Ghana Business News

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Oxford No. 1 Hotel Management Rejects Receivership Claims, Vows to Appeal High Court Order
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Oxford No. 1 Hotel Management Rejects Receivership Claims, Vows to Appeal High Court Order

The management of Oxford No. 1 Hotel, a prominent luxury property in Osu, Accra, has officially refuted reports that the facility has been taken over by a court-appointed receiver. In a series of statements released on July 23, 2026, Kensington Residential Partners 1 Limited (KRP1 Ltd), the developers and managers of the hotel, asserted that the property remains firmly under their control. This clarification comes in response to a High Court ruling on July 21, 2026, which authorized Cola Holdings Ltd to appoint a receiver to take possession of the hotel following a prolonged financial dispute. The legal conflict centers on an International Finance Corporation (IFC) loan used for the hotel's development. Cola Holdings Ltd claims to have settled the debt and sought reimbursement from KRP1 Ltd, eventually securing a court warrant for a receiver, Nii Amanor Dodoo, to assume control. However, KRP1 Ltd disputes the legitimacy of these claims, arguing that Cola Holdings has not provided sufficient proof of the loan repayment. The management further alleges that Cola Holdings' actions constitute a breach of fiduciary duty and represent an attempt at "double recovery" of alleged debts, particularly given the operational challenges the hotel faced during the COVID-19 pandemic. Despite the High Court order, the management has reassured stakeholders and the general public that the hotel remains fully operational and open for business. They emphasized that the enforcement of the receiver’s appointment is subject to a stay, with an implementation window that has not yet elapsed. KRP1 Ltd has already initiated the process to appeal the court's decision, citing procedural and substantive disagreements with the ruling. "The public is advised to ignore claims of a takeover and await the outcome of the legal process," the management stated, adding that they are committed to protecting the integrity of the business. As the legal battle unfolds, the case highlights the complex financial arrangements often behind major real estate developments in Ghana. The Oxford No. 1 Hotel, which is associated with Ghanaian business mogul Nana Kwame Bediako, also known as "Cheddar," serves as a high-profile landmark in the capital. The outcome of the appeal by KRP1 Ltd will be critical in determining the future governance of the luxury facility. For now, the management maintains that services continue uninterrupted, urging patience from clients and partners as they navigate the judicial system to resolve the ownership and debt disputes.

SEDAT Report Highlights Ghana's HR Pay Crisis as Global Construction Leaders Call for Greater Corporate Responsibility
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SEDAT Report Highlights Ghana's HR Pay Crisis as Global Construction Leaders Call for Greater Corporate Responsibility

A comprehensive national survey conducted by SEDAT Consult Ltd. has exposed a deep-seated crisis of compensation within Ghana’s Human Resources (HR) sector, revealing that over 70 percent of professionals feel their financial rewards do not match their strategic contributions. The 'HR Compensation & Salary Satisfaction Survey Report,' launched on July 23, 2026, indicates that 42.2 percent of respondents are explicitly dissatisfied with their current pay, while a staggering 71.1 percent believe HR roles are undercompensated compared to other executive functions. This 'HR Value Paradox' poses a significant risk to organizational stability, as 71.1 percent of those surveyed admitted they are considering leaving their current positions in search of better remuneration. To address these disparities, the SEDAT report recommends that organizations adopt regular salary benchmarking and formally recognize the strategic impact of HR on business success. The findings urge a shift toward evidence-based policy changes and greater collaboration among industry stakeholders to improve the profession's standing. By aligning remuneration systems with the increasing complexity of modern workforce management, businesses can better retain the talent necessary to drive corporate growth and efficiency in an increasingly competitive market. In a parallel development concerning corporate ethics, construction firms operating in developing nations are being urged to pivot toward environmental sustainability and robust corporate social responsibility (CSR). Mr. Wang Qi, Chairman of Chang An International Engineering Company Limited, recently emphasized that the pursuit of profit must not come at the expense of local communities or ecological standards. Speaking during a media delegation visit to his company’s headquarters in Xi’an, China, Wang argued that construction entities have a moral and operational obligation to protect the environments in which they work and to avoid exploiting vulnerable populations. Highlighting his company’s own initiatives, such as providing free medical services and developing water supply projects in host communities, Wang connected these efforts to a broader sustainable development agenda. The delegation’s visit was part of a training program organized by the China International Communication Group (CICG), aimed at fostering international collaboration and knowledge sharing between Chinese and African media professionals. These initiatives underscore the growing expectation for multinational firms to integrate community welfare directly into their business models rather than treating it as an afterthought. Together, these reports signal a transformative period for the Ghanaian and global business landscape, where the value of human capital and community impact is being re-evaluated. Whether through addressing internal pay inequities in the HR sector or upholding external environmental commitments in construction, the message to corporate leaders is clear: long-term success is inextricably linked to ethical treatment of both employees and the society at large. Moving forward, both industry-specific policy reforms and international cooperation will be essential to achieving these standards of corporate excellence.

Finance Minister Ato Forson Announces GH¢200 Million Intervention to Tackle Grain Glut as Private Sector Boosts Agribusiness Value Chain
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Finance Minister Ato Forson Announces GH¢200 Million Intervention to Tackle Grain Glut as Private Sector Boosts Agribusiness Value Chain

Finance Minister Dr. Cassiel Ato Forson has announced that the government is mobilizing significant resources to address the current maize and rice glut affecting farmers across the country. To stabilize market prices and protect agricultural livelihoods from financial losses caused by bumper harvests, the government has allocated GH¢200 million to the National Food Buffer Stock Company. This strategic move aims to purchase surplus produce, ensuring that farmers have a guaranteed market while preventing price crashes that could threaten future food security. Minister Forson emphasized that local institutional programs are also being encouraged to prioritize domestic produce to help absorb the excess supply. Complementing these government efforts, the private sector is enhancing the agricultural supply chain with new innovations tailored for smallholder farmers. Yara Ghana recently launched two specialized fertilizer products, "Yara Winner Plus" and "Yara Legume," during a stakeholder engagement in Walewale, North East Region. These products are specifically designed to optimize the nutrition of fruits, vegetables, and legumes, addressing the challenges of rising production costs and climate variability. Yara’s Country Director, Madam Theresa Randolph, reiterated the company’s commitment to supporting the sector, while the North East Regional Director of Agriculture, Mr. Edward Nasara, noted that such tailored solutions are crucial for attracting youth into farming and increasing overall productivity. Beyond raw production, there is a renewed focus on value addition and business scaling for small and medium-sized enterprises (SMEs) within the sector. Food scientist Dr. Mavis Owureku-Asare has called on agribusinesses to leverage the upcoming second edition of the Agribusiness Launchpad and Accelerator Programme, scheduled for August 5-7 at the Absa Head Office in Accra. This initiative is designed to provide critical training in food processing, marketing, and financing. By bridging the gap between farming and the market, the programme aims to help entrepreneurs transform their operations into sustainable, growth-oriented businesses through expert networking and resource allocation. These combined efforts from the Mahama administration and private stakeholders represent a holistic strategy to strengthen Ghana's agricultural foundation. While the government's immediate financial intervention provides a safety net against market volatility, the introduction of advanced inputs and SME development programs ensures long-term resilience and industrialization. Together, these initiatives seek to transform the current surplus into an opportunity for economic growth, ensuring that the country's agribusiness sector remains a robust pillar of the national economy.

Alphabet and Tesla Shares Plunge as Massive AI Investments Trigger Investor Skepticism
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Alphabet and Tesla Shares Plunge as Massive AI Investments Trigger Investor Skepticism

Shares of global technology leaders Alphabet and Tesla experienced a sharp decline on Thursday, as investor anxiety over the staggering costs of artificial intelligence (AI) development rattled the markets. Alphabet, the parent company of Google, saw its stock price fall by nearly 7% after reporting its first negative free cash flow since its initial public offering in 2004. Similarly, Tesla’s shares plummeted by 14.5% following the disclosure of significant capital expenditures that have weighed heavily on its short-term financial performance. Alphabet’s financial report highlighted a quarterly loss in free cash flow of $5.9 billion, a move driven by a massive scale-up in infrastructure to support AI initiatives. Despite achieving a robust 23% year-over-year revenue increase to $119.8 billion, the company announced plans to allocate $205 billion toward AI this year—an upward revision of $15 billion from earlier projections. Analysts suggest that while the revenue growth is healthy, the sheer scale of the investment is causing stakeholders to question the timeline for realizing tangible returns. Tesla faces similar scrutiny as it transitions its focus toward AI-driven automation and robotics. The electric vehicle manufacturer reported a negative free cash flow of $1.1 billion and signaled its intention to spend approximately $25 billion on AI infrastructure. This figure represents more than double the company's projected capital expenditures for 2025. Investors reacted sharply to the news, reflecting a broader market concern that the intense competition for AI dominance is eroding the immediate profitability of even the world’s most dominant tech firms. The market reaction underscores a growing divide between tech executives, who view AI as a foundational necessity for future survival, and investors, who are increasingly wary of heavy spending. While leaders at both Alphabet and Tesla have reaffirmed their commitment to these high-stakes investments, industry analysts remain skeptical about how quickly these technologies will translate into bottom-line profits. As the tech industry continues its aggressive pivot toward artificial intelligence, the pressure remains on these giants to prove that their massive capital outlays will eventually deliver the promised financial rewards.

Etihad Airways to Launch Direct Accra-Abu Dhabi Flights as ECOWAS Advances Single Currency for 2027
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Etihad Airways to Launch Direct Accra-Abu Dhabi Flights as ECOWAS Advances Single Currency for 2027

Etihad Airways is set to significantly boost Ghana’s aviation profile with the announcement of direct flights between Abu Dhabi and Accra, scheduled to commence in 2027. This strategic move, revealed during a high-level meeting between Ghana’s Minister for Transport, Joseph Bukari Nikpe, and an Etihad delegation led by Captain Khalid Humaid Al Ali, aims to strengthen bilateral ties and foster trade and tourism. Minister Nikpe emphasized the government’s commitment to facilitating these operations, which are expected to position Ghana as a preeminent aviation hub within the West African sub-region, facilitating smoother travel and investment between the Gulf and West Africa. This expansion in connectivity coincides with broader regional efforts toward economic integration, as the Economic Community of West African States (ECOWAS) reaffirms its commitment to launching a single currency, the ECO, also targeted for 2027. While the legal registration of the ECO trademark marks a significant milestone in the process, officials have clarified that the framework is still under development. The community intends to implement a phased rollout, allowing only member states that meet strict convergence criteria—including specific benchmarks for inflation, national debt, and monetary stability—to participate initially, ensuring a resilient foundation for the shared currency. Parallel to these structural regional developments, the private sector is seeing major moves in digital finance and capital markets. Airtel Africa has announced its intention to list its mobile money business on the London Stock Exchange. This decision, disclosed alongside the company’s first-quarter financial results, highlights the growing global investor appetite for African fintech platforms. The upcoming IPO is expected to provide the necessary capital to scale mobile financial services across the continent, further driving financial inclusion and modernizing the payment landscape in markets such as Ghana. Across the wider continent, industrial and service sectors are recording robust growth, despite a complex global trade environment. Zimbabwe reported a record-breaking surge in mineral export revenues for the first half of 2026, reaching US$2.532 billion—an 84% increase driven by high demand for Platinum Group Metals and lithium used in the global renewable energy transition. Simultaneously, Ethiopia’s capital, Addis Ababa, has emerged as a premier hub for international conferences, hosting over 221 global events following successful urban renewal projects. However, these successes occur as international trade faces new pressures, including the imposition of US tariffs ranging from 10% to 12.5% on dozens of trade partners over forced labor concerns, a move that could shift global supply chain dynamics in the coming years.

Streaming making GH musicians broke — Ras Kuuku
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Ghana’s Creative Sector Faces Pivotal Shift as Government and Corporate Leaders Drive Business Literacy and AI Adoption

The Ghanaian creative economy is at a crossroads where artistic talent must now meet the necessity of rigorous business acumen and digital innovation. Stakeholders across the spectrum, including the government, financial institutions, and telecommunications giants, are intensifying efforts to equip creators and youth entrepreneurs with the tools needed to survive in an increasingly competitive global market. This push for professionalization comes amid warnings from industry insiders that traditional artistic success no longer guarantees financial stability without the support of strategic investment and technical literacy. At the forefront of this movement, the government is advocating for a shift from pure creativity to sustainable enterprise. During a recent 'Business of Interior Design Masterclass,' Kofi Okyere Darko, the Presidential Director of Diaspora Affairs, called for increased investment in capacity-building programs across the creative spectrum. He emphasized that for sectors like fashion, film, and interior design to thrive, professionals must balance their artistic skills with entrepreneurial training. Dr. Victory Njoko, the program’s convener, reinforced this sentiment, noting that a business-oriented mindset is essential for African creatives to capitalize on the country's rapid urbanization and expanding real estate market. The digital landscape is also seeing significant infrastructure and educational investment. MTN Ghana has announced the upcoming launch of 'MTN One TV' in the fourth quarter of this year, a platform aimed at revolutionizing local content distribution for over 300 million users. Meanwhile, Access Bank Ghana has identified Artificial Intelligence (AI) as the 'great equalizer' for youth-owned small and medium-sized enterprises (SMEs). Nana Akuffo, Head of Youth Banking at Access Bank, urged young entrepreneurs to adopt AI to enhance innovation and operational efficiency, positioning digital skills as a vital component of the modern entrepreneurial ecosystem. However, the transition to digital-first business models presents significant financial risks. Reggae artist Ras Kuuku has raised an alarm regarding the economic toll of music streaming on local musicians. He warned that many artists are facing financial ruin because they underestimate the massive financial investment required for promotion and marketing on global platforms. Kuuku noted that without substantial backing, even highly talented Ghanaian musicians struggle to achieve visibility, often losing ground to better-funded competitors from Nigeria. This highlights the urgent need for the strategic financial support and marketing expertise currently being advocated by banking and government leaders. The synthesis of these perspectives suggests that the future of Ghana’s creative and SME sectors depends on a multi-faceted approach: mastering emerging technologies like AI, leveraging local streaming infrastructure, and formalizing business education. As the government and private sector collaborate to provide the necessary frameworks and training, the onus remains on Ghanaian creators to evolve beyond their crafts. Success in this new era will likely be defined by how effectively the nation's creative talent can integrate their output with sound financial management and the latest digital tools.

Finance Minister Ato Forson Signals Major Reforms for State-Owned Banks and Regional Growth
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Finance Minister Ato Forson Signals Major Reforms for State-Owned Banks and Regional Growth

Finance Minister Dr. Cassiel Ato Forson has announced significant developments in Ghana’s financial landscape, confirming that Universal Merchant Bank (UMB) and Prudential Bank are now fully recapitalized and ready for business. Speaking during the 2026 Mid-Year Fiscal Policy Review, Dr. Forson urged the public and business community to transact confidently with these institutions following successful capital injections facilitated by the Ghana Amalgamated Trust (GAT) and private sector avenues. Additionally, the government is exploring the listing of selected State-Owned Enterprises (SOEs) and state-owned banks, such as the National Investment Bank (NIB) and the Agricultural Development Bank (ADB), on the Ghana Stock Exchange (GSE). This move is designed to enhance corporate governance, transparency, and operational efficiency without relinquishing ultimate state ownership. While the government is strengthening major banks, Dr. Forson clarified that there are no immediate plans to use public funds for the recapitalization of savings and loans companies. He emphasized that these firms must pursue private sector solutions, including strategic partnerships and risk-sharing, to ensure their financial stability. This push for fiscal discipline coincides with a stern warning from the Securities and Exchange Commission (SEC) regarding 23 unlicensed investment entities. These unauthorized firms have been promoting products via social media, prompting the SEC to collaborate with law enforcement to protect the public from potential fraud and ensure compliance with the Securities Industry Act, 2016 (Act 929). In the northern part of the country, preparations are peaking for the 2026 Northern Business Fair, scheduled for July 25-26 at Jubilee Park in Tamale. The event, supported by Northern Regional Minister Ali Adolf John and Yendi Municipal Chief Executive Sugri Muniru, aims to showcase the economic potential of the region, particularly in agriculture, fashion, and technology. Ecobank Ghana has signaled its commitment to the fair, intending to provide tailored financial and digital solutions to Small and Medium-Sized Enterprises (SMEs), agribusinesses, and women-led enterprises. Local leaders have lauded the initiative, powered by Channel One TV and Citi FM, as a vital platform for connecting local producers with wider markets and attracting much-needed investment. Broader investment efforts continue across the country, with the Ghana Investment Promotion Authority (GIPA) launching a $383.65 million regional investment roadshow from July 27 to 31. This five-day tour will cover the Bono, Bono East, and Ahafo regions to map and promote domestic and foreign investment opportunities as part of the Investment Opportunity Mapping Project. The banking sector also saw a boost in international prestige, with Access Bank (Ghana) Plc recently securing two prestigious Euromoney Awards for Excellence as the Best Bank for Consumer Lending and Best Bank for SMEs. Together, these developments—ranging from regulatory vigilance to regional trade promotion—highlight a concerted effort by the government and private stakeholders to drive sustainable economic growth under the leadership of President John Mahama.

DVLA and GRA Intensify Digital Reforms to Combat Vehicle Fraud and Curb 'Goro Boys' Activities
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DVLA and GRA Intensify Digital Reforms to Combat Vehicle Fraud and Curb 'Goro Boys' Activities

Ghana’s Driver and Vehicle Licensing Authority (DVLA) is accelerating its digital transformation agenda, announcing a series of technological reforms designed to curb vehicle fraud, eliminate illegal number plate cloning, and reduce public reliance on unauthorized intermediaries. CEO Julius Neequaye Kotey has revealed that the authority will pilot a new digital vehicle registration system in August 2026, with a full national rollout scheduled for January 1, 2027. This initiative aims to centralize number plate production and implement a security framework that prevents unauthorized embossing, providing law enforcement with more robust tools for vehicle tracking and identification. The urgency of these reforms is underscored by the recent detection of over 130 vehicles suspected of being cloned or involved in duty evasion. Utilizing new inspection technology that verifies chassis numbers against comprehensive vehicle histories, the DVLA has successfully identified and seized these vehicles in collaboration with the Customs Division of the Ghana Revenue Authority (GRA). Mr. Kotey emphasized that the era of amnesty for those failing to regularize their vehicle duties has ended, warning that the DVLA and Customs will pursue prosecution for all future offenders found with fraudulent documentation. Beyond enforcement, the DVLA is addressing the root causes of service inefficiencies that drive citizens toward "Goro Boys"—the unauthorized middlemen who frequent licensing premises. Recognizing that many motorists resort to these intermediaries due to limited access to official offices in remote areas, the authority is expanding its physical presence across Ghana while digitizing its core licensing processes. The administration's focus is on regulating intermediary activities and providing the public with more efficient, direct-access channels to ensure that vehicle registration and licensing are accessible to all citizens regardless of location. Complementing the DVLA’s efforts, the GRA Customs Division is clarifying the technical processes behind vehicle import duties to ensure transparency for prospective car owners and reduce discrepancies. Senior Revenue Officer Daniel Kwame Ntem explained that duties are calculated based on specific vehicle classifications and Engine Capacity (CC) derived from the Vehicle Identification Number (VIN), rather than simply the purchase price. The GRA now provides an online calculator to help importers estimate costs based on the Manufacturer’s Suggested Retail Price (MSRP) and depreciation. These combined efforts between the DVLA and GRA represent a unified front to modernize Ghana's automotive sector and safeguard national revenue.

Finance Minister Dr. Cassiel Ato Forson Unveils $3.5 Billion Investment and 1,200MW Power Project to Revitalize Ghana's Energy Sector
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Finance Minister Dr. Cassiel Ato Forson Unveils $3.5 Billion Investment and 1,200MW Power Project to Revitalize Ghana's Energy Sector

The Government of Ghana, under the administration of President John Mahama, has secured over US$3.5 billion in investment commitments to revitalize the country's upstream oil and gas industry. Presenting the 2026 Mid-Year Budget Review in Accra, Finance Minister Dr. Cassiel Ato Forson detailed a comprehensive strategy to reverse a sharp decline in crude oil production, which fell from 71.4 million barrels in 2019 to approximately 36 million barrels by 2025. The new capital injection is specifically targeted at the Jubilee and Offshore Cape Three Points (OCTP) fields, signaling a major push to restore the sector's productivity through investor-friendly reforms and legislative updates expected to reach Parliament by the end of the year. In tandem with upstream efforts, the government is launching a massive infrastructure project to expand domestic power generation by 1,200 megawatts (MW). This initiative includes the construction of a new gas processing plant designed to handle 100 million standard cubic feet of gas daily, developed in partnership with the private sector. A key component of this expansion is a combined-cycle power plant at Kafodzidzi-Abrobeano, with the first phase scheduled for commissioning by 2028. This energy boost is projected to create nearly 1,000 jobs and generate approximately US$2 billion in savings and tax revenue over five years, while potentially reducing electricity tariffs for consumers by 10% to 20%. Complementing these industrial developments, the Bank of Ghana has reported a robust performance for the nation's Petroleum Funds in the first half of 2026. The funds closed the period with a combined balance of US$1.64 billion, derived from five crude oil liftings across the Jubilee, Sankofa-Gye Nyame, and TEN fields. While the Ghana Stabilisation Fund saw a withdrawal of US$132.94 million to support fiscal requirements, ending with a balance of US$182.68 million, the Ghana Heritage Fund remained untouched, growing to US$1.46 billion. The funds also generated a net income of US$27.79 million during this six-month window, reflecting disciplined management under the Petroleum Revenue Management Act. These strategic moves mark a pivotal moment for Ghana’s economic landscape as the government seeks to secure energy sovereignty and fiscal stability. By integrating upstream investment with downstream infrastructure and transparent revenue management, the administration aims to ensure that petroleum resources directly translate into lower living costs and industrial growth. As the Ministry of Finance prepares to submit new petroleum sector amendments to Parliament, the focus remains on sustaining production increases at the Jubilee and Sankofa fields to meet a target of 350 million standard cubic feet of gas per day, further solidifying Ghana's position as a regional energy hub.

Sammy Gyamfi, Esq. is the Chief Executive Officer of the Ghana Gold Board (GoldBod), appointed in 2025 to manage gold trading, reserves, and sector reforms.
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Finance Minister Dr. Cassiel Ato Forson Reports $15 Billion Gold Inflow as GoldBod Posts GH¢5.44 Billion Surplus

Finance Minister Dr. Cassiel Ato Forson has revealed that the establishment of the Ghana Gold Board (GoldBod) has generated a staggering US$15 billion in additional foreign exchange inflows, significantly bolstering the nation’s external reserves and stabilizing the cedi. Presenting the 2026 Mid-Year Budget Review, Dr. Forson highlighted that these inflows have contributed to a remarkable shift in the current account surplus, which rose from 1.9% in 2024 to 8.3% in 2025. This financial windfall is attributed to GoldBod’s role in formalizing gold trade and curbing smuggling, establishing the agency as a central pillar of the Mahama administration's economic recovery strategy. In tandem with these national gains, GoldBod management has dismissed claims of financial distress, reporting an overall surplus of GH¢5.44 billion for the 2025 fiscal year. CEO Sammy Gyamfi refuted allegations of losses previously raised by the Minority Caucus in Parliament, describing them as "discredited lies" intended to undermine the agency's performance. GoldBod also recorded an operational surplus of GH¢909.7 million, a feat achieved despite fluctuations in international gold prices. Beyond its balance sheet, the board has intensified regulatory oversight, recently suspending the gold trading license of Dominic Bonsu Ventures and securing a warrant for the proprietor’s arrest following alleged breaches of the Ghana Gold Board Act. Despite the record earnings, the government has acknowledged a critical economic vulnerability: Ghana’s heavy concentration on gold, which now accounts for 68.3% of all export earnings. To mitigate the risks associated with global price volatility, Dr. Forson announced the "New Economy" framework, a three-year diversification strategy. This program aims to pivot investment toward other high-potential sectors such as cocoa and palm oil, reducing the nation’s singular reliance on mineral exports while maximizing the returns from existing gold assets. Looking ahead, the government is implementing the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which targets an ambitious 15 months of import cover by 2028. A key component of this strategy involves a new mandate for mining companies to sell 30% of their production to local refineries, a move designed to enhance domestic value addition and create jobs. Furthermore, amendments to the Bank of Ghana Act have introduced shared responsibility for inflation targeting between the Ministry of Finance and the central bank, aimed at cementing long-term macroeconomic stability as the nation navigates its transition toward a more diversified export base.

Ghana hits 45% debt target years ahead of schedule – Ato Forson presents mid-year review (FULL DOCUMENT)
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Finance Minister Cassiel Ato Forson Reports Early Debt Target Success and Strategic IMF Transition in 2026 Mid-Year Review

Ghana has achieved its statutory debt-to-GDP target of 45% years ahead of schedule, a landmark announcement made by Finance Minister Dr. Cassiel Ato Forson during the 2026 Mid-Year Fiscal Policy Review. Public debt has seen a sharp decline from 61.8% in 2024 to 44.7% in 2025, stabilizing at 45.0% by mid-2026. This fiscal discipline has led the World Bank and IMF to upgrade Ghana’s debt status to sustainable, improving the risk rating from high to moderate. Under the administration of President John Mahama, the economy grew by 6.4% in the first quarter of 2026, surpassing the full-year target and pushing the national economy beyond the US$100 billion milestone. Inflation also saw a significant drop to 5.3% in June 2026, while the cedi was recognized as a top-performing currency globally during the period. Despite these macroeconomic gains, Dr. Forson warned of a significant domestic debt repayment burden totaling GH"111 billion due in 2027 and 2028, stemming from the previous Domestic Debt Exchange Programme (DDEP). To address this, the government is aggressively building a Sinking Fund, aiming to accumulate GH"30 billion by the end of 2026. This fund is currently supported by 7% of non-oil tax revenues and proceeds from domestic bond issuances, with GH"15.6 billion already secured. The Minister emphasized that while the DDEP postponed immediate crisis, proactive management is now essential to prevent a future default and maintain the trust of investors who recently participated in a GH"2.7 billion seven-year cedi bond issuance. In a strategic shift in international relations, Ghana is transitioning from the IMF-supported Extended Credit Facility (ECF) to a 36-month non-financing Policy Coordination Instrument (PCI). This new framework focuses on six reform priorities, including fiscal consolidation, governance improvement, and economic diversification, intended to anchor stability without the need for direct loans. On the domestic front, the government has launched a digital VAT platform for non-resident service providers, expected to generate GH"2.3 billion in its first year. Dr. Forson noted that if these tax reforms successfully curb current revenue leakages, the government may be in a position to reduce overall tax rates by the end of 2027. Complementing the fiscal measures, the Bank of Ghana’s Monetary Policy Committee recently maintained the policy rate at 14% to manage inflation expectations, though market analysts at Databank predict a possible cut to 12% or 13% by September 2026. While the government highlights that approximately 950,000 Ghanaians escaped multidimensional poverty between 2024 and 2025, some stakeholders remain critical. The Ghana Union of Traders' Associations (GUTA) expressed disappointment with the Mid-Year Review, citing a lack of relief regarding import duties and high business costs. Moving forward, Dr. Forson has invited the public to judge the government's performance based on the tangible creation of well-paying jobs and continued price stability as the 2027 debt horizon approaches.

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.