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.

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Kwasi Afreh Biney pledges market stalls for displaced La beach traders

The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwasi Afreh Biney, has announced a comprehensive plan to provide market stalls and employment opportunities for traders and hotel staff displaced by recent demolitions at the Labadi beachfront. Speaking on the initiative, Mr. Biney revealed that a committee has already been established to document all affected individuals, ensuring they are reintegrated into the local economy before the upcoming Christmas season. The primary focus of this intervention is to restore the livelihoods of those who operated independent businesses or worked in hospitality facilities along the popular coastal stretch. A key component of the recovery plan involves the creation of a new African market designed specifically to accommodate local vendors. This market will prioritize those selling traditional foods and artifacts, providing them with a structured and permanent space to conduct their business. In addition to the market stalls, SSNIT is looking to absorb displaced hotel workers into its existing hospitality portfolio. Mr. Biney indicated that employment opportunities will be made available at the SSNIT-owned Labadi Beach Hotel and the La Palm Royal Beach Hotel, both of which are prominent landmarks in the area. The effort to support the displaced community coincides with broader development plans for the region, including the construction of a new Meetings, Incentives, Conferences, and Exhibitions (MICE) center at the nearby Ghana Trade Fair Company site. While the demolitions were necessary for the modernization of the beachfront, the Director-General emphasized that restoration efforts would be expedited to minimize the long-term economic impact on the local community. This initiative follows recent advocacy by the Member of Parliament for La Dadekotopon, Rita Naa Odoley Sowah, regarding compensation for those affected by the clearance.

A group of banking executives and professionals pose for a formal photograph at the Ghana Association of Banks (GAB) 43rd Annual General Meeting. Dr. Ernest Addison, the Governor of the Bank of Ghana, is standing in the front row among other industry leaders in front of a blue promotional backdrop.
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Johnson Pandit Asiama confirms all 23 banks meet capital requirements

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has announced that all 23 commercial banks in the country have successfully met regulatory capital requirements. This achievement marks a significant milestone in the sector's recovery following the Domestic Debt Exchange Programme (DDEP), which had previously left 13 banks in breach of capital regulations. Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks, the Governor revealed that the banking sector's total assets grew by 20.47%, reaching GH₵500.20 billion as of August 2026. The surge in assets, up from GH₵415.20 billion in August 2025, is being attributed to improved macroeconomic conditions and a series of robust regulatory reforms. Financial stability indicators have also shown marked improvement; the industry's Capital Adequacy Ratio (CAR) rose from 18.28% to 19.10% over the past year. Furthermore, the sector has seen a notable improvement in asset quality, with the Non-Performing Loans (NPL) ratio dropping from 20.77% to 15.66% during the same period. Despite these gains, Dr. Asiama cautioned that the completion of the capital recovery process is not an end in itself. He emphasized that banks must maintain capital levels that align with their specific risk profiles and continue to strengthen their internal risk management systems. The Governor set a further target for the industry, directing all banks to work toward reducing their NPL ratios to 10% by the end of December 2026 to ensure the long-term health of their loan portfolios. Looking forward, the Bank of Ghana plans to release new directives concerning credit risk management and liquidity coverage to further solidify the regulatory framework. Dr. Asiama also highlighted the increasing importance of cybersecurity and the integration of artificial intelligence in banking operations. He stressed that while regulatory compliance is mandatory, the future stability of the sector depends on proactive management and the adoption of sustainable business models capable of withstanding future economic shocks.

Ghana to host AfriSAFE 2026 as Tropical Cable, Seplat Energy, others back event
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Ghana to host AfriSAFE 2026 safety and sustainability summit

Ghana has been selected to host the 2026 Africa Safety Award for Excellence (AfriSAFE) summit in November, a major event expected to bring together safety and sustainability professionals from across the continent. The summit will focus on technical safety and environmental governance, aiming to elevate industrial standards and promote safer community practices. As a centerpiece of Africa's safety calendar, the gathering will serve as a platform for experts to exchange ideas and develop strategies for sustainable growth. Beyond high-level discussions, the organizers have committed to practical community impact by offering free first-aid training to 1,000 Ghanaians. This initiative is designed to ensure that the benefits of the summit extend beyond the conference halls and into the everyday lives of citizens, equipping them with life-saving skills. The emphasis of the 2026 event is a deliberate transition from theoretical conversations to actionable, measurable changes in both industrial and local safety environments. The event will also feature the AfriSAFE Awards, which recognize outstanding contributions to safety excellence. The competition for these prestigious honors is already high, with more than 13,000 nominations submitted. These awards aim to celebrate professionals and organizations that have demonstrated an exceptional commitment to maintaining high safety standards and protecting lives in various sectors, ranging from energy to manufacturing. Major industry players, including Tropical Cable and Seplat Energy, have already thrown their weight behind the event. This corporate backing underscores the growing importance of environmental, social, and governance (ESG) standards in Africa’s business landscape. By hosting the summit, Ghana positions itself as a leader in the regional push for better safety regulations and sustainability practices, fostering an environment where industrial development does not come at the cost of human health or ecological integrity.

Bechem to become chicken capital of Ghana – Mahama projects
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John Mahama projects Bechem to become Ghana's chicken capital

President John Dramani Mahama has announced that the ongoing construction of the Poultry and Meat Processing Factory in Bechem, Ahafo Region, has reached the 50% completion milestone. During an inspection tour of the project site, the President projected that the facility would transform Bechem into the "chicken capital" of Ghana once it is fully operational. The factory, which began construction on November 27, 2025, is currently scheduled for commissioning by the end of the first quarter of 2027. The project is a central component of the government's broader "Nkoko Nketenkete" initiative, which aims to revitalize the domestic poultry sector and reduce reliance on imports. President Mahama highlighted the significant progress already made under this program, noting that domestic poultry production in Ghana has risen from a low of 4.6% to 22% since the initiative's inception. He emphasized that the Bechem factory would provide the necessary infrastructure to sustain this growth and bolster national food security. Addressing the local community during his visit, President Mahama encouraged the youth in the Ahafo Region to take up poultry farming as a viable and profitable business venture. He assured prospective farmers of a ready market for their produce, as the new factory will serve as a reliable off-taker for local poultry. The President stated that the facility is designed not only for meat processing but also to create numerous direct and indirect jobs for residents, contributing significantly to the local economy. Supporting the President's assessment, the Minister of Food and Agriculture indicated that the recent increase in domestic production is a direct result of targeted government interventions and private sector engagement. As the factory enters its final phases of construction over the next year, the government intends to continue supporting smallholder farmers to ensure a steady supply of birds for the processing plant. The successful completion of the Bechem factory is expected to serve as a model for similar industrial poultry projects across other regions in Ghana.

Star Oil pays GH₵2.7bn in taxes and levies during first nine months of 2026
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Star Oil pays GH₵2.7bn in taxes and levies during first nine months of 2026

Star Oil has announced a total contribution of GH₵2.7 billion in taxes and levies to the Ghanaian government for the first nine months of 2026. This financial milestone reflects the company's significant presence in the downstream petroleum sector and its commitment to meeting national fiscal obligations. The payments, covering the period from January to September 2026, highlight the scale of the indigenous oil marketing company’s operations within the local economy. The GH₵2.7 billion total encompasses several categories of fiscal responsibilities, including corporate income tax, withholding tax, and Pay As You Earn (PAYE) deductions for its extensive workforce. Additionally, the figure includes contributions toward the Growth and Sustainability Levy, a critical component of the government's revenue mobilization strategy. During this reporting period, the company successfully distributed and sold 792 million litres of petroleum products across the country. Star Oil’s operational reach is supported by a network of 280 pump stations, which allowed the firm to command a 15.78% share of the Ghanaian petroleum market. Beyond its tax contributions, the company remains a significant employer in the private sector, providing jobs for 3,106 individuals nationwide. These employees manage the retail, logistics, and administrative functions required to sustain the company's market position and service delivery. The performance of Star Oil underscores the vital role that indigenous companies play in driving economic growth and supporting the state's budgetary requirements. By maintaining a double-digit market share and a large retail footprint, the company demonstrates the capacity of local firms to compete effectively in a high-volume industry. As the 2026 fiscal year progresses, the company's consistent tax performance serves as a key indicator of the health of the downstream petroleum sector.

Ghana Standards Authority postpones auction of unserviceable vehicles
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Ghana Standards Authority postpones auction of unserviceable vehicles

The Ghana Standards Authority (GSA) has announced an indefinite postponement of its scheduled public auction of unserviceable vehicles. The exercise, which was originally set to take place on October 10, 2026, has been moved from its initial timeframe, with the Authority yet to provide a specific reason for the change in schedule. The auction was intended to begin at 9:00 AM at the GSA premises, attracting interest from various stakeholders and private bidders across the country. This postponement affects the planned disposal of various vehicles that have been designated as unserviceable by the Authority. Such auctions are a critical component of the GSA's asset management strategy, designed to ensure that government resources and equipment are handled efficiently when they reach the end of their operational life. By auctioning off these vehicles, the Authority aims to streamline its inventory and recover value from assets that no longer serve the institution's technical or administrative needs. The Ghana Standards Authority has expressed its sincere apologies to the public and all prospective bidders for any inconvenience caused by this sudden announcement. The GSA emphasized its appreciation for the public's understanding and interest in the process. While a new date for the auction has not yet been established, the Authority assured the public that a revised schedule will be communicated through official channels as soon as it is confirmed. In the interim, individuals seeking further details or specific information regarding the postponement are encouraged to contact the designated auctioneer. The Authority provided the contact number 0244 687 447 for any inquiries related to the sale. This measure ensures that interested parties remain informed while the GSA works to finalize the new logistics for the public auction.

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Sekondi-Takoradi residents demand action on rising food prices

Residents in the Sekondi-Takoradi Metropolis have called on the government and the Ministry of Food and Agriculture to take immediate steps to stabilize rising food prices. As Ghana prepares to observe World Food Day on October 16, community members highlighted the increasing difficulty households face in affording basic nutritional needs. The plea comes amidst a visible rise in the cost of essential staples, which residents say is straining family budgets and threatening local food security in the Western Region. Both shoppers and vendors in the metropolis have expressed frustration over the pricing trends of essential commodities. Local reports indicate that prices for staples such as tomatoes and fish have seen significant hikes in recent weeks. Market vendors attribute these increases to high transportation costs and systemic challenges within the distribution chain. These logistical hurdles have made it difficult for sellers to maintain stable prices, ultimately passing the financial burden onto consumers who are already struggling with a rising cost of living. To address these challenges, the residents have proposed several strategic interventions for the Ministry of Food and Agriculture to consider. Key recommendations include the expansion of cold-storage facilities to prevent post-harvest losses and the reduction of logistics costs specifically for perishable goods. Additionally, community members are urging the government to enhance access to affordable farm inputs for growers, which would help stabilize supply and prices at the source. By improving the infrastructure surrounding food transport and storage, residents believe the government can mitigate the volatility currently seen in the markets. The outcry in Sekondi-Takoradi serves as a poignant backdrop to the upcoming World Food Day celebrations. The international observance is intended to highlight the global struggle against hunger and the importance of sustainable food systems. For the residents of the metropolis, the day serves as a reminder that food security must encompass more than just the physical availability of produce; it must also ensure accessibility and affordability for the average Ghanaian family. They remain hopeful that their concerns will prompt concrete policy shifts to protect vulnerable households from future price shocks.

A gentleman in a dark suit and glasses is seen speaking at a podium with multiple microphones during a formal event. The background features a large blue screen with a '43rd' anniversary graphic and the Bank of Ghana logo, indicating an official financial sector ceremony or announcement.
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Bank of Ghana drafts directive to regulate artificial intelligence

The Bank of Ghana (BoG) has begun drafting a comprehensive regulatory directive to govern the application of artificial intelligence (AI) within the country's financial industry. Governor Dr. Johnson Pandit Asiama announced the initiative, stating that the new framework is designed to balance the promotion of technological innovation with the necessity of mitigating emerging operational and systemic risks. As digitalization continues to reshape financial services, the central bank aims to ensure that the adoption of AI contributes to a stable and resilient economic environment. According to Dr. Asiama, AI offers significant potential benefits for the banking sector, particularly in enhancing the accuracy of credit assessments and strengthening fraud detection mechanisms. By leveraging advanced algorithms, financial institutions can process vast amounts of data to make more informed lending decisions and identify suspicious transactions in real-time. However, the Governor cautioned that these opportunities come with inherent risks, specifically regarding data quality and the potential for sophisticated cybersecurity threats. He emphasized that the forthcoming directive will provide the necessary guardrails to manage these vulnerabilities effectively. The Governor further stressed that cybersecurity must no longer be viewed as a secondary IT concern but as a core business risk that requires board-level oversight. Under the new regulatory framework, banks and other financial entities will be expected to develop robust risk-management practices tailored to AI-driven processes. This includes ensuring the integrity of data sets used to train AI models and maintaining high standards of transparency. The BoG's proactive stance is part of a broader effort to modernize its regulatory toolkit to keep pace with the rapid technological evolution of the global and domestic financial landscapes.

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Prudential Life Insurance Ghana plants 12,300 mangroves at Songor

Prudential Life Insurance Ghana has reached a milestone in its five-year environmental commitment by planting 12,300 mangroves at the Songor Ramsar Site. The most recent phase of the project involved the planting of 5,000 additional seedlings on October 8, 2026, as part of a strategic effort to combat climate change and restore the nation's vital coastal ecosystems. This initiative, which originally began in 2022 under the broader Green Ghana initiative, underscores the company’s dedication to corporate social responsibility and long-term environmental sustainability. The restoration project is conducted in close collaboration with the Forestry Commission and local schools, ensuring that the community remains at the heart of the conservation effort. By focusing on the Songor Ramsar Site, the initiative addresses critical threats to the area's biodiversity and ecological health. Mangroves play a vital role in coastal defense, acting as natural barriers that reduce the risk of flooding and erosion. Furthermore, the restoration of these ecosystems is expected to enhance economic activities for local residents, who rely on the health of the lagoon and its surrounding flora for their livelihoods. With two years remaining in the five-year plan, Prudential Life Insurance Ghana has already exceeded its intermediate goal of 10,000 mangroves. Moving forward, the project will place a heavy emphasis on the long-term survival and maintenance of the planted seedlings to ensure they reach maturity. By fostering ongoing partnerships with educational institutions and government agencies, the company aims to create a sustainable model for coastal preservation that protects both the environment and the economic future of the Songor region.

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Joe Jackson warns businesses against digitising flawed service processes

Joe Jackson, the Chief Executive Officer of Dalex Finance, has issued a strong cautionary message to business leaders regarding the limitations of digital transformation. Speaking at the sixth annual CXP Ghana Conference on October 9, 2026, Jackson argued that simply moving a service online does not guarantee an improvement in the quality of the customer experience. He warned that if the underlying business process is inherently flawed, digitisation will only serve to automate those inefficiencies rather than resolve the root problems. During his presentation, Jackson emphasized that the primary goal of digital services should be to empower the end-user. He called for the development of highly intuitive and user-friendly applications that allow customers to navigate and access services independently. According to the Dalex Finance boss, a digital tool is truly effective only when it eliminates the need for external assistance or complex interventions, thereby streamlining the interaction between the company and its clientele and reducing friction in the service chain. Jackson’s remarks come at a time when many Ghanaian companies are aggressively pursuing digital-first strategies to stay competitive in a modern economy. However, he cautioned against making broad assumptions about how technology improves service delivery without first auditing internal workflows. He urged organisations to focus on the human-centric aspects of their operations, ensuring that processes are robust and customer-oriented before investing in digital interfaces. This approach, he suggested, is the only way to ensure that technology investments yield tangible benefits for both the business and its customers.

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Ghana Revenue Authority denies extortion over GH₵807.68 airport duty

The Ghana Revenue Authority (GRA) has officially dismissed allegations suggesting that Customs officers stationed at the Kotoka International Airport (KIA) engaged in extortion while processing duty for a passenger. Following a preliminary investigation into the matter, the Authority confirmed that the transaction in question was handled according to standard procedures and that the required funds were properly accounted for within the state's revenue systems. The GRA emphasized that transparency and accountability remain core to its operations at the country's ports of entry. The controversy centered on a duty assessment of GH₵807.68 levied against goods brought in by a traveler. While claims circulated that officers had improperly solicited or handled the money, the GRA's internal review established a clear and different sequence of events. According to the investigation, the exact amount of GH₵807.68 assessed on the passenger's items was paid in full directly into the Authority’s official revenue account. Records indicate that the payment was completed on the same day the assessment was made, contradicting any claims of financial irregularities or private settlements. This confirmation was supported by digital payment trails used by the Customs Division. The GRA’s swift response to these allegations highlights the sensitive nature of revenue collection at Ghana’s primary gateway. By providing specific details regarding the transaction amount and the timeline of payment, the Authority aims to reassure the public of the integrity of its electronic and manual payment systems. This incident underscores the GRA's ongoing efforts to maintain transparency at the airport and to protect the reputation of its staff against unverified reports of misconduct. Moving forward, the Authority encourages the public to use designated channels for reporting any genuine grievances regarding customs processes.

Rev. Dr. Pam Fomunung (in smock), Chief Executive Officer and Group Chair of Africa’s Brain Bank Global, and Dr. Michael Kwame Obeng, a renowned Ghanaian Plastic Surgeon and Board President for the organisation, explaining the concept of the design for the proposed medical city
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Africa’s Brain Bank Global proposes multi-billion-dollar medical city in Ada

The coastal town of Ada in the Greater Accra Region is set to be transformed into a premier destination for both specialized healthcare and ecotourism through the proposed Global Medical City project. Spearheaded by Africa’s Brain Bank Global, the multi-billion-dollar initiative aims to create a world-class medical hub that leverages the area's natural beauty. By integrating advanced technology and artificial intelligence into its clinical operations, the project seeks to position Ghana as a leader in medical tourism within the West African sub-region. Central to the vision of the Global Medical City is the establishment of a sophisticated digital health system. This infrastructure is designed to provide specialized care that currently requires many patients to travel outside of Africa for treatment. By fostering a collaborative network, the project aims to attract African medical professionals from the diaspora, encouraging them to bring their expertise back to the continent. This shift is expected to bolster the regional healthcare sector while providing local communities with access to high-quality medical services. The project also aims to capitalize on Ada’s existing status as a tourist destination by promoting a dual-purpose ecosystem. The development plans include supporting ecotourism activities such as boating and cultural tours, ensuring that the growth of the medical facility complements rather than overshadows the natural environment. This integrated approach is intended to create sustainable economic opportunities for local residents, turning Ada into a vibrant economic engine driven by both science and nature. While the scale of the project presents challenges in sustainable development and asset management, local authorities remain optimistic about its potential impact. The Global Medical City is viewed as a strategic step toward reducing the continent’s reliance on foreign healthcare systems. As the initiative moves forward, it is expected to serve as a model for how African-led organizations can address critical infrastructure gaps while preserving and promoting local environmental assets.