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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.

Accra High Court Orders First Atlantic Bank to Compensate Vihama Energy GH¢10 Million for Unauthorized Bond Tendering
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Accra High Court Orders First Atlantic Bank to Compensate Vihama Energy GH¢10 Million for Unauthorized Bond Tendering

The Accra High Court has ordered First Atlantic Bank to pay over GH¢10 million to Vihama Energy Company Ltd for unlawfully tendering the company's bonds in the Domestic Debt Exchange Programme (DDEP) without proper authorization. The court's ruling, delivered by Justice Sedina Agbamava, includes a compensation of GH¢28.4 million for losses incurred, GH¢2 million in exemplary damages, and GH¢100,000 to cover litigation costs. The court found that First Atlantic Bank acted negligently, breaching its fiduciary duty to the client. The bank's defense, which claimed regulatory coercion, was dismissed, as the court affirmed that Vihama Energy had not defaulted on its obligations and that the bonds retained their value during the period of wrongful tendering. This ruling underscores the importance of banks adhering to fiduciary responsibilities and obtaining client consent in financial transactions.

Ghana Gold Board Optimizes Gold-for-Reserves Programme to Boost Economic Gains
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Ghana Gold Board Optimizes Gold-for-Reserves Programme to Boost Economic Gains

The Ghana Gold Board, known as GoldBod, is implementing strategies to reduce operational costs associated with its Gold-for-Reserves (G4R) programme, which has significantly enhanced the nation's foreign exchange reserves. Launched to formalize gold trading and support the small-scale mining sector, the G4R initiative allows the Board to purchase gold from licensed aggregators and miners at competitive prices. In collaboration with the Bank of Ghana and the Ministry of Finance, GoldBod is developing a policy blueprint aimed at streamlining G4R operations by 2026. This includes stakeholder consultations to establish fair pricing regulations, ensuring a sustainable gold trading ecosystem while safeguarding economic interests. Additionally, GoldBod has clarified misconceptions regarding its identity, asserting that it is not merely a rebranding of the Precious Minerals Marketing Company (PMMC). Instead, it represents a significant upgrade in institutional capacity, focusing on enhancing Ghana's economic stability through exclusive rights to purchase artisanal mining gold and combatting gold smuggling. This transformation aims to formalize the gold sector and prioritize national economic objectives, positioning GoldBod as a pivotal player in Ghana's gold industry.

Bank of Ghana's Policies Bolster Cedi Recovery Amid New Regulations for Money Transfers
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Bank of Ghana's Policies Bolster Cedi Recovery Amid New Regulations for Money Transfers

The Importers and Exporters Association of Ghana (IEAG) has defended the Bank of Ghana (BoG) against recent criticisms, attributing the cedi's remarkable recovery in 2025 to the central bank's disciplined monetary policies. The cedi appreciated by 40% against the US dollar, a feat linked to improved macroeconomic fundamentals and increased export earnings, according to IEAG Executive Secretary Samson Asaki Awingobit. He criticized what he termed ‘false reportage’ that undermines the BoG's contributions to economic stability, expressing optimism for continued growth in 2026 as long as prudent policies are maintained. In a related development, the Bank of Ghana has introduced stringent new regulations for International Money Transfer Operators (IMTOs) aimed at enhancing consumer protection and financial integrity. Effective December 2025, these guidelines require a 90-day licensing process for IMTOs, restricting them to inward, person-to-person remittances, and prohibiting outbound transfers and lending activities. Operators must conduct transactions in Ghana cedis and adhere to strict data collection and reporting standards, with a three-month transition period to comply. As the new year begins, the cedi opened trading on January 5, 2026, at an average rate of GH¢10.5053 to the US dollar, reflecting a slight increase from GH¢10.45 earlier in the week. The Bank of Ghana reported a buying rate of GH¢10.4948 and a selling rate of GH¢10.5053, while forex bureaus showed wider margins, with the dollar being bought at GH¢11.90 and sold at GH¢12.35. The central bank is expected to intervene in the market to manage volatility as it prepares for upcoming monetary policy decisions and anticipates external inflows.

Bank of Ghana to Withdraw from Small-Scale Gold Trading by 2026
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Bank of Ghana to Withdraw from Small-Scale Gold Trading by 2026

The Bank of Ghana (BoG) has announced its decision to exit the small-scale gold trading sector effective January 1, 2026. This strategic move will transfer full control of gold trading to the Ghana Gold Board (GoldBod). The decision, approved by the bank's governor, Dr. Johnson Asiama, aims to allow the BoG to concentrate on other critical aspects of the Domestic Gold Purchase Programme (DGPP), particularly focusing on inflation targeting and maintaining price stability. Although the International Monetary Fund (IMF) has raised concerns about potential financial losses stemming from this transition, the Central Bank asserts that the decision is independent and is intended to better manage the evolving dynamics of the gold and foreign exchange markets. This shift marks a significant change in the regulatory landscape of Ghana's gold trading sector, reflecting the government's ongoing efforts to streamline operations and enhance market efficiency.

Ghana Settles US$709 Million Eurobond Payment Early, Boosting Economic Recovery
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Ghana Settles US$709 Million Eurobond Payment Early, Boosting Economic Recovery

The Government of Ghana has successfully settled a US$709 million Eurobond obligation ahead of schedule on December 30, 2025. This significant payment is part of a larger commitment to manage a total of US$1.4 billion in Eurobond payments for the year. Finance Minister Dr. Cassiel Ato Forson emphasized that this achievement marks a crucial step in the nation's economic recovery and public debt management strategy. By making this early payment, Ghana aims to enhance its credibility as a borrower and signal a strong commitment to restoring investor confidence. The government is focused on strengthening fiscal buffers and continuing reforms in revenue and debt management to ensure sustainable long-term development.

GRA Clarifies GH¢750,000 VAT Turnover Threshold for Goods Only, Exempting Service Providers
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GRA Clarifies GH¢750,000 VAT Turnover Threshold for Goods Only, Exempting Service Providers

The Ghana Revenue Authority (GRA) has issued a clarification regarding the GH¢750,000 annual VAT turnover threshold, stating that it applies exclusively to businesses that supply goods, thereby excluding service providers. Dr. Dominic Naab, the Acting Head of the GRA’s Strategy and Research Department, made this announcement during a public lecture focused on upcoming VAT reforms set to take effect on January 1, 2026. He emphasized that all service providers are required to register for VAT, irrespective of their revenue levels. Furthermore, businesses that fall below the specified turnover threshold must continue to charge VAT at the standard rate of 20% until they are officially deregistered by the Commissioner-General. These VAT reforms are designed to enhance revenue mobilization, simplify compliance processes, and improve the overall clarity of the tax system in Ghana.

Ghana Gold Board CEO Refutes Loss Claims, Reports Surplus Revenue of GH¢960 Million
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Ghana Gold Board CEO Refutes Loss Claims, Reports Surplus Revenue of GH¢960 Million

Sammy Gyamfi, the CEO of the Ghana Gold Board, has strongly dismissed allegations of the institution incurring financial losses, labeling such claims as mere "hallucinations." In a recent interview with JoyNews, Gyamfi highlighted that the Gold Board achieved a revenue surplus exceeding GH¢960 million for the year 2025, while maintaining disciplined expenditures that totaled below GH¢120 million. He underscored the board's commitment to transparency and encouraged the public to review the financial reports available on their official website. Furthermore, Gyamfi questioned the rationale behind assertions that losses were being transferred to the Bank of Ghana, emphasizing that there were no actual losses to transfer. His statements aim to clarify the financial health of the Gold Board amidst circulating rumors.

BYD Surpasses Tesla to Become World’s Leading Electric Vehicle Seller
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BYD Surpasses Tesla to Become World’s Leading Electric Vehicle Seller

In a significant shift in the electric vehicle (EV) market, China's BYD has overtaken Tesla to become the world's largest seller of electric vehicles, achieving sales of 2.25 million units in 2025. This marks a remarkable 28% increase in sales for BYD, while Tesla experienced a decline of nearly 9%, selling 1.64 million units. This decline for Tesla represents its second consecutive annual drop, attributed to a combination of factors including a lukewarm reception to new models, the loss of a government subsidy, and intensified competition from Chinese manufacturers offering more affordable alternatives. Despite Tesla's profitability remaining higher than BYD's, the latter's growth, particularly in international markets such as the UK where sales surged by 880%, highlights a changing landscape in the EV sector. Analysts express cautious optimism regarding Tesla's future, particularly its self-driving initiatives, although they raise concerns about Elon Musk's divided attention across his various business ventures. The evolving dynamics between these two automotive giants underscore the increasing competitiveness within the global electric vehicle market.

Gabon Appoints New Finance Minister Amid Economic Challenges
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Gabon Appoints New Finance Minister Amid Economic Challenges

In a significant cabinet reshuffle, Gabonese President Brice Oligui Nguema has appointed Thierry Minko as the new Finance Minister, replacing Henri-Claude Oyima. This change comes in response to escalating liquidity issues and rising arrears in the oil-rich Central African nation. Minko's mandate will include addressing the high cost of living and steering the economy through these turbulent times. Gabon has increasingly relied on regional capital markets to manage its financial obligations; however, demand for its debt has waned, leading to Fitch Ratings downgrading Gabon's credit rating. The agency warns of a substantial increase in government debt over the coming years, highlighting a growing fiscal deficit amid limited official financing options. Additionally, the Gabonese government has announced plans for a new housing tax set to commence in 2026, aimed at improving urban infrastructure. These developments underscore the urgent need for effective economic management as the country navigates its financial challenges.

Dr. Bawumia's Gold for Reserves Programme Lauded for Strengthening Ghana's Economy
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Dr. Bawumia's Gold for Reserves Programme Lauded for Strengthening Ghana's Economy

The Gold for Reserves programme, spearheaded by former Vice President Dr. Mahamudu Bawumia, has garnered significant praise for its role in stabilizing the Ghanaian Cedi amid global economic challenges. This innovative initiative allows the Ghanaian government to utilize gold reserves to purchase foreign currency, thereby reducing reliance on borrowing. As a result, the value of the Cedi has improved from nearly 17 to approximately 14 to a dollar. Economic analyst Senyo Hosi has highlighted the programme's success in increasing Ghana's gold reserves from 8 tonnes to an expected 30 tonnes by January 2025. Additionally, the Governor of the Bank of Ghana has acknowledged the programme's substantial contributions to the nation's economic stability, further underscoring its importance in the current financial landscape.

Ghana Plans Dignified Exit from IMF Programme Amid Economic Recovery
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Ghana Plans Dignified Exit from IMF Programme Amid Economic Recovery

Ghana is set to exit its IMF-supported programme with dignity, as announced by President John Dramani Mahama. The government has been under this programme since 2023 due to rising inflation, a weakening cedi, and deteriorating fiscal buffers. President Mahama emphasized that the country's macroeconomic indicators have shown significant improvement, allowing for a sustainable withdrawal from external financial assistance. Key achievements include successful debt renegotiations and enhanced business confidence, which are crucial for restoring public confidence and economic stability. The government's focus is on protecting Ghana's economic sovereignty while maintaining credibility with international partners, marking a pivotal step in its recovery efforts.