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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's Economic Landscape: Cedi Dynamics, Lending Rates, and Calls for Growth
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Ghana's Economic Landscape: Cedi Dynamics, Lending Rates, and Calls for Growth

Recent developments in Ghana's economy highlight the interplay between the cedi's exchange rate, lending rates, and the broader financial environment. The Bank of Ghana (BoG) plays a crucial role in managing the cedi's value, emphasizing that it does not create U.S. dollars but rather cedis. When the BoG sells dollars, it reduces cedi liquidity, which has been linked to a stronger cedi. A recent analysis indicated that the cedi appreciated significantly as liquidity tightened, underscoring the importance of domestic monetary conditions in exchange rate stability. As of January 8, 2026, the cedi traded at GH¢10.67 to the U.S. dollar, reflecting mixed results against major currencies amid ongoing forex pressures. Forex bureaus reported even weaker rates, indicating sustained demand for dollars despite improvements in economic indicators like inflation. In a related context, Dr. Johnson Asiama, the Governor of the Bank of Ghana, has set a target to reduce lending rates to below 10% by the end of his tenure. This goal aligns with the need for affordable credit to stimulate business and household investment, as current lending rates remain high at around 24.2%. Dr. Asiama noted that the country’s international reserves have reached a record high of $13.8 billion, which could support efforts to stabilize the economy. Additionally, the Asantehene, Otumfuo Osei Tutu II, has urged the BoG to develop strategies to lower interest rates further, arguing that high borrowing costs are a barrier to economic recovery and job creation. He emphasized the need to transition from a "crippling high-interest environment" to one that fosters growth and wealth creation, particularly as the nation faces ongoing financial challenges. The Asantehene's visit to the BoG included a tour of the new Bank Square complex, symbolizing national confidence in overcoming economic hurdles.

Ghana's Economic Landscape: Growth Projections, Financial Stability, and SME Empowerment in 2026
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Ghana's Economic Landscape: Growth Projections, Financial Stability, and SME Empowerment in 2026

Ghana's economy is projected to grow by **5.7%** in **2025**, surpassing the **IMF's** forecast of **4.0%** and the **World Bank’s** estimate of **4.3%**, according to **IC Research**. This growth is expected to be driven by increased household and private sector consumption, particularly during festive periods, benefiting sectors such as trade, manufacturing, and ICT. Despite a decline in construction growth, which is anticipated to normalize below double-digit rates, the agricultural sector remains a strong contributor to economic expansion. In terms of financial stability, the **Ghana Reference Rate** has fallen to **15.68%** as of January 2026, down from **15.9%** in December 2025, indicating a potential decrease in borrowing costs for businesses. This change is attributed to improvements in the Monetary Policy Rate and inflation, which has dropped significantly to **5.4%** in December 2025, the lowest since the CPI was rebased in 2021. The **Bank of Ghana** reported a record **$13.8 billion** in international reserves at the end of 2025, bolstered by strong government revenue and domestic gold purchases, which are expected to stabilize the cedi and enhance the country's credit ratings. In the realm of small and medium-sized enterprises (SMEs), a new **Mini-MBA Programme** launched by **Absa Bank Ghana** and **MTN Ghana** aims to empower 50 SME owners with essential skills in business innovation, finance, and digital marketing. This initiative is part of a broader strategy to enhance the capabilities of SMEs, which are vital for job creation and economic activity in Ghana. The **Ministry of Finance** has assured that the gains in cedi stability and energy sector improvements will be sustained throughout 2026, supported by prudent fiscal management and ongoing reforms. Additionally, the **Ghana Real Estate Professionals Association (GREPA)** has installed a new board focused on ethical governance and sustainability, aiming to enhance the real estate sector's global competitiveness. However, the festive season, known as **Detty December**, is under scrutiny as concerns arise over exploitative pricing practices that could harm Ghana's tourism reputation. Industry stakeholders are calling for regulatory measures to protect consumers and ensure fair pricing during this peak period. Overall, Ghana's economic outlook for 2025 and beyond appears positive, with significant strides in financial stability, SME empowerment, and a commitment to ethical practices across various sectors.

Dr. Eric Oduro Osae Takes the Helm as New CEO of ICAG
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Dr. Eric Oduro Osae Takes the Helm as New CEO of ICAG

The Institute of Chartered Accountants, Ghana (ICAG) has officially appointed Dr. Eric Oduro Osae as its new Chief Executive Officer, effective January 5, 2026. Dr. Osae, who boasts over 25 years of extensive experience in chartered accountancy, law, and governance, previously held the position of Director-General at Ghana's Internal Audit Agency. His international experience includes serving as an Audit and Assurance Advisor to the United Nations. Dr. Osae holds a doctorate in political economy and has contributed significantly to the field, authoring over ninety papers on accounting and governance. The ICAG Council has expressed strong confidence in Dr. Osae's leadership abilities, urging stakeholders to support him in his new role as he aims to elevate the institute's reputation both in Ghana and internationally.

GRA and GUTA Forge Agreement on VAT Act 2025 Transitional Measures
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GRA and GUTA Forge Agreement on VAT Act 2025 Transitional Measures

On January 7, 2026, the Ghana Revenue Authority (GRA) and the Ghana Union of Traders’ Association (GUTA) convened in Accra to establish transitional measures for the implementation of the new Value Added Tax Act, 2025 (Act 1151). This agreement is particularly significant for traders who were previously operating under the VAT Flat Rate Scheme. Under the new regulations, all eligible taxpayers, including GUTA members, will be required to charge a VAT rate of 20% until the end of the first quarter of the implementation period. To facilitate a smooth transition, a joint technical team has been formed to tackle challenges related to VAT record keeping and compliance. Additionally, both organizations have committed to enhancing educational programs nationwide to support traders in adapting to the new VAT regime. GRA and GUTA have underscored the importance of compliance and maintaining open lines of communication to ensure the effective rollout of the new tax framework.

Ghana's Cedi Emerges as Africa's Best-Performing Currency Amid Economic Recovery Under Mahama
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Ghana's Cedi Emerges as Africa's Best-Performing Currency Amid Economic Recovery Under Mahama

In a remarkable economic turnaround, Ghana's cedi has been recognized as Africa's best-performing currency for 2025, appreciating nearly 40% against the US dollar, according to Bloomberg. This significant recovery is attributed to strategic policy initiatives implemented under President John Dramani Mahama's leadership, notably the "Reset Agenda" and the 24-hour economy initiative. Novihoho Afaglo, a prominent member of the National Democratic Congress (NDC), lauded these policies, stating they have played a crucial role in stabilizing the economy, which was previously on the brink of collapse. The cedi's value improved from approximately GH¢17.00 to about GH¢10.35, earning it recognition as the best-performing currency globally in 2025. Additionally, inflation rates have seen a dramatic decline from over 23% at the end of 2024 to 6.5% in December 2025, resulting in lower prices for goods and alleviating financial pressure on consumers. Afaglo also highlighted the reduction of the national debt by nearly GH¢150 billion and reported an impressive economic growth rate of 6.1% in early 2025, marking the highest growth rate in recent years. This recovery stands in stark contrast to the depreciation of the Ethiopian birr, which faced the most significant decline against the dollar in the same period. The cedi's performance, alongside the broader economic improvements, reflects a positive outlook for Ghana as it navigates the complexities of the global market.

Strengthening Trade and Investment: Ghana's Strategic Initiatives in Africa
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Strengthening Trade and Investment: Ghana's Strategic Initiatives in Africa

Ghana is actively enhancing its trade and investment landscape through various strategic initiatives aimed at fostering economic collaboration both regionally and globally. Harruna Attah, Ghana’s High Commissioner to Namibia, has been a key figure in promoting the 'November in Namibia' campaign, which seeks to bolster tourism, trade, and cultural ties between Ghana and Namibia. This initiative, organized by Hype.UP Limited, includes a Business Forum and Exhibition set for 2025, where business leaders will explore investment opportunities and showcase Ghanaian offerings. The campaign is supported by both nations' High Commissions and investment promotion boards, reflecting a commitment to economic diplomacy. In a parallel effort, the Global Africa Summit, scheduled for December 11-12, 2025, in Accra, aims to rally investors, policymakers, and the diaspora to drive trade and inclusive economic growth across the continent. The summit will focus on strategic partnerships and diaspora-led investments, with Ghana positioned as a vital investment hub. A significant outcome expected from the summit is the establishment of a Diaspora Investment Platform by 2026, further enhancing Ghana's role in Africa's economic development. Additionally, the Ecobank Group has signed a memorandum of understanding with the Bank of China to deepen financial cooperation between China and Africa. This partnership, which builds on a previous agreement from 2010, aims to facilitate trade finance and cross-border payments, aligning with the China-Africa Cooperation Forum. The collaboration seeks to provide reliable financial infrastructure to support the growing commerce between China and Africa, emphasizing the importance of shared expertise in financing projects involving Chinese stakeholders. These initiatives collectively reflect Ghana's strategic approach to enhancing trade, investment, and economic growth, positioning the nation as a pivotal player in Africa's development.

Optimism for Economic Growth in Ghana: Insights from NPA, SMEs, and Deloitte
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Optimism for Economic Growth in Ghana: Insights from NPA, SMEs, and Deloitte

As Ghana approaches 2026, optimism is palpable among various sectors regarding economic growth and stability. The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, commended his staff for their strong performance in 2025, emphasizing their commitment to regulatory excellence and consumer protection. Tameklo called for continued focus on efficiency and innovation as the NPA aims to enhance its service to the nation. In the Sekondi-Takoradi Metropolis, Small and Medium Enterprises (SMEs) share this optimism, with local business leaders highlighting positive economic indicators such as the stability of the Ghanaian Cedi and the abolition of certain taxes, including the COVID-19 recovery levy. Desmond Tyro, CEO of Mayor’s Tap, acknowledged the government's efforts to reduce fuel prices but expressed concern over rising utility tariffs, urging the government to implement measures that keep utility costs manageable for SMEs to thrive. Adding to the positive sentiment, Daniel Kwadwo Owusu, the Country Managing Partner of Deloitte Ghana, expressed confidence in the 2026 business environment, citing strong economic fundamentals established by the previous government. He noted improvements in exchange rates and inflation, which contributed to a favorable economic climate in 2025. Owusu called on the government to accelerate initiatives that foster economic growth and job creation, while also recognizing the hard work of his team in navigating the challenges of the business landscape. Overall, the collective insights from the NPA, SMEs, and Deloitte reflect a hopeful outlook for Ghana's economy in 2026, contingent on continued government support and strategic initiatives to address emerging challenges.

Ghana Gold Board Strengthens Gold Sector with New Aggregation Model and Blockchain Initiatives
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Ghana Gold Board Strengthens Gold Sector with New Aggregation Model and Blockchain Initiatives

The Ghana Gold Board (GoldBod) is taking significant steps to enhance the gold sector's integrity and economic contribution, following the endorsement of Bawa Rock Ltd as the exclusive aggregator under its new aggregation model. The Chamber of Licensed Gold Buyers (CLBG) has voiced strong support for Bawa Rock, highlighting its commitment to transparency and effective measures to combat gold smuggling. The CLBG argues that Bawa Rock's practices improve compliance and traceability, which are crucial for stabilizing revenue in Ghana's gold market. They urge authorities to maintain Bawa Rock's license amid criticisms from the parliamentary Minority, warning that any weakening of its mandate could reverse progress in formalizing the industry. In parallel, GoldBod has refuted allegations of purchasing gold from illegal miners, clarifying that it sources gold exclusively through licensed channels. The Board is developing a blockchain-based track-and-trace system to enhance oversight and curb illegal sourcing, with plans for rollout in 2026. This initiative is part of GoldBod's broader strategy to promote responsible sourcing and environmentally friendly mining practices. Moreover, GoldBod has clarified that it is not a rebranding of the Precious Minerals Marketing Company (PMMC) but rather an institutional upgrade aimed at improving Ghana's economic stability through reforms in the gold sector. Unlike PMMC, which focused on profit, GoldBod's mission includes generating foreign exchange for the country and supporting gold reserve accumulation for the Bank of Ghana. With exclusive rights to purchase artisanal and small-scale mining gold and a dedicated task force to combat smuggling, GoldBod is positioned to formalize and enhance the gold sector in Ghana.

GRA Reports Positive Impact of VAT Reforms: GH¢6.5 Billion Returned to Consumers
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GRA Reports Positive Impact of VAT Reforms: GH¢6.5 Billion Returned to Consumers

The Ghana Revenue Authority (GRA) has confirmed that recent Value Added Tax (VAT) reforms are yielding positive results for consumers and businesses alike. Following a reduction in the effective VAT rate to 15% and the removal of the COVID-19 Levy, approximately GH¢6.5 billion has been returned to households, reflecting a 1.9% decrease in prices of goods and services. This change was highlighted during a compliance check conducted by GRA officials at Palace Mall in Accra, led by Dr. Martin Yamborigya. Customers expressed satisfaction with the lower prices, indicating financial relief due to the revised tax structure. Shop managers reported that they have updated their billing systems in compliance with the new VAT regulations. GRA Commissioner-General Anthony Sarpong emphasized the importance of voluntary compliance with the new VAT framework, as it supports national revenue and economic growth. He encouraged consumers to request VAT invoices to aid enforcement and ensure responsible tax compliance, which is crucial for national development. The GRA remains committed to ongoing monitoring and consumer education regarding these tax reforms.

Ghana's Economic Landscape: Record Reserves, Regulatory Changes, and Optimism for 2026
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Ghana's Economic Landscape: Record Reserves, Regulatory Changes, and Optimism for 2026

Ghana's economic landscape is witnessing significant developments as the Bank of Ghana (BoG) reported a record international reserve of $13.8 billion at the end of 2025, bolstered by strong government revenues and an early Eurobond payment. This marks a substantial increase from $7.4 billion in October 2024, with the cedi appreciating by over 40% against the US dollar, enhancing market confidence in the BoG's currency stabilization efforts. In parallel, the BoG has introduced stringent regulations for International Money Transfer Operators (IMTOs) to enhance consumer protection and financial integrity, implementing a 90-day licensing process and requiring detailed reporting. This move aims to formalize the remittance sector and mitigate financial risks. Looking ahead, the BoG plans to sell up to $1 billion under its Foreign Exchange Intermediation Programme in January 2026 to support market stability. This initiative follows a successful $721 million FX sale in December 2025, aimed at managing exchange rate volatility and supporting businesses' import needs. The Ghanaian government is also seeking to raise GH¢7.5 billion from the domestic market to address short-term financing needs, significantly increasing its target from previous auctions. This comes amid strong investor demand for Treasury Bills, with average interest rates hovering around 12%. Deloitte's recent report highlights the importance of government initiatives like the 24-hour Economy Programme and the Accelerated Export Development Programme in unlocking Ghana's economic potential, projecting GDP growth rates of 5.5% for 2025 and further increases in subsequent years. However, challenges such as inflation and commodity price volatility remain. Dr. Theo Acheampong, a Technical Advisor at the Ministry of Finance, expressed optimism for 2026, citing positive government policies and macroeconomic interventions that are expected to enhance living standards. He noted that Ghana's planned exit from the IMF programme by mid-2026 could further boost economic opportunities. Additionally, business owners are calling for tax reductions and a reassessment of import duties to support local enterprises, advocating for policies that enhance competitiveness. The Ghana Revenue Authority reported that recent VAT reforms have returned approximately GH¢6.5 billion to consumers, easing price pressures and improving satisfaction with lower prices. Overall, while challenges persist, the outlook for Ghana's economy appears optimistic as stakeholders push for reforms and stability in 2026.

GIPC CEO Calls on Diaspora to Invest Remittances for National Development
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GIPC CEO Calls on Diaspora to Invest Remittances for National Development

Simon Madjie, the CEO of the Ghana Investment Promotion Centre (GIPC), has urged Ghanaians living abroad to channel their remittances into productive investments to bolster national development. Speaking at a recent Diaspora Summit, Madjie highlighted that remittances from the diaspora exceed foreign direct investments and can significantly enhance the Ghanaian economy if utilized effectively. To facilitate this, the GIPC has established frameworks and support systems, including a Diaspora Desk and an AfCFTA Desk, aimed at assisting Ghanaians worldwide in navigating investment opportunities. Madjie emphasized the potential in key sectors such as real estate, information and communication technology (ICT), healthcare, and sustainable industries. In a bid to attract more investments, he announced the removal of minimum capital requirements for foreign investors and assured robust legal protections for those looking to invest in Ghana. Madjie reaffirmed the importance of the diaspora in Ghana's development and reiterated that the country is open for business, encouraging Ghanaians abroad to explore opportunities beyond the capital, Accra.

Ghana's Poultry Sector at Risk from Cheap Imports and Rising Feed Costs
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Ghana's Poultry Sector at Risk from Cheap Imports and Rising Feed Costs

Boris Baidoo, CEO of Boris B's Farms, has raised alarm over the challenges facing Ghana's poultry industry, primarily due to cheap imports and escalating feed costs. He emphasized that while local expertise exists, inconsistent policy support is hampering domestic production efforts. Currently, feed prices account for a staggering 70% of production costs, putting immense pressure on local poultry producers. Baidoo advocates for enhanced collaboration between the government and private investors to create affordable feed alternatives. He also calls for the establishment of a unified national poultry policy aimed at safeguarding local producers and ensuring food security in the country. Without these measures, the future of Ghana's poultry industry remains uncertain, jeopardizing both local livelihoods and the nation's food supply.