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.

Naa Afrowa Sustains Century-Old Family Pork Business at Jamestown Chief Palace
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Naa Afrowa Sustains Century-Old Family Pork Business at Jamestown Chief Palace

In the heart of Accra, a unique indigenous business has defied the odds of shifting economic trends to reach a rare milestone: over a century of continuous operation. Situated at the Jamestown Chief Palace, this family-owned pork enterprise has become a cornerstone of local culinary tradition, successfully transitioning from what was once a simple household chore into a thriving commercial legacy. Currently managed by Naa Afrowa, a respected queen mother, the business serves as a powerful testament to the endurance and resilience of Ghanaian traditional trades in an increasingly modern marketplace. The foundations of the enterprise were laid by Naa Afrowa’s great-grandmother, who initially established the trade within the royal confines of the Jamestown Chief Palace. What began as a domestic responsibility evolved over the decades into a formalized business, surviving through multiple generations of Ghanaian history and various economic eras. This lineage of matriarchal leadership has been crucial to the business’s survival, with the trade being passed down through the family line with meticulous care. The transition from the original founder to the current stewardship of Naa Afrowa underscores a deep-seated commitment to preserving family heritage while providing essential services to the local community. Beyond its commercial success, this century-old pork business represents the cultural and culinary identity of the local community in Accra. The enterprise highlights a vital intersection of tradition and entrepreneurship, where indigenous knowledge and family methods are preserved to maintain market relevance against larger competitors. In a business landscape often dominated by short-lived startups, the resilience of Naa Afrowa’s enterprise provides a model for sustainable indigenous growth. It illustrates how traditional crafts, when managed with dedication and passed through careful mentorship, can withstand more than a hundred years of economic fluctuations. As the business continues to thrive under the leadership of Naa Afrowa, it serves as an inspiration for other indigenous Ghanaian enterprises seeking to build lasting legacies. The story of the Jamestown pork business is more than just a tale of longevity; it is a narrative of cultural pride and economic stability rooted in heritage. By maintaining its historic presence at the Chief Palace, the enterprise ensures that the legacy of the founder remains a living part of Accra’s historical fabric, promising to carry the family’s culinary traditions into a second century of service.

Let private sector drive economic transformation — Kyerematen
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Alan Kyerematen Advocates for Private-Sector-Led Economic Transformation and Industrial Reform

John Alan Kwadwo Kyerematen, the Executive Director of CENSADEV and Founder of the United Party, has called for a fundamental shift in Ghana's economic strategy, urging the nation to transition toward a private-sector-led model. Speaking at a public lecture in Accra on September 24, 2025, Kyerematen emphasized that sustained economic growth and transformation can only be achieved if private initiative and ownership take center stage. He argued that the current over-reliance on government intervention must give way to a more dynamic environment where the private sector drives industrialization and agricultural modernization. Central to Kyerematen's vision is the development of strategic industries with high potential for job creation and export revenue. He identified sectors such as oil palm, cassava, and textiles as critical pillars for this transformation. By focusing on these areas, he believes Ghana can significantly boost its non-traditional export revenues, providing a more robust foundation for the national economy. Kyerematen also called for comprehensive reforms in agricultural practices and the taxation system to reduce the burden on businesses and encourage long-term investment. To bridge the gap between policy and implementation, Kyerematen advocated for the institutionalization of public-private dialogues. He noted that such platforms are essential to ensure that government policies are closely aligned with the practical needs and challenges of the business community. Furthermore, he proposed a review of the ownership structures of state enterprises, suggesting that increased private sector participation could improve efficiency and performance across these institutions. Addressing macroeconomic concerns, Kyerematen acknowledged the importance of economic stabilization but cautioned that stability alone is insufficient for prosperity. He maintained that lasting currency stability is inextricably linked to industrial transformation and a dedicated focus on export-led growth. By empowering the private sector to lead these initiatives, Kyerematen asserts that Ghana can move beyond temporary fiscal corrections toward a future of resilient and inclusive economic health.

Ghana’s Tuna Industry Crisis: Hook-and-Line Fleet Collapses Amid Rising Costs and Resource Restrictions
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Ghana’s Tuna Industry Crisis: Hook-and-Line Fleet Collapses Amid Rising Costs and Resource Restrictions

Ghana’s tuna industry has reached a critical tipping point as the country’s entire hook-and-line fleet has collapsed, leaving the sector in a state of severe operational distress. According to Richster Amarh Amarfio, Vice President of the National Fisheries Association of Ghana (NAFAG), only 17 of the 37 authorized tuna vessels are currently operational. These surviving vessels are exclusively purse seiners, while all 20 hook-and-line boats have been forced out of service. This contraction signals a major crisis for a sector that is vital to Ghana's maritime economy and its industrial food processing chain. The collapse is driven by a perfect storm of escalating expenses that have rendered fishing trips economically unviable. Fuel costs have surged to GH¢18 per liter, a staggering figure given that a single fishing expedition can require up to 270,000 liters of fuel. Beyond energy costs, vessel owners are struggling with rising licensing fees, port charges, and high labor expenses. Security has also become a significant financial burden, as maritime threats and piracy concerns necessitate expensive safety measures to protect crews and assets at sea. While global tuna prices have seen an increase, these soaring domestic overheads are effectively wiping out profit margins. Structural and regulatory challenges further complicate the recovery of the industry. The sector currently suffers from a significant lack of local technical expertise, evidenced by the fact that all tuna vessel captains in the country are currently Korean nationals. This reliance on foreign expertise increases operational costs and highlights a critical gap in local capacity building. Additionally, the hook-and-line fleet has been uniquely crippled by restrictions on securing live anchovies used as bait. Without access to this essential resource due to regulatory hurdles, the hook-and-line method has become functionally impossible to maintain in Ghanaian waters. The implications of this decline extend far beyond the docks, threatening the survival of Ghana's significant tuna-processing industry. Major local processors, including Pioneer Food Cannery and Cosmo Foods, rely heavily on a consistent supply of fish from the domestic fleet to remain operational. If the fishing vessels remain grounded, the entire value chain—from the sea to the cannery—risks total disintegration. Industry leaders are now calling for urgent policy interventions and sustainable solutions to address the prohibitive cost of doing business before the remaining purse seine fleet faces a similar fate.

Deputy Minister Nyarko Ampem Urges Private Climate Investment as Ghana Advances Corporate Governance and Lending Reforms
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Deputy Minister Nyarko Ampem Urges Private Climate Investment as Ghana Advances Corporate Governance and Lending Reforms

Ghana's business landscape is undergoing a significant transformation as state and private actors align to drive sustainable development through climate financing, improved regulatory frameworks, and enhanced corporate governance. At the Green Climate Fund Regional Dialogue in Accra, Deputy Minister for Finance Thomas Nyarko Ampem emphasized that public financing alone is no longer sufficient to meet the nation's environmental and economic challenges. He called for the strategic deployment of public resources to attract and mobilize private capital, positioning private investment as a cornerstone for Ghana's long-term sustainable economic growth and climate resilience. To support this investment-friendly environment, the Bank of Ghana (BoG) and the Association of Ghana Industries (AGI) have intensified efforts to clarify the nation's credit landscape. In a recent sensitization program held in Kumasi, officials educated business leaders on the Borrowers and Lenders Act, 2020, and the operational intricacies of the Collateral Registry. By improving understanding of these legal frameworks, the BoG and AGI aim to create a more transparent and secure lending environment, which is essential for empowering local industries and encouraging private sector expansion. The push for professional excellence extends to the boardroom, with the upcoming Boardroom Governance Summit scheduled for October 2026 at the Labadi Beach Hotel. Organized by Professor Douglas Boateng and PanAvest International, the summit will focus on the theme "Board Committees: From Oversight to Impact." The event is expected to host approximately 1,000 executives and will feature high-profile speakers, including Dr. Julius Debrah, Chief of Staff to President John Mahama. The summit aims to move the conversation beyond mere compliance, focusing on how audit, risk, and nomination committees can proactively drive organizational success across both private and state-owned enterprises. Beyond policy and governance, the private sector's impact is being felt directly within local communities through targeted social investment. Petrosol Platinum Energy PLC recently demonstrated this commitment by donating 3,600 school supplies to the Sawla D/A Primary School in the Savannah Region. The donation, which included 3,000 exercise books and 600 bags, was designed to improve educational outcomes for students in the area. Philip Boamah Assampong, Petrosol's Head of Marketing, reiterated the company's dedication to supporting Ghana's youth and encouraged continued public patronage of indigenous businesses to facilitate further community-driven initiatives.

Bank of Ghana Reports Liquidity Surge as Cedi Depreciates 10% Amid Rising Festive Demand
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Bank of Ghana Reports Liquidity Surge as Cedi Depreciates 10% Amid Rising Festive Demand

The Ghanaian cedi is facing intensified pressure as the 2026 festive season approaches, with the local currency recording a year-to-date depreciation of 10.04% against the US dollar. As of late September and early October, the cedi has been trading at approximately GHS 11.67 on the Bank of Ghana interbank market, while retail rates at private forex bureaus have reached as high as GHS 12.20. This downward trend persists despite the central bank’s efforts to stabilize the market through a forex injection of approximately US$445 million. Market analysts from Databank Research attribute the current volatility to high demand for foreign exchange across various economic sectors, compounded by a relatively tight supply in the interbank space. Parallel to the currency struggles, the Bank of Ghana's recent monetary statistics reveal a significant surge in domestic liquidity. Reserve money expanded by 29.7% year-on-year in August 2026, a dramatic increase compared to the modest 4.5% growth recorded during the same period the previous year. This liquidity spike coincides with a major adjustment in the central bank's cash-reserve framework for commercial banks. Economists are closely monitoring this trend, as the influx of money into the system could further complicate efforts to curb inflation and stabilize the exchange rate during the high-demand Christmas period. On the global front, gold prices have stabilized near a seven-week low of $4,124.57 per ounce, influenced by international market volatility. This stagnation is largely driven by investor expectations that the U.S. Federal Reserve will maintain high interest rates for a longer duration than previously forecast, with a 70.3% probability of another rate hike in October. Rising oil prices and geopolitical tensions in the Middle East are also stoking global inflation concerns. Since gold typically performs poorly in high-interest-rate environments, these external factors are placing additional strain on Ghana's commodity-driven revenue expectations. Looking ahead, the cedi is expected to remain under mild depreciation pressure throughout the final quarter of 2026 as businesses increase imports for the holiday season. The convergence of high domestic liquidity, seasonal demand, and a strengthening US dollar presents a significant challenge for the economic management team under the current administration. While the Bank of Ghana continues to provide forex support, the combination of domestic fiscal adjustments and global monetary policy shifts suggests that market participants should prepare for continued fluctuations in the coming months.

Charles Antwi-Boahen — CEO of KAB-FAM Ghana Ltd
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KAB-FAM and Telecel Ghana Lead National Push for SME Digital Transformation and Financial Inclusion

Ghanaian business leaders are sounding the alarm on the need for rapid technological adoption as the country’s SME sector undergoes a significant shift toward digitization and financial scaling. During recent high-profile summits in Accra and Takoradi, executives from the retail and telecommunications sectors emphasized that traditional business models must evolve to survive in an era defined by artificial intelligence (AI) and the African Continental Free Trade Area (AfCFTA). This push for innovation is being matched by substantial financial commitments, including a GHS 500 million network expansion by Telecel Ghana and a GHS 20 million specialized fund for women entrepreneurs launched by Advans Ghana. At the Forty Under 40 Summit in Accra, KAB-FAM CEO Charles Antwi-Boahen urged young entrepreneurs to prioritize "relevance and speed" over traditional metrics like company size or reputation. He advocated for the immediate integration of Enterprise Resource Planning (ERP) systems and AI to streamline operations and ensure long-term viability. This sentiment was echoed at the Telecel Business Runway in Takoradi—the event's first showing outside the capital—where Telecel Ghana CEO Ing. Patricia Obo-Nai detailed the company's massive infrastructure investment to bolster network reliability for small businesses. Keynote speaker Dr. Daniel McKorley reinforced this, noting that a robust business model supported by modern technology is the only viable path for SMEs to unlock sustainable growth. Parallel to these technological advancements is a surge in financial inclusion and the formalization of women-led businesses across the country. The WERise Network recently reported significant milestones, having formalized over 3,600 women-owned businesses and reached nearly 8,000 youth and women through its "Rise & Scale" initiative. Similarly, Advans Ghana has doubled its client base to nearly 160,000 over the past five years, with women constituting 60% of its portfolio. To support this demographic, Advans introduced the Mmaa Mpuntuo fund, which provides GHS 20 million in capital alongside financial literacy training, business coaching, and microinsurance to protect traders against disasters like market fires. As Ghana positions itself as a central player in intra-African trade, the focus for local enterprises is shifting from basic operations to aggressive scaling and brand strategy. Experts and business networks are increasingly emphasizing that formalization and digital visibility are no longer optional but are requirements for job creation and revenue growth. With the current administration under President John Mahama focusing on economic stability, these private sector initiatives—combining infrastructure investment, targeted funding, and technological mentorship—provide the necessary framework for Ghanaian entrepreneurs to compete effectively on the continental stage.

The Governing Body of the Ghana Gold Board (Goldbod)
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Ghana Restructures Gold Management as MIIF Pushes for Deeper Local Mining Value Chain Integration

Ghana is undergoing a significant strategic shift in the management of its mineral wealth, marked by leadership transitions at the Ghana Gold Board (GoldBod) and a renewed focus on localizing the mining supply chain. The Bank of Ghana (BoG) recently confirmed that Mrs. Matilda Asante-Asiedu, the Second Deputy Governor, has replaced Dr. Johnson Asiama on the GoldBod board. This transition, effective as of May 2026, aligns with the Ghana Gold Board Act and follows recommendations from the International Monetary Fund (IMF) for the central bank to cease quasi-fiscal activities. The move comes as the operations of the Domestic Gold Purchase Programme, which previously reported significant losses, are being fully transferred to GoldBod to ensure greater transparency and fiscal discipline. Parallel to these regulatory shifts, the Minerals Income Investment Fund (MIIF) is aggressively pursuing greater local participation in the mining value chain. MIIF CEO Justina Nelson recently led a delegation to assess the capabilities of local manufacturers like B5 Plus Limited, which has the capacity to produce 130,000 tonnes of grinding media annually. With mining companies in Ghana projected to spend approximately $95.5 million on grinding media alone in 2024, MIIF aims to ensure that a larger portion of this expenditure remains within the domestic economy. Mrs. Nelson emphasized that the fund's mandate extends beyond direct mining to supporting the entire ecosystem of suppliers and manufacturers that sustain the industry. While the push for local content gains momentum, stakeholders are also calling for broader regional cooperation and better utilization of existing industrial assets. Nana Akwasi Awuah, former CEO of the Precious Minerals Marketing Company (PMMC), has advocated for the creation of an African Gold Producers Association (AGPA) and an African Gold Refineries Association (AGRA). He argues that continental synergy in production and marketing is essential for Africa to maximize the economic benefits of its gold resources. Such a unified strategy would strengthen Africa's position in the global market and facilitate the sharing of refining expertise across borders. However, the path to industrial self-sufficiency faces domestic hurdles, as evidenced by the deteriorating state of the Ghana Atomic Energy Commission (GAEC) foundry. Designed to accommodate over 2,000 workers for industrial activity and training, the facility has reportedly fallen into disrepair and is currently underutilized. Dr. Andrew Nyamful of GAEC noted that the facility, now plagued by theft and neglect, represents a missed opportunity for technical training and local manufacturing. Revitalizing such assets will be crucial if Ghana is to successfully bridge the gap between mineral extraction and high-value industrial production.

Ghana Expands Global Economic Ties with Philippines and Japan Amid Escalating US-Canada Trade War
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Ghana Expands Global Economic Ties with Philippines and Japan Amid Escalating US-Canada Trade War

Ghana is significantly broadening its international commercial footprint through new bilateral agreements with the Philippines and Japan, even as global markets face volatility from a deepening trade dispute between the United States and Canada. During the 81st United Nations General Assembly, Ghana's Foreign Affairs Minister, Samuel Okudzeto Ablakwa, and Philippine Secretary of Foreign Affairs, Ma. Theresa P. Lazaro, agreed to establish a Ghana-Philippines Chamber of Commerce. This initiative is designed to bolster investment, explore labor mobility, and facilitate private-sector forums, coinciding with the Philippines' upcoming plans to open an embassy in Accra. Simultaneously, Japanese Ambassador Hiroshi Yoshimoto recently highlighted the growing depth of Ghana-Japan relations, noting that 11 Japanese companies are currently leading technology transfers and job creation efforts within the country. While Ghana pursues these strategic alliances, the North American trade landscape has grown increasingly tense. The United States has officially implemented a ban on approximately C$1 billion ($710 million) worth of Canadian imports, including alcohol, dairy products, and motorcycles. This escalation follows failed trade negotiations and Canada’s previous imposition of tariffs on over 700 American products. While Canadian Prime Minister Mark Carney characterized the economic impact as "modest," industry experts warn of significant consequences for liquor producers. U.S. Trade Representative Jamieson Greer indicated no immediate urgency to resolve the dispute, suggesting the current administration is satisfied with the status of the trade pressure. Domestically, Ghana’s business sector is undergoing significant regulatory and technological shifts aimed at improving efficiency. The Bank of Ghana has granted Enza a Payment Service Provider Enhanced Licence, allowing the fintech firm to modernize payment systems for local banks like GTBank. In the logistics sector, the High Court in Accra has ordered MSG Freight & Cargo Services to refund excess storage fees following a regulatory intervention by the Ghana Shippers’ Authority (GSA) regarding improper exchange rate applications. Furthermore, the National Lottery Authority (NLA) has announced a transition to a fully digital framework, with all manual paper-based operations set to cease on October 1, 2026. Despite these advancements, challenges remain within Ghana’s trade infrastructure. The Importers and Exporters Association of Ghana (IEAG) has issued an urgent call to the Food and Drugs Authority (FDA) to resolve persistent delays in the issuance of import codes and permits. These bottlenecks have left various consignments uncleared at the ports, threatening to increase costs for consumers. As Ghana navigates its role in the global economy, the ability of state agencies to streamline regulatory processes will be critical in capitalizing on new international partnerships and maintaining domestic economic stability.

Esi Mmirba Wilson — Chief Human Resource Officer of MTN Ghana
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Absa Bank Inaugurates New Head Office as MTN and Fidelity Bank Mark Major Corporate Milestones

Ghana’s corporate landscape has been marked by significant milestones this week, headlined by the inauguration of Absa Bank Ghana’s new head office, 'Absa Place,' on Independence Avenue in Ridge, Accra. The ceremony was attended by Vice-President Professor Naana Jane Opoku-Agyemang, who lauded the bank’s century-long presence in the country. During the event, the Vice-President urged Absa and other financial institutions to deepen their support for the private sector, particularly by improving access to finance for women and young entrepreneurs. Dr. Edward Nartey Botchway, Managing Director of Absa Bank Ghana, reaffirmed the bank's commitment to the nation’s economic transformation and its focus on operational resilience and governance. In tandem with these infrastructure developments, major players in the telecommunications and banking sectors are celebrating decades of operations in Ghana. MTN Ghana recently marked its 30th anniversary with a high-energy street float and activation in Accra, aimed at expressing appreciation to its loyal customer base. Chief Human Resource Officer Esi Mmirba Wilson highlighted the company’s evolution and its ongoing commitment to supporting small and medium-sized enterprises (SMEs). The anniversary month will feature various promotions and raffles as part of the telco's efforts to engage stakeholders across the country. Fidelity Bank also launched its 20th anniversary celebrations under the theme "20 Years of Audacious Steps." Managing Director Julian Opuni and Co-Founder Edward Effah detailed the bank’s journey from its inception to becoming a leader in financial inclusion. To celebrate the two-decade mark, the bank introduced the 'Jubilee Drive' promotion, which will award eight cars and various cash prizes to customers through March next year. Furthermore, Fidelity announced a significant Corporate Social Responsibility (CSR) initiative to install solar systems in 20 community hospitals, building on the GH¢15 million the bank has invested in community projects over the last five years. In the professional services and retail banking sectors, leadership transitions and physical expansions continue to signal long-term growth. PwC Ghana has announced the appointment of George Arhin as the new Country Senior Partner, effective October 1, 2026. Arhin, who brings 23 years of experience, will succeed Vish Ashiagbor following his retirement. Meanwhile, OmniBSIC Bank has successfully relocated its Dome branch to a more modern facility. This move, led by Branch Manager Emmanuel Ashley and Zonal Manager Hannah Esi Dadzie, is part of a broader strategy to enhance customer experience and strengthen the bank's presence within the local community, reflecting a general trend of modernization across Ghana's business sectors.

SEC shuts down Nyak-City Hostels Limited over unlicensed investment scheme
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Nana Agyei Baffour Awuah and Equity Savings & Loans Under Scrutiny Amid Wider Financial Sector Enforcement

Ghana’s financial landscape is facing renewed scrutiny as a series of regulatory actions and legal disputes highlight ongoing challenges within the sector. A high-profile investigation by the Economic and Organised Crime Office (EOCO) into Member of Parliament and lawyer Nana Agyei Baffour Awuah has brought Equity Savings and Loans Limited back into the spotlight. Concurrently, the Securities and Exchange Commission (SEC) has moved to shutter Nyak-City Hostels Limited for operating an unlicensed investment scheme, while Captain Prince Kofi Amoabeng, founder of the defunct UT Bank, has offered a sobering reflection on how internal betrayal contributed to his institution's downfall. The dispute involving MP Baffour Awuah centers on efforts to recover a substantial debt owed by Equity Savings and Loans to SIC Life Savings and Loans. Originally a GH"3.5 million investment, the figure ballooned to approximately GH"14 million due to interest and defaults. Despite obtaining a court judgment, Baffour Awuah’s law firm reportedly faced significant hurdles in enforcing the ruling and locating tangible assets. This legal battle has reignited concerns regarding Equity’s liquidity, especially as numerous customers continue to report their inability to access funds. EOCO’s attempt to arrest the MP over missed invitations has further complicated the case, as the agency investigates allegations concerning legal fees and the timeline of Equity’s financial instability. In a separate enforcement action, the SEC officially closed Nyak-City Hostels Limited for allegedly running an unauthorized investment scheme. The company had been promising investors lifetime returns from hostel investments over a 60-year period without the necessary regulatory approval. SEC Deputy Director-General Mensah Thompson stated that the commission has ramped up surveillance to identify and halt such unlicensed offerings. Thompson emphasized that these actions are vital to safeguarding public trust in Ghana's financial system, maintaining market integrity, and ensuring that legitimate investment opportunities can thrive without being undermined by fraudulent schemes. Adding a layer of historical perspective to these current crises, Captain Prince Kofi Amoabeng recently opened up about the internal rot that preceded the 2017 collapse of UT Bank. Speaking on The Peswa podcast, Amoabeng detailed instances of betrayal by trusted staff members, including the acceptance of GH"200,000 bribes and the misrepresentation of marshy lands as viable collateral. His reflections serve as a cautionary tale about the critical importance of corporate culture and the risks of internal sabotage, suggesting that even established institutions are vulnerable when ethical standards are compromised by those within. These developments collectively underscore the urgent need for enhanced transparency and accountability within Ghana's financial and business sectors. While the SEC continues its crackdown on unlicensed operators to protect retail investors, the ongoing investigations into Equity Savings and Loans reveal the complexities of debt recovery and asset management in distressed institutions. For many Ghanaian depositors and investors, these events are a stark reminder of the risks inherent in the financial market and the pivotal role of robust regulatory oversight in preventing systemic failures.

Ghana Overhauls Cocoa Financing with GH¢16.3 Billion Domestic Bond as Agricultural Ministries Clash Over $640m Resilience Fund
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Ghana Overhauls Cocoa Financing with GH¢16.3 Billion Domestic Bond as Agricultural Ministries Clash Over $640m Resilience Fund

The Ghanaian government has announced a strategic shift in agricultural financing, raising the cocoa producer price to GH¢42,400 per tonne for the 2026/2027 season while simultaneously pivoting toward a GH¢16.3 billion ($1.4 billion) domestic funding model. This transition, led by the Ghana Cocoa Board (COCOBOD), aims to reduce reliance on volatile international markets and provide more stable support for farmers. Under the new Ghana Cocoa Board Act, 2026, the producer price for a 64-kg bag has increased from GH¢2,587 to GH¢2,650, ensuring farmers receive at least 70% of the gross FOB price. COCOBOD Deputy CEO Ato Boateng emphasized that the move to domestic markets is a deliberate strategy informed by past experiences with international finance volatility, rather than an exclusion from global capital markets. To facilitate this new funding structure, Cocoa Capital PLC has been established to introduce institutional investors, including pension funds and insurance companies, to commercial paper and medium-term bonds. John Awuah, Chairman of Cocoa Capital PLC and CEO of the Ghana Association of Banks, described the GH¢16.3 billion issuance as a closed-ended, self-liquidating transaction where proceeds from cocoa sales will directly repay investors. While the government aims to enhance financial sustainability and prevent smuggling through these reforms, some stakeholders, including George Oduro of the NPP Agric Policy Committee, argue that the 70% share must more clearly reflect global market values and the rising costs of production faced by local farmers. However, this drive toward agricultural self-reliance is facing significant internal administrative friction. The Ministry of Food and Agriculture (MoFA) has formally urged the Ministry of Finance to reverse its recent decision to withdraw Ghana from the $640 million West Africa Food System Resilience Programme (FSRP). MoFA reports that the withdrawal, communicated to the World Bank without prior consultation, jeopardizes ongoing contracts and commitments totaling GH¢643.87 million. The World Bank has already responded by suspending activities under the programme, which MoFA warns will lead to costly delays for critical irrigation infrastructure and farmer support initiatives under the flagship Feed Ghana Programme. Despite these tensions, other sectors of the agricultural economy are showing signs of financial recovery and planned growth. The National Food Buffer Stock Company (NAFCO) reported a significant turnaround, posting a GH¢91.7 million profit in 2025 after a previous loss. While CEO George Abradu-Otoo is pushing for a stronger liquidity buffer to mitigate financial risks, the company is preparing for a major infrastructure expansion. Minister of Food and Agriculture Eric Opoku announced that the upcoming 2027 budget will specifically allocate funds for the construction of grain silos to manage future surpluses and strengthen national food security. As the administration of President John Mahama navigates these complex financial and structural shifts, the focus remains on balancing domestic resource mobilization with international cooperation. The success of the cocoa sector's move to domestic financing and the resolution of the FSRP funding dispute will be critical indicators of Ghana's ability to maintain agricultural productivity. Moving forward, the government must reconcile the Finance Ministry's fiscal decisions with MoFA's operational requirements to ensure that essential projects like the Pwalugu irrigation project and the School Feeding Programme remain adequately funded and supported.

President John Dramani Mahama speaking at the Council on Foreign Relations in New York
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President Mahama Outlines SOE Stock Listing and $10 Billion Industrial Investment Plan Amid Fiscal Pressures

President John Mahama has unveiled a series of sweeping economic reforms aimed at enhancing corporate governance and stimulating industrial growth, anchored by a plan to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange (GSE). This move, intended to curb political interference and attract public investment, comes as Finance Minister Dr. Cassiel Ato Forson reports a significant reduction in borrowing costs, which have reportedly fallen from an average of 30% to between 9% and 13%. The government's broader strategy focuses on transitioning Ghana from a primary resource exporter to a value-added industrial hub, supported by a proposed $10 billion investment blueprint for strategic sectors over the next four years. Central to the administration's agenda is the 2030 deadline to halt the export of raw mineral ores, including gold, bauxite, and manganese. President Mahama has urged mining firms to establish local refineries, signaling that the upcoming Minerals and Mining Bill will formalize these requirements. To further bolster national development, the President has also called on the Ghanaian diaspora to shift from traditional remittances—which reached a record $7.8 billion—toward direct equity investments. These initiatives are designed to transform SOEs into transparent public companies while leveraging the significant increases in Foreign Direct Investment, which the administration projects will reach $2.6 billion by 2025. In preparation for the 2027 Budget, Dr. Ato Forson has engaged with the Association of Ghana Industries (AGI) to outline the aforementioned $10 billion plan to enhance production and job creation. AGI President Kofi Nsiah-Poku has lauded these stability efforts, though he emphasized the critical need for more accessible financing to drive industrialization. While the government aims for single-digit borrowing costs to further support the private sector, it is also intensifying fiscal discipline through mid-year budget measures, including a rigorous audit of the government payroll to eliminate "ghost names" and a reopening of the domestic bond market to diversify financing sources. Despite these proactive measures, international analysts have raised concerns regarding the fiscal sustainability of certain policies. S&P Global recently warned that the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), intended to shore up gold and foreign exchange reserves, could impose local-currency costs between 0.8% and 2.6% of GDP. This fiscal pressure is compounded by a decline in Gross International Reserves, which fell from $14.16 billion in March 2026 to approximately $11.07 billion by August 2026. Furthermore, the Bank of Ghana reported a $1.25 billion operating loss in 2025, necessitating a phased recapitalization plan expected to run through 2032. Looking ahead, Ghana faces a delicate balancing act between aggressive growth and fiscal consolidation. S&P Global forecasts that the fiscal deficit may widen to 3.9% annually through 2029, driven by increased capital spending and the removal of certain levies. However, the government remains optimistic that its focus on digital revenue collection, AI-driven VAT reforms, and a stable power supply will mitigate these risks. As the nation moves toward its 70th independence anniversary, the administration's success will depend on its ability to maintain investor confidence while navigating global inflationary pressures and currency vulnerabilities.