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.

Joyce Bawah Mogtari (left), Special Aide to the President, launching the 14th Ghana Garden and Flower Show. With her is Esther Cobbah, CEO, Stratcomm Africa, organiser of the event
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Ghana’s Economic Modernisation Gains Momentum: Bank of Ghana Regulates Virtual Assets as MTN Commits $1 Billion to Digital Infrastructure

Ghana’s business landscape is undergoing a significant transformation driven by regulatory advancements and massive infrastructure investments aimed at securing the nation’s digital and financial future. The Bank of Ghana (BoG) has announced major progress in operationalising the Virtual Asset Service Providers Act (Act 1154), a move designed to provide legal clarity for the cryptocurrency and digital asset sector. According to Tahiru Alhassan of the BoG, the central bank is currently developing comprehensive guidelines covering anti-money laundering (AML-CFT), consumer protection, and cybersecurity. This regulatory framework, overseen by both the BoG and the Securities and Exchange Commission, is expected to foster innovation while maintaining financial stability, offering businesses a more predictable environment for strategic planning. Complementing these regulatory steps, MTN Ghana has committed US$1 billion to digital infrastructure under its Mission 2030 Strategy. Chief Home Officer Richard Acheampong emphasised that this investment will focus on expanding fibre broadband and enhancing digital systems to meet the surging post-pandemic demand for reliable home and business connectivity. In tandem with these technological shifts, the Social Security and National Insurance Trust (SSNIT) has launched a new strategic reporting framework for its investee companies. Board Chairman Nana Ansah Sasraku III noted that this initiative aims to strengthen governance oversight, ensuring that retirement funds are managed with higher standards of accountability to provide sustainable value for millions of Ghanaian workers. Professional excellence and sector-specific growth are also taking centre stage across the country. Experts like Amo Agyapong and the Chartered Institute of Project Analysts and Consultants have highlighted the critical role of project management in national development, advocating for higher professional standards to ensure strategic goals are met in both the public and private sectors. Meanwhile, Stratcomm Africa recently launched the 14th Ghana Garden and Flower Show, where Joyce Bawah Mogtari, Special Aide to President John Mahama, urged citizens to view horticulture and agriculture as viable commercial assets. This push for economic diversification is mirrored in the Salaga North constituency, where MP Alhaji Alhassan Mumuni has provided financial aid and farm inputs to over 120 women farmers to boost agricultural productivity and local trade. In the service and consumer sectors, business expansion and customer engagement remain robust. Enterprise Group has extended its reach with a new Transitions branch in Tema, ensuring residents have access to professional bereavement services, while Telecel Ghana continues to reward customer loyalty through its "Dream Car Promo," awarding significant cash prizes to participants. Despite these positive developments, the Electricity Company of Ghana (ECG) continues to implement necessary maintenance schedules across several regions—including Ashanti, Tema, and Accra West—to stabilise the grid. Collectively, these initiatives represent a multi-faceted approach to national growth, combining high-level financial regulation with community-based economic empowerment to build a resilient and modern economy.

GCB Bank Unveils Pension-Backed Loans as Ghana’s Banking Sector Strengthens with Improved Asset Quality and AI Adoption
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GCB Bank Unveils Pension-Backed Loans as Ghana’s Banking Sector Strengthens with Improved Asset Quality and AI Adoption

Ghana's business landscape is witnessing a significant transformation in 2026, characterized by a strengthening banking sector and a surge in financial innovation. A key indicator of this resilience is the decline of the industry’s Non-Performing Loan (NPL) ratio to 16.1% in June 2026, down from 23.1% the previous year, alongside a 30.7% growth in total assets to GH"502.4 billion. Leading the charge in product innovation, GCB Bank has launched a Tier 3 Pension-Backed Loan facility. This initiative allows contributors to leverage their accrued pension benefits as collateral for loans up to GH"700,000 at a concessionary 12% interest rate, enabling individuals to invest in property or business ventures without liquidating their retirement savings. Simultaneously, major financial institutions are pivoting toward digital transformation and local empowerment. Access Bank Ghana recently completed the sale of a 7.44% stake to local pension funds and institutional investors to deepen domestic ownership and enhance liquidity on the Ghana Stock Exchange. The bank is also championing the adoption of Artificial Intelligence (AI) among youth-owned SMEs, with Nana Akuffo, Head of Youth Banking, describing the technology as an essential "equalizer" for competitiveness in a digital economy. This focus on modernization is complemented by physical expansion, such as FirstBank Ghana’s new branch in Tema Community 25, and international excellence, with Stanbic Bank Ghana’s parent company, Standard Bank Group, being named Africa’s Best Private Bank for the second consecutive year. The recovery extends into the consumer and real estate markets, where the Fast-Moving Consumer Goods (FMCG) sector grew by 3.7% in the first half of 2026, driven largely by food products. In Accra, the launch of City Vallanza has introduced the country's first purpose-built urban villa community, blending luxury with a sustainable "Community in the Park" design. On a regional scale, the upcoming 2026 Northern Business Fair in Tamale, scheduled for late July at Jubilee Park, is expected to provide a platform for local enterprises in agriculture, technology, and fashion to network and scale, supported by the Northern Development Authority and the Tamale Metropolitan Assembly. Looking ahead, the emphasis on sustainability and human capital remains a primary focus for long-term economic stability. The Nkabom Collaborative Initiative is actively promoting "green entrepreneurship," urging graduates to seek opportunities in agro-processing and waste management to address unemployment while protecting the ecosystem. These efforts, combined with individual achievements like Nestlé Ghana’s Kwabena Adaakwa ranking 11th globally in brand management, signal a robust era for Ghanaian commerce. While challenges such as inflation and high credit risk persist, the current trajectory under President John Mahama's administration suggests a maturing economy focused on local investment, digital integration, and sustainable growth.

Awardees at the 2026 Ghana Downstream Petroleum AwardsAwardees at the 2026 Ghana Downstream Petroleum Awards
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Bank of Ghana Endorses COCOBOD’s Shift to Local Financing Amid 24-Hour Economy Expansion in Energy Sector

The Bank of Ghana (BoG) has officially endorsed the Ghana Cocoa Board’s (COCOBOD) transition from traditional international syndicated loans to local market financing, marking a significant reform in the country's economic strategy. Governor Dr. Johnson Pandit Asiama described the move as a sustainable advancement that strengthens the national cocoa financing framework. Simultaneously, the National Petroleum Authority (NPA) is intensifying its monitoring of the "24-Hour Economy" pilot programme, with Chief Executive Godwin Kudzo Tameklo conducting nocturnal inspections of petroleum depots in Tema to evaluate operational efficiency and productivity gains under the new policy framework. According to Dr. Asiama, the pivot to local capital markets for cocoa purchases will alleviate significant liquidity pressures on the Bank of Ghana’s balance sheet and reduce reliance on commercial banks, which often face regulatory lending limits. This structural change is viewed as a vital step in enhancing the efficiency of the cocoa sector while safeguarding the central bank from the massive liquidity injections typical of the previous syndicated loan system. The reform aligns with broader financial initiatives intended to ensure the long-term sustainability of Ghana's agricultural backbone while fostering deeper domestic capital markets. In the energy sector, the focus is shifting from debt management to productive growth as the government prepares for African Energy Week (AEW) 2026. Following an allocation of approximately $1.47 billion in 2025 to settle debts across the energy value chain, the narrative is moving toward natural gas production and domestic industrial use. Michael Bozumbil, CEO of PETROSOL Platinum Energy PLC, recently emphasized that strong governance and local content policies have been instrumental in the resilience of the downstream industry. This growth is being supported by the NPA’s implementation of the 24-hour economy, where early feedback from 11 depots and 247 retail outlets indicates improved output, though stakeholders have highlighted the need for enhanced security and infrastructure to support extended hours. Beyond finance and energy, local government officials are actively pursuing international partnerships to address critical infrastructure gaps. Mrs. Grace Agyemang Asamoah, District Chief Executive for Atwima Kwanwoma, has engaged with leading Italian firms following the Italy-Ghana Water Technology Workshop in Accra. Her efforts aim to secure technical investment and innovative water treatment solutions to meet the growing demand for potable water in her district. These multifaceted developments—ranging from cocoa financing reforms to energy sector modernization and international water technology collaborations—underscore a concerted national effort to drive economic stability through local empowerment and strategic global partnerships.

Tech Giants Alphabet and Tesla Face AI Spending Crunch Amid Global Energy Surges and Mega-Merger Hurdles
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Tech Giants Alphabet and Tesla Face AI Spending Crunch Amid Global Energy Surges and Mega-Merger Hurdles

The global business landscape is currently being reshaped by massive capital expenditures in artificial intelligence, causing significant financial shifts for industry leaders. Alphabet, the parent company of Google, recently reported its first negative free cash flow in a decade, dropping to -$5.9 billion as AI infrastructure spending is projected to reach $205 billion this year. Similarly, Tesla reported a negative free cash flow of $1.1 billion, with CFOs from both companies describing the aggressive spending as essential for long-term dominance. This financial pressure is compounded for Alphabet by investor scrutiny following the delayed launch of its Gemini 3.5 Pro AI model, while Tesla CEO Elon Musk has fueled further speculation by hinting at a potential merger with SpaceX to leverage growing operational overlaps in AI and semiconductor development. In the media and entertainment sector, a landmark $110 billion merger between Paramount Skydance and Warner Bros Discovery has received conditional approval from the European Commission. However, the deal remains in limbo within the United States, where a coalition of 12 states has filed a lawsuit to block the acquisition, citing potential harm to the theater industry and consumer choice. U.S. Judge Araceli Martínez-Olguín has temporarily paused the merger to address these legal claims. The delay carries significant financial risks, as Paramount could face daily fees of $7 million to Warner Bros shareholders if the deal is not finalized by its looming deadline. Amidst this, the Writers Guild of America continues to voice strong opposition, concerned about the merger's impact on industry wages and job security. Energy markets are simultaneously experiencing heightened volatility, with Brent crude futures surging toward $96 per barrel—a six-week high. This price spike is largely driven by escalating geopolitical tensions, including U.S. military strikes on Iranian targets and threats from Houthi rebels against Red Sea oil tankers. Despite these disruptions, long-term energy infrastructure remains a priority for regional players. Iraq's oil minister, Basim Mohammed, recently announced $200 billion in agreements with U.S. companies aimed at boosting production capacity and gas projects. In Africa, Gabon is deepening its industrial ties with France through an agreement with Eramet to process 700,000 tonnes of manganese ore locally by 2031, marking a strategic shift toward domestic value addition. In the retail sector, Nike is pivoting its strategy in Greater China to combat a 17% decline in regional sales and stiff competition from local brands like Anta and Li Ning. Starting in January, Nike will restrict wholesale distributors from selling its products online, forcing consumers toward official platforms to maintain premium pricing and brand trust. These diverse developments—from the AI-driven cash burn at Alphabet to Nike's retail restructuring and the high-stakes legal battles over media consolidation—reflect a global corporate environment forced to balance aggressive technological innovation with complex regulatory and geopolitical realities.

Eric Opoku (1st from right), Minister of Food and Agriculture, and Elizabeth Ofosu-Adjare (2nd from right), Minister of Trade, Agribusiness and Industry, with the Ghanaian delegation during the meeting with the Burkina Faso officials
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President Mahama Administration Advances Export Strategy Through Shea Industry Support and Key Regional Trade Partnerships

President John Mahama has signaled a robust push for Ghana's export diversification and economic growth through a series of strategic agricultural and financial initiatives. In a symbolic gesture at Jubilee House, Chief of Staff Julius Debrah, representing the President, planted a shea tree to mark the government's formal commitment to the shea industry. This initiative, part of the Shea Month celebrations, aims to transform Ghana into a global leader in the shea economy by fostering local value addition and securing sustainable livelihoods for rural communities, particularly for the thousands of women who anchor the sector in the northern regions. The government has urged stakeholders to join the Global Shea Alliance to maximize the sector's potential for job creation and inclusive economic development. Bolstering this domestic agricultural drive is a significant new financial alliance between the Ghana Export-Import Bank (GEXIM) and Ghana International Bank PLC (GHIB). The two institutions have signed a Memorandum of Understanding (MoU) designed to unlock international banking services and trade finance for Ghanaian exporters. GEXIM CEO Sylvester Adinam Mensah and GHIB CEO Ian Greenstreet emphasized that this partnership will provide critical institutional support and market intelligence to small and medium-sized enterprises (SMEs). By combining GEXIM's domestic financing capabilities with GHIB's international reach, the collaboration seeks to enhance the competitiveness of Ghanaian products in global markets and boost the country's foreign exchange earnings. On the regional front, Ghana and Burkina Faso have successfully negotiated the resumption of key agricultural trade, marking a breakthrough in bilateral relations. Following high-level discussions led by the Ministers of Trade and Food and Agriculture, both nations agreed to lift mutual restrictions, allowing for the export of Ghanaian eggs to Burkina Faso and the import of Burkinabe tomatoes into Ghana. These bans, which were originally triggered by quality and regulatory concerns, will now be replaced by a streamlined process overseen by a newly established Joint Technical Committee. The agreement also includes a commitment to pursue a broader bilateral trade agreement to facilitate market access and economic cooperation. These combined efforts reflect a comprehensive strategy to position Ghana as a leading trade hub in West Africa. By integrating local industry development, such as the shea sector, with enhanced trade financing and stable regional partnerships, the Mahama administration aims to drive an industrialization agenda that creates sustainable employment. Moving forward, Ghana plans to showcase its burgeoning industrial and artisanal capacity at the upcoming International Arts and Crafts Trade Fair in Burkina Faso, further cementing its role as a competitive player in the international trade ecosystem.

Bank of Ghana warns traders, transport operators against rejecting cedi coins
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Bank of Ghana Warns of Jail Time for Coin Rejection as SEC Blacklists 23 Investment Schemes

The Bank of Ghana (BoG) has intensified its regulatory oversight, issuing a stern warning that refusing to accept legal cedi coins for transactions is a criminal offense punishable by up to three years in prison. In a series of notices released on July 22, 2026, the central bank expressed concern over the "widespread and persistent refusal" by traders, transport operators, and businesses to accept lower denomination coins, including the 1, 5, 10, 20, and 50 pesewa coins. Under the Currency Act of 1964 (Act 242), all issued coins remain legal tender, and the BoG has signaled its intention to collaborate with law enforcement to arrest and prosecute offenders, including business owners who direct their staff to reject the currency based on personal preference or convenience. This crackdown on currency misuse extends to social practices, with Governor Dr. Johnson Asiama announcing a ban on the "spraying" of cedi notes at social gatherings. During a Monetary Policy Committee briefing, the Governor labeled the practice of throwing or displaying cash at ceremonies as inappropriate behavior that demeans the national currency. Simultaneously, the BoG has closed the window for unlicensed digital credit providers to regularize their operations. Following a June 30, 2026, deadline, the central bank warned that non-compliant mobile loan applications will face severe regulatory actions and sanctions. This move is aimed at protecting consumers from harassment, data privacy violations, and predatory loan terms that have emerged in the rapidly expanding digital credit sector. In a parallel effort to safeguard the financial sector, the Securities and Exchange Commission (SEC) has identified and blacklisted 23 unlicensed entities offering investment products via social media and online platforms. Firms such as Afri Hub, BG Wealth, and Ultima Cryptocurrency Group were named as operating outside the Securities Industry Act, 2016. The SEC urged the public to verify the licensing status of any firm before committing funds, emphasizing that these unauthorized schemes pose a significant risk to investors. This warning coincides with a report from the Cyber Security Authority (CSA) revealing that restaurant and food vendor impersonation scams cost Ghanaians nearly GH"300,000 in the first half of 2026, more than tripling the losses recorded in the same period last year. Beyond financial regulation, the High Court in Accra has delivered a significant ruling in a high-profile property dispute, granting UK-based Cola Holdings and its Receiver, Nii Amanor Dodoo, the right to take possession of the No. 1 Oxford Street Hotel in Osu. Justice Faraday Johnson authorized the use of police assistance to reclaim the property, which is linked to businessman Nana Kwame Bediako. Despite opposition from Kensington Residential Partners 1 Limited, the court confirmed Cola Holdings' registered security interest. These collective actions by the judiciary, the BoG, and the SEC underscore a broad and aggressive push toward legal compliance and consumer protection across Ghana’s physical and digital business landscape.

Bank of Ghana and Financial Stakeholders Address Fraud Risks as 'Ride with MoMo' Expands Digital Payments
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Bank of Ghana and Financial Stakeholders Address Fraud Risks as 'Ride with MoMo' Expands Digital Payments

Ghana's digital financial landscape is navigating a critical phase of expansion and security, as industry leaders work to bolster consumer trust amidst rising fraud concerns. During the maiden Digital Economy Forum, organized by Hubtel and JoyNews, stakeholders debated the theme "The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy." While the Bank of Ghana (BoG) reports that the country’s digital payment ecosystem processes a staggering 10 billion transactions valued at GH"4.5 trillion, the rise of fraudulent activities poses a potential threat. Data from 2024 indicates over 16,700 fraud cases were reported, putting nearly GH"100 million at risk and prompting calls for immediate, coordinated action to safeguard the nation's digital transformation. Elhanan Owureku Asare, Head of Fintech and Innovation at the Bank of Ghana, asserted that while the figures are noteworthy, the country is not currently in a trust crisis. He emphasized that fraud remains a small percentage of overall transaction volumes but urged for increased vigilance and investment in artificial intelligence and data analytics to detect threats proactively. This perspective was balanced by John Awuah, CEO of the Ghana Association of Banks, and Kwami Tamakloe of MobileMoney Fintech Limited, who both warned of emerging signs of consumer hesitation. They argued that even a single fraud incident could lead to a decline in confidence, advocating for a zero-tolerance approach and a unified ecosystem response to protect the public. Simultaneous with these security discussions, practical steps are being taken to deepen financial inclusion through the "Ride with MoMo" campaign. This initiative, a partnership between MobileMoney Fintech Ltd and the Ghana Interbank Payment and Settlement Systems (GhIPSS), aims to transition commercial and ride-hailing drivers from cash-based transactions to digital payments via the GhQR platform. Launched in Accra and extending to Ho, the campaign promotes the MoMo Merchant Wallet, which helps drivers separate business and personal income while building a formal financial history. CEO Shaibu Haruna noted that this transition not only enhances safety and traceability for both drivers and passengers but also allows informal transport operators to better structure their businesses for future growth. The intersection of these initiatives underscores the dual challenge of Ghana's digital economy: scaling adoption while hardening defenses. Industry experts at the forum concluded that the future of digital finance in Ghana depends on robust public education and the adoption of advanced technologies to stay ahead of fraudsters. As more sectors of the informal economy, such as transport, move toward formalization, the synergy between regulatory oversight and technological innovation will be the primary driver of a secure and inclusive digital future.

Ghana becomes first African country to sign accelerated patent grant deal with USGhana becomes first African country to sign accelerated patent grant deal with US
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Gold Sector Drives Record $18.2 Billion Export Earnings for Ghana in First Half of 2026

Ghana’s export earnings reached an unprecedented $18.2 billion in the first half of 2026, a surge largely fueled by the robust performance of the gold sector. According to data from the Bank of Ghana, gold exports alone generated $12.5 billion, representing more than two-thirds of the nation's total export receipts. This performance marks a significant increase from the $13.7 billion recorded during the same period in 2025, when gold exports stood at $8.3 billion. The surge in mineral wealth, supported by cocoa earnings of $2.2 billion and crude oil exports of $1.7 billion, has expanded Ghana’s trade surplus to $8.8 billion. This strengthened trade position is expected to significantly bolster the nation’s foreign exchange reserves, with additional inflows of over $500 million from development partners anticipated by the third quarter of 2026. To sustain this growth and protect the central bank’s balance sheet, the Bank of Ghana (BoG) is finalizing a transition that shifts the financial responsibility for the Ghana Gold Board (GoldBod) to the central government. Governor Dr. Johnson Pandit Asiama confirmed that the BoG ceased direct funding of GoldBod activities effective July 1, 2026. In tandem with this shift, GoldBod has introduced a new trade financing framework for Tier 2 Licensed Gold Buyers to enhance accountability. This framework mandates strict KYC procedures and requires beneficiaries to secure financing with guarantees covering 10-50% of the value. Economists, including Associate Professor Williams Kwasi Peprah, have urged the Ministry of Finance to provide clear funding strategies in the mid-year budget review to ensure GoldBod’s operations remain seamless without crowding out private sector credit through open-market borrowing. Parallel to these financial reforms, Ghana has intensified efforts to formalize the artisanal and small-scale mining (ASM) sector through a strategic partnership with the World Gold Council (WGC). The WGC has committed an initial $250,000 as part of a $1 million grant to establish a gold verification ecosystem and the Responsible Cooperative Mining Scheme Development Programme (rCOMSDEP). This initiative aims to reduce illegal gold trading, establish compliant processing plants, and integrate small-scale miners into the formal value chain. WGC Chairman David Tait has described Ghana as a global pioneer in responsible mining, advocating for a non-partisan approach to tackle the environmental challenges of illegal mining, commonly known as 'galamsey.' On the corporate and investment front, the Minerals Income Investment Fund (MIIF) reported a resilient profit of GH"1.1 billion for 2025, despite regulatory changes to royalty allocations. MIIF CEO Justina Nelson highlighted the fund's growth, noting that royalty collections reached GH"5.39 billion in the first half of 2026, significantly exceeding targets due to favorable global gold prices. MIIF is also expanding its international footprint, hosting delegations from Zambia to share sovereign investment blueprints and exploring structured finance partnerships with the Ghana International Bank. Additionally, the investment climate received a boost as Ghana became the first African nation to sign an Accelerated Patent Grant agreement with the United States, allowing U.S. patent holders to expedite applications in Ghana, further signaling the country’s readiness for high-value technological and industrial investment.

Finance Minister Dr. Cassiel Ato Forson to Present 2026 Mid-Year Budget Review Amid Improving Economic Indicators
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Finance Minister Dr. Cassiel Ato Forson to Present 2026 Mid-Year Budget Review Amid Improving Economic Indicators

Finance Minister Dr. Cassiel Ato Forson is scheduled to present the 2026 Mid-Year Budget Review to Parliament today, July 23, 2026. This constitutional exercise allows the government to evaluate its fiscal performance over the first six months of the year and adjust economic policy directions for the remaining months. The presentation comes at a pivotal moment as the administration under President John Mahama seeks to consolidate economic gains achieved during the first half of the fiscal year, providing a roadmap for continued stability. Economic indicators leading up to this review have shown a positive trend, most notably a significant decline in inflation, which now stands at 5.3 percent. The Finance Minister is expected to update the House on whether the government’s initial macroeconomic targets—including a real GDP growth rate of at least 4.8 percent and a fiscal deficit capped at 2 percent of GDP—remain feasible. A critical component of the address will be the status of Ghana's relationship with the International Monetary Fund (IMF), specifically the transition from the Extended Credit Facility (ECF) to the Policy Coordination Instrument (PCI), signaling a shift toward more independent fiscal management. Unlike previous budget cycles that often introduced new fiscal burdens, expectations for this mid-year review suggest that no new taxes will be introduced. Instead, Dr. Forson is likely to focus on strengthening revenue mobilization through existing channels and refining public expenditure and debt management strategies. This approach aims to provide a stable environment for businesses and investors who are closely monitoring the government's commitment to fiscal discipline. However, the presentation is met with specific demands from the grassroots business community. In Kumasi, traders have publicly urged the government to use this review as an opportunity to lower taxes and implement more aggressive measures to stabilize the Ghana cedi against major foreign currencies. While the government’s focus remains on maintaining its current fiscal framework, the Finance Minister’s address will be scrutinized for how it balances these local economic pressures with the broader goals of national growth and international financial compliance.

Prof. Naana Jane Opoku-Agyemang (4th from left), Vice-President, and Maame Samma Peprah (3rd from left), the Registrar of Companies, with officials after the meeting
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President John Mahama Signs New Ghana Investment Promotion Authority Act to Modernize National Investment Landscape

In a landmark move to strengthen the nation’s economic framework, President John Dramani Mahama has officially signed the Ghana Investment Promotion Authority Act, 2026 (Act 1173) into law. This legislative overhaul transforms the former Ghana Investment Promotion Centre (GIPC) into the Ghana Investment Promotion Authority (GIPA), significantly expanding its mandate to promote, facilitate, and monitor both local and international investments. The new Act replaces the previous 2013 legislation (Act 865) and is designed to enhance Ghana’s status as a premier investment destination in Africa by streamlining administrative procedures and providing robust legal protections for investors. The GIPA Act introduces several critical reforms aimed at improving the ease of doing business and aligning Ghana’s investment climate with global standards, particularly the African Continental Free Trade Area (AfCFTA) protocols. Key provisions include the elimination of blanket minimum capital requirements for foreign-owned enterprises and the establishment of a statutory Investor Grievance Mechanism to resolve disputes efficiently. Furthermore, the legislation creates a "One-Stop-Shop" for investment processes, intended to reduce bureaucratic bottlenecks and foster a more transparent, competitive environment for sustainable economic growth. Complementing these legislative advancements, the government is also intensifying efforts to formalize the domestic economy through executive engagement. Vice-President Professor Naana Jane Opoku-Agyemang recently met with the management of the Registrar of Companies (ORC), led by Registrar Maame Samma Peprah, to discuss strategies for expanding company registration and supporting the informal sector. During the meeting, the Vice-President praised the ORC’s initiatives to improve proximity to registration services and urged the institution to prioritize public communication and innovation. This dual approach of high-level legislative reform and grassroots business formalization highlights the administration’s strategy to build a more inclusive and resilient economy. The transition to the new GIPA framework marks a significant shift in how Ghana interacts with the global market, positioning the country as a strategic gateway to West Africa. As the Authority begins its expanded operations, existing GIPC-registered enterprises are being encouraged to comply with the new statutory requirements to ensure a smooth transition. These collective measures are expected to bolster investor confidence, stimulate local enterprise participation, and ultimately accelerate job creation. By modernizing its investment laws and simplifying business entry points, Ghana aims to secure its position as a leading competitive player in the regional and international investment landscape.

National Investment Bank Reports Historic Growth as MD Dr. Zakaria Chronicles Turnaround; Bank of Ghana to Divest Remaining Stakes
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National Investment Bank Reports Historic Growth as MD Dr. Zakaria Chronicles Turnaround; Bank of Ghana to Divest Remaining Stakes

The National Investment Bank (NIB) has recorded a significant financial turnaround, with customer deposits nearly doubling from GH¢6.4 billion to GH¢12.9 billion over an 18-month period. This milestone was announced by the bank’s Managing Director, Chief Dr. Doli-wura Awushi Abdul-Malik Zakaria, during the launch of his new book, "Building Confidence, Restoring Strength: The Story Behind NIB’s Remarkable Transformation." The bank’s recovery is further highlighted by a dramatic rise in annual profits, which surged from GH¢3.1 million in 2024 to GH¢344 million by 2026, supported by a 40% increase in half-year profits during the recovery phase. Central to this recovery has been a series of aggressive restructuring measures and a focus on restoring public trust. Under Dr. Zakaria’s leadership, NIB successfully reduced its non-performing loans (NPLs) from a staggering 76% to 52.21%. The institution also became the first bank to be recapitalized in just four months, receiving GH¢1.97 billion from the Bank of Ghana (BoG), which helped it achieve a positive capital position of GH¢1.64 billion by June 2026. Beyond the balance sheet, the transformation has extended to staff welfare, with employees receiving a cumulative salary increase of 141.5%, reflecting a commitment to internal stability and morale. The Speaker of Parliament, Alban Sumana Kingsford Bagbin, who attended the book launch in Accra, emphasized that NIB's success proves that "broken governance," rather than a lack of funds, is the primary threat to state institutions. Mr. Bagbin lauded Dr. Zakaria’s disciplined approach, noting that true institutional recovery stems from strong leadership and accountability rather than mere financial injections. Dr. Zakaria echoed these sentiments, describing the transformation as an ongoing journey and urging other institutional leaders to prioritize stewardship and transparency to ensure long-term sustainability. In a related development, the Bank of Ghana has announced plans to sell its remaining stakes in both NIB and the Agricultural Development Bank (ADB). Governor Dr. Johnson Pandit Asiama confirmed that the central bank will divest its 1% residual stake in NIB and its 13% share in ADB to reinforce its role as an independent financial regulator and eliminate potential conflicts of interest between ownership and regulation. While noting a slight dip in consumer confidence due to global economic shifts, Dr. Asiama maintained that domestic financial stability remains firm as the central bank pivots toward a strictly regulatory focus, allowing NIB to continue its growth trajectory as a revitalized commercial entity.

Bank of Ghana Maintains Policy Rate at 14% as Economy Navigates Rising Debt and Global Oil Shocks
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Bank of Ghana Maintains Policy Rate at 14% as Economy Navigates Rising Debt and Global Oil Shocks

The Monetary Policy Committee (MPC) of the Bank of Ghana has unanimously decided to maintain the Monetary Policy Rate (MPR) at 14% following its 131st meeting in July 2026. Governor Dr. Johnson Pandit Asiama cited the need to manage inflationary risks stemming from geopolitical tensions in the Middle East, which have driven up crude oil prices and threatened local price stability. Despite these external pressures, the domestic economy has shown resilience, with Real GDP expanding by 6.4% in the first quarter of 2026, up from 6.2% in the same period last year. The Bank’s Composite Index of Economic Activity (CIEA) further underscored this momentum, recording a significant 13.4% annual growth in May 2026, driven by robust industrial production, tourist arrivals, and increased credit to the private sector. While growth indicators remain positive, Ghana’s fiscal and external positions face mounting challenges. Standard Bank recently revised the country’s 2026 current account surplus projection downward by US$1 billion to US$4 billion, citing the high cost of oil imports which now account for nearly 29% of total goods imports. Additionally, the Bank of Ghana reported a US$1.2 billion decline in Gross International Reserves between March and June 2026, reducing import cover to five months. This drop occurred despite a surge in total exports to US$18.29 billion, fueled by gold exports that more than doubled. The central bank noted that demand pressures for foreign exchange continue to outstrip supply, contributing to a 9.5% depreciation of the cedi against the US dollar in the interbank market over the first seven months of the year. Concerns regarding the sustainability of recent economic gains have been raised by both the National Development Planning Commission (NDPC) and the Institute of Economic Research and Public Policy (IERPP). The country’s total public debt stock rose to GH¢720.8 billion by May 2026, representing 45.1% of GDP. IERPP Executive Director Prof. Isaac Boadi cautioned that the perceived improvement in debt-to-GDP ratios may be more reflective of GDP rebasing than organic fiscal expansion, noting that high recurrent spending on debt servicing continues to limit infrastructure investment. Simultaneously, the NDPC warned that Ghana’s heavy reliance on gold, oil, and cocoa exports leaves the economy vulnerable to global price volatility, urging a more aggressive shift toward industrial diversification. In response to these structural weaknesses, the government is emphasizing productivity-led initiatives like the 24-Hour Economy strategy. Presidential Adviser Goosie Tanoh clarified that the initiative is designed to maximize industrial capacity and transition Ghana from a raw material exporter to a high-value producer of manufactured goods. This long-term focus on value addition is seen as critical to stabilizing the currency and creating better-paying jobs for the youth. As the Bank of Ghana prepares for its next policy meeting in late September, the focus remains on balancing these industrial ambitions with the need for a calibrated monetary stance to keep inflation within its target range amidst a volatile global energy market.