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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 Achieves Economic Milestones: Early Eurobond Payment and Record Trade Surplus
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Ghana Achieves Economic Milestones: Early Eurobond Payment and Record Trade Surplus

The Government of Ghana has made significant strides in its economic recovery efforts, successfully settling a US$709 million Eurobond obligation ahead of schedule on December 30, 2025. Finance Minister Dr. Cassiel Ato Forson announced that this payment is part of a broader strategy to enhance the country's credibility as a borrower and restore investor confidence, with total Eurobond payments in 2025 reaching US$1.4 billion. The government is committed to further reforms in domestic revenue mobilization and public financial management to ensure fiscal sustainability. In addition to the Eurobond payment, Ghana's economic outlook is bolstered by a remarkable trade surplus of US$8.5 billion as of October 2025, representing 9.7% of the country's GDP. This surplus has surged from US$5.57 billion earlier in the year, primarily driven by increased gold export earnings, which reached US$15.2 billion. Total exports amounted to US$23.3 billion, with significant contributions from cocoa and crude oil, while imports totaled US$14.8 billion. The positive trade performance has strengthened Ghana's external reserves above US$11 billion and improved the stability of the cedi against major currencies. The Bank of Ghana anticipates that these positive trends will continue if global gold prices remain high.

Ghana Cedi Achieves Historic 41% Appreciation Against US Dollar in 2025
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Ghana Cedi Achieves Historic 41% Appreciation Against US Dollar in 2025

In a remarkable turn of events, Ghana’s local currency, the cedi (GH¢), has appreciated by 41% against the United States dollar ($) in 2025, marking its first annual gain in over three decades. This performance positions the cedi as the second-best performing currency among 144 tracked by Bloomberg, trailing only the Russian ruble. The significant appreciation is attributed to a combination of rising gold prices and a weakening dollar, with Ghana benefiting as Africa's largest gold producer. The Bank of Ghana has played a crucial role in this turnaround by increasing its gold purchases, which bolstered the country’s gross international reserves by 24% to $11.4 billion as of October 2025. Additionally, the establishment of the Ghana Gold Board (GoldBod) has enhanced the regulation and sustainability of the gold market, further supporting the cedi's performance. As the year closed, the cedi was trading at GH¢10.45 to the dollar, reflecting a year-to-date appreciation of approximately 40.67%. This strengthening of the cedi is expected to reduce import costs, providing relief for businesses and households as Ghana heads into 2026. Experts anticipate that the cedi's upward trend will continue, driven by improved gold flows and rising reserves, enhancing consumer purchasing power and lowering operational expenses for businesses due to decreasing fuel prices.

Ghanaian Women Entrepreneurs: Pioneering Global Brands and Redefining Africa's Business Landscape
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Ghanaian Women Entrepreneurs: Pioneering Global Brands and Redefining Africa's Business Landscape

Ghanaian women entrepreneurs are making significant strides in various sectors, from fashion to technology, as they build innovative global brands that reflect their cultural heritage. These trailblazers are not only creating opportunities for themselves but also inspiring future generations and redefining Africa's presence on the world stage. Notable figures include Esther Afua Ocloo, founder of Nkulenu Industries, who has successfully exported Ghanaian food products worldwide. Nana Afua Nhyira has launched Afua Nhyira Luxe, which merges traditional textiles with modern design, expanding into North American and European markets. Hazel Dela promotes natural beauty products through Dela Organics, emphasizing sustainable practices. In the fintech sector, Farida Bedwei co-founded Logiciel Ltd. and advocates for inclusion as a disabled entrepreneur. Akua Agyekum, founder of Tropikal Foods Ghana, is focused on putting healthy snacks on global shelves while training women in agro-processing. Marketing executive Bozoma Saint John represents Ghanaian heritage on global platforms, while Abena Osei-Poku, Managing Director of Absa Bank Ghana, champions financial inclusion and women's representation in corporate spaces. Ruth Wewura Guribie, founder of Sava Shea, empowers women in Northern Ghana with her chemical-free skincare line. Ayisha Fuseini transforms the shea butter value chain through Asheba Enterprise, supporting rural women. Aisha Ayensu's Christie Brown fashion brand is celebrated for its craftsmanship and African heritage, while Awura Abena Agyeman leads WEAR Ghana, blending African and minimalist designs with a focus on ethical fashion. Selina Beb's luxury brand empowers artisans by merging African artistry with global trends. These entrepreneurs exemplify the evolution of Ghana's business landscape, combining tradition with innovation to create a new narrative for African women in business.

IMF Highlights Financial Struggles of ECG Amid Improved Revenue Collection
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IMF Highlights Financial Struggles of ECG Amid Improved Revenue Collection

The International Monetary Fund (IMF) has reported significant financial challenges facing the Electricity Company of Ghana (ECG), despite recent improvements in revenue collection. The IMF noted that reduced direct government payments to power producers have overshadowed ECG's revenue gains. In early 2025, ECG distributed US$308 million to Independent Power Producers (IPPs), but a US$71 million increase in net payables has pushed the company's total debts to a staggering US$1.2 billion. Although ECG's bill coverage improved dramatically from 11% to 48%, the government is projected to face a shortfall exceeding US$500 million in 2025. To address these legacy debts, ECG has reached an agreement with nine IPPs for creditor haircuts and upfront payments. Furthermore, the 2026 Budget has allocated GH¢15 billion to cover anticipated shortfalls and debt repayments. The IMF emphasized that while the current measures have positively impacted ECG's financial trajectory, further actions are essential to ensure the company's long-term sustainability and to mitigate associated fiscal risks.

Femi Otedola Exits Geregu Power with $750 Million Sale, Boosting His Billionaire Status
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Femi Otedola Exits Geregu Power with $750 Million Sale, Boosting His Billionaire Status

Nigerian billionaire Femi Otedola has successfully sold his controlling stake in Geregu Power Plc for $750 million, marking a significant exit from one of Nigeria's leading electricity producers. This transaction concludes a 12-year investment cycle for Otedola, who has been instrumental in the company's growth. The buyer, MA’AM Energy Limited, acquired a 95% equity stake in Amperion, which includes control over the 77% stake in Geregu Power previously held by Otedola. The sale has yielded Otedola a profit of approximately $618 million, further solidifying his status among Africa's wealthiest individuals, with his net worth now estimated at around $1.6 billion. Geregu Power, which generates 10% of Nigeria's national electricity grid, is valued at ₦2.85 trillion and has reported substantial revenue and profit growth in 2025. This transaction also signifies a complete leadership transition at Geregu, setting the stage for its future operations in the energy sector.

Dangote Refinery Faces Struggles Amid Industry Turmoil and Plans for Expansion
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Dangote Refinery Faces Struggles Amid Industry Turmoil and Plans for Expansion

The Dangote Refinery, Africa's largest oil refining facility, is currently battling significant challenges two years after its $20 billion launch. Despite its initial promise to transform Nigeria's fuel landscape, the refinery is facing fierce opposition from labor unions, international oil companies (IOCs), and regulatory bodies. Founder Aliko Dangote has expressed regret over the difficulties encountered, including blocked access to crude oil and allegations of market manipulation. These obstacles have hindered the refinery's ability to stabilize local fuel supply and meet its production goals. In a bid to overcome these challenges, Dangote has announced plans to expand the refinery's capacity from 650,000 to 1.4 million barrels per day. This expansion comes amid ongoing confrontations with various stakeholders, including importers and labor unions, which have characterized the current landscape as highly competitive and combative. The Nigerian government has intervened by directing that crude be sold to the refinery in local currency, aiming to reduce foreign exchange dependency and bolster local production. Despite the turmoil, the Dangote Refinery has begun to stabilize supply and shift market dynamics, although significant hurdles remain. The situation reflects a broader theme of survival in Nigeria's complex oil sector, with Dangote's determination to navigate these challenges underscoring the need for collaboration among industry players to ensure market stability.

Chamber of Licensed Gold Buyers Refutes IMF's $214 Million Loss Claims on Gold-for-Reserves Program
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Chamber of Licensed Gold Buyers Refutes IMF's $214 Million Loss Claims on Gold-for-Reserves Program

The Chamber of Licensed Gold Buyers (CLGB) has publicly contested the International Monetary Fund's (IMF) report that suggested a provisional loss of approximately $214 million associated with Ghana's Gold-for-Reserves program. The CLGB clarified that these alleged losses are linked to balance sheet issues of the Bank of Ghana, rather than reflecting any direct operational losses incurred by licensed gold buyers or GoldBod. They attributed the reported figures to timing discrepancies, fluctuations in gold prices, and various operational challenges. The CLGB emphasized that licensed buyers operate within regulated margins when sourcing gold, and called for reforms aimed at enhancing operational transparency and risk management to mitigate future financial discrepancies. GoldBod also rejected the IMF's findings, arguing that the report mischaracterizes the structure of the Gold-for-Reserves program, asserting that the figures mentioned pertain to the Bank's accounting practices rather than actual operational losses.

Bills Microcredit Celebrates 2025 Success with Employee Awards and Bonuses
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Bills Microcredit Celebrates 2025 Success with Employee Awards and Bonuses

Bills Microcredit marked the end of 2025 with a festive End-of-Year Dinner and Awards Night, themed "Gratitude and Growth." CEO Romeo-Richlove Kweku Seshie announced impressive achievements, reporting nearly GH¢2 billion in loan disbursements that benefited over 350,000 customers across Ghana. The event recognized outstanding employees and teams, rewarding them with cash prizes and vehicles for their exceptional performance throughout the year. Founder Richard Nii Armah Quaye also revealed a generous 100% end-of-year bonus for all staff, emphasizing the critical role of trust in the financial services sector. The evening featured performances by notable artists, celebrating the company's achievements and outlining plans for continued growth and a customer-centric approach in 2026.

Ghana's Economic Recovery Accelerates with Key Financial Improvements
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Ghana's Economic Recovery Accelerates with Key Financial Improvements

Ghana's economic recovery is gaining significant momentum, marked by a series of positive developments in the financial sector. As of November 2025, inflation has dropped to an impressive 6.3%, the lowest rate observed in years. Additionally, the country's foreign reserves have surged to US$11.4 billion, providing nearly five months of import cover, a critical buffer for the economy. The Ghanaian cedi has appreciated by over 24% year-to-date, attributed to tighter monetary policies and enhanced fiscal discipline. Furthermore, the nation's GDP growth reached 6.3% in the first half of 2025, with non-oil growth nearly hitting 8%. These encouraging statistics were highlighted by Governor Dr. Johnson Asiama during the listing of First Atlantic Bank on the Ghana Stock Exchange in Accra. He underscored the necessity for continued reforms and the resilience of the economy as it navigates these transformative changes.

Ghana's Currency Practices Under Scrutiny as Cedi Holds Steady Against the Dollar
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Ghana's Currency Practices Under Scrutiny as Cedi Holds Steady Against the Dollar

The International Monetary Fund (IMF) has raised concerns about Ghana's continued use of multiple currency practices (MCPs), which it argues could undermine the efficiency of the country's foreign exchange market. These practices include outdated reference rates, transaction fees for direct foreign exchange dealings with the government, and specific requirements tied to cocoa and remittances. Despite these issues, the Ghanaian government and central bank are reportedly committed to reforming these practices to enhance economic stability. In a related development, the Ghana cedi has shown remarkable stability, maintaining a rate of GH¢11.10 to the US dollar as of December 29, 2025. This stability is expected to positively impact the economy by moderating import costs and alleviating transportation expenses, particularly during the festive season. Analysts suggest that the cedi's performance may improve household purchasing power, providing a much-needed boost during this period. The juxtaposition of the IMF's warnings and the cedi's current stability highlights the complexities facing Ghana's economic landscape as it navigates both reform and market performance.