Ghana Scales Digital Economy with New 5G Bids, MSME Finance Solutions, and Expert Warnings Against 'Tax Traps'

Yesterday•3 min read•9 sources

Ghana is witnessing a significant acceleration in its digital transformation, characterized by new initiatives to support small businesses and a competitive race for high-speed connectivity. The Bank of Ghana (BoG) and various international partners, including the UNCDF and UNDP, are leading efforts to move the country beyond basic mobile money transfers toward a more sophisticated digital finance ecosystem. At a recent event in Accra, five innovative digital solutions were unveiled specifically designed to help women-led and youth-led micro, small, and medium enterprises (MSMEs) access affordable capital. Elhanan Owureku Asare, Head of Fintech and Innovation at the BoG, emphasized that mobile money transaction histories should now serve as gateways for informal workers to access credit and insurance, bridging the gap for the 92% of Ghanaian businesses that remain underserved by traditional banking.

However, this digital expansion faces critical hurdles, most notably a rising 'trust crisis' and concerns over government policy. Professor Godfred Bokpin of the University of Ghana Business School has cautioned the government against viewing the digital finance sector primarily as a taxation tool, warning that 'tax traps' could deter users and stifle financial inclusion. Parallel to these policy concerns is the growing threat of digital fraud, which Bokpin describes as a major economic risk. Recent data reveals that fraud cases increased from 15,865 in 2023 to 16,733 in 2024, with the total value at risk reaching approximately GH"99 million. The upcoming Digital Economy Forum is expected to address these challenges, focusing on the need for enhanced cybersecurity and financial literacy to prevent a return to cash-based transactions.

On the infrastructure front, the race for 5G connectivity has intensified as the government prepares to auction licenses previously held exclusively by Next Gen Infraco (NGIC). Major players MTN Ghana and Telecel Group are readying bids after the government revoked NGIC’s exclusive rights due to missed rollout targets. Communications Minister Sam George has highlighted the importance of a fair auction to ensure market competitiveness, particularly as the state aims for 70% 5G population coverage by March 2027. This infrastructure boost is seen as essential for supporting the burgeoning digital services market and maintaining Ghana’s regional lead in telecommunications.

Beyond finance and infrastructure, digital innovation is also reshaping specific sectors like real estate. GhanaWeb has officially launched a new digital marketplace designed to streamline property searches and eliminate common frustrations for renters and buyers, such as non-refundable 'viewing fees' and fragmented listings. By providing a platform for verified property listings and credible professionals, the portal aims to bring transparency to a historically opaque industry. Collectively, these developments in finance, connectivity, and sector-specific marketplaces signal a pivotal moment for Ghana’s economy, where the focus is shifting from simple digital adoption to building a secure, high-speed, and inclusive digital future.

This story touches markets covered on Anansi Intelligence ↗.

More from business

Continue exploring similar stories

business|Yesterday

President Mahama Advocates Industrial Expansion for Kwahu Firms as COCOBOD Struggles with GH¢3.4bn Debt

President John Dramani Mahama has issued a strong call to indigenous entrepreneurs, particularly the Kwahu business community, to transition from commerce into manufacturing and agro-processing to drive Ghana's economic growth. During a series of engagements with the Kwahu Business Forum Advocacy Association, the President emphasized that the private sector must lead the nation’s industrialization efforts. He highlighted the government's commitment to creating an enabling environment through the 24-Hour Economy Initiative and the Accelerated Export Development Programme. To support these ambitions, infrastructure projects like the new Afram River bridge at Ekye Amanfrom are being fast-tracked to unlock the agricultural potential of the Afram Plains, specifically in cashew, rice, and palm oil production. However, these industrial aspirations face significant financial headwinds as the Ghana Cocoa Board (COCOBOD) continues to struggle with its debt obligations. COCOBOD missed its June target to clear over GH¢6 billion in arrears owed to cocoa farmers and Licensed Buying Companies (LBCs), leaving approximately GH¢3.4 billion still outstanding. Despite previous assurances from the Board's public affairs department that the debt would be largely resolved, the shortfall raises concerns about the liquidity of the cocoa sector and its impact on rural livelihoods. The President has acknowledged these challenges, promising tax reforms and energy logistics improvements to reduce the overall cost of doing business in the country. Simultaneously, regulatory bodies are tightening oversight to enhance professional standards across key industries. The Ghana Tourism Authority (GTA) has initiated stakeholder consultations on new mandatory licensing and registration for multi-purpose establishments, including banquet halls and event planners. This move is accompanied by the launch of the Ghana Tourism Information System (GTIS), a digital platform designed to streamline administration and improve transparency for investors. Meanwhile, in Kumasi, the Metropolitan Assembly (KMA) has ordered the temporary closure of shops and corporate offices in the Central Business District this Friday and Saturday for a national clean-up exercise, prioritizing community health and sanitation despite the brief cessation of commercial activity. On the corporate and personal finance front, the business community has been stirred by reports regarding the late Apostle Kwadwo Safo Kantanka’s estate. Allegations surrounding a leaked will suggest the industrialist bequeathed 50% of his company shares to his domestic staff as a gesture of gratitude. In the international finance and sports business arena, Manchester United is exploring a £2 billion stadium redevelopment project, while Lloyds Banking Group CEO Charlie Nunn has advised individuals to automate savings and build emergency funds to navigate global economic volatility. Together, these developments reflect a Ghanaian business landscape caught between aggressive industrial expansion and the urgent need for fiscal discipline and regulatory modernization.

business|Yesterday

Ghanaian Economy Navigates 4.7% Growth Amid Rising Lending Rates and Global Market Volatility

Ghana's economy achieved a 4.7% year-on-year growth in April 2026, according to the Ghana Statistical Service, sustained by strong performance in the services and mining sectors. While this marks a continued expansion, the momentum has softened compared to the 7.4% growth recorded in April 2025. The services sector remained the primary driver, contributing over 60% to the total expansion, led largely by the Information and Communication sub-sector. Industry followed with a 4.0% increase, bolstered by mining output, while agriculture showed a modest recovery of 1.7% following previous declines. This growth occurs as the Monthly Indicator of Economic Growth (MIEG) rose to 113.3, signaling a resilient upward trend despite emerging domestic and global headwinds. Domestic credit conditions are tightening as the Ghana Reference Rate (GRR) rose to 10.59% in July 2026, up from 10.02% in June. This increase, reported by the Ghana Association of Banks, is attributed to a hike in the 91-day Treasury bill rate and the Bank of Ghana’s decision to set a uniform Cash Reserve Ratio (CRR) of 20%. While intended to enhance liquidity management and curb inflation, the rise in the GRR serves as a benchmark for loan pricing and is expected to lead to higher lending rates for new borrowers. Furthermore, the Ghanaian Cedi has faced renewed pressure, depreciating to a retail selling rate of GHS 12.20 against the US Dollar by July 9, 2026, while the Bank of Ghana’s interbank rate stood at GHS 11.45. On the global stage, geopolitical tensions and inflationary pressures are creating a volatile environment for trade and energy. Oil prices recently surged by more than 1%, with Brent crude reaching $78.88 per barrel following U.S. military strikes on Iranian assets. These developments have heightened concerns regarding the security of the Strait of Hormuz, a vital passage for global energy supplies. In a positive turn for regional energy investment, ExxonMobil and its partners announced a $1 billion investment in Nigeria's Usan Infill Project. This move signifies ExxonMobil's return to active drilling in Nigeria for the first time since 2016 and is projected to increase oil production by 40,000 barrels per day. Broader economic indicators from major global markets suggest mixed outcomes for manufacturers and retailers. China's producer price index (PPI) jumped to a four-year high of 4.1%, driven by rising costs in mining and machinery, which is putting significant pressure on manufacturers who are unable to pass costs to consumers due to weak domestic demand. In the corporate sector, German fashion house Hugo Boss has formally rejected a —2 billion takeover bid from Britain’s Frasers Group, calling the offer —financially inadequate.— Simultaneously, U.S. regulators are preparing legal challenges to block a proposed $110 billion merger between Paramount and Warner Bros. Discovery, citing concerns over market competition and consumer choice. These converging trends—domestic growth coupled with rising borrowing costs and global supply chain risks—underscore a complex landscape for Ghanaian policymakers. While the 4.7% growth rate demonstrates economic resilience, the combination of a weakening Cedi and rising interest rates may necessitate further interventions to protect local industries. As global energy prices remain sensitive to conflict and China's manufacturing sector grapples with cost-push inflation, the Ghanaian economy will need to lean on its robust services and mining sectors to maintain stability through the latter half of the year.

Ignatius Godfred Dordoe (3rd from right), DCE of Shai-Osudoku, and officials from the assembly at the programme

business|Yesterday

Ghana Intensifies Revenue Mobilization as GRA Targets Tax Defaulters and Government Expands Strategic Trade Ties with Germany and Egypt

The Ghana Revenue Authority (GRA) has significantly ramped up its enforcement actions to secure national revenue, most notably by sealing the administrative block of Electrochem Ghana Limited due to an outstanding tax debt of GH"8.6 million dating back to 2021. Led by Joseph A. Annang, Head of Enforcement, the GRA took this step as a last resort after multiple demand notices were ignored. While the company made an immediate good-faith payment of GH"200,000, it remains under a seven-day ultimatum to settle the balance or face a total operational shutdown. This action coincides with other aggressive revenue protection measures, including the confiscation of over 39,000 jerrycans of vegetable oil involved in a transit fraud scheme. The oil, falsely declared as transit cargo, will be donated to the National School Feeding Programme following the interdiction of four GRA officers involved in the irregularity. Complementing these national efforts, local government authorities and regulatory bodies are adopting digital tools and financial discipline to enhance development. The Shai-Osudoku District Assembly has launched a mechanised billing system, utilizing tablets and unique property account numbers to target GH"8 million in annual revenue while curbing fraud and leakages. Similarly, the Jasikan Municipal Assembly has demonstrated institutional excellence by ranking ninth nationally in the 2025 Public Financial Management (PFM) Compliance League Table. These advancements in governance are mirrored by the Public Utilities Regulatory Commission (PURC), which reported a 96% resolution rate for consumer complaints in the Bono East Region through the strategic use of WhatsApp and other social media platforms, facilitating over GH"90,000 in credit adjustments for customers. On the international front, Ghana is actively strengthening its bilateral ties to foster a more robust investment climate and industrial growth. The Ghanaian-German Economic Association (GGEA) recently hosted its "Meet the Government Series," focusing on strategic collaborations with the Ghana Investment Promotion Centre (GIPC) and the GRA to accelerate economic transformation. Dr. MacDonald Vasnani, CEO of GGEA, emphasized that initiatives like the now-codified 24-Hour Economy law provide critical partnership opportunities for German and Ghanaian businesses alike. Simultaneously, Minister for Trade and Industry Elizabeth Ofosu Adjare has proposed a Memorandum of Understanding (MoU) with Egypt to leverage the African Continental Free Trade Area (AfCFTA), focusing on textiles, pharmaceuticals, and technical training. These developments highlight a multifaceted approach to Ghana's economic stability, balancing rigorous tax compliance with the modernization of public services and the expansion of global trade networks. As the GRA moves from friendly engagement to strict enforcement, and local assemblies adopt technology to secure funding, the government is signaling a commitment to fiscal discipline. Moving forward, the success of these initiatives will depend on the sustained integration of digital systems and the continued transparency of public institutions in managing both domestic revenue and international partnerships for sustainable economic growth.

business|Yesterday

Ghana’s Banking Sector Evolves: DBG Launches Women’s Lending Initiative as Experts Call for New Strategies in Low-Interest Era

Ghana’s financial sector is entering a pivotal phase of transformation, characterized by stabilizing macroeconomic conditions and a strategic shift toward inclusive lending. At the 2026 Ghana Banking Forum, Professor Ebo Turkson of the University of Ghana and experts from PwC Ghana urged banks to restructure their business models in response to a declining interest rate environment. As traditional high-interest returns diminish, banks are being encouraged to diversify revenue through digital banking, transaction services, and advisory roles. This call for innovation comes as the Chartered Institute of Bankers (CIB) Ghana enters a new leadership era, having recently elected Dr. Ellen Ohene-Afoakwa, Managing Executive at Absa Bank Ghana, as its President. Under her tenure, the institute aims to prioritize skills development and staff welfare following a robust financial year that saw a 33% surge in revenue. A central pillar of this industry evolution is a surge in support for women-led enterprises, which face an estimated USD 42 billion financing gap in Sub-Saharan Africa. Development Bank Ghana (DBG) marked its fifth anniversary by launching the "DBG Women’s Lending Programme" in Kumasi. The initiative is designed to assist 1,000 women-owned businesses by 2028, specifically targeting sectors like agriculture, manufacturing, and technology by reducing barriers such as high collateral requirements. This move complements existing efforts like Ecobank Ghana’s Ellevate Programme, which has already onboarded over 13,000 customers and provides collateral-free loans up to USD 50,000. Furthermore, the anticipated launch of the Women’s Development Bank, bolstered by the Bank of Ghana’s macro-reset, signaling a nationwide commitment to ensuring economic stability translates into tangible growth for female entrepreneurs. Operational efficiency and social responsibility are also taking center stage as banks modernize their service delivery. The National Investment Bank (NIB) PLC recently commissioned a new fleet of 17 vehicles, including Toyota Corolla Cross and Nissan Navara models, to enhance staff mobility and customer outreach across the country. Managing Director Dr. Doli-Wura Zakaria described the acquisition as a milestone in the bank's transformation strategy. Simultaneously, Absa Bank Ghana has reinforced its sustainability agenda by conducting financial literacy sessions for Persons with Disabilities in collaboration with the British Council. These sessions focus on budgeting, saving, and fraud prevention, aiming to foster financial independence and ensure that the benefits of Ghana's economic recovery are accessible to all segments of society. Ultimately, these developments signal a maturing financial ecosystem that is moving beyond traditional profit models toward a more sustainable and inclusive framework. By addressing the specific needs of underserved groups and modernizing infrastructure, Ghana’s banks are positioning themselves as critical drivers of national development. As interest rates continue to reflect a more stable economy, the success of these institutions will increasingly depend on their ability to innovate and provide cheaper, more accessible credit to the productive sectors of the Ghanaian economy.

Stay Informed

Explore

Categories

Features

Topics

Legal

Ghana Scales Digital Economy with New 5G Bids, MSME Finance Solutions, and Expert Warnings Against 'Tax Traps'

More from business

President Mahama Advocates Industrial Expansion for Kwahu Firms as COCOBOD Struggles with GH¢3.4bn Debt

Ghanaian Economy Navigates 4.7% Growth Amid Rising Lending Rates and Global Market Volatility

Ghana Intensifies Revenue Mobilization as GRA Targets Tax Defaulters and Government Expands Strategic Trade Ties with Germany and Egypt

Ghana’s Banking Sector Evolves: DBG Launches Women’s Lending Initiative as Experts Call for New Strategies in Low-Interest Era