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.

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Securities and Exchange Commission develops guidelines for social bonds

The Securities and Exchange Commission (SEC) is developing new Social Bond Guidelines to facilitate investment in critical sectors including healthcare, education, and affordable housing. Aligned with the International Capital Market Association (ICMA) Social Bond Principles, these guidelines are intended to foster a credible and transparent market for social bond issuances in Ghana. This move is part of the commission's broader effort to diversify the capital market and provide alternative funding sources for high-impact social projects that benefit the general population. This initiative falls under the SEC’s 10-year Capital Market Master Plan (2020–2029), which aims to position Ghana as a regional hub for sustainable finance. By standardising the issuance process, the SEC seeks to ensure integrity and prevent the risk of misrepresenting projects as having positive social outcomes when they do not. The forthcoming guidelines will provide a framework for issuers to report clearly on the use of proceeds and the specific social impacts achieved, thereby building trust with both domestic and international institutional investors. The SEC's focus on social bonds follows significant progress in Environmental, Social, and Governance (ESG) reporting within the country. Since the 2022 approval of the Ghana Stock Exchange’s ESG Disclosure Guidance Manual, more than half of the companies listed on the local bourse have begun reporting on ESG indicators. This shift toward standardised disclosure is viewed as a vital prerequisite for a robust social bond market, as it enhances market transparency and provides the necessary data for investors to assess non-financial risks and performance. As the SEC continues to refine the regulatory landscape, the focus remains on capacity building for market participants and ensuring that governance structures are strong enough to support green and social finance. The development of these guidelines is expected to attract a wider pool of capital, particularly from impact investors seeking to align their portfolios with the United Nations Sustainable Development Goals. By integrating these sustainability metrics into the core of Ghana’s financial system, the SEC aims to drive inclusive economic growth and long-term social development.

Government extends deadline for Legon Pharmaceutical Innovation Park applications
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24H+ Authority extends pharmaceutical park registration deadline to 2026

The 24H+ Authority has announced an extension for pharmaceutical manufacturers to register their interest in operating within the Legon Pharmaceutical Innovation Park (LePIP). The new deadline for submission has been set for October 31, 2026, providing a wider window for companies to join the ambitious industrial project. Located across 2,000 acres in the Shai Osudoku and Ningo Prampram districts, the park is a central pillar of the government's strategy to bolster national drug security and promote industrialization. The project aims to address a significant economic drain, as Ghana currently spends more than $300 million annually on pharmaceutical imports. By centralizing production at the LePIP facility, the 24H+ Authority targets a 50% replacement of these imports with locally manufactured products by 2030. Supported by the Ghana Infrastructure and Investment Fund (GIIF), the park will offer specialized shared infrastructure and advanced quality control laboratories to support a wide range of pharmaceutical manufacturing activities. Beyond industrial output, the park is expected to be a major driver of employment, with projections suggesting the creation of up to 30,000 direct and indirect jobs. The 24H+ Authority emphasized that the current registration phase is intended to gauge interest and is not a formal tender. Consequently, registration does not automatically guarantee leases or operational rights. Following the deadline, shortlisted companies will enter bilateral discussions with the Authority to negotiate specific terms and requirements for their participation in the park. This extension reflects a commitment to ensuring a diverse and robust cohort of manufacturers within the facility. As the 2030 target for import substitution approaches, the success of the Legon Pharmaceutical Innovation Park will be critical in reducing foreign exchange expenditure and establishing Ghana as a regional hub for pharmaceutical excellence. The Authority continues to encourage both domestic and international firms to take advantage of the extended timeline to align their investment plans with the park’s long-term objectives.

Bank of America fined $1.2bn for anti-money laundering failures
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Bank of America fined $1.2bn for anti-money laundering failures

The US Treasury Department has imposed a $1.2 billion fine on Bank of America for failing to report more than $5 billion in suspicious activities. This financial penalty marks one of the largest ever issued by the Treasury against a major banking institution. According to regulators, the bank failed to adequately monitor and report transactions that could indicate money laundering or other illegal financial activities, representing a significant breach of its regulatory responsibilities under federal law. The investigation into Bank of America's practices revealed that the institution relied heavily on external inquiries to identify problematic transactions rather than maintaining robust internal controls. This systemic failure resulted in the bank overlooking at least $1 billion in transactions that were directly tied to national security risks. The Treasury Department highlighted that by neglecting its internal monitoring protocols, the bank allowed potentially illicit funds to move through the financial system undetected for a significant period. This settlement involves multiple regulatory bodies and addresses specific violations of the Bank Secrecy Act, which requires financial institutions to report transactions that might signal criminal intent. The magnitude of the $1.2 billion fine underscores the severity with which the US government views anti-money laundering compliance. In addition to the monetary penalty, the bank is expected to address its internal control deficiencies to prevent future lapses that could compromise the integrity of the national and global financial systems.

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Sammy Gyamfi tells PAC that Ghana Gold Board does not trade in forex

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), appeared before Parliament’s Public Accounts Committee (PAC) to clarify the organization's role in the foreign exchange market. He emphasized that the Board does not engage in speculative forex trading but instead strictly sells foreign currency generated through its gold operations. This distinction was made to address questions regarding the nature of the Board's financial transactions and its impact on the national currency. During the hearing, Gyamfi explained that the Ghana Gold Board’s primary function, as established under the Ghana Gold Board Act, 2025, is to generate foreign currency for the state. The Board utilizes these proceeds to facilitate the purchase of gold, with the foreign currency subsequently converted into cedis. This operational cycle ensures that the gold sector contributes directly to the country's liquidity and economic stability without the Board acting as a commercial foreign exchange dealer. Addressing concerns about oversight and legality, Gyamfi confirmed that all foreign exchange activities conducted by the Board are fully authorized and regulated by the Bank of Ghana. He stated that the Board operates strictly within the legal confines of its mandate and has received all necessary clearances from the central bank to participate in the market. This regulatory alignment ensures that GoldBod’s activities are integrated with national monetary policy. The CEO's testimony provides transparency regarding the management of revenues generated from Ghana's gold resources. By clarifying that the Board's market presence is a byproduct of operational necessity rather than a trading venture, Gyamfi sought to reassure lawmakers and the public of the Board's adherence to its legal framework and its commitment to the responsible management of national assets.

Advans Ghana inaugurates The Hive head office in Accra
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Advans Ghana inaugurates The Hive head office in Accra

Advans Ghana, a prominent microfinance institution, has officially inaugurated its new head office in Accra, a facility named "The Hive." The opening of this central hub marks a significant milestone in the company's operational strategy, serving as the launchpad for its goal to expand financial services to 300,000 entrepreneurs across the country by 2030. This expansion plan underscores the institution's commitment to deepening financial inclusion within the Ghanaian market. The inauguration ceremony was attended by several high-profile guests, including representatives from the Bank of Ghana and the French Ambassador to Ghana. Nii Adote Odaawulu I attended as the representative of the Ga Mantse, highlighting the local community's support for the institution's growth. Speakers at the event noted that Advans Ghana currently operates a network of 21 branches and has successfully reached nearly 160,000 clients, primarily focusing on micro, small, and medium-sized enterprises (MSMEs). By establishing "The Hive," Advans Ghana aims to better coordinate its efforts to provide essential financial products such as loans and deposit services. A key priority for the institution moving forward is the empowerment of women entrepreneurs, who often face significant barriers to accessing credit. As it works toward its 2030 targets, the organization intends to utilize its new headquarters to enhance its support systems, ensuring that small business owners have the resources necessary to scale their operations and contribute to the broader national economy.

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Data Protection Commission flags Polytex and Melcom for law breaches

The Data Protection Commission (DPC) has identified and flagged six companies operating in the Kaneshie North Industrial Area and Tudu for significant breaches of Ghana’s data protection laws. During a recent enforcement exercise, the commission discovered that these entities, which include prominent names such as Polytex Ghana Limited and the Melcom Group of Companies, were either operating without mandatory registration or had failed to renew their expired data protection certificates. This move forms part of the commission's intensified efforts to ensure that all data controllers in the country adhere to the legal requirements governing the handling of personal information. The affected companies have been formally instructed to report to the Cyber Security Unit of the Criminal Investigation Department (CID) by October 15 to address their status. This referral to the police unit indicates a shift in the commission's strategy from advocacy to strict enforcement of the Data Protection Act, 2012 (Act 843). According to the DPC, the flagged firms must rectify their compliance failures immediately to avoid further legal consequences, which could include formal prosecution or more severe administrative sanctions. The commission has reiterated that ignorance of the law will not be accepted as a valid excuse for non-compliance. By targeting high-traffic business hubs like Tudu and the Kaneshie North Industrial Area, the DPC aims to send a clear message to the private sector about the legal importance of protecting consumer data. This enforcement exercise is expected to continue across various commercial sectors to ensure that every organization processing personal data in Ghana is fully registered and operating within the bounds of national law.

Ithaca Holdings acquires Bumble dating app for $1.3bn
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Ithaca Holdings acquires Bumble dating app for $1.3bn

Investment firm Ithaca Holdings has acquired the dating app Bumble for $1.3 billion, marking a significant shift in the platform's ownership and strategic direction. The firm described the acquisition as a "bet on the future of humanity," aiming to utilize technology to strengthen human connections at a time of rapid advancement in artificial intelligence. The deal comes as Bumble seeks to stabilize its financial position, having reported consistent losses since the company went public. Following the acquisition, the company will be led by co-CEOs Ravi Gupta and John Hegeman. Whitney Wolfe Herd, who founded the platform as a "women-first" alternative to traditional dating apps, will remain involved with the organization, though her specific new role has not been finalized. The announcement of the $1.3 billion purchase triggered an immediate surge in Bumble’s share price, providing a boost to a valuation that had struggled under public market scrutiny. The sale follows a period of transition for the app, which in August abandoned its signature policy that required women to send the first message. This shift away from its founding "women-first" identity sparked debate among users and critics alike. Ithaca Holdings intends to address these identity shifts by integrating new technologies, including AI, to innovate within a market where user engagement has begun to decline. The broader dating app industry is currently navigating a challenging landscape as many singles turn toward alternative social activities and offline interactions. Under its new leadership, Bumble will be tasked with revitalizing its growth and proving the efficacy of its technology-driven approach to dating. The acquisition represents a major gamble on whether corporate restructuring and AI-focused innovation can reclaim the interest of a generation increasingly skeptical of digital romance.

Ghana Statistical Service records 40% average room occupancy
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Ghana Statistical Service records 40% average room occupancy

The Ghana Statistical Service (GSS) has revealed that the country’s accommodation sector operated at an average national room occupancy rate of only 40% between March and June 2025. Based on a survey of 1,085 accommodation sites across all 16 regions, the report highlights a significant gap between the available capacity of approximately five million room-nights monthly and the actual demand. The findings underscore a decline in demand over the four-month period, as occupied room-nights dropped from 2.14 million in March to 1.99 million in June, representing a 7% overall decrease. The data showed a stark contrast in performance between different types of accommodation and geographical areas. Hostels significantly outperformed hotels, maintaining high occupancy rates between 92.9% and 96.1%. In contrast, hotels lagged behind with occupancy figures ranging between 32.4% and 34.9%. Geographically, the Central Region emerged as the top performer with a 56.8% occupancy rate, while the Eastern Region and other areas saw rates fall below 25%. This regional disparity suggests that tourism and business travel remain concentrated in specific hubs, leaving other parts of the country with substantial underutilized capacity. In terms of financial performance, the revenue per available room (RevPAR) saw fluctuations throughout the period. It started at GH‵425 in March, peaked at GH‵464 in April, and settled at GH‵458 by June. The GSS also noted that the sector is heavily reliant on domestic tourism, as the number of local guests far exceeded that of international visitors. However, the report observed that while foreign guests are fewer in number, they tend to stay for longer durations compared to their domestic counterparts, offering a different value proposition to the hospitality market. Following these findings, the GSS has advised accommodation operators and potential investors to carefully evaluate local demand and regional market conditions before pursuing expansion. The Service emphasized the need for targeted planning and strategic tourism development to improve the utilization of existing facilities. By aligning business strategies with the specific needs of domestic travelers and addressing the low occupancy in underperforming regions, the industry may be better positioned to recover and grow. Accurate data from the GSS and the Ghana Tourism Authority (GTA) will remain critical for stakeholders navigating these market dynamics.

National Insurance Commission mandates ESG reporting by January 2027
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National Insurance Commission mandates ESG reporting by January 2027

The National Insurance Commission (NIC) has announced that all insurance companies in Ghana must incorporate Environmental, Social, and Governance (ESG) principles into their financial reporting by January 2027. This directive makes sustainability disclosures a mandatory requirement for the sector, with the commission warning that firms failing to comply with the new standards will face sanctions. The move is designed to align Ghana’s insurance industry with international best practices in sustainable finance and risk management. The roadmap toward mandatory reporting began in 2023 when the NIC, in collaboration with the German Development Agency (GIZ) and Financial Sector Deepening (FSD) Africa, conducted a comprehensive diagnostic study. This assessment evaluated the existing level of ESG integration across the industry and identified significant gaps in how firms currently manage and report on non-financial risks. Following these findings, the NIC issued formal industry guidelines in December 2024 and distributed self-assessment toolkits to help companies evaluate their internal readiness. To ensure a smooth transition, the commission has established a voluntary compliance window that begins in January 2026, one year ahead of the final deadline. This period allows insurers to test their reporting systems and address any technical challenges before the mandate becomes legally binding. Alongside these timelines, the NIC has implemented a series of capacity-building initiatives aimed at training board members and senior executives on the strategic importance of ESG in achieving long-term business sustainability. This shift toward ESG reporting reflects a broader effort to enhance transparency and accountability within the Ghanaian financial services sector. By requiring insurers to disclose their environmental impacts and social responsibilities alongside traditional financial metrics, the NIC aims to build a more resilient insurance market. The initiative is expected to provide investors and policyholders with a clearer understanding of how companies are managing the risks and opportunities associated with a rapidly changing global environment.

NPRA defends GH₵500m plan for 10-storey office and pensions college
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NPRA defends GH₵500m plan for 10-storey office and pensions college

The National Pensions Regulatory Authority (NPRA) has officially defended its decision to construct a GH₵500 million, 10-storey office complex during a hearing before Parliament’s Public Accounts Committee (PAC). The project, which represents the second phase of the authority's office development, is designed to serve as a multi-functional hub for Ghana's pension industry. NPRA officials clarified to the committee that the facility is essential for the modernization of the sector and for long-term operational sustainability as the regulator's mandate expands. Central to the justification for the skyscraper is the establishment of a dedicated pensions college, which will be tasked with the specialized training and certification of industry professionals. Additionally, the building will house a centralized data bank aimed at consolidating and securing critical pension data for the country. During the PAC session, lawmakers raised questions regarding the necessity of a 10-storey structure for data storage and queried the overall financial feasibility of the ambitious project. Members of the committee sought to understand why such a large physical footprint was required in an era of digital cloud storage. Addressing the financing of the project, the NPRA revealed that it intends to raise a total of GH₵500 million, with GH₵200 million already accessed as of early 2025. The authority assured the committee that it would rely on its own internal resources to service the loans, rather than seeking additional government subventions. Officials also explained that the project's design evolved from an initial four-storey plan to the current 10-storey version to better meet the long-term regulatory and educational needs of the sector while adhering to local construction regulations and maximizing the use of the site.

The immediate past Managing Director of SIC Life Savings and Loans, Mrs Amma Frimpomaa Duwah
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EOCO probes GH‵27m conspiracy at SIC Savings and Loans

The Economic and Organised Crime Office (EOCO) has launched a formal investigation into an alleged conspiracy that resulted in a financial loss of approximately GH‵27 million for SIC Savings and Loans. The probe seeks to uncover the circumstances surrounding the significant deficit and identify any breaches of financial regulations or criminal conduct that may have occurred within the institution. Several high-profile individuals have already appeared before investigators to assist with the inquiry. Among those questioned are the Member of Parliament for Suame, John Darko, and the former Managing Director of SIC Life, Amma Frimpomaa Dwumah. According to officials, John Darko has been granted enquiry bail following his cooperation with the ongoing investigation. The involvement of these prominent figures underscores the scale of the allegations and the potential impact on the integrity of the financial sector. In a statement regarding the proceedings, EOCO emphasized that the investigation is active and currently focused on following various leads. The office clarified that while individuals are being summoned to provide testimony and assist with the inquiry, no final conclusions regarding culpability or criminal liability have been reached. The primary objective remains the gathering of evidence to determine the exact nature of the conspiracy and the movement of the missing GH‵27 million. This investigation into SIC Savings and Loans comes at a time when regulatory oversight and the strengthening of financial institutions remain a priority for the Ghanaian government. As the inquiry progresses, the findings are expected to provide insights into internal governance structures and the effectiveness of risk management protocols. Further updates are anticipated as EOCO continues its review of financial records and witness testimonies.

BoG engages disability groups ahead of Heritage Series Banknote launch
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Bank of Ghana to launch Heritage Series banknotes with tactile features

The Bank of Ghana (BoG) has announced the scheduled introduction of its new Heritage Series banknotes on November 12, 2026. This upcoming series is designed with a specific focus on inclusivity, incorporating advanced security features alongside elements meant to improve accessibility for persons with disabilities. The central bank's initiative aims to address existing difficulties faced by visually impaired individuals when identifying and handling physical currency in daily commercial activities. Dominic Owusu, the Director of Currency Management at the Bank of Ghana, detailed that the Heritage Series will feature distinct physical sizes for each denomination and enhanced tactile marks. These features are intended to allow visually impaired users to differentiate between notes through touch and size recognition, promoting financial independence. The bank emphasized that these modifications were finalized after extensive consultations with the Ghana Federation of Disability Organizations to ensure the new notes are practical and effective for the target users. The engagement with disability groups focused on ensuring that the cash-handling experience promotes dignity and privacy for all citizens. While some suggestions, such as notes with unique physical shapes, were found to be currently unfeasible, the Bank of Ghana has committed to a continuous feedback loop. This involves rigorous testing of the new banknotes with members of the disability community to refine the features before the notes are officially placed into general circulation. In addition to physical banknotes, the central bank is exploring technological advancements to support financial inclusion, including a mobile application designed to assist users in identifying currency denominations. The Bank of Ghana has urged commercial banks, businesses, and the public to support these efforts by ensuring that transactions involving persons with disabilities are handled with respect and dignity. This launch represents a significant step in the central bank's commitment to creating a more accessible financial system for all Ghanaians.