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.

Kwamina Asomaning, Chief Executive, Stanbic Bank Ghana
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Ghana’s Banking Sector Enters New Era with Leadership Shifts and Major Women-Led Financing Initiatives

The Ghanaian financial landscape is undergoing a significant transformation, marked by leadership changes at the Chartered Institute of Bankers (CIB) and substantial investments in gender-focused financial institutions. Dr. Ellen Ohene-Afoakwa, a managing executive at Absa Bank Ghana, has been elected as the new President of CIB Ghana, where she has pledged to prioritize professional ethics and skills development. This leadership shift occurs alongside a major government milestone: the release of GH¢400 million to capitalize the new Women’s Development Bank. Finance Minister Dr. Cassiel Ato Forson confirmed the funds are held in escrow at the Bank of Ghana, paving the way for the bank to become operational by the end of 2026. These developments coincide with a positive trend in credit conditions, with total credit flows increasing by GH¢23.708 billion in early 2026, driven largely by a 28.7% surge in private sector lending. Institutional support for inclusion is expanding through several targeted programs. The Development Bank Ghana (DBG) recently launched the ‘DBG Women’s Lending Programme,’ which aims to provide accessible capital to approximately 1,000 women entrepreneurs across the agriculture, technology, and hospitality sectors by 2028. Similarly, Republic Bank Ghana introduced the Blue Ladies Association to mentor women for leadership roles, while Absa Bank has focused on financial literacy for Persons with Disabilities to foster independence. In Northern Ghana, the Coalition for Positive Impact (CPI) is advocating for tailored financing solutions for young entrepreneurs, arguing that addressing historical inequalities is essential for regional poverty reduction and economic growth. From a policy perspective, the Bank of Ghana’s May 2026 report indicates a stabilizing macroeconomic environment. The Monetary Policy Rate was reduced from 28% in April 2025 to 14% in April 2026, reflecting easing inflation and improved market conditions. Consequently, lending rates have adjusted downward to 16.3%, and the Interbank Weighted Average Rate fell significantly to 10.4%. While private sector credit has flourished, public sector credit saw an 18.9% decline, indicating a reduced reliance on bank financing as the government pursues fiscal consolidation. Complementing these financial shifts, the maritime sector is exploring new professional exchanges with India, and the Ministry of Food and Agriculture is investing in irrigation infrastructure to ensure year-round food production. Corporate social responsibility and sustainability are also becoming central to the national business agenda. Stanbic Bank Ghana has intensified its climate action by planting over 10,000 trees, part of a broader goal to reach one million trees to support global net-zero targets. In the private sector, the Afro-Arab Group is driving economic transformation through a major affordable housing project and an electric vehicle program aimed at job creation. As Ghana navigates these diverse developments—including international regulatory shifts such as the Swiss investigation into Google's search dominance—the focus remains on building a resilient, inclusive, and environmentally responsible economy that empowers local entrepreneurs and ensures long-term stability.

Ghana Shippers’ Authority Secures Legal Victory on Container Charges as Industry Value-Addition Gains Momentum
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Ghana Shippers’ Authority Secures Legal Victory on Container Charges as Industry Value-Addition Gains Momentum

In a landmark development for Ghana’s trade sector, the Accra High Court has dismissed an application for an interlocutory injunction against the Ghana Shippers’ Authority (GSA), clearing the way for the full enforcement of its Administrative Charge Regulatory Directive. The directive, which caps the Container Administrative Charge at GH¢720 per TEU, aims to alleviate the financial burden on importers and exporters while enhancing oversight of shipping lines. The court emphasized that halting the policy would disrupt the GSA’s regulatory mandate. This legal victory is seen as a critical step toward reducing the cost of doing business at Ghana’s ports, with the GSA urging stakeholders to report any non-compliance to ensure a fair and competitive shipping industry. Parallel to these regulatory wins, the Rubber Processors Association of Ghana (RUPAG) has stepped forward to defend the government’s temporary ban on raw rubber exports. Rejecting claims that the policy harms local farmers, RUPAG reported a significant surge in local purchases—growing from 534 tonnes in April to 3,131 tonnes in June 2026. The association maintains that the local processing capacity currently exceeds production, and curbing raw exports could generate an estimated $1.36 billion in foreign exchange. By prioritizing local value addition, RUPAG argues that Ghana can better support its industrial goals and prevent the loss of essential tax revenue, encouraging a collaborative approach among all industry stakeholders. In the creative and luxury sectors, the 'Made-in-Ghana' agenda is receiving a major boost through a strategic partnership between the Ghana Gold Board (GoldBod) and music icons Shatta Wale and Medikal. GoldBod CEO Mr. Sammy Gyamfi announced that the artists will leverage their global platforms and social media presence to promote locally crafted gold jewellery, with high-profile activations planned for events like ShattaFest UK. This initiative is designed to position Ghana as a premier hub for gold value addition, creating jobs and strengthening the domestic jewellery industry. Simultaneously, Haizel’s Atelier, founded by Harribel Yeboah, is fostering the next generation of creative entrepreneurs through a summer programme for teens. By integrating AI with traditional design and luxury branding, the atelier aims to instill creativity as a vital career skill for Ghanaian youth. On the international stage, Ghanaian excellence continues to be recognized across various sectors. A campaign promoting storytelling in Ghana was among the 95 global winners at the 2026 IPRA Golden World Awards for Excellence, highlighting the country's prowess in strategic communications. In the fintech space, stablecoin infrastructure provider Yellow Card secured seven nominations at the Morgans GRC & Financial Crime Awards, specifically recognizing the contributions of team members Bright Anyanwu and Japhet Gana. These achievements, coupled with the local regulatory and industrial strides, underscore a period of robust growth and global integration for Ghana’s business landscape, reflecting a broader commitment to economic resilience and innovation.

Ghana’s Oil Sector at Crossroads: Production Crisis Meets Strategic Recovery and Qatari Investment
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Ghana’s Oil Sector at Crossroads: Production Crisis Meets Strategic Recovery and Qatari Investment

Ghana’s upstream oil and gas sector is currently navigating a dual reality of long-term production decline and an aggressive new recovery phase. According to recent data from the Institute for Energy Security (IES), the country’s crude oil production has fallen for the sixth consecutive year, dropping nearly 50% from its 2019 peak of 71.44 million barrels to a projected 37.30 million barrels in 2025. This downturn has triggered a significant fiscal impact, with total petroleum receipts plummeting by over 43%—from $1.36 billion in 2024 to approximately $770.27 million in 2025. The decline is largely attributed to natural depletion in ageing fields, a lack of replacement reserves, and a hiatus in new petroleum agreements since 2018, which now threatens government infrastructure financing and broader energy security. Despite these systemic challenges, the sector is showing resilient signs of a rebound driven by intensified drilling and strategic investments. The Jubilee field has recently exceeded production levels of 94,000 barrels per day (bopd) following a successful drilling campaign where five out of six new wells have been completed. Combined with the TEN fields, production has surpassed the 100,000 bopd milestone. To sustain this momentum, the government and its partners have approved the Greater Jubilee Plan, which involves a US$2 billion investment to drill up to 20 new wells. This push is complemented by a strategic reduction in gas prices to $2.50 per MMBtu, a move intended to lower domestic electricity generation costs and support Ghana’s industrialization agenda while transitioning to cleaner energy sources. On the investment front, the Petroleum Hub Development Corporation (PHDC) has recently signed a landmark Memorandum of Understanding (MoU) with the Al Kaabi Holding Group of Qatar. This partnership aims to accelerate the development of Ghana’s Petroleum Hub, leveraging the country’s stable investment climate and strategic location to attract international capital. While Ghana works to stabilize its output, regional dynamics provide a competitive backdrop; neighboring Nigeria recently reported its highest crude output in over six years, reaching 1.56 million barrels per day in June. Meanwhile, global market volatility remains high, with Brent crude futures surging toward $85 per barrel due to escalating geopolitical tensions in the Strait of Hormuz between the U.S. and Iran. The path forward for Ghana’s energy sector hinges on its ability to balance immediate production boosts with long-term policy reforms. Industry analysts and the IES emphasize the urgent need for the government to restart petroleum licensing rounds and improve reservoir management to reverse the multi-year decline. While the $2 billion investment in the Jubilee field and the Qatari partnership offer a blueprint for revitalization, stabilizing the sector will require a consistent influx of new agreements and operational efficiency. Achieving these goals is critical not only for restoring government revenues but also for securing the energy future of the nation amidst a volatile global landscape.

Aerial view of the Bui Power Authority (BPA) 5MWp floating solar Plant
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Ghana's Infrastructure Rated 'Poor to Fair' as Engineers Call for $1.2 Billion Aviation Investment and Solar Expansion

Ghana’s national infrastructure has received a D3 rating—categorized as “Poor to Fair”—in the 2026 Ghana Infrastructure Report Card released by the Ghana Institution of Engineering (GhIE). With an overall score of 2.83 out of 5, the assessment highlights a landscape of chronic underfunding, a weak maintenance culture, and significant governance challenges across eight critical sectors. While aviation emerged as the top performer with a C3 (71%) grade, other sectors such as roads and railways saw alarming declines, hitting E1 ratings of 50% and 48% respectively. The GhIE warns that without systemic reforms, including the establishment of a National Infrastructure Council, the country risks losing its competitive edge in the West African sub-region. In the aviation sector, Ing. Dr. Patrick Amoah Bekoe, Vice-President of the GhIE, revealed that over $1.2 billion in infrastructure investment is required to bridge existing funding gaps and meet future demand. Despite leading the report card due to recent safety improvements and upgrades at Kotoka International Airport, the sector still faces a 40% funding deficit. Dr. Bekoe emphasized that closing this gap is essential for Ghana to solidify its status as a regional aviation hub and to foster the connectivity necessary for broader economic growth. This call for capital injection aligns with the report’s finding that no single infrastructure sector in Ghana currently scores above a D1 in funding adequacy. Contrasting the funding challenges in transportation, the energy sector is poised for a significant boost with the commencement of the 1,500-megawatt Buipe Solar Power Project in August 2026. Presidential Advisor Augustus Goosie Tanoh announced that the first phase of the initiative, part of the government’s 24-Hour Economy and Accelerated Export Development Programme, aims to dramatically lower industrial electricity costs from the current 18-23 cents to between 7-9 cents per kilowatt-hour. The project will incorporate battery energy storage to ensure reliability, directly addressing the financial and reserve margin issues that limited the electric power sector's score to a D1 (66%) in the GhIE assessment. Parallel efforts to improve essential services are also underway in the water and road sectors. A delegation led by Togbe Afede XIV and Strategic Initiatives Limited recently assessed the Kpeve Water Treatment Plant for expansion to meet the growing demand for safe drinking water in the Volta Region. Meanwhile, road construction consultant Ing. Kwabena Bempong has advocated for a fundamental shift in road project planning. Following a decline in the road sector's rating, Bempong urged authorities to schedule major works outside the rainy season and prioritize sophisticated drainage systems, such as cross culverts, to prevent flood-related damage and minimize disruptions for motorists on key highways like the Accra-Winneba Road. Ultimately, the 2026 Infrastructure Report Card serves as a call to action for increased collaboration between the government, private sector, and development partners. The GhIE recommends that Ghana move beyond ad-hoc maintenance toward a structured, data-driven approach to infrastructure management. By integrating strategic projects like the Buipe Solar plant and the Kpeve expansion with systemic reforms in funding and maintenance, the nation can address its current infrastructure crisis and build the resilient foundations necessary for sustainable socio-economic development.

Ghana Completes Debt Restructuring Milestone Amid Surging Treasury Bill Demand and Currency Fluctuations
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Ghana Completes Debt Restructuring Milestone Amid Surging Treasury Bill Demand and Currency Fluctuations

The Government of Ghana has successfully reached a definitive milestone in its external debt restructuring process following the settlement of the Savings and Development Economic Recovery Agreement (SADEREA) Notes on July 13, 2026. This critical exchange, which involved replacing outstanding notes with new Ghanaian securities, effectively concludes the sovereign bonded debt restructuring initiated after the country's 2022 default. The Ministry of Finance noted that the settlement, involving approximately $117.8 million, aligns with broader efforts to restore debt sustainability and investor confidence, building on the momentum of a recent $700 million Eurobond obligation settlement completed ahead of schedule. This progress on the international stage is mirrored by strong domestic performance, as the government recently exceeded its treasury bill auction target by raising GH¢7.392 billion against a GH¢5.67 billion goal. Despite this high investor interest, particularly in the 364-day bills, finance analyst Nelson Cudjoe Kuagbedzi has issued a stern warning against returning to a cycle of unsustainable borrowing. Kuagbedzi emphasized that while the successful restructuring marks a victory for the capital market, long-term macroeconomic stability depends on maintaining strict fiscal discipline and learning from past mismanagement to prevent a recurrence of the debt crisis. However, the broader economy continues to face headwinds as the Cedi recorded a slight depreciation against major global currencies in mid-July. For the week ending July 9, the Cedi lost nearly 0.50% of its value against both the US Dollar and the British Pound, with forex bureau rates reaching GHS 12.25 for sales by July 14. Amidst these currency shifts, the Ghana Statistical Service (GSS) is set to release a key report on Informal Cross-Border Trade on July 15. The report aims to quantify trade volumes with neighbors like Togo and Côte d’Ivoire that often occur outside formal customs registers, providing essential data for future economic planning. While macro indicators show resilience, the retail sector is battling a surge in financial fraud that threatens local commerce. Many traders have reported significant losses from counterfeit currency and fraudulent mobile money alerts, particularly during peak trading hours. This rise in scams has created a wave of skepticism toward digital payments, prompting calls for more aggressive law enforcement. As Ghana moves past its debt restructuring phase, the focus must now shift to securing the domestic trade environment and ensuring that fiscal gains translate into a safe and stable marketplace for all citizens.

3TREES Ghana Pledges GH¢1.06 Million for Ministry of Food and Agriculture Headquarters Renovation
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3TREES Ghana Pledges GH¢1.06 Million for Ministry of Food and Agriculture Headquarters Renovation

The Ministry of Food and Agriculture (MoFA) has reached a significant milestone in public-private partnership after securing a GH¢1,068,455 sponsorship from 3TREES Ghana Painting Ltd. This funding is dedicated to the comprehensive renovation and repainting of the Ministry’s national headquarters as part of the company’s "Brighten Ghana Initiative." The project, which was formalized during a recent ceremony, underscores a growing trend of corporate entities aligning their social responsibility programs with national infrastructure development to support government efforts. Under the terms of the sponsorship, 3TREES Ghana Painting Ltd will cover all expenses related to the project, including high-quality materials and professional labor, ensuring that the facelift comes at no cost to the state. The initiative is designed to modernize public institutions, creating a more professional and conducive environment that supports efficient service delivery. The renovation will include a complete exterior repainting of the headquarters, transforming the aesthetic appeal of one of Ghana’s most critical government installations and signaling a revitalization of public office standards. During the sponsorship announcement, the Minister for Food and Agriculture highlighted the vital role the agricultural sector plays as the backbone of Ghana’s economy. He emphasized that improving the physical infrastructure of the Ministry is a symbolic and practical step toward enhancing productivity and morale within the sector. The Minister also used the platform to advocate for the upcoming 42nd National Farmers’ Day, scheduled for December 4, 2026, urging citizens and corporate bodies to actively support the celebration of the nation’s farmers and fishers who ensure food security. The partnership also acknowledged the contributions of other stakeholders, such as UMB Bank, in supporting agricultural transformation. By encouraging more corporations to follow the example set by 3TREES, the Ministry aims to foster a collaborative environment where private sector resources are leveraged to bolster public initiatives. This renovation project serves as a blueprint for how corporate social responsibility can be strategically channeled to improve national heritage sites and public service facilities, ultimately contributing to a more prosperous future for all Ghanaians.

Parliament Ratifies £17.25m Lease Extension for Regina House to Secure Ghana International Bank’s London Operations
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Parliament Ratifies £17.25m Lease Extension for Regina House to Secure Ghana International Bank’s London Operations

Ghana’s Parliament has officially ratified a 150-year lease agreement for Regina House in London, securing the long-term future of one of the nation’s most strategic overseas assets. Valued at approximately £17.25 million, the deal extends the tenure of the property located in the heart of London’s financial district. The building serves as the headquarters for the Ghana International Bank (GHIB), facilitating critical financial transactions between Ghana and the United Kingdom. This extension follows a comprehensive report from the Parliamentary Finance Committee and ensures the property remains under Ghanaian administration well beyond the expiration of the current lease in September 2027. Deputy Finance Minister Thomas Nyarko Ampem, who presented the agreement to the house, highlighted the economic viability of the arrangement. Regina House currently generates approximately £1.4 million in annual rental income from various tenants, a sum that is expected to support the repayment of the new lease while maintaining the bank's operational stability. The property has been a staple of Ghana’s international portfolio since 1937, and the 150-year extension is viewed as a significant step in consolidating the country’s foreign assets. The decision also addresses public concerns regarding the building’s current physical condition and its potential for more robust commercial use in the future. Beyond immediate banking operations, the government views Regina House as a cornerstone for future redevelopment and sustained revenue generation. By securing the lease, supporters argue that Ghana protects a vital national asset from market volatility while opening avenues for modernization. The Ministry of Finance intends to leverage the rental income generated by the facility to eventually acquire additional strategic properties in the United Kingdom. This broader strategy aims to enhance Ghana’s global financial presence and improve the nation’s image abroad through high-value real estate investments in international markets.

COCOBOD Warns of Cocoa Industry Collapse as Galamsey Claims 100,000 Acres of Plantations
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COCOBOD Warns of Cocoa Industry Collapse as Galamsey Claims 100,000 Acres of Plantations

The Ghana Cocoa Board (COCOBOD) has issued a stark warning that the nation’s cocoa industry is on the brink of collapse due to the relentless spread of illegal mining, popularly known as galamsey. Samuel Asuman, the Regional Manager of the Western South Cocoa Health and Extension Division of COCOBOD, revealed that more than 100,000 acres of productive cocoa farms have already been decimated by mining activities. This massive loss of farmland is triggering significant production deficits, which in turn are crippling COCOBOD’s financial stability and severely reducing Ghana’s vital foreign exchange earnings. Officials have noted that the destruction of these high-yield plantations poses an existential threat to the sector's long-term viability. The scale of destruction comes at a particularly difficult time for the agricultural sector. While COCOBOD has been investing heavily in rehabilitation programs to restore diseased and aging farms, these efforts are being systematically undermined as miners move into protected growing areas. According to Mr. Asuman, the ongoing illegal mining activities are undoing significant investments meant to boost national output. Both Mr. Asuman and official Abdul-Majid Mumuni have emphasized that the encroachment of galamsey into cocoa-growing regions is currently the single largest threat facing the industry, far outstripping the challenges posed by natural pests or weather patterns. Local leaders and stakeholders are making a desperate plea to farmers to resist the lure of quick cash from mining interests. Member of Parliament Robert Wisdom Cudjoe joined COCOBOD officials in urging landholders to view cocoa as a multi-generational investment rather than a disposable asset. The concern is that once topsoil is destroyed by illegal mining chemicals and excavation, the land becomes largely unsuitable for future agricultural use, leaving farming communities without a sustainable livelihood. The narrative from authorities emphasizes that the short-term financial gains offered by illegal miners cannot compensate for the permanent loss of productive soil and the steady income cocoa provides over decades. Looking forward, the government is reportedly developing more stringent measures and enhanced sanctions to protect cocoa-growing enclaves from further encroachment. With cocoa serving as the backbone of Ghana's agricultural economy and a primary source of employment for millions, the industry's survival is paramount for national economic stability. COCOBOD is exploring new interventions to safeguard its rehabilitation projects and ensure that the sector remains a pillar of the economy. However, officials warn that without immediate and decisive action to curb galamsey, the future of Ghana's primary export remains in serious jeopardy.

National Petroleum Authority Increases Petroleum Price Floors Effective July 16 Amid Rising Global Crude Costs
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National Petroleum Authority Increases Petroleum Price Floors Effective July 16 Amid Rising Global Crude Costs

The National Petroleum Authority (NPA) has announced a significant upward revision of the indicative price floors for petroleum products, effective July 16, 2026. This adjustment for the second pricing window of the month marks the second increase in July, reflecting a sharp reversal from earlier price reductions. Under the new directive, the floor price for petrol has been raised to GH" 13.28 per litre, up from GH" 12.79, while diesel sees a 6% jump to GH" 14.35 per litre from GH" 13.54. Additionally, Liquefied Petroleum Gas (LPG) has been pegged at a floor of GH" 10.19 per kilogram, representing a marginal increase from its previous level of GH" 10.11. The NPA’s decision is largely driven by renewed volatility in the international energy market, where benchmark crude prices have surged past US$80 per barrel. This market turbulence is primarily attributed to escalating geopolitical tensions in the Middle East, particularly renewed hostilities involving Iran. Because Ghana remains heavily dependent on imported refined petroleum products, local pricing remains acutely sensitive to these global shifts. While there was a temporary lull in conflict earlier in the month that led to a brief dip in international prices, the recent resurgence of violence has forced the regulator to adjust floors upward to ensure market stability and prevent price distortions. Since the introduction of the price floor policy in April 2024, Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) have been legally prohibited from selling products below the government-mandated thresholds. The NPA maintains that this framework is essential for promoting transparency and fairness within the fuel market. However, the move has met with criticism from industry stakeholders and consumer advocates. The Chamber of Petroleum Consumers (COPEC) had previously projected a decrease in fuel prices based on a stable Ghana cedi, leading some to argue that the mandatory floors prevent consumers from fully benefiting from potential market-driven price drops. Beyond the immediate pump prices, the revision is expected to exert significant pressure on the broader Ghanaian economy. Commercial transport operators and manufacturers are likely to face increased operational costs, which historically translates into higher food prices and transit fares. In response, industry groups are intensifying calls for the government to implement a structured, automatic price relief mechanism to shield consumers from sudden fluctuations. As the second half of July progresses, the focus remains on whether international tensions will subside enough to allow for future relief, or if the current inflationary trend will persist across the energy sector.

Supreme Court Halts Reinstatement of GN Savings and Loans License Pending Final Appeal
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Supreme Court Halts Reinstatement of GN Savings and Loans License Pending Final Appeal

The Supreme Court of Ghana has issued a stay of execution on a Court of Appeal ruling that restored the operational license of GN Savings and Loans Company Limited, effectively halting the firm's attempt to resume business. This decision suspends the implementation of a May ruling which had previously quashed the Bank of Ghana’s (BoG) 2019 revocation of the company’s license. By granting the stay, the Supreme Court has ensured that the status quo remains in place until a final determination is made regarding the legality of the Central Bank's regulatory actions during the financial sector clean-up. The legal dispute dates back to August 2019, when the Bank of Ghana revoked the license of GN Savings and Loans on the grounds of insolvency and a persistent inability to meet debt obligations. While a High Court initially upheld the BoG's decision as justified, the owners of GN Savings successfully challenged that verdict at the Court of Appeal. The appellate court had recently described the BoG's actions as "unfair and unreasonable," leading to the short-lived order to restore the company’s license and allow it to resume operations. This latest intervention by the Supreme Court has once again plunged the future of the financial institution and its stakeholders into a state of deep uncertainty. For thousands of depositors, employees, and shareholders, the stay of execution represents a significant setback to the hope of recovering assets and resuming employment. Branch offices that were anticipated to reopen following the appellate victory must now remain closed, as all operational activities are frozen pending the final judicial outcome. The final resolution of this case is expected to serve as a landmark precedent for Ghana’s banking regulations and the extent of the Central Bank’s oversight powers. The Supreme Court’s eventual ruling will clarify whether the BoG acted within its legal mandate during the 2019 clean-up or if it overstepped its authority in the case of GN Savings. Until the court delivers its final verdict, the institution remains in limbo, with the fate of its depositors' funds hanging in the balance.

GoldBod signs GH¢8.4 million agreement with GWL to rehabilitate water supply systems
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Ghana Gold Board Commits GH¢8.4 Million to Rehabilitate Water Systems Damaged by Illegal Mining

The Ghana Gold Board (GoldBod) has officially signed a GH¢8.4 million agreement with Ghana Water Limited (GWL) to rehabilitate three critical water supply systems in the Western and Central Regions. This strategic intervention is specifically designed to address the severe damage caused by illegal mining activities, which have led to heavy siltation, high turbidity, and declining water quality in these areas. The project focuses on the Bonsa, Daboase, and Sekyere Heman water supply systems, aiming to restore their operational capacity and ensure that thousands of residents regain access to clean drinking water. The rehabilitation effort involves technical works such as desilting, dredging, and infrastructure stabilization to counteract nearly a decade of environmental degradation. According to GWL Managing Director Adam Mutawakilu, water bodies in these regions have faced escalating turbidity issues since 2017, making conventional treatment increasingly difficult and costly. The partnership is seen as a timely intervention to prevent the total collapse of water service delivery in communities most affected by the environmental impacts of the mining sector. GoldBod CEO Sammy Gyamfi emphasized that this initiative is a core component of the Board’s Environmental, Social, and Governance (ESG) policies. He noted that the restoration project aligns with the Ghana Gold Board Act 2025, which outlines the organization's responsibilities toward environmental restoration. While six water systems were initially identified as needing urgent care, the current GH¢8.4 million budget will cover the first three during this initial phase. Gyamfi underscored the Board's commitment to continuous monitoring to ensure the efficient use of funds and the successful execution of the works. Looking ahead, both organizations have pledged transparency and accountability in managing the allocated resources. GWL has assured the public that the funds will be used to enhance water production capacity and service delivery immediately. If the first phase proves successful, GoldBod intends to pursue subsequent phases to rehabilitate the remaining identified systems. This collaboration represents a significant step in balancing Ghana's mining interests with the essential need for sustainable public infrastructure and community welfare.

Bank of Ghana Revokes Zeepay's Electronic Money License Over Persistent Regulatory Breaches
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Bank of Ghana Revokes Zeepay's Electronic Money License Over Persistent Regulatory Breaches

The Bank of Ghana (BoG) has taken the decisive step of revoking the Dedicated Electronic Money Issuer (DEMI) license of Zeepay Ghana Limited, effective immediately. This regulatory action follows a pattern of persistent non-compliance with the Payment Systems and Services Act, 2019 (Act 987). The central bank cited multiple breaches, most notably the company’s failure to maintain sufficient cash backing for the electronic money it issued to customers. By issuing e-money without the necessary reserves, the BoG argued that Zeepay introduced significant operational risks that jeopardized consumer protection and the overall stability of the national payment system. The revocation comes amid a backdrop of escalating legal and financial challenges for the fintech firm. Reports indicate that Zeepay has faced intensified scrutiny following a court ruling requiring it to pay over $11.6 million for failed fund transfers, alongside a separate petition from a creditor seeking to wind up the company over an unpaid debt of approximately $1.22 million. Despite multiple warnings and directives from the BoG to rectify its capital issues and adjust its financial practices, the central bank noted that Zeepay failed to fulfill regulatory mandates for fund injections. This ongoing failure to comply was ultimately deemed a direct threat to the integrity and soundness of Ghana's digital finance sector. In response to the development, the Digital Chamber of Ghana has moved to reassure the public that the country’s digital payments ecosystem remains robust and stable. While acknowledging Zeepay’s significant historical contributions to financial inclusion and cross-border remittances in Africa, the Chamber expressed its respect for the central bank’s regulatory oversight. The Chamber emphasized that this license revocation is specific to Zeepay and does not reflect the broader health of other financial institutions within the sector. It urged affected customers, agents, and merchants to remain calm and follow official guidelines from the regulator, noting that the Digital Chamber is collaborating with the BoG to ensure impacted parties are supported. Moving forward, the Bank of Ghana has instructed all Zeepay wallet holders and stakeholders to contact its dedicated complaints office or support team for assistance in securing their balances. While the revocation specifically targets Zeepay's status as an electronic money issuer, the implications for its other services, such as foreign exchange operations, remain to be fully clarified. This enforcement action serves as a stark reminder to the fintech industry regarding the critical importance of liquidity management and strict adherence to regulatory frameworks to maintain public confidence in Ghana's burgeoning digital economy.