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 is open for business — President Mahama courts American investors at NASDAQ
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President Mahama Announces Listing of 10 State-Owned Enterprises on GSE as Private Sector Activity Hits Economic "Inflection Point"

President John Dramani Mahama has announced a landmark policy to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange (GSE), a move designed to curb political interference and attract significant private investment. Speaking at a series of high-level forums including a discussion in New York and a session at NASDAQ, the President highlighted that this initiative follows a dramatic turnaround in SOE performance, with collective profits rising to nearly GH"19 billion after years of losses. Mahama emphasized that Ghana is now a premier destination for American investors, citing the country's political stability and a surge in Foreign Direct Investment (FDI), which jumped from $640 million in 2024 to $2.6 billion by the end of 2025. He further linked domestic prosperity to global stability, urging a resolution to the US-Iran conflict to ease pressure on local interest rates and facilitate long-term financing for Ghanaian businesses. This government-led shift coincides with what Vish Ashiagbor, Country Senior Partner at PwC Ghana, describes as an economic "inflection point." Speaking at the UK-Ghana Trade & Investment Summit 2026, Ashiagbor noted that the private sector is increasingly taking the lead in driving economic activity, moving away from a traditional reliance on government initiatives. To navigate this transition, experts are calling for a more resilient corporate culture. Felix Addo, President of the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), recently advocated for business rescue over liquidation to protect jobs and revenue. This sentiment was echoed at the Telecel Business Runway in Takoradi, where Dr. Daniel McKorley of the McDan Group warned SMEs against over-dependence on founders, urging them to build robust corporate systems to survive in an evolving market. On the regional front, investment strategies are shifting from theoretical discussions to tangible execution. The Volta Economic Forum recently transitioned its focus to "Investment Execution," highlighting successful projects like the Zen Palms Beach Resort and new sisal farming initiatives. Simultaneously, the Eastern Region is preparing to host World Tourism Day 2026 under the theme "Digital Agenda and Artificial Intelligence to Redesign Tourism." This event, alongside the Eastern Expo 2026, aims to showcase the economic potential of the region's 33 municipal and district assemblies. These efforts are being integrated into the national "24-Hour Economy" agenda, with the Secretariat supporting the upcoming 6th Inter Tourism Expo in Cape Coast to position Ghana as a round-the-clock investment hub. As Ghana’s economy grew by 6% in 2025 and 6.4% in early 2026, the focus has turned toward sustaining this momentum through digital transformation and value retention. President Mahama has called for increased local processing of agricultural products and technology-driven ventures to ensure that the benefits of the African Continental Free Trade Area (AfCFTA) are fully realized. By combining state-led reforms, such as the GSE listings, with regional investment drives and private-sector adaptation, Ghana aims to solidify its position as a gateway to the 1.4 billion-person African market, ensuring that macroeconomic stability translates into tangible improvements for local businesses and communities.

Ghana Transport and Maritime Sectors Face Major Shifts with Fare Hikes, Fee Reductions, and Port Expansion Plans
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Ghana Transport and Maritime Sectors Face Major Shifts with Fare Hikes, Fee Reductions, and Port Expansion Plans

Ghana’s transportation and maritime sectors are undergoing significant structural changes as regulators and the government move to balance rising operational costs with economic competitiveness. Starting Saturday, September 26, 2026, public transport fares will increase by 8%, marking the first upward adjustment since May 2025. The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC) announced the hike to help operators manage maintenance and fuel expenses. This change is expected to affect more than 80% of urban commuters who rely on "trotros" and shared taxis. For example, intra-city trotro fares previously at GH"5 will rise to GH"5.50, while long-distance inter-city services at GH"300 will increase to GH"324. In a move to lower the cost of doing business, the Ghana Shippers’ Authority (GSA) has significantly reduced container administrative charges from $165 to $65 per TEU. This decision, authorized under Act 1122, followed negotiations initiated by President John Dramani Mahama and the Minister of Transport to bring Ghana’s port fees closer to the regional average of $45 to $50. Complementing this cost reduction, the government has unveiled plans to expand port infrastructure to alleviate congestion. Key initiatives include the construction of new berths, improved road networks, and the development of rail links for cargo movement, all aimed at strengthening Ghana’s position as a maritime hub in West Africa. Amidst these logistical developments, Metro Mass Transit (MMT) has appealed for government intervention to renew its aging fleet, noting that 70-80% of its buses have exceeded their useful lifespan. MMT currently operates 205 buses but seeks to expand to 360 routes once a pending contract for 300 new Isuzu buses is fulfilled. The company remains a critical service provider, maintaining fares 15-25% lower than private operators. Simultaneously, in the energy sector, the Ghana Grid Company (GRIDCo) has completed a 4-kilometre transmission line to integrate the 50-megawatt Yendi Solar Farm into the national grid, bolstering the country's renewable energy capacity. From a financial perspective, the Bank of Ghana has opted to maintain the Monetary Policy Rate (MPR) at 14% for the next two months. While the benchmark rate remains steady, commercial banks are currently reviewing their interest rate structures. Marginal adjustments to loan and deposit rates are anticipated as banks respond to liquidity conditions, Treasury-bill yields, and the Ghana Reference Rate. Together, these cross-sector updates reflect a broader national effort to modernize infrastructure and stabilize the economy while navigating the immediate pressures of operational inflation.

Vice President Opoku-Agyemang and Finance Minister Ato Forson Urge Banks to Pivot Toward Ghana's Productive Sector
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Vice President Opoku-Agyemang and Finance Minister Ato Forson Urge Banks to Pivot Toward Ghana's Productive Sector

Vice President Professor Jane Naana Opoku-Agyemang and Finance Minister Dr. Cassiel Ato Forson have called on the banking sector to shift its focus from government financing toward the productive sectors of the economy. Speaking at the inauguration of Absa Bank Ghana's new head office, 'Absa Place,' in Accra, the Vice President emphasized that financial institutions must enhance access to credit for women-owned businesses and young entrepreneurs. She stressed the importance of practical financial solutions in agriculture, manufacturing, and trade, while urging banks to prioritize cybersecurity and technology-driven financial inclusion to maintain public confidence in the digital era. Finance Minister Dr. Cassiel Ato Forson echoed these sentiments, urging banks to increase their footprint in manufacturing, exports, and agro-processing. This directive is a cornerstone of the President John Mahama administration's 'New Economy' programme, which seeks to reduce the government's reliance on domestic financing to free up capital for the private sector. Dr. Forson noted that while macroeconomic stability provides a necessary foundation, the next phase of Ghana's growth requires a competitive and productive economy capable of significant job creation. The Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, further reminded financial institutions of the need for operational resilience and robust risk management during this transition. Parallel to these policy shifts, the Bank of Ghana is piloting a cedi-based payment system to facilitate trade with China, aimed at reducing the business community's heavy reliance on the US dollar. Governor Dr. Johnson Pandit Asiama announced that commercial banks, including Stanbic Bank, are participating in this pilot, which allows importers to settle transactions directly in cedis. In a similar move toward modernization, industry experts at a Graphic Business/Stanbic Bank forum highlighted that adopting digital submissions for foreign payments could further eliminate delays and reduce costs for cross-border trade, utilizing systems like the Pan-African Payment and Settlement System (PAPSS). Despite these initiatives, analysts warn of a 'liquidity paradox' within the Ghanaian financial system. While banks and institutional investors have available capital, many productive businesses remain unable to access it due to a lack of investment readiness, poor governance, and unreliable financial records. To bridge this gap, experts recommend the creation of an investment-readiness pipeline and government-backed credit guarantees. Addressing these structural hurdles is viewed as essential for the success of programs like the 24-Hour Economy, ensuring that liquid assets are effectively converted into growth-oriented finance for the private sector.

GNPC supplies 950,000 barrels of Sankofa crude to TOR
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GNPC Boosts Domestic Refining with Historic Sankofa Crude Delivery to TOR as GOIL Urges LPG Price Reform

In a landmark move for Ghana's energy sector, the Ghana National Petroleum Corporation (GNPC) has successfully delivered approximately 950,000 barrels of Sankofa crude oil to the Tema Oil Refinery (TOR). The shipment of light sweet crude, sourced from the Sankofa-Gye Nyame Field at the Offshore Cape Three Points (OCTP), arrived via the vessel Sonangol Cazenga on Friday, September 25, 2026. This delivery represents a significant milestone in the nation's effort to integrate its upstream production with downstream refining capabilities. GNPC Chief Executive Mr. Kwame Ntow Amoah and TOR Managing Director Mr. Edmond Kombat led the inspection of the vessel, signaling a renewed partnership between the two state-owned entities to enhance local processing of Ghana’s petroleum resources. The transaction was structured as a strictly commercial arrangement, with TOR settling the cost through a Letter of Credit to ensure GNPC remains free from debt exposure. This collaboration directly aligns with President John Mahama’s vision to strengthen the domestic value chain and retain more economic value from the country’s natural resources within its borders. Mr. Amoah noted that GNPC currently has eight to ten similar cargoes available annually and plans to increase supply as production rises. Beyond crude oil, the two organizations are reportedly exploring further cooperation regarding the supply of natural gas to support TOR’s operations, which recently resumed following a maintenance period. While the upstream sector focuses on refining capacity, GOIL Managing Director Edward Abambire Bawa has turned national attention toward domestic energy accessibility. Speaking during a visit from Parliament’s Committee on Energy, Mr. Bawa urged the government to implement targeted incentives to make Liquefied Petroleum Gas (LPG) more affordable for rural households. He highlighted a concerning trend where economic barriers force families to rely on firewood despite the availability of LPG, citing significant health and environmental risks. Mr. Bawa advocated for a clear policy framework that differentiates between domestic and commercial LPG consumption, arguing that lower prices for households would facilitate a safer transition to clean cooking fuels. On the regional front, these domestic advancements coincide with major energy infrastructure developments across the continent. Nigerian billionaire Aliko Dangote has announced a $660 million funding package for a refined petroleum products pipeline linking Ethiopia and Djibouti. The 120km pipeline will connect the Damerjog port in Djibouti to a distribution facility in Dewele, Ethiopia, supported by a storage capacity of 400 million liters. This regional project, combined with Ghana's internal efforts to bolster TOR and expand GOIL's distribution network of 450 outlets, underscores a broader African shift toward energy security and the modernization of fuel logistics. Ultimately, these developments reflect a multifaceted strategy to stabilize and grow the energy sector. By securing domestic markets for Ghanaian crude and advocating for more equitable access to refined products like LPG, state agencies are attempting to shield the economy from external shocks while improving public health outcomes. The successful integration of GNPC’s production with TOR’s refining capacity marks the beginning of a more self-reliant energy ecosystem, which officials hope will provide a blueprint for future industrial growth under the current administration.

Dr Cassiel Ato Forson, Minister of Finance, speaking at the event
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Finance Minister Forson Signals 'Golden Era' with $10B Strategic Investment Plan Amid Economic Growth and External Risks

Finance Minister Dr. Cassiel Ato Forson has declared the beginning of a "golden era" for the Ghanaian economy, urging the Association of Ghana Industries (AGI) and private investors to commit capital with confidence. Speaking at a series of high-level engagements, including the inauguration of the new Absa Bank Ghana head office, Dr. Forson revealed that the government is preparing a comprehensive economic transformation blueprint to be unveiled in the 2027 Budget. Central to this vision is President John Mahama’s plan to inject $10 billion into strategic sectors over the next four years to stimulate production, job creation, and industrial growth. The Minister emphasized that the government is committed to sustaining recent macroeconomic gains while shifting focus from mere stability to total economic transformation. Supporting this optimistic outlook, the Bank of Ghana (BoG) reported strong economic indicators for the third quarter of 2026. The Composite Index of Economic Activity (CIEA) recorded a significant annual growth of 14.9% in July 2026, a sharp increase from the 6.1% recorded the previous year. This growth was largely driven by increased credit to the private sector and robust international trade. Furthermore, non-performing loans (NPLs) in the banking sector declined to 15.7% in August 2026, while headline inflation remained relatively stable at 5.0%. BoG Governor Dr. Johnson Asiama also confirmed that Ghana is successfully transitioning from the IMF’s Extended Credit Facility (ECF) to a non-financing Policy Coordination Instrument (PCI), which will anchor future reforms and maintain fiscal discipline. Despite these internal gains, economists have raised concerns regarding Ghana's exposure to external shocks. Professor Peter Quartey highlighted the country's continued vulnerability due to a heavy reliance on imported processed fuel and a concentration of export earnings—approximately 60%—in gold. He warned that global disruptions, particularly geopolitical tensions in the Middle East, could destabilize the economy if gold prices fluctuate or oil prices spike. Professor Godfred Bokpin further noted a US$1.9 billion decline in gross international reserves since June 2026, which has reduced import cover from 5.7 to 4.2 months. While Bokpin stated this is not an immediate threat, he cautioned the central bank to manage foreign exchange interventions carefully as year-end demand for currency increases. To mitigate these risks, the Finance Minister and the Bank of Ghana are calling for a renewed focus on domestic revenue mobilization and energy diversification. The upcoming 2027 Budget is expected to prioritize fiscal discipline, sustainable public debt management, and the development of local capital markets to reduce the government's reliance on external borrowing. As Ghana prepares for its first PCI review in October, the government is urging industry leaders to lead the transition toward alternative energy and local manufacturing. The success of this "golden era" will ultimately depend on whether the promised $10 billion investment can effectively insulate the domestic market from the volatile global environment while maintaining the policy discipline required by international partners.

GCAA Pushes for Domestic Airline Competition to Combat Soaring Airfares
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GCAA Pushes for Domestic Airline Competition to Combat Soaring Airfares

The Ghana Civil Aviation Authority (GCAA) has announced a strategic initiative to attract more domestic airlines into the market, aiming to drive down soaring ticket prices through increased competition. Director General Rev. Stephen Wilfred Arthur clarified that while the GCAA regulates the industry, it does not set airfares, which are currently dictated by market forces. However, the Authority is committed to creating a level playing field for new entrants to challenge the dominance of existing carriers like Africa World Airlines and PassionAir. By fostering a more competitive environment, the GCAA hopes to make air travel more affordable and accessible to the general public. The urgency for reform is underscored by a significant rise in domestic travel costs. According to aviation experts, a return flight from Accra to Tamale was priced at approximately US$328 in October 2026, which is double the price of a similar domestic route in Kenya. Fares on the Accra-Tamale route alone increased by 25% between 2024 and 2025. This surge is attributed to limited competition and a complex cost structure that includes high fuel prices, leasing expenses, the reintroduction of VAT on air services, and new airport infrastructure charges. To address these operational hurdles, the GCAA is supporting government measures such as the removal of import duties on aircraft spare parts. Rev. Arthur revealed that at least two new airlines could join the domestic aviation market by 2027, provided they successfully navigate the certification process. He noted that while previous market contractions were caused by capital and governance issues, the current focus is on sustainable growth. The regulator remains firm that safety and security are non-negotiable and will not be sacrificed in the pursuit of a larger market. In addition to domestic efforts, Ghana’s aviation connectivity is expanding regionally with the upcoming launch of Uganda Airlines' scheduled flights between Entebbe and Accra on October 27, 2026. This move, supported by commercial roadshows to engage Ghanaian stakeholders, signals growing interest in the country's aviation potential. The GCAA believes that the combination of fiscal tax relief, new domestic entrants, and enhanced regional links will ultimately stabilize the market and provide consumers with better service and more competitive pricing options.

2026/2027 Cocoa season opens: 64-kg bag of cocoa now GH¢2,650
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COCOBOD CEO Ransford Abbey Announces Cocoa Producer Price Increase to GH¢2,650 Per Bag for 2026/2027 Season

The Ghana Cocoa Board (COCOBOD) has officially opened the 2026/2027 cocoa season by announcing a 2.4% increase in the producer price, raising it to GH¢42,400 per tonne. COCOBOD Chief Executive Ransford Abbey confirmed that farmers will now receive GH¢2,650 for a standard 64-kilogram bag of cocoa, an increase of GH¢1,008 per tonne over the previous season's price. This adjustment ensures that farmers receive 71.18% of the realized gross free-on-board (FOB) price, which is currently valued at US$2,650 per tonne. The new pricing regime follows extensive consultations with stakeholders and aligns with the government's commitment to improving the livelihoods of cocoa farmers under the administration of President John Mahama. This price hike is a direct result of the newly enacted Ghana Cocoa Board Act, 2026, which legally mandates that farmers receive a minimum of 70% of the gross FOB price. To support this new pricing structure and address liquidity challenges, COCOBOD is transitioning toward a new financing framework. The board is introducing the Cocoa Notes Programme to source funding from Ghana’s domestic capital market, a move intended to reduce the industry's historical dependence on expensive international loans. This shift is expected to enhance the financial sustainability of the sector while providing the necessary liquidity to ensure prompt payment to farmers for their produce. In addition to financial reforms, COCOBOD is prioritizing international market compliance and environmental sustainability. The Ghana Cocoa Traceability System (GCTS) has been implemented to ensure all Ghanaian cocoa meets the European Union’s Deforestation Regulation (EUDR) standards by the December 30, 2026 deadline. This transparency mechanism is critical for maintaining access to premium European markets. To further boost farm yields, COCOBOD will continue its productivity enhancement programs, including the distribution of hybrid seedlings and fertilizers, while maintaining existing rates and fees within the supply chain to protect farmer margins. Complementing these national policies are regional infrastructure developments and grassroots success stories. In the Bono East Region, the construction of a new Farmer Service Centre in Kintampo under the Feed Ghana Programme is nearing completion. This facility will provide local farmers with access to tractors, dryers, and warehouses, utilizing equipment procured through a bilateral arrangement with Belarus. Such infrastructure, combined with the efforts of groups like the Asetenapa Cocoa Cooperative in Suhum, which utilizes Fairtrade premiums for community projects and education, signals a broader transformation of the agricultural sector toward mechanization, sustainability, and increased profitability for the next generation of farmers.

Bank of Ghana Governor Dr. Johnson Asiama Announces Resumed Gold Shipments to Bolster National Reserves
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Bank of Ghana Governor Dr. Johnson Asiama Announces Resumed Gold Shipments to Bolster National Reserves

Bank of Ghana Governor Dr. Johnson Pandit Asiama has announced a significant resumption in gold shipments, providing a critical boost to the nation’s foreign exchange reserves. During a recent media briefing following a Monetary Policy Committee meeting, Dr. Asiama revealed that despite a period of inconsistent export volumes, recent data from the previous week shows a substantial surge in gold exports. This resurgence is central to the Bank of Ghana’s Ghana Accelerated Reserve Accumulation Program (GANRAP), which aims to strengthen the country’s external buffers. Currently, Ghana’s gross international reserves have reached approximately 4.5 months of import cover, comfortably exceeding the recommended three-month benchmark and signaling improved macroeconomic stability. While the increase in shipment volume provides immediate relief to the forex market, the Governor cautioned that the strategy remains vulnerable to international market volatility. External factors, particularly U.S. interest rate decisions and global monetary policy shifts, continue to influence gold prices and, by extension, the pace of Ghana’s reserve accumulation. To mitigate these risks, the central bank is collaborating with the newly established Ghana Gold Board (GoldBod) to enhance market intermediation. This partnership is designed to modernize the sector and ensure a more consistent flow of foreign exchange from gold exports into the domestic market, further stabilizing the cedi. The government is also pivoting toward a value-addition strategy to ensure greater domestic economic retention. Under the Ghana Gold Board Act of 2025 (Act 1140), a new directive mandates that starting September 1, 2026, all gold dore must be refined locally before receiving export clearance. This structural shift is intended to transition the industry from raw extraction to a comprehensive refining process, creating local jobs and increasing the financial returns from the sector. Economists, including Professor Peter Quartey, have lauded the move as a necessary step to build economic resilience and reduce the risks associated with over-dependence on a single raw commodity. Reflecting the sector's pivotal role in the national economy, gold export receipts nearly doubled in a year, climbing from $10.31 billion in 2024 to $20.98 billion in 2025. This growth has contributed to a record trade surplus and a more robust fiscal outlook. Against this backdrop of strengthening reserves and steady growth, the Monetary Policy Committee has opted to maintain the Monetary Policy Rate at 14 percent for the third consecutive meeting. Moving forward, the Bank of Ghana and GoldBod intend to focus on formalizing the supply chain and enhancing traceability to combat smuggling and ensure that Ghana’s gold resources continue to drive long-term economic growth.

BoG to release upgraded Ghana cedi notes on November 3, 2026
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Bank of Ghana to Launch 'Heritage Series' Banknotes in November 2026 with Enhanced Security and Durability

The Bank of Ghana (BoG) has announced the official launch of the "Heritage Series," a new and upgraded collection of Ghana cedi banknotes, scheduled for November 3, 2026. This initiative marks the first major update to the national currency's design in over two decades, aimed at modernizing the cedi while celebrating Ghana's cultural identity. Governor Dr. Johnson Pandit Asiama revealed the plan during the 132nd Monetary Policy Committee (MPC) press conference, emphasizing that the new series will encompass all current denominations, ranging from GH"1 to GH"200. The launch is expected to take place at the Bank Square in Accra, signifying a milestone in the nation's financial history. The Heritage Series is engineered with cutting-edge security features to combat counterfeiting and improve the physical durability of the currency. Despite recent public speculation and rumors, Director of Currency Management Dominic Owusu clarified that the central bank will not be introducing higher denominations, such as a GH"500 note, as part of this rollout. Furthermore, the BoG has decided to retain reinforced cotton as the primary material for the banknotes rather than switching to polymer. This decision was based on Ghana's tropical climate; the high humidity and warm temperatures make cotton a more suitable and resilient medium for local circulation, ensuring the notes remain functional and clean for longer periods. A critical component of the rollout strategy is the planned co-circulation of the Heritage Series with existing banknotes. The Bank of Ghana has assured the public, businesses, and financial institutions that current cedi notes will remain valid legal tender and will not be immediately withdrawn. Governor Asiama urged citizens not to rush to exchange their old notes, as a detailed transition and public education program will be communicated well ahead of the November launch. This dual-circulation approach is intended to provide a seamless transition and allow the public sufficient time to familiarize themselves with the new designs and security elements. In tandem with the upcoming launch, the BoG has intensified its call for better currency handling under its "Clean Note Policy." Both Governor Asiama and Dominic Owusu have urged Ghanaians to treat banknotes with care to reduce the substantial costs associated with replacing worn-out or damaged currency. The public is advised against practices such as crumpling, writing on, or using banknotes for decorative purposes. By maintaining the quality of the notes, the central bank aims to minimize unnecessary printing expenses and preserve the cedi's role as a symbol of national sovereignty and pride. As the November 2026 launch approaches, the BoG remains committed to ensuring the cedi remains a secure and trusted medium of exchange in an evolving technological landscape.

President John Mahama is seen engaging in a formal discussion with a delegation around a polished wooden conference table. The setting features small national flags, including the flag of Ghana, and official stationery, indicating a high-level government or diplomatic meeting.
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President Mahama Outlines National Airline Expansion as Ghana’s Digital Economy Hits Record GH¢518 Billion in Transactions

Ghana’s economic landscape is undergoing a significant transformation driven by a surge in digital financial services and strategic expansions in international trade and aviation. According to the Bank of Ghana’s latest Economic and Financial Data, mobile money transactions reached a record GH¢518.8 billion in August 2026, a 46.5% increase from the previous year. While the total value of transactions for the year has climbed to GH¢3.8 trillion, the data also highlights a usage gap, with only 26.4 million active accounts out of 85.8 million registrations. This digital momentum is being complemented by high-level policy shifts, including the Bank of Ghana’s initiative to facilitate trade with China using the Ghanaian Cedi, a move intended to reduce reliance on the US dollar and strengthen bilateral commercial ties. In the aviation sector, President John Mahama has announced that Ghana’s proposed national airline will explore direct routes to South America and the Caribbean. During bilateral discussions with Suriname’s President Dr. Jennifer Geerlings-Simons at the UN General Assembly, President Mahama emphasized that these routes would position Ghana as a strategic aviation hub and foster deeper trade, tourism, and cultural exchanges beyond the African continent. This vision for connectivity aligns with broader efforts to simplify cross-border commerce; Stanbic Bank Ghana and the Ghana News Agency have highlighted the adoption of the Pan-African Payment and Settlement System (PAPSS) and the Cross-Border Interbank Payment System (CIPS) to minimize transaction costs and delays for Ghanaian Small and Medium-sized Enterprises (SMEs) operating under the AfCFTA. Domestic market dynamics are also shifting, as evidenced by StarOil overtaking GOIL as the leader in the downstream petroleum retail market. By the first quarter of 2025, StarOil’s aggressive pricing strategy saw its market share rise to 10.80%, surpassing GOIL’s 10.51%. Amidst this competition, there is a growing emphasis on corporate social responsibility and financial inclusion. Ecobank Group has committed $2.6 billion through 2030 to support women-led businesses and agricultural value chains, while philanthropist Alhaji Seidu Agongo is distributing 10,000 free sewing machines to vulnerable youth and women in partnership with the National Entrepreneurship and Innovation Programme (NEIP) to promote self-reliance and entrepreneurship. To ensure long-term stability, industry leaders are advocating for a shift in Ghana’s corporate culture from liquidation to business rescue. Felix Addo, President of the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), recently urged stakeholders to utilize the Corporate Insolvency and Restructuring Act of 2020 to save distressed but viable companies. As the International Finance Corporation (IFC) continues to invest in local infrastructure—such as the redevelopment of the Kwame Nkrumah Memorial Park and new hospitality projects in Accra—the focus remains on creating a resilient, system-driven economy. Experts warn that with Ghana’s growing youthful population, the success of these industrialization and scaling efforts is critical to ensuring that demographic trends result in economic dividends rather than social burdens.

Ghana’s economic revival:
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PURC Freezes Utility Tariffs for Q4 2026 Amidst Robust Economic Growth and Rising Public Debt

The Public Utilities Regulatory Commission (PURC) has announced that electricity and water tariffs will remain unchanged for the fourth quarter of 2026, providing a reprieve for consumers starting October 1. The decision to maintain a 0 percent adjustment follows a comprehensive review of economic indicators, including a 3.04 percent depreciation of the Ghana cedi against the US dollar and a rise in the annual inflation rate to 4.97 percent. Despite these pressures and shifting natural gas costs, the PURC determined that freezing current rates was necessary to balance the financial viability of utility providers with the welfare of Ghanaian households and businesses. This utility stability comes as the broader economy shows signs of strong recovery under the administration of President John Mahama. Recent data indicates that Ghana’s GDP grew by 6.0 percent in the second quarter of 2026, with inflation cooling significantly to 5.0 percent. Dr. Kofi Nsiah-Poku, President of the Association of Ghana Industries (AGI), recently commended Finance Minister Dr. Cassiel Ato Forson for his role in stabilizing the macroeconomic environment. During meetings to prepare the 2027 Budget, industry leaders emphasized that this stability is crucial for industrial expansion, job creation, and the continued growth of the export sector. However, the financial landscape remains complex, particularly regarding the national debt and the banking sector. Ghana’s public debt stock rose to GH¢733.9 billion as of July 2026, representing approximately 45.9 percent of the nation's GDP. This increase of GH¢14.4 billion from the previous month was primarily driven by domestic borrowing, which rose to GH¢396.7 billion. While the banking sector has seen its Non-Performing Loan (NPL) ratio improve from 23.1 percent to 16.1 percent over the past year, financial institutions still reported GH¢1.23 billion in loan losses during the first half of 2026, highlighting persistent risks in credit quality. In the financial markets, lending rates have shown a downward trend, averaging 15.9 percent in August 2026 compared to over 20 percent at the start of the year. The Bank of Ghana has maintained its Policy Rate at 14 percent to anchor inflation expectations. Meanwhile, in the property sector, the State Housing Company Limited (SHC) has issued a 21-day ultimatum for unauthorized occupants of its lands and properties to regularize their status. As the government pivots toward the 2027 fiscal year, the focus remains on sustaining growth while managing the heavy domestic debt burden and ensuring that financial stability translates into long-term industrial prosperity.

Asanko Gold supports 80 farmers with agricultural inputs
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Ministry of Food and Agriculture and ABC Oyasasee Ink Deal for 500,000-Metric Ton Fertilizer Plant to Bolster 'Feed Ghana' Agenda

In a major move to solidify Ghana’s agricultural independence, the Ministry of Food and Agriculture (MOFA) has signed a Memorandum of Understanding (MOU) with ABC Oyasasee Yie Ltd to establish a massive organic fertilizer blending plant in the Eastern Region. The facility, which is expected to produce 500,000 metric tons of fertilizer annually, is a cornerstone of the government’s ‘Feed Ghana’ programme. Minister Samuel Opoku emphasized that the plant will prioritize organic solutions to enhance soil health and food security while creating jobs for agriculture graduates. By sourcing raw materials from the West African sub-region, the project aims to drastically reduce the nation’s reliance on imported fertilizers and strengthen the local industrial base. Supporting this industrial growth are significant improvements in agricultural infrastructure across the country. A recent monitoring and evaluation report by experts from the Korea International Cooperation Agency (KOICA) rated the performance of three key irrigation schemes—Aveyime, Dawhenya, and Ashaiman—at an ‘excellent’ 89.6%. The assessment highlighted exceptional scores for infrastructure and action plans, noting that innovations like the solar power system at Aveyime have helped mitigate high water-pumping costs. Complementing these state-led efforts, Asanko Gold Ghana Limited has launched the second phase of its Community Agricultural Support Programme, providing inputs and climate-resilient training to 80 smallholder farmers in the Amansie West and South districts to counteract the impact of illegal mining on local livelihoods. Despite these gains, the tomato industry remains a critical area for development as the country seeks to close its production gap. While the Ghana Tomato Self-Sufficiency Initiative (GHATSI) is working to create a stable value chain, farmers such as Amidu Salifu Azeko report that inconsistent water access from the Vea Irrigation Dam and high post-harvest losses continue to hinder productivity. Experts suggest that integrating smart technology for disease detection and water management is essential to transform the potential of local farmers into consistent market supply, eventually ending the paradox of importing tomatoes despite having suitable land and committed growers. On the international and maritime fronts, Ghanaian officials are aggressively seeking new markets and sustainable management of aquatic resources. A delegation of municipal and district chief executives, led by Pius Opoku of Tano North, recently engaged the Ghana High Commission in London and farmers in Northern Ireland to explore partnerships for post-harvest processing and packaging. Simultaneously, the Ministry of Fisheries and Aquaculture Development is collaborating with the Ghana Science Association to develop a sustainable ‘Blue Economy.’ Sector Minister Emelia Arthur announced that a draft Blue Economy Commission Bill is expected to reach Cabinet by October 2026, aiming to protect ocean resources from illegal mining and destructive fishing practices while securing food sources for the future.