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.

Ghana Business Outlook: Cedi Maintains Stability Against Major Currencies Amid Looming EU Deforestation Trade Regulations
business|

Ghana Business Outlook: Cedi Maintains Stability Against Major Currencies Amid Looming EU Deforestation Trade Regulations

The Ghanaian business landscape on August 3, 2026, reflects a period of currency stability paired with looming shifts in international trade requirements. The Ghanaian Cedi has maintained a steady performance against major global currencies, providing a predictable environment for importers and exporters. Simultaneously, the European Union Deforestation Regulation (EUDR) is emerging as a pivotal factor that could redefine the competitiveness of Africa's agricultural exports. As the Cedi holds firm, the focus for many businesses is shifting toward long-term sustainability compliance to ensure continued access to lucrative European markets. In the foreign exchange market, the Cedi continues to show resilience. The average buying rate for the US Dollar stands at GHS 11.58, with a selling rate of GHS 12.12. Forex bureaus are offering slightly different rates, listing the dollar at GHS 11.95 for purchases and GHS 12.30 for sales. The Bank of Ghana’s interbank market remains even tighter, with buying and selling rates at GHS 11.68 and GHS 11.70, respectively. This stability extends to other major currencies; the British Pound is trading at an average bureau rate of GHS 15.42 for buying and GHS 16.27 for selling, while the Euro is positioned at GHS 13.18 for buying and GHS 13.93 for selling. For consumers using international digital services, subscription rates for platforms like Netflix and Spotify are currently hovering between GHS 12.57 and GHS 12.58 via major credit cards. Beyond immediate currency fluctuations, African exporters are preparing for the significant impact of the EUDR. This regulation mandates that any products entering the European Union must be proven to be deforestation-free and legally produced. Large-scale companies have a deadline of December 30, 2026, to comply, while small and medium enterprises are granted a slightly longer window until June 2027. While the regulation brings concerns regarding the high cost of data collection and compliance, it also presents a strategic opportunity for African agricultural sectors to enhance their global standing through improved transparency and traceability. The successful implementation of these standards will likely depend on the strength of existing cooperatives and networks, particularly within West and East Africa. By leveraging emerging agritech solutions, Ghanaian and other African producers can turn compliance into a competitive advantage, transforming market trust into a valuable export asset. However, achieving this requires immediate and substantial investment in digital infrastructure to support smallholder farmers, who are the backbone of the agricultural economy. As the Cedi's stability provides a conducive environment for local investment, the transition toward a deforestation-free trade model remains a critical priority for the nation's economic future under President John Mahama's administration.

Dr Iddrisu Alhassan — Government Statistician
business|

Ghana Economic Outlook 2026: Construction Costs Stabilize Amid Property Legal Risks and Labor Arrears Concerns

Ghana's business and real estate sectors are navigating a complex period of adjustment as of mid-2026, characterized by stabilizing construction costs and a renewed focus on legal due diligence. According to the Ghana Statistical Service (GSS), building cost inflation rose to 3.1% in June 2026, a significant moderation compared to the 18.1% peak recorded the previous year. While the annual rate saw a slight uptick from May, the Prime Building Cost Index (PBCI) suggests a more predictable budgeting environment for developers. This cooling is largely driven by a decline in labor inflation to negative 2.6%, even as the costs of specialized materials such as plumbing and roofing remain elevated and plant costs surged by 16.0%. Dr. Alhassan Iddrisu highlighted that this lower inflation scenario offers ongoing opportunities for strategic project planning. Amidst these fluctuating costs, property consultant Dello-Ziem Kaaka has issued a stark warning to prospective landowners and members of the Ghana Real Estate Developers Association (GREDA). Highlighting the Land Act 2020 (Act 1036), Mr. Kaaka emphasized that possession and payment are no longer sufficient proof of ownership in the face of rising land litigation. He urged Ghanaians to seek qualified legal counsel and conduct physical examinations of property to avoid disputes, noting that transactions can be declared void due to fraud, misrepresentation, or "unconscionable bargains." This emphasis on legal rigor is seen as essential for protecting the real estate industry's growth from the risks of ongoing land disputes that threaten development. In the labor and public service sector, the financial strain of delayed government payments is surfacing in the private sector payroll. Zoomlion Ghana Limited recently moved to reassure workers under the Metropolitan, Municipal, and District Assemblies (MMDAs) Fumigation Project regarding outstanding salary arrears. The company clarified that the delays are a result of the late release of government funds rather than internal financial failure. With a 15-year record of service, Zoomlion indicated it is in active discussions with the Government of Ghana to resolve these pending payments, thanking its employees for their patience while reaffirming its commitment to national public health and employee welfare. Reflecting a broader societal shift toward financial stability, Kumasi-based businesswoman Rose Gold (Nana Ama Prempeh-Sikani Kaakyire) has also sparked discussion on the intersection of wealth and personal stability. Emphasizing her own financial independence, she argued that economic security is a fundamental pillar for building successful homes and partnerships, encouraging a culture of ambition and hard work to avoid the strains of poverty. Collectively, these developments paint a picture of a Ghanaian business environment where navigating legal complexities, managing fluctuating material costs, and resolving government-linked labor obligations remain critical priorities for stability and growth as the nation moves further into 2026.

Ghanaian Industry Leaders and Institutions Celebrate Strategic Milestones in Professional Excellence and Global Diplomacy
business|

Ghanaian Industry Leaders and Institutions Celebrate Strategic Milestones in Professional Excellence and Global Diplomacy

The Association of Ghana Industries (AGI) has officially opened nominations for the 15th Ghana Industry and Quality Awards, setting the stage for a nationwide celebration of corporate excellence scheduled for November 2026. This announcement comes amid a wave of recognition for Ghanaian business leaders and institutions both locally and internationally. From the insurance sector in the Bono East Region to diplomatic circles in Addis Ababa, the current business climate is increasingly defined by a commitment to high standards, innovation, and continuous professional development among the country's key economic actors. Within the local corporate sphere, SUNU Assurances Ghana Ltd recently underscored the importance of performance-based growth by honoring 55 agents at its National Agency Awards in Techiman. The event, which capped a three-day national retail sales conference, saw Mr. Adam Salifu emerge as the National Best Sales Executive. Managing Director Osman D. Abudu described the agents as the backbone of the company, urging them to leverage SUNU’s innovative product suite to expand their market reach. Similarly, the AGI awards aim to motivate companies across 22 industry sectors and eight major categories, reinforcing a culture of quality that supports Ghana's manufacturing and service delivery sectors ahead of the nomination deadline on September 10, 2026. The drive for excellence extends beyond corporate structures to individual leadership and international representation. John Aggrey, CEO of the Ghana Russia Center for Commerce and Relations, was recently conferred with the "Public Diplomacy Leader" award at the World Public Summit: Africa 2026 in Ethiopia. This accolade highlights Aggrey's pivotal role in fostering economic and cultural ties between Ghana and Russia, emphasizing the power of private-sector diplomacy. Parallel to this international feat, David Kwame Aziago, CEO of Davida Roofing Systems, reached a significant academic milestone by graduating with an Executive Master’s in Business Administration (EMBA) from the Nobel International Business School (NiBS). This achievement, following his leadership recognition in Kigali earlier in 2026, exemplifies the growing trend of Ghanaian executives seeking advanced professional qualifications to navigate complex industry challenges. Collectively, these developments signal a maturing business landscape in Ghana where integrity and competence are being prioritized at all levels of operation. The emphasis on professionalism—ranging from insurance agents meeting retail targets to CEOs pursuing higher education—is expected to enhance the competitiveness of Ghanaian enterprises in the global market. As the private sector continues to evolve under the leadership of President John Mahama, these individual and institutional successes provide a blueprint for maintaining high standards and strengthening Ghana’s reputation as a hub for commercial and diplomatic excellence.

Reuters A notepad in front of U.S. Secretary of the Treasury Scott Bessent reads "To Do Buy Japanese Yen $5-10 bil" as he participates in a cabinet meeting at Camp David, Maryland, U.S., July 31, 2026.
business|

Dr. Patrick Kwaku Ofori Predicts Fuel Price Relief in Ghana as Global Oil Markets Stabilize Amid US-Iran Geopolitical Shifts

The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Kwaku Ofori, has expressed optimism that fuel prices in Ghana may soon decrease as global crude oil prices stabilize. This potential relief follows a significant easing of geopolitical tensions, notably through reported ceasefire negotiations and diplomatic engagements between the United States and Iran. Speaking on the Citi Breakfast Show, Dr. Ofori highlighted that the recent volatility in international markets is beginning to settle, which could translate into lower costs for Ghanaian consumers if the current downward trend in crude pricing persists. Global oil benchmarks recently saw a sharp decline of over 6%, with prices dropping to approximately $82.41 per barrel. This shift was largely attributed to announcements regarding negotiations over the Strait of Hormuz and Iran’s nuclear capabilities. The price drop comes after a period of intense pressure on energy markets; for instance, in the United Kingdom, soaring petrol prices linked to the conflict led to a 20% surge in fuel theft, with retailers losing nearly £200,000 daily. The stabilization of these markets is seen as a critical turning point for economies heavily dependent on oil imports, such as Ghana. Beyond energy, international financial authorities are taking rare steps to ensure broader market stability. The United States and Japan recently conducted a joint intervention to prop up the Japanese yen after it hit a 40-year low. This coordinated effort—the first of its kind since 2011—aims to deter market speculation and manage excessive volatility that could impact the global economy. While Japan’s low interest rates and high energy import reliance continue to challenge the yen, US Treasury Secretary Bessent and Japanese officials have reaffirmed their commitment to maintaining stable exchange rates through continued cooperation. However, the global supply chain remains under pressure from environmental factors that could offset some of these economic gains. Record low water levels in Europe’s major rivers, including the Rhine and the Danube, have been reported due to persistent droughts and heatwaves. These conditions have increased transport costs and created supply bottlenecks, affecting energy production in regions like Serbia and Romania. Scientists warn that climate change is intensifying these droughts, raising concerns about long-term freshwater availability and wildfire risks, even as geopolitical tensions subside. For Ghana, the convergence of stabilizing oil prices and international currency interventions provides a cautious sense of hope for macroeconomic stability. While the CBOD anticipates a reduction in pump prices, the situation remains fluid, contingent on the continued success of Middle East diplomacy and the mitigation of climate-related disruptions to global trade. As President John Mahama’s administration continues to monitor these international developments, the focus remains on ensuring that global market recoveries are reflected in the local economy to provide much-needed relief to citizens.

Minerals Income Investment Fund Achieves GH‥1.1bn Profit as Mining Sector Entities Refute Allegations of Financial Loss and Illegal Operations
business|

Minerals Income Investment Fund Achieves GH‥1.1bn Profit as Mining Sector Entities Refute Allegations of Financial Loss and Illegal Operations

The Minerals Income Investment Fund (MIIF) has reported a robust profit of GH‥1.1 billion for the 2025 financial year, demonstrating significant institutional resilience despite major legislative shifts. This performance comes even after a drastic reduction in the fund's retained mineral royalties and dividends, which fell to just 2% in 2025 from 77.6% the previous year. Financial analysts note that this profitability highlights MIIF's shift toward efficient asset management and operational improvements rather than a reliance on statutory royalty inflows. The fund’s equity-to-assets ratio has improved significantly, and retained earnings rose by 35%, while Ghana’s broader mining sector exceeded royalty targets for the first half of 2026. Amidst these positive financial indicators, individual mining entities are fighting back against claims of illegality and mismanagement. Betterland Ghana Limited, a large-scale mining firm operating in the Nzema East Municipality, has officially denied allegations of illegal mining, locally known as galamsey, within a forest reserve. In a press statement, the company clarified that it is a legally registered entity currently engaged only in expanded exploration activities rather than commercial mining. Betterland has challenged media outlets to provide evidence for their claims, asserting that such misinformation has damaged its reputation and relationships with international partners while reiterating its commitment to regulatory compliance. In a separate development regarding sector transparency, the Ghana Gold Board (GOLDBOD) has dismissed viral reports claiming a GH‥200 million financial loss. Social media reports had suggested that an entity identified as Dominic Bonsu Ventures had absconded with the funds, a claim GOLDBOD has labeled as false and malicious. The Board clarified that there is no such financial loss and that it maintains no current relationship with Mr. Bonsu, though legal proceedings against him are reportedly ongoing. GOLDBOD urged the public to rely on verified official communications to prevent the spread of misinformation that could destabilize the investment climate. These collective developments underscore a period of transition and scrutiny for Ghana’s minerals and mining sector under the administration of President John Mahama. While the MIIF's financial results suggest a high degree of institutional stability and regulatory discipline, the persistent allegations of illegal mining and financial impropriety highlight the challenges of maintaining public trust. As the mining sector continues to exceed revenue targets into 2026, the focus remains on balancing aggressive resource mobilization with strict environmental protections and transparent corporate governance to ensure sustainable growth for the national economy.

Vehicle Asset Dealers Union Challenges Ghana Standards Authority's October 2026 PVoC Enforcement Timeline
business|

Vehicle Asset Dealers Union Challenges Ghana Standards Authority's October 2026 PVoC Enforcement Timeline

The Vehicle Asset Dealers Union of Ghana (VADUG) has launched a formal protest against the Ghana Standards Authority (GSA) regarding the implementation of the Pre-Export Verification of Conformity (PVoC) programme. VADUG describes the GSA's announced enforcement date of October 1, 2026, as premature and unrealistic, warning that the short notice could lead to severe economic disruptions. The union argues that the current timeline does not provide enough room for local businesses and importers to adjust their logistics, which may result in operational chaos and significant financial losses across the automotive import supply chain. Under the GSA’s new directive, all used motor vehicles destined for Ghana must undergo rigorous safety and emissions inspections in their country of origin before being cleared for export. The regulation further mandates a ban on vehicles older than 10 years and those with significant structural damage, requiring every imported vehicle to obtain a Certificate of Conformance (CoC). While the GSA intends for these measures to enhance road safety and prevent Ghana from becoming a dumping ground for hazardous automotive waste, VADUG maintains that the lack of a phased implementation strategy threatens to increase transportation costs for ordinary Ghanaians and cause a backlog in shipments. This regulatory tension comes at a time when the automotive sector is facing broader administrative and trust-related challenges. Consumer advocates have recently highlighted the increasing complexity of modern used vehicles, urging buyers to rely on diagnostic tools and VIN reports to avoid scams like title washing and odometer tampering. The GSA's PVoC programme is designed to address these safety concerns at the source; however, VADUG insists that without better stakeholder engagement from the Ministry of Trade and Industry, the move will be counterproductive for the business community. In a related development within the transport sector, the Driver and Vehicle Licensing Authority (DVLA) has acknowledged technical failures regarding vehicle identification. Julius Neequaye Kotey, CEO of the DVLA, recently announced that the authority will replace faded 2026 number plates free of charge. The issue, attributed to production disputes with contracted companies, has prompted the DVLA to plan the introduction of new electronic number plates that are resistant to fading. This underscores a period of significant transition and regulatory friction within Ghana’s vehicle management systems. VADUG is now calling for an immediate extension of the October 2026 deadline to allow for more comprehensive dialogue between the government and private sector players. The union is advocating for a collaborative, phased approach that ensures importers are fully prepared to meet the new standards without collapsing the local used car market. As the GSA and the Ministry of Trade and Industry review these objections, the automotive industry remains in a state of uncertainty regarding the future of vehicle imports in Ghana.

Ghana’s Financial Sector Evolves as Stanchart Leads Banking Pay and Government Targets $700 Million VALCO Revival
business|

Ghana’s Financial Sector Evolves as Stanchart Leads Banking Pay and Government Targets $700 Million VALCO Revival

Ghana’s banking and industrial sectors are undergoing a significant transformation, marked by wide disparities in institutional spending and a renewed focus on strategic national assets. In the banking sector, Standard Chartered Bank Ghana has emerged as the highest spender on personnel, with an average of GH¢931,000 per employee in 2025. This stands in stark contrast to institutions like Guaranty Trust Bank (GTBank), which reported GH¢216,000 per employee. Analysts suggest these figures reflect divergent business models; banks focused on high-value corporate services prioritize specialized talent, while retail-heavy institutions maintain larger workforces at lower costs. Amidst these operational shifts, the 2025 Ghana Customer Satisfaction Index (GH-CSI) report by the Chartered Institute of Marketing, Ghana (CIMG) revealed that while service quality remains high at 88.2%, customer satisfaction has seen a slight dip. OmniBSIC Bank was recognized as the leader in consumer service quality, while UBA achieved the highest retail satisfaction score at 98.7%. On the industrial front, the government of President John Mahama has reaffirmed its commitment to revitalizing the Volta Aluminium Company Limited (VALCO). During a visit to the facility, the Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, declared that the state would not privatize the company, stating, "Nobody will sell VALCO." Instead, the government plans to invite strategic investors to inject an estimated US$700 million required for a full operational revamp. This initiative is central to the administration’s strategy to strengthen the Tema Industrial Enclave and create sustainable jobs. The Minister emphasized that the revival is critical for the national economy and urged employees to support the proposed reforms to ensure the company returns to profitability. Capital mobilization is also seeing a shift toward domestic productivity, with Ghanaian pension funds increasingly channeling savings into private equity and SME financing. This transition is supported by the 2021 revised pension investment guidelines, which allow up to 25% of pension assets to be allocated to alternative instruments. Key initiatives like the $70 million Ci Gaba Fund of Funds and the Ghana Venture Capital and Private Equity Association (GVCA) 5% Pension Compact are driving this movement. Experts highlight that moving away from a dependence on foreign capital toward local currency funding is essential for long-term economic resilience. Simultaneously, Standard Chartered’s H2 2026 Global Market Outlook suggests a positive trend for investors, favoring global equities and emerging market bonds while emphasizing the need for diversified portfolios to manage persistent market volatility. At the local and community levels, financial institutions are focusing on sustainability and stakeholder engagement. Capital Community Bank (formerly Capital Rural Bank) was recently commended by ARB Apex Bank for maintaining high standards and investing over GHC51,000 in corporate social responsibility projects. Meanwhile, the Agricultural Development Bank (ADB) has integrated employee wellbeing into its business growth strategy, utilizing its 2026 Annual Health Walk to foster teamwork among staff and partners. Under the leadership of Managing Director Edward Ato Sarpong, ADB is targeting a transition to a "billion-profit bank" by expanding its deposit base and strengthening stakeholder collaborations. Together, these developments signal a maturing Ghanaian economy where digital transformation, industrial revival, and strategic capital allocation are becoming the primary drivers of growth.

Speaker Alban Bagbin Unveils "Visit Ghana" Global Marketing Partnership with Sunderland FC
business|

Speaker Alban Bagbin Unveils "Visit Ghana" Global Marketing Partnership with Sunderland FC

The Speaker of Parliament, Alban Sumani Kingsford Bagbin, has announced a landmark private sector-led initiative that will see the "Visit Ghana" brand featured on the front of Sunderland Football Club's jerseys for the 2026/2027 football season. This strategic partnership aims to leverage the global reach of English football and digital media platforms to promote Ghana as a premier tourism destination. The Speaker clarified that the project is not funded by Parliament but is instead driven by private sector sponsorship with the support of the Ghana Football Association (GFA), the Ministry of Youth and Sports, and the Ministry of Finance. This agreement marks a historic milestone, as Ghana is set to become the first African country to secure such high-profile visibility on a prominent club's kit. Beyond the football pitch, the Ghana Tourism Authority (GTA) is intensifying its efforts to position the country as a hub for trade and investment. The GTA recently endorsed the 6th Inter-Tourism Expo Accra (INTTA) and the 24-Hour Africa Tourism, Agribusiness, Digital Sovereignty, and AfCFTA Industrial Acceleration Conference, scheduled for late 2026. These events are designed to align with the African Continental Free Trade Area (AfCFTA) framework, creating a strategic platform for industrial growth and tourism-linked investment. These domestic initiatives complement the international visibility gained through sports marketing, forming a multi-pronged approach to economic expansion. As the nation prepares for this global exposure, President John Mahama has emphasized the critical need for systemic improvements within the domestic hospitality sector. During a recent media engagement, President Mahama highlighted the importance of service excellence and the recognition of hospitality professionals, noting that poor service culture can undermine the national brand. He urged stakeholders to address the "hidden costs" of neglecting service quality, which include declining guest satisfaction and reduced profitability. This call for reform is seen as a necessary internal step to ensure that the influx of tourists expected from global marketing campaigns meets a world-class experience on the ground. In the financial services sector, Hollard Ghana is also working to strengthen the national business landscape through its new "We Cover You" brand campaign. Launched at the Achimota Retail Centre, the initiative aims to make insurance more relatable to the average Ghanaian and rectify public misconceptions about the industry. Managing Director Daniel Boi Addo explained that the campaign uses the symbol of cloth to represent care and protection, seeking to increase insurance penetration among underserved communities. Together, these developments in sports marketing, tourism infrastructure, and financial literacy signal a concerted effort by both public and private sectors to bolster Ghana's economic identity on the world stage.

Ghana’s Economy Shows Resilience with Lending Rates Hitting 15.64% as Experts Warn Against Sustained Infrastructure Spending Cuts
business|

Ghana’s Economy Shows Resilience with Lending Rates Hitting 15.64% as Experts Warn Against Sustained Infrastructure Spending Cuts

Ghana’s economic landscape under President John Mahama is showing signs of stabilization, marked by a significant drop in commercial lending rates and manageable inflation. By June 2026, average commercial lending rates fell to 15.64%, representing one of the sharpest declines in financing costs in recent years. This shift was accompanied by a dramatic reduction in the Ghana Reference Rate, which plummeted from 23.80% to 10.02%. Finance Minister Dr. Cassiel Ato Forson, in his 2026 Mid-Year Fiscal Policy Review, highlighted that inflation has remained stable at 5.3%, even as the country navigated external shocks such as Brent crude prices surging to $103 per barrel. This recovery, which economist Dr. Adu Owusu Sarkodie notes began prior to the current administration's inauguration in January 2025, reflects a sustained commitment to macroeconomic stability. However, the methods used to achieve these fiscal targets have drawn scrutiny from leading research institutions. The Institute of Statistical, Social and Economic Research (ISSER) warned that the government’s fiscal performance is heavily reliant on spending cuts rather than enhanced revenue mobilization. ISSER’s analysis reveals that total spending fell 20.6% below budget, with capital expenditure (CAPEX) missing its target by a staggering 41%. Professor Robert Darko Osei and Professor Godfred Bokpin expressed concerns that such drastic reductions in infrastructure investment could undermine the government's "Big Push" initiative and stifle long-term growth. Furthermore, Bokpin pointed out that domestic revenue collection remains a structural challenge, with the tax-to-GDP ratio reaching only 7.7% by mid-2026, slightly missing its targets despite ongoing IMF-backed reforms. In the financial markets, investor confidence appears robust, evidenced by a 79.2% oversubscription in a recent Treasury bill auction. Bids totaled GH¢10.51 billion against a target of GH¢5.87 billion, with the 364-day bill attracting the highest demand. While yields for shorter-term bills have declined slightly, the 364-day yield rose to 12.98%, signaling that markets are closely monitoring fiscal sustainability and inflation expectations. Commercial banks are currently navigating a complex environment; while lower lending rates are a boon for businesses and households, stable deposit rates are putting pressure on interest margins, prompting banks to explore alternative revenue streams to maintain profitability. Looking forward, the success of the administration’s flagship 24-Hour Economy initiative is seen as a critical pillar for long-term productivity. Professor Anthony Amoah of the University of Environment and Sustainable Development argues that while the 24-Hour Economy Authority Act provides a necessary legal framework, the initiative’s success depends on robust infrastructure, reliable electricity, and private-sector leadership. Experts advocate for a phased implementation focusing on export-oriented sectors like agro-processing to diversify an economy currently heavily reliant on gold. As Ghana moves through the second half of 2026, the government faces the delicate task of balancing fiscal discipline with the public investments necessary to ensure this recovery leads to sustainable job creation and industrial growth.

Dignitaries and journalists after the forum
business|

MTN Ghana Reports 46.8% Profit Surge Amid Rising MoMo Security Initiatives and Legal Challenges

MTN Ghana has announced a significant 46.8% year-on-year increase in profit after tax, reaching GH"5.1 billion for the first half of the year. This financial milestone is largely driven by robust growth in data and mobile money (MoMo) services, which saw total service revenue rise by 32.3% to GH"15 billion. CEO Stephen Blewett attributed the company’s performance to disciplined cost management and strong strategic execution, leading to an interim dividend declaration of GH"0.12 per share, a 50% increase from the previous year. While the MoMo platform continues to expand, processing approximately 23 million transactions daily, it faces increasing pressure from cybercriminals. According to a 2026 INTERPOL African Cyberthreat Assessment Report, Ghanaians lost an estimated $1.3 million to mobile money fraud in the first quarter of 2025 alone. In response, MTN is collaborating with law enforcement and industry stakeholders to implement a centralized fraud-monitoring system. This initiative aims to enable real-time detection and blocking of suspicious transactions across networks, addressing the gap that fraudsters exploit when transferring funds between different operators. To further bolster security, MTN is leveraging advanced technologies including artificial intelligence, machine learning, and biometric authentication. David Nana Addai, MTN’s Mobile Money Manager, noted that device-binding technology and one-time passwords (OTP) are now standard measures to protect users. Beyond external fraud, the company is also tightening its loan recovery processes. Field Service Manager Dickson Amoung-Yam emphasized that the integration of the Ghana Card with SIM registrations allows the company to track loan defaulters even if they attempt to dispose of their SIM cards, ensuring the sustainability of MoMo lending services. Amidst these operational successes, MTN Ghana is currently contesting a lawsuit filed by Clydestone Ghana Plc regarding alleged intellectual property infringement. Clydestone claims its proprietary work commissioned in 2007 was used without authorization. However, CEO Stephen Blewett has dismissed the suit as meritless, reassuring stakeholders that the legal action will not impact operations or MoMo services. As the company works toward a net-zero carbon emission goal by 2030, it remains focused on expanding connectivity to remote areas and maintaining its role as a cornerstone of Ghana’s digital economy.

Bank of Ghana Blacklists 20 Illegal Digital Loan Apps Over Regulatory Violations and Privacy Risks
business|

Bank of Ghana Blacklists 20 Illegal Digital Loan Apps Over Regulatory Violations and Privacy Risks

The Bank of Ghana (BoG) has intensified its crackdown on the digital lending space, issuing a stern public warning against 20 mobile loan applications operating without the requisite licenses. In a formal notice released on August 3, 2026, the central bank identified these platforms as being in direct violation of the Directive for Digital Credit Service Providers, which was established in September 2025. The BoG emphasized that these entities are operating illegally, posing significant risks to the public and the broader integrity of Ghana’s financial ecosystem. The blacklisted applications include notable names such as Sika Tap, CediGo, PoPoCedi, Adamfo Loan, Agyapacredit, and Hasty Credit. According to the central bank, these platforms not only lack regulatory authorization but also frequently engage in predatory lending practices and compromise customer data privacy. By operating outside the purview of the BoG’s oversight, these providers evade the consumer protection standards meant to shield borrowers from exorbitant interest rates and unethical debt collection methods that have become a growing concern in the digital credit market. In a directive aimed at cutting off the operational capacity of these illegal entities, the BoG has instructed all licensed financial institutions—including commercial banks and payment service providers—to refrain from facilitating any transactions for the blacklisted apps. The central bank is currently collaborating with other state institutions to identify, track, and take formal action against the operators of these platforms. This move is part of a broader effort to sanitize the fintech sector and ensure that digital innovation does not come at the expense of consumer safety or the legal frameworks governing credit. The Bank of Ghana has urged the public to exercise extreme caution and avoid engaging with any unlicensed digital credit providers. Citizens who have encountered or been approached by these illegal services are encouraged to report them directly to the bank’s Fintech and Innovation Department. As the administration under President John Mahama continues to prioritize financial stability and consumer protection, the BoG reiterated its commitment to upholding a transparent and well-regulated financial environment that protects the interests of all Ghanaians.

TOR revival proves state assets can thrive - President Mahama
business|

President Mahama Revitalizes Energy Sector with TOR Expansion and Landmark $12bn Petroleum Hub Investment

President John Mahama has marked a significant turning point for Ghana's energy sector by commissioning refurbished facilities at the Tema Oil Refinery (TOR), coinciding with a landmark $12 billion investment commitment for the first phase of the Ghana Integrated Petroleum Hub. These developments come at a critical juncture as the administration seeks to stabilize the domestic fuel market against global volatility and currency depreciation. By prioritizing the revival of state-owned assets and attracting massive foreign direct investment through Touchstone Capital Partners (TCP), the government aims to transform Ghana into Africa’s premier energy corridor, significantly reducing the nation’s historical reliance on imported petroleum products. During the commissioning of TOR’s refurbished Crude Distillation Unit (CDU) and Residual Fluid Catalytic Cracking Unit, President Mahama emphasized that the refinery’s return to operation was achieved through strategic leadership rather than government bailouts. The revival has already generated over 1,500 jobs and returned the facility to profitability. Energy analysts suggest that if TOR scales its production to 100,000 barrels per day in tandem with the Sentuo Oil Refinery, the two could meet 50% of domestic fuel demand. This shift is expected to create a more transparent local pricing framework, potentially decoupling Ghanaian pump prices from some international benchmarks and providing a fairer regime for consumers. Complementing this domestic revival is the ambitious Petroleum Hub project in Jomoro, where Touchstone Capital Partners has rallied $12 billion for Phase 1. This initial phase includes a refinery, petrochemical plant, and extensive storage and port infrastructure. TCP Vice-President Niccol"o Ravano highlighted that the project represents a $60 billion long-term opportunity, aiming to enhance regional energy security across West Africa. Further bolstering the sector’s outlook, Ghana National Gas Limited reported a 97% growth in net profit for 2025, a performance praised by Energy Minister Dr. John Abdulai Jinapor as a testament to the viability of the state’s "Gas-to-Power" agenda. Despite these infrastructure gains, the downstream sector remains pressured by a weakening Cedi and rising international crude prices. To mitigate the immediate impact on transport costs, President Mahama directed a GH""2 per litre subsidy on diesel, prompting the National Petroleum Authority (NPA) to revise ex-pump price floors downwards. While the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) welcomed the relief, they cautioned that such measures are temporary ""ad-hoc"" interventions. Stakeholders are now advocating for more sustainable solutions, such as the establishment of a national strategic fuel reserve and a focus on currency stabilization to protect the economy from future global market shocks.