauded by Ghana’s Ambassador to C te d’Ivoire, Brigadier General Alhassan Abu (Rtd), as a vital step toward strengthening regional integration and facilitating business interactions within the West African sub-region. On the domestic front, VIP Jeoun Service continues its aggressive expansion, moving from a single route 17 years ago to serving 85 destinations today. The new terminal in Ho is intended to meet the rising demand for reliable transport between the Volta Region and major economic hubs like Accra and Kumasi. General Manager Mr. Adakabre Frimpong Manso highlighted the introduction of 35-seater executive coaches to enhance passenger comfort. This move is also a strategic effort to boost local tourism, with the company planning to collaborate with regional authorities to promote attractions such as the Wli Waterfalls. These developments collectively underscore a broader push toward improving connectivity to support the African Continental Free Trade Area (AfCFTA). While the aviation sector focuses on easing the movement of goods and people across borders, the expansion of road transport services ensures that regional capitals are better integrated into the national economy. As these services scale, regulatory bodies like the National Road Safety Authority have emphasized the importance of safety compliance, including relay-driving systems, to ensure that this growth remains sustainable and secure for all travelers.

Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, is pictured speaking at a formal business event. He is wearing a dark suit and glasses, addressing an audience from behind a microphone with the Bank of Ghana official logo visible in the corner.
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Bank of Ghana and Industry Stakeholders Strategize to Unlock SME Credit and De-risk Lending Environment

The Bank of Ghana (BoG) and the Ghana Association of Banks (GAB) are intensifying efforts to improve credit access for small and medium-sized enterprises (SMEs) by addressing structural risks and underutilized collateral systems. During a series of sensitization programs, Alexander Koomson, Assistant Director of the BoG Collateral Registry, urged businesses to leverage the Borrowers and Lenders Act, 2020 (Act 1052). He emphasized that many SMEs remain unaware of their ability to use movable assets, such as equipment and inventory, as collateral to negotiate better lending terms. While the central bank aims to facilitate easier financing, it has also issued a stern warning to financial institutions against using unlawful force or harassment in debt recovery, mandating strict adherence to statutory procedures. Despite these efforts to streamline credit, data from 2025 reveals a shifting landscape in the financial sector. Total credit enquiries reached over 25 million, representing a 12.12% decrease from the previous year, primarily due to a reduction in traditional loan enquiries. However, commercial banks maintained their dominance in the credit referencing system, accounting for 86.28% of all enquiries. This activity was largely driven by a surge in mobile money loans and payroll lending, which have become critical pillars of the credit market. John Awuah, CEO of the Ghana Association of Banks, noted that while banks are responding to improved monetary policy conditions—including a strategic policy rate of 14%—private sector credit growth grew by 29% year-on-year. However, industry leaders argue that sustainable lending requires more than just available capital. John Awuah highlighted that Ghana’s non-performing loan (NPL) ratio remains high at approximately 15.8%, a figure he identified as a significant barrier to affordable credit. He stressed the need to "de-risk" the SME environment by improving storage, distribution, and market access, particularly in the agricultural sector. Supporting this view, William Agyei-Manu, Chairman of the Agribusiness Sector of the Association of Ghana Industries (AGI), called for more flexible loan repayment structures and grace periods that align with the operational realities of different industries to prevent further rises in NPLs. To complement these financial reforms, private sector players are moving to bridge the digital and capacity gaps within the SME sector. MTN Business has launched initiatives like Yello Biz and Adwuma Pa to help small businesses, particularly those led by women, establish an online presence and improve financial literacy. These training programs are set to be decentralized across all 16 regions to enhance global competitiveness. Collectively, these initiatives from regulators, banks, and telecommunications leaders signal a coordinated push to strengthen Ghana’s credit architecture and ensure that SMEs can serve as the primary engine of national economic growth.

A festive stage setup for Fidelity Bank's 20th-anniversary celebration in Ghana, featuring a large orange '20' logo flanked by white curtains and digital displays. The scene includes indoor pyrotechnics with sparklers and a hazy atmosphere on the stage floor, creating a celebratory corporate environment.
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Ghanaian Financial Institutions Expand Outreach with Major Inclusion Initiatives and Anniversary Milestones

Ghana's financial sector is witnessing a significant surge in customer engagement and inclusion programs as several major institutions launch landmark initiatives. Fidelity Bank Ghana has commenced its 20th-anniversary celebrations under the theme "20 Years of Audacious Steps," marking its evolution from a 1998 discount house to a leading universal bank. To commemorate this milestone, the bank introduced the 'Impact at Twenty' program, which includes installing solar energy systems in 20 community hospitals and launching the Jubilee Drive promotion. This promotion offers customers the chance to win electric vehicles and cash prizes, reinforcing the bank's commitment to sustainability and its GH¢15 million investment in community projects over the last five years. Simultaneously, GCB Bank PLC has transitioned its traditional Customer Service Week into a month-long engagement program for October. Themed "The Extra Mile," the initiative is designed to deepen customer trust through direct interaction with leadership and community-focused activities. Managing Director Farihan Alhassan emphasized that the bank will use feedback gathered from Customer Town Halls and branch visits to drive service improvements. The program also features the GCB Aerobics Fiesta, highlighting a strategy that integrates wellness and community collaboration into the banking experience. In the microfinance and specialized banking space, Advans Ghana has reported a massive expansion in its outreach, doubling its client base to 160,000 individuals over the past five years. To further support women-owned enterprises, the institution launched the Mmaa Mpuntuo initiative, a GHS 20 million fund. This follows a successful 2025 period in which the bank disbursed GHS 400 million to women entrepreneurs. Advans is also prioritizing resilience through embedded microinsurance for small businesses and a dedicated climate roadmap, ensuring that financial inclusion is paired with environmental and economic protection. Adding to this nationwide momentum, Republic Bank Ghana is collaborating with JoyNews to host the inaugural Habitat Fair at the Ho Sports Stadium from October 16 to 18. The three-day event serves as a critical bridge between prospective homeowners in the Volta Region and property developers, offering expert advice on property investment and mortgage solutions. Collectively, these diverse efforts by Fidelity, GCB, Advans, and Republic Bank reflect a banking industry increasingly focused on social impact, financial literacy, and the provision of tailored solutions for the Ghanaian populace.

A group of nine individuals, including security personnel and officials, pose for a group photograph indoors. The group features members of the Ghana Police Service and military in uniform alongside civilians wearing branded Tree Crops Development Authority (TCDA) shirts.
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National Food Buffer Stock Company Achieves Record GH¢91.7 Million Profit While Tree Crops Authority Strengthens Regulatory Frameworks

The National Food Buffer Stock Company (NAFCO) has reported a landmark financial performance for the year 2025, achieving a profit before tax of GH¢91.7 million. This represents a significant turnaround for the state agency, which recorded a loss of GH¢19.4 million in the previous year. CEO George Abradu-Otoo attributed the success to comprehensive structural reforms, improved governance, and a soaring gross profit margin that jumped from 1.61 percent to 13.96 percent. The company also made its highest-ever tax contribution of GH¢20.3 million. However, despite these record gains, NAFCO management remains cautious regarding financial stability. Mr. Abradu-Otoo noted that the company's acid-test ratio of 1.18 remains marginal and has set a target of 1.5 to better mitigate financial risks and ensure more robust working capital management moving forward. Operational challenges persist as NAFCO seeks to bolster Ghana's food security through infrastructure and dedicated funding. Deputy CEO Osmond Amuah revealed that the national food storage capacity currently sits below 50,000 metric tonnes, a figure he described as inadequate for a country that consumes over six million metric tonnes of maize and rice annually. Amuah called for urgent investment in warehouses and silos to establish a 90-day emergency reserve, citing potential global supply disruptions as a major risk. The agency also highlighted a significant funding gap, noting that while GH¢1.2 billion was required to effectively manage a recent food glut, only GH¢100 million was received from the government. NAFCO is now proposing the creation of a dedicated funding source and a farmer data center to improve yield predictions and agricultural interventions. In a parallel effort to organize the agricultural sector, the Tree Crops Development Authority (TCDA) has intensified its engagement with stakeholders in the Bono Region to ensure compliance with the Tree Crops Development Authority Act, 2019 (Act 1010) and the 2023 regulations (L.I. 2471). Led by CEO Dr. Andy Osei Okrah and supported by the Ghana Private Sector Competitiveness Programme II, the initiative focused on registration, quality assurance, and traceability within the value chain. Dr. Okrah emphasized that collective responsibility among law enforcement, the media, and private sector actors is essential for the sustainable growth of the tree crops industry. These regulatory efforts, combined with NAFCO's financial recovery, signal a broader push toward enhancing the efficiency and resilience of Ghana's agricultural economy as the current administration under President John Mahama continues its term.

A composite graphic featuring a stack of polished gold bullion bars on the left side. The right side displays the official logo of GoldBod (Ghana Gold Board) with a star inside a sunburst design on a solid dark green background.
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Ghana Gold Board Surpasses September Target with US$1.87 Billion Foreign Exchange Inflow

The Ghana Gold Board (GoldBod) has reported a significant boost to the nation's financial stability, generating US$1.871 billion in foreign exchange during September 2026. This performance comfortably exceeded the monthly target of US$1.4 billion, underscoring the critical role of artisanal and small-scale mining (ASM) gold trading in supporting the national economy. These operations are conducted under the authority of Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which empowers the board to manage and trade gold to enhance Ghana's foreign exchange resources. A detailed breakdown of the September revenue shows that GoldBod exceeded its specific distribution targets for both the commercial banking sector and the central bank. Approximately US$701.3 million was sold to authorized commercial banks—surpassing the US$700 million goal—to improve liquidity and enhance stability in the foreign exchange market. More notably, US$1.17 billion was provided to the Bank of Ghana (BoG), significantly dwarfing the initial US$700 million monthly target intended for the country's foreign exchange reserves. In a move to strengthen institutional collaboration, the Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has appointed Matilda Asante-Asiedu to represent him on the GoldBod Board of Directors. As the Second Deputy Governor of the BoG, Asante-Asiedu’s appointment is aimed at fostering closer alignment between the central bank’s reserve management and GoldBod’s trading activities. This leadership update reflects the government’s broader strategy to ensure rigorous oversight and professional management of the country's precious metal assets. Looking ahead to October 2026, GoldBod projects it will generate an additional US$1.5 billion in foreign exchange. The board plans to allocate US$1 billion to commercial banks and US$500 million to the Bank of Ghana under the Ghana Accelerated National Reserves Accumulation Programme (GANRAP). To support these objectives, a new Spot FX Sales/Intermediation Framework will be implemented to ensure greater market transparency and regulatory compliance. GoldBod remains committed to working with all stakeholders to bolster Ghana's economic resilience through proactive reserve management.

An official press release from the Ministry of Finance of the Republic of Ghana, announcing a legal victory in a tax arbitration case against Tullow Ghana Limited. The document is dated September 30, 2026, and details an award of approximately US$393 million in favor of the Republic of Ghana, signed by Minister for Finance Dr. Cassiel Ato Forson.
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Ghana Secures Major Victory in $393 Million Tax Arbitration Against Tullow Oil

Ghana has achieved a significant legal milestone in the international arena, with an International Chamber of Commerce (ICC) arbitral tribunal in London upholding a US$393.09 million tax assessment against Tullow Ghana Limited. Announced by Finance Minister Dr. Cassiel Ato Forson, the ruling delivered on September 29, 2026, dismissed Tullow’s challenges regarding the taxation of business interruption insurance proceeds and loan interest deductions. The tribunal confirmed that the Ghana Revenue Authority’s (GRA) enforcement actions were lawful, properly applied, and not time-barred, marking a major success for the nation's efforts to ensure corporate tax compliance within the petroleum sector. The dispute centered on whether the GRA’s tax assessments for the period between 2016 and 2019 violated the petroleum agreements between Tullow and the Republic of Ghana. Tullow Oil expressed deep disappointment with the ruling, which specifically addressed a US$196.5 million corporate tax assessment that the tribunal found did not breach existing contracts. Notably, the ICC also determined that the 100% penalties imposed on the oil major were not covered by the company’s petroleum agreements, effectively removing contractual protections against such levies. Finance Minister Forson praised the collaborative efforts of the Attorney-General’s Office, the GRA, and external legal counsel Foley Hoag LLP, emphasizing that the decision reaffirms the principle that all companies operating in Ghana must adhere to its sovereign laws. Despite the legal confrontation, both the Ghanaian government and the GRA have expressed a commitment to maintaining a constructive partnership with Tullow, which remains the country’s largest petroleum producer. GRA Commissioner-General Anthony Kwesi Sarpong stated that the authority aims to resolve the specific obligations arising from this assessment—including accrued interest and penalties—without disrupting Tullow’s ongoing operations in the Jubilee and TEN oil fields. Sarpong highlighted that the GRA’s approach remains fair and impartial, seeking to protect national interests while ensuring a stable environment for international investment. The victory has also sparked internal political discussion, with Member of Parliament Patrick Yaw Boamah noting that much of the critical groundwork for the arbitration was initiated under the previous administration. He credited preventative legal actions for helping to avert less favorable resolutions during earlier settlement negotiations. Looking forward, the government of President John Mahama intends to use this ruling as a framework for resolving other outstanding tax matters with Tullow amicably, balancing the need for lawful revenue collection with the continued development of Ghana’s energy sector.