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.

Bank of Ghana's Gold Purchase Programme: A Strategic Response to Economic Challenges
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Bank of Ghana's Gold Purchase Programme: A Strategic Response to Economic Challenges

The Bank of Ghana (BoG) has made significant strides in stabilizing the economy through its Domestic Gold Purchase Programme (DGPP), initiated in 2021. Governor Dr. Johnson Pandit Asiama reported that the program has successfully mobilized over $17 billion in gold value, with approximately 100 tonnes contributing nearly $10 billion in foreign exchange in 2025 alone. This initiative was launched in response to declining foreign exchange reserves and aims to enhance market liquidity rather than generate profit. Despite facing cumulative losses of GHS4.893 billion since its inception, the program remains pivotal for reserve accumulation and foreign exchange diversification. In light of past losses attributed to timing issues, foreign exchange effects, and transaction costs, the BoG has implemented tighter controls and reduced transaction fees to improve the program's sustainability. Transaction costs have been slashed to about 1.7%, and major reforms are planned for 2026 to further enhance operational efficiency. Dr. Asiama emphasized that all transactions are conducted at market prices, countering claims of selling gold at a loss. The Governor has called for a unified national response to address the challenges facing the Gold-for-Reserves (G4R) program, highlighting the need for collaborative reforms and timely budget allocations to ensure the program's long-term viability. The BoG's total gold holdings have reached 110.99 tonnes, valued at approximately $11.399 billion, underscoring the importance of this initiative in bolstering Ghana's economic resilience amid ongoing financial pressures.

Volta Region Engages US Investors to Boost Entrepreneurship and Innovation
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Volta Region Engages US Investors to Boost Entrepreneurship and Innovation

James Gunu, the Volta Regional Minister, recently met with a delegation of U.S. investors in Sogakope to explore potential partnerships aimed at enhancing innovation, entrepreneurship, and technology in the region. The delegation, which included representatives from the Conscious Immersion Group and the Onyx Group, expressed a strong interest in collaborating to leverage economic opportunities that could foster growth in the Volta Region. During the meeting, Gunu highlighted the region's significant potential for targeted investments, particularly emphasizing the Volta Lake Economic Corridor project. He underscored the critical role of private sector involvement in driving sustainable development and job creation. The investors provided updates on their previous engagements and reiterated their commitment to helping establish the Volta Region as a hub for innovation and entrepreneurship. Gunu assured the delegation of the region's dedication to fostering partnerships that would contribute to economic development.

Ghana Publishing Company Thrives Under 24-Hour Economy Policy
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Ghana Publishing Company Thrives Under 24-Hour Economy Policy

The Ghana Publishing Company Limited (GPCL) has successfully transformed its operational and financial landscape by adopting the Government’s 24-Hour Economy policy. Managing Director Nana Kwasi Boatey announced that the implementation of a two-shift system has not only saved approximately 100 jobs but has also significantly enhanced publication turnaround times, reducing the time for gazette publications from eight weeks to just three. With improved revenues, GPCL has been able to pay a 13th-month salary and increase staff salaries by 40%. The company has also inaugurated a new Digital Press Centre, marking a significant step in its modernization efforts. President John Dramani Mahama commended GPCL for its turnaround, noting that the company no longer requires government bailouts. He encouraged GPCL to register for incentives under the new economy model, highlighting the positive impact of the 24-Hour Economy on businesses in Ghana.

Ghana's Gold Board: A Strategic Tool for Economic Transformation and Forex Stability
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Ghana's Gold Board: A Strategic Tool for Economic Transformation and Forex Stability

A recent series of studies from the University of Ghana highlights the Ghana Gold Board (GoldBod) as a pivotal mechanism for reshaping the nation's macroeconomic landscape. Designed not as a commercial trader but as a state-led entity, GoldBod aims to address historical market failures in Ghana's gold sector, including fragmented purchasing systems and capital flight. The centralized export model proposed by GoldBod is expected to stabilize foreign exchange inflows, enhance liquidity, and reduce inflation, ultimately fostering a more predictable business environment. The studies emphasize that despite Ghana being Africa's leading gold producer, the country has struggled to capture the full economic benefits of its gold resources due to poor management of foreign exchange revenues. By ensuring that gold proceeds are funneled through formal financial channels, GoldBod could significantly improve the retention of foreign exchange earnings, thereby supporting balance-of-payments stability and strengthening the cedi. Moreover, GoldBod is positioned as a governance innovation that could integrate artisanal and small-scale miners into a regulated framework, promoting better labor standards and environmental oversight. However, the authors caution that the success of GoldBod hinges on maintaining institutional independence and robust compliance mechanisms, free from political interference. If effectively governed, GoldBod could serve as a model for other resource-rich African nations seeking to leverage their natural wealth for macroeconomic stability. In a related development, the Chamber of Cannabis Industry Ghana has called for strategic implementation of the country's medicinal and industrial cannabis policy by 2026, emphasizing the potential for job creation and pharmaceutical development in this emerging sector. The legalization of low-THC cannabis cultivation in 2020 marked a significant step towards economic transformation, and the Chamber is advocating for a coordinated approach to ensure Ghana's responsible participation in the global cannabis market.

SSNIT Enhances Investment Strategy to Secure Future Pensions for Ghanaian Retirees
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SSNIT Enhances Investment Strategy to Secure Future Pensions for Ghanaian Retirees

The Social Security and National Insurance Trust (SSNIT) has unveiled plans to strengthen its investment strategy aimed at ensuring a sustainable future for pensioners in Ghana. During a recent meeting in Accra focused on the 2026 pensions indexation, Director-General Kwesi Afreh Biney announced a 10% increase in pensions, which will incur an additional cost of GHS616.6 million this year. With total assets reaching GHS25 billion, SSNIT is the largest investor on the Ghana Stock Exchange, having investments in 22 out of the 33 listed companies. The Trust aims to diversify its portfolio, particularly in key sectors such as energy and hospitality, to stimulate economic growth and provide financial stability for over 261,920 pensioners. As part of the new strategy, the minimum monthly pension will rise from GHS300 to GHS400, benefiting approximately 70% of current pensioners. SSNIT also plans to expand its contributor base by targeting an additional 200,000 active contributors by 2026. Chief Actuary Evelyn Adjei emphasized that these adjustments are designed to prioritize low-income pensioners while maintaining the integrity of the pension scheme for future generations.

Ghana's Government Settles $393 Million in IPP Debts to Stabilize Energy Sector
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Ghana's Government Settles $393 Million in IPP Debts to Stabilize Energy Sector

The Ministry of Finance has announced that the Mahama administration paid approximately $393 million to Independent Power Producers (IPPs) in 2025 as part of a broader $1.47 billion initiative aimed at stabilizing Ghana's energy sector. This significant payment is intended to clear inherited debts and restore investor confidence in the energy market. Key beneficiaries of these payments include Karpowership Ghana Limited, which received $120 million, Cenpower Generation Company with $59.44 million, and Sunon Asogli Power, which was allocated $54 million. In addition to these payments, the government has renegotiated contracts with IPPs to ensure better value for money and has implemented a Cash Waterfall Mechanism designed to prevent future arrears. This strategic approach reflects the administration's commitment to improving payment performance and increasing domestic gas production, thereby reducing reliance on costly liquid fuels and enhancing the overall sustainability of Ghana's energy sector.

COPEC Urges Caution Amid Ghana's Economic Recovery: No Room for Complacency
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COPEC Urges Caution Amid Ghana's Economic Recovery: No Room for Complacency

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has issued a stern warning against premature celebrations regarding Ghana's economic recovery. Speaking on Channel One TV on January 10, 2026, he emphasized that while there have been notable improvements, the economy remains in a fragile recovery phase. Amoah highlighted that inflation has significantly decreased from over 54% in 2022 to 5.4% in December 2025, following a $3 billion reform program backed by the International Monetary Fund (IMF). However, he cautioned that the nation must exercise fiscal restraint and avoid the pitfalls of populism that have historically followed temporary economic gains. Amoah's remarks underscore the importance of consistent and prudent economic management to ensure that the benefits of recovery reach ordinary Ghanaians, rather than succumbing to the allure of short-term celebrations. He reiterated that the focus should remain on sustainable strategies to solidify these gains in the face of ongoing global economic challenges.

Ghana's Economic Landscape: Inflation Declines, Infrastructure Initiatives, and Sovereign Wealth Fund Growth
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Ghana's Economic Landscape: Inflation Declines, Infrastructure Initiatives, and Sovereign Wealth Fund Growth

Ghana's economic landscape is witnessing significant developments as inflation rates drop, infrastructure initiatives gain momentum, and the Minerals Income Investment Fund (MIIF) aims for global recognition. According to the Ghana Statistical Service, inflation fell to 5.4% in December 2025, marking the twelfth consecutive month of decline. This reduction from 6.3% in November and a staggering 23.8% in December 2024 is attributed to improved macroeconomic conditions, with food inflation decreasing to 4.9% and non-food inflation to 5.8%. The Bank of Ghana's Governor, Dr. Johnson Asiama, credited this achievement to effective fiscal and monetary policies, including a reduction in the monetary policy rate from 27% to 18%, alongside improved food supply and inter-institutional collaboration. He also highlighted a historic increase in international reserves, now exceeding $13.8 billion, emphasizing the importance of maintaining currency stability. In parallel, Kwaku Osei-Sarpong, CEO of CIPA Holdings Group, announced plans to establish new institutions aimed at driving Africa's transition to clean and bankable infrastructure. Recognized by Forbes Africa for its climate-resilient approach, CIPA is expanding its operations across multiple African markets, focusing on clean energy solutions and local assembly of renewable components. The firm aims to support Ghana's transition agenda while promoting social impact through initiatives that empower women and youth. Additionally, Justina Nelson, CEO of MIIF, reaffirmed her commitment to establishing the Fund as a leading sovereign wealth fund by 2026. Following a successful 2025, which saw a 40.18% increase in gold mining royalties, MIIF plans to build on its financial performance through collaboration with stakeholders in the mining sector. These developments reflect Ghana's ongoing efforts to stabilize its economy, enhance infrastructure, and optimize resource management for sustainable growth.

Ghana's Economic Landscape: Inflation Decline and Trade Initiatives Boost SME Growth
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Ghana's Economic Landscape: Inflation Decline and Trade Initiatives Boost SME Growth

In a significant development for Ghana's economy, the inflation rate has dramatically decreased to 5.4% by the end of December 2025, a drop from 23.8% just a year prior. Dr. Johnson Asiama, Governor of the Bank of Ghana, attributed this decline to effective fiscal and monetary discipline, improved food supply, and enhanced collaboration among government institutions. Key measures included a reduction in the monetary policy rate from 27% to 18%, which aimed to support economic recovery. Additionally, Ghana's international reserves have reached a historic high of over $13.8 billion, underscoring the central bank's commitment to maintaining currency stability and fostering long-term economic growth. In parallel, Ghana is actively pursuing a structured trade and investment cooperation framework with the United States to enhance bilateral trade and attract investment in priority sectors such as textiles and cocoa processing. This initiative was highlighted during discussions between Ghanaian officials and the U.S. Trade Representative, focusing on the need for tariff flexibility under the African Growth and Opportunity Act (AGOA) to support industrial growth and job creation. Moreover, in efforts to empower small and medium-sized enterprises (SMEs), Absa Bank Ghana has partnered with MTN Ghana and NOVA Business School Africa to launch a Mini-MBA Programme. This initiative aims to bridge capability gaps among SME owners by providing training in business model innovation, digital skills, and sustainability practices. With over 1,300 micro, small, and medium enterprises supported in the first half of 2025, this program exemplifies the collaborative efforts of the private sector to enhance SME capabilities beyond financial access, ultimately contributing to economic development and job creation in Ghana.

Ghana's Gold Production Challenges Amid Rising Prices and Tax Burden
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Ghana's Gold Production Challenges Amid Rising Prices and Tax Burden

Ghana's gold production is facing significant challenges despite rising global prices, according to economist Senyo Hosi. He notes a decline in large-scale mining output from 104 metric tons in 2024 to 101 metric tons in 2025, attributing this drop to regulatory hurdles, operational constraints, and the inelastic nature of gold supply. Hosi emphasizes that higher prices do not guarantee increased production, highlighting issues such as smuggling that distort official figures. He advocates for long-term investments in the mining sector to enhance sustainability and economic resilience. In a related context, business owners in Ghana are calling on the government to reduce taxes and review import duties to support local enterprises. Many entrepreneurs cite high taxes and rising import costs as significant barriers to growth. They are advocating for a stable business environment, which they believe could enhance competitiveness and job creation. The community is also seeking predictability in fiscal policies, particularly regarding currency stability, to ease operations and stabilize prices. Additionally, the Ghanaian government has partnered with the World Gold Council (WGC) to reform the mining sector and promote responsible practices. This initiative aims to establish a traceable gold supply chain and develop regulated community processing plants through the Responsible Cooperative Mining and Skills Development Programme (rCOMSDEP). Minister Emmanuel Armah-Kofi Buah emphasized the government's commitment to enhancing transparency and sustainability in the sector, with plans to operationalize the first gold processing plants within six months and eradicate illegal mining while supporting artisanal and small-scale mining (ASM).

Major Economic Developments in Ghana: VAT Reforms, Pension Increases, and Corporate Transactions
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Major Economic Developments in Ghana: VAT Reforms, Pension Increases, and Corporate Transactions

Recent economic developments in Ghana have highlighted significant changes in taxation, pensions, and corporate transactions. The Ghana Revenue Authority (GRA) has announced a comprehensive overhaul of the Value Added Tax (VAT) system, effective January 1, 2026. Key reforms include a reduction of the VAT rate from 20%, an increase in the VAT registration threshold from GH¢200,000 to GH¢750,000, and the abolition of the COVID-19 Health Recovery Levy. The GRA aims to simplify the VAT structure and enhance compliance, particularly for small to medium enterprises. In collaboration with the Ghana Union of Traders’ Associations (GUTA), the GRA has also established a transition plan to facilitate the implementation of the new VAT Act, ensuring that traders are adequately supported during this period. In parallel, the Social Security and National Insurance Trust (SSNIT) has approved a 10% pension indexation for 2026, raising the minimum monthly pension to GHS 400 from GHS 300. This increase, which represents a 36.52% rise, is designed to assist low-income pensioners amid rising inflation, with the highest pensioner set to receive GHS 213,991.47 monthly. On the corporate front, Nigerian billionaire Femi Otedola has divested a 77% stake in Geregu Power Plc for $750 million to MA’AM Energy Ltd, marking a significant transaction in Nigeria's energy sector. This sale, which involved Otedola's 95% stake in Amperion Power Distribution Company, underscores ongoing shifts in the power industry. These developments reflect a dynamic economic landscape in Ghana and Nigeria, with implications for businesses, investors, and citizens alike.

Ghana's Economic Landscape: Support for Government Initiatives, Inflation Decline, and Investment Opportunities
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Ghana's Economic Landscape: Support for Government Initiatives, Inflation Decline, and Investment Opportunities

In a recent series of developments, Ghana's economic landscape is showing signs of improvement, with calls for support from the business community, significant tariff reductions, and a notable decline in inflation rates. Captain Prince Kofi Amoabeng, a prominent businessman, urged the business sector to support the current NDC government during the CEO's Summit, emphasizing the importance of accountability and investor confidence in national development. In the telecommunications sector, MTN Ghana has announced a reduction in tariffs across all products and services, aligning with the recent Value Added Tax (VAT) reforms that lowered the VAT rate to 20%. This move is expected to ease the financial burden on consumers and stimulate economic activity. The Social Security and National Insurance Trust (SSNIT) has also approved a 10% pension indexation for 2026, raising the minimum monthly pension to GHS 400, which aims to support low-income pensioners amidst rising living costs. Ghana's inflation rate has significantly decreased to 5.4% in December 2025, marking the twelfth consecutive month of decline. This drop, attributed to improved economic conditions and effective fiscal policies, has been welcomed by the Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, who noted the importance of maintaining currency stability and restoring confidence in the economy. Additionally, the BoG is set to launch a National Remittance Strategy to enhance foreign exchange inflows, particularly from the diaspora, which is crucial for long-term economic growth. The Vice President has also reaffirmed government support for the Gomoa Central Special Economic Zone, expected to create jobs and stimulate industrial growth. Despite these positive trends, the bond market has seen a significant decline in liquidity, with turnover dropping by 59.40% to GH¢2.74 billion. Analysts anticipate a potential increase in market activity as asset managers adjust their portfolios ahead of regulatory requirements. Overall, these developments reflect a cautiously optimistic outlook for Ghana's economy, with various sectors poised for growth and recovery as stakeholders rally to support government initiatives and enhance investment opportunities.