Ghana Business News

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New Economy: Government to prioritise creation of decent jobs - Finance Minister
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Finance Minister Forson Outlines "New Economy" Job Agenda as ISODEC Challenges Bank of Ghana’s Monetary Strategy

Finance Minister Dr. Cassiel Ato Forson has unveiled the government’s "New Economy" agenda, prioritizing the creation of decent jobs and the improvement of living standards for Ghanaian workers. Speaking during a meeting with the Trades Union Congress (TUC), Dr. Forson emphasized that the first phase of the agenda, rooted in the National Democratic Congress (NDC) manifesto, focuses on economic stabilization. Once stabilized, the government plans to transition toward a microeconomic transformation that places businesses and employment at the heart of national development. TUC General Secretary Joshua Ansah welcomed the initiative, expressing hope that the shift would lead to better wages and opportunities for the workforce. While the government focuses on stabilization, the Integrated Social Development Centre (ISODEC) has urged the Bank of Ghana (BoG) to rethink its fundamental economic management tools. Policy Analyst Dr. Adamu Braimah Abille presented findings suggesting that the BoG’s reliance on the Monetary Policy Rate has no significant causal link to GDP growth. ISODEC argued that high interest rates currently inhibit investment rather than effectively tackling inflation. Instead, the center advocates for a "credit quantity and quality targeting" system, specifically designed to enhance financing for productive sectors such as agriculture and manufacturing, potentially through a network of community-based banks. On the regulatory and media front, the Ghana Standards Authority (GSA) has suspended the Pre-Shipment Inspection (PSI) exercise for imported used vehicles, with a new implementation date to be announced later. This regulatory pause comes as BBC Studios and BBC News launch "Africa Enterprise," a new programme sponsored by Absa and hosted by Nancy Kacungira. The series aims to spotlight African entrepreneurs and investment opportunities, featuring high-profile figures such as Aliko Dangote to highlight the continent’s economic potential. Additionally, Ghanaian identity speaker Cliff Cheqona has announced plans to expand his "TP Masterclass" to Nigeria in 2027, focusing on personal development and trading discipline. The global business landscape has also been reshaped by the completion of a $110 billion merger between Paramount Skydance and Warner Bros. Discovery. The deal, which creates the massive Skydance Corporation, brings together iconic franchises like Harry Potter and Game of Thrones along with major networks including HBO and CBS. Under the leadership of David Ellison and Ynon Kreiz, the new entity is required to maintain editorial independence for CNN and CBS while committing to a production quota of at least 30 films annually. These developments, ranging from local credit policy debates to massive international mergers, signal a period of significant transition for both the Ghanaian and global economies.

GCB MD engages customers in live social media session
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GCB Bank, Telecel, and FirstBank Ghana Drive Corporate Excellence Through Customer Engagement and Social Impact Initiatives

Major players in Ghana’s banking and telecommunications sectors, including GCB Bank PLC, Telecel Ghana, and FirstBank Ghana, have intensified their efforts to enhance customer relations and promote social inclusion through a series of high-impact corporate initiatives. These organizations are increasingly moving beyond traditional service delivery to focus on digital engagement, youth development, and gender equity. From GCB Bank's month-long 'The Extra Mile' campaign to Telecel's advocacy for women in leadership and FirstBank’s junior internship programs, these moves signal a broader commitment to holistic impact within the Ghanaian economy. GCB Bank PLC has dedicated October to its customers under the theme 'The Extra Mile,' extending the traditional Customer Service Week into a month-long celebration. Managing Director Mr. Farihan Alhassan recently engaged customers directly through a live social media 'Ask Me Anything' session on Facebook and Instagram. During the session, Mr. Alhassan addressed questions ranging from digital transformation to leadership resilience, emphasizing the bank's commitment to understanding evolving customer needs. The campaign also includes customer town halls, executive branch visits, and the GCB Aerobics Fiesta, all aimed at gathering feedback to refine the bank’s service delivery and maintain customer trust. In the telecommunications sector, Telecel Ghana has demonstrated a dual focus on economic empowerment and gender inclusion. The company’s M’ahitti Promo has already awarded over GH‵2 million in cash prizes to support families and small businesses, with winners like Anita Addo and Leslie Johnson Adams highlighting the life-changing impact of these rewards. Simultaneously, Telecel is championing sustainable pathways for women in leadership. At the 10th anniversary of the Executive Women’s Network (EWN), External Affairs Director Komla Buami urged organizations to embed gender inclusion into their core business strategies. Telecel continues to support this vision through its Female Engineering Student Scholarship and 'Telecel Reconnect' programs, which assist women in returning to the workforce after career breaks. Furthering the focus on the next generation, FirstBank Ghana recently concluded its fourth Junior Internship Programme, benefiting approximately 200 young participants. The program, which ran from July to September, provided essential workplace exposure and training in financial literacy, teamwork, and professional conduct. During the closing ceremony in Accra, Managing Director Mr. Osahon Ogieva reaffirmed the bank's dedication to youth development. The initiative included an essay competition where Yao Enam Kwawukume emerged as the overall winner, receiving GH‵5,000.00. Supported by the Ministry of Gender, Children and Social Protection, the program underscores a collective effort among Ghanaian corporate leaders to prepare the youth for a competitive global economy.

GoldCoast GRC offshore activities suspended over stakeholder concerns
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Ghana Mining Sector Faces Calls for Tangible Community Impact and Stricter Environmental Oversight

The Ghana Chamber of Mines and the Minerals Commission are intensifying demands for the mining industry to move beyond financial reporting and demonstrate real-world benefits for local communities. Ahmed Dasana Nantogmah, Chief Operating Officer of the Ghana Chamber of Mines, has urged mining firms to prove their impact through visible improvements in infrastructure and livelihoods. This call for transparency coincides with recent regulatory action by the Minerals Commission, which has suspended the reconnaissance license of Gold Coast GRC Ghana Limited due to significant environmental and stakeholder concerns regarding its offshore activities. Speaking at the 2026 PR, Environment and Sustainability Seminar in Kumasi, Mr. Nantogmah highlighted that while the mining sector contributed over GH""24.2 billion in revenue and US$7 billion in local spending, these figures must translate into tangible progress. He advocated for a strategic shift from simple local procurement to domestic manufacturing to ensure more value remains within the Ghanaian economy. Supporting this sentiment, Donald Gwira, Vice President of the Institute of Public Relations (IPR) Ghana, emphasized that corporate reputation cannot be built on publicity alone but must be earned through consistent, credible actions and proactive community engagement. Parallel to these calls for increased social responsibility, the Minerals Commission of Ghana, acting on a directive from the Minister for Lands and Natural Resources, has ordered Gold Coast GRC Ghana Limited to halt all operations within the country""s territorial waters. The suspension follows outcry from stakeholders regarding the potential ecological and environmental impacts of the company""s proposed activities. Officials noted that the suspension is part of a broader ""clean-up"" effort within the mining sector to ensure that all operators adhere to strict environmental standards and conduct adequate consultations before proceeding. The suspension of Gold Coast GRC will remain in effect until the Minerals Commission completes a thorough assessment and provides written authorization for the resumption of activities. The company is required to cooperate fully with the authorities during this period to address the highlighted ecological concerns. These combined developments signal a turning point for the industry, where both regulators and industry leaders are prioritizing long-term sustainability and community trust over short-term economic metrics, ensuring that Ghana""s mineral wealth benefits both the environment and the people.

SIGA Urges State-Owned Enterprise Collaboration as Maritime Experts Call for Inclusive Blue Economy Growth
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SIGA Urges State-Owned Enterprise Collaboration as Maritime Experts Call for Inclusive Blue Economy Growth

The State Interests and Governance Authority (SIGA) is spearheading a new drive for synergy among Ghana’s state-owned enterprises (SOEs) to maximize national value and operational efficiency. Director-General Professor Michael Kpessa-Whyte has called on the approximately 175 entities under SIGA’s oversight to leverage their collective strengths through strategic, commercially viable collaborations. By prioritizing inter-trading and shared services, SIGA aims to bolster financial performance and drive job creation within the public sector. A primary model for this initiative is the partnership between SIC Life Insurance and the National Investment Bank (NIB), which has successfully integrated insurance and banking services to enhance customer accessibility. Complementing this push for institutional efficiency, experts in the maritime sector are advocating for a more inclusive approach to the "blue economy." Speaking at a forum hosted by the Ghana Ports and Harbours Authority (GPHA), maritime lawyer Josephine Nkrumah emphasized that Ghana’s maritime excellence must translate into tangible job opportunities for youth and women. While the National Integrated Maritime Strategy includes provisions for inclusion, Madam Nkrumah, who is also a Senior Fellow at the Gulf of Guinea Maritime Institute, stressed the need for actionable steps to engage coastal communities and empower the next generation of maritime professionals in decision-making roles. The private sector is also playing an active role in supporting state operations through targeted corporate social responsibility. On October 6, 2026, the CEO of Aboboyaa Company Limited, Nana Susubiribi Aboboyaa I, donated five motor king tricycles to the Ghana Prisons Service. The donation, received by Deputy Director-General of Prisons Dr. Francis Omane Addo, is intended to enhance the logistical and operational capabilities of prison facilities and farms across the country. Such contributions highlight the importance of private-sector support in maintaining the infrastructure and agricultural productivity of essential state services. Together, these developments reflect a broader economic strategy focused on efficiency, inclusivity, and multi-sectoral cooperation. Whether through SIGA’s mandate for SOE synergy or the maritime sector’s focus on sustainable ocean resource management, the goal remains the same: ensuring that Ghana’s economic assets deliver maximum benefit to the citizenry. Moving forward, the success of these initiatives will depend on maintaining high standards of corporate governance and fostering stronger engagement between policymakers, the private sector, and civil society.

A serene view of a tropical hotel resort in Ghana, featuring a large circular swimming pool in the foreground. Several lounge chairs are arranged under a wooden pavilion next to villas and tall palm trees under a clear sky.
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Ghana Hotels Association Warns of Sector Crisis as 20% Tax Burden and Utility Failures Squeeze Profitability

The Ghana Hotels Association (GHA) has raised an alarm over the escalating operational costs threatening the sustainability of the nation’s hospitality sector. According to Victor Minta, President of the Association, hotel operators are currently grappling with a combination of high taxes, soaring utility bills, and significant infrastructure gaps. These challenges are particularly acute as the industry prepares for the festive season, traditionally a period of high activity, yet profitability remains elusive for many businesses across the country. Financial pressure from taxation has emerged as a primary concern for the association. Minta highlighted that approximately 20% of the revenue generated from room sales is consumed by various taxes, severely limiting the ability of hotels to reinvest in their facilities or lower prices for consumers. This tax burden, coupled with rising utility expenses, has made accommodation increasingly unaffordable for some travelers, potentially stifling the growth of the tourism sector. The association notes that these financial strains are compounded by a significant drop in occupancy rates in certain areas due to ongoing road construction projects that disrupt guest access. In the Central Region, particularly in Elmina, the situation has reached a critical point due to chronic utility failures. Hotel operators in this historic tourism hub have reportedly endured nearly three months of interrupted water supply, forcing them to rely on expensive private water tankers to maintain essential services. This added expense further erodes profit margins and creates logistical hurdles for staff. Despite these hardships, hotels are attempting to remain resilient by launching aggressive promotional campaigns for the upcoming yuletide. These packages include incentives such as offering a free extra night for guests who book extended stays, aimed at boosting local patronage. As the industry looks toward the future, the GHA is calling for more robust government intervention and a deeper analysis of tourism statistics to accurately gauge the sector's health. While international arrivals remain lower than desired, domestic tourism has become a vital lifeline, with millions of local guests supporting the industry. Moving forward, the association emphasizes the need for reliable infrastructure and a more favorable tax regime to ensure that Ghana remains a competitive destination and that the hospitality industry can continue to serve as a cornerstone of the national economy.

Ghana Reference Rate Drops to 10.04% as Commercial Lending Costs Ease Despite Growing Currency and Inflation Pressures
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Ghana Reference Rate Drops to 10.04% as Commercial Lending Costs Ease Despite Growing Currency and Inflation Pressures

The Ghanaian financial landscape in October 2026 presents a complex picture of easing domestic borrowing costs contrasted against significant external pressures and currency volatility. The Ghana Reference Rate (GRR), the primary benchmark for commercial bank loan pricing, has declined to 10.04%, down from 10.18% in September. This reduction reflects a softening in Treasury bill rates and interbank market conditions, even as the Bank of Ghana’s Monetary Policy Rate remains fixed at 14%. Consequently, average commercial lending rates have moved toward 15%, with some preferential borrowers accessing credit at rates between 11% and 12.5%. While this offers relief to businesses with variable-rate loans, the overall economic environment remains sensitive to fiscal and money-market shifts. Activity in the government debt market shows robust investor interest but selective government participation. In the most recent Treasury bill auction, the government accepted GH"1.77 billion from total bids of GH"2.93 billion, demonstrating a strategy of limiting debt intake despite strong demand, particularly for the 364-day instrument. Simultaneously, the secondary bond market has seen a dramatic 77.13% surge in turnover, reaching GH"2.76 billion. Trading has been heavily concentrated in the 2027-2030 maturity segment, which accounted for over 70% of the volume. Investors appear to be positioning themselves ahead of critical inflation data, which will likely dictate the future trajectory of treasury yields. Counteracting the positive trends in lending rates is the continued depreciation of the Ghanaian cedi, which has heightened inflation risks. As of early October 2026, the cedi traded at GHS 12.30 for sales at forex bureaus and GHS 11.77 on the Bank of Ghana interbank market. The currency lost 3.9% of its value against the US dollar in September alone, reversing previous gains. This depreciation is compounded by global factors, including US interest rate hikes, oil prices exceeding US$100 per barrel, and a decline in gold prices. These factors combined create a challenging environment for price stability as the country approaches the festive season. On the commodity front, Ghana faces a dual-edged sword regarding global price movements. Global food prices rose by 5.8% year-on-year in September, driven by increases in cereals, sugar, and vegetable oils, which threatens to inflate Ghana’s import bill. Meanwhile, cocoa prices have experienced a staggering 95.1% surge since March 2026, with forecasts suggesting prices could average US$5,670 per tonne in 2027. This spike is largely attributed to El Niño-related weather patterns affecting crop yields. While high prices theoretically benefit the economy, stagnant production volumes in Ghana—forecasted at 670,000 tonnes—and rigid government pricing mechanisms may limit the direct gains for local farmers and increase the risk of smuggling to neighboring countries.

ABSA Bank Ghana Ltd appoints Stephen Ato Frimpong as Board Chair
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Fidelity Bank Targets IPO and Absa Appoints New Chair as Ghana's Financial Sector Strengthens

Fidelity Bank Ghana is preparing for a landmark transition into a publicly listed company, coinciding with its 20th-anniversary celebrations. The bank has scheduled an Extraordinary General Meeting (EGM) for October 26, 2026, to seek shareholder approval for an Initial Public Offering (IPO) and subsequent listing on the Ghana Stock Exchange (GSE). This move, which aims to diversify ownership and allow ordinary Ghanaians to become shareholders, comes at a time of renewed confidence in the nation's financial sector. Fitch Ratings recently characterized the Ghanaian banking environment as "healthy" and improving post-2023, providing a stable backdrop for such significant capital market activity. During the upcoming virtual EGM, Fidelity Bank shareholders will vote on several critical resolutions, including authorizing the Board to negotiate IPO terms and approving a new IPO-compliant Constitution. The bank also proposes a GH"36 million capital transfer with a potential bonus issue of up to 732,250,000 shares. To align internal interests with the bank's growth, the proposal includes a directors' reward scheme and an employee share ownership plan. These strategic moves follow a period of sustained growth for the bank, which was recently lauded by the Multimedia Group for two decades of resilience and its contribution to national development. In a parallel development within the banking sector’s leadership, Absa Bank Ghana LTD has appointed Stephen Ato Frimpong as its new Board Chair, effective October 1, 2026. Frimpong, who succeeds Mrs. Frances Adu-Mante, brings extensive experience in corporate governance and finance, having served on the board since 2021 and previously holding a high-level executive role at Kimberly-Clark Corporation. This leadership transition underscores a broader industry focus on robust governance, a sentiment echoed by Activa International Insurance Ghana during its recent Compliance Week. Activa emphasized that integrity and ethical standards remain the bedrock of customer trust in the evolving financial landscape. The sector is also witnessing significant international investment interest, as Attijariwafa Bank (AWB) moves to acquire a 55.2% stake in Société Générale's Ghana subsidiary. According to Fitch Ratings, this acquisition is expected to be ratings-neutral for AWB due to the relatively small asset size of the Ghanaian unit, which remains under $1 billion. However, Fitch noted that the transaction would provide AWB with diversified earnings and modest net income gains, benefiting from the inherent profitability of Ghanaian banks. Collectively, these events—from leadership changes and IPO plans to international acquisitions—signal a dynamic and maturing financial market in Ghana.

Ghana Expands International Economic Partnerships as Trade with United Kingdom Surpasses £1.6 Billion
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Ghana Expands International Economic Partnerships as Trade with United Kingdom Surpasses £1.6 Billion

Ghana’s economic landscape is undergoing a significant transformation, marked by a surge in bilateral trade and a strategic shift toward investment-led growth. During the UK-Ghana Trade and Investment Summit 2026, His Majesty’s Trade Commissioner for Africa, Alastair Long, revealed that trade between the two nations has exceeded £1.6 billion. This growth is supported by a robust domestic performance, with Ghana’s GDP growing by 6.4% in early 2026. Deputy Trade Minister Sampson Ahi attributed this momentum to increased investor confidence and the newly signed UK-Ghana Growth Partnership, which aims to further unlock opportunities across diverse sectors. Currently, UK foreign direct investment in Ghana stands at £1.8 billion, supporting over 670 projects ranging from industrial development to the export of agricultural products like mangoes and bananas. Parallel to these developments, Ghana is deepening its ties with other global partners, notably South Korea and Norway. At a recent diplomatic gathering in Accra, the Ministry of Lands and Natural Resources highlighted a burgeoning partnership with South Korea focused on technology transfer and critical minerals. Key initiatives include a $28-million digital education program and a commitment to vocational training as both nations prepare to celebrate 50 years of diplomatic relations. Meanwhile, the Norwegian government has committed a €3-million grant to the Making Agrifood Markets Accessible for Soy Farmers (MAMA) program. This initiative, running through 2028, is designed to boost the productivity of 10,000 smallholder soya farmers and create over 20,750 jobs, emphasizing food security and the reduction of import pressures. These bilateral achievements align with a broader call for a fundamental shift in Africa's development model. Speaking at the 2026 United Nations General Assembly, Heirs Holdings Chairman Tony Elumelu urged a transition from reliance on foreign aid to a focus on private sector growth and entrepreneurship. Elumelu emphasized that young African entrepreneurs are the primary drivers of economic stability and urged international investors to view the continent as a viable, high-potential destination. He also advocated for utilizing natural gas as a transition fuel to ensure energy security while moving toward renewable energy. Collectively, these developments position Ghana as a competitive hub for international business, leveraging structured partnerships and local capacity to drive sustainable economic progress.

Opplift holds maiden Youth Entrepreneurs Summit in Accra
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Ibrahim Mahama Champions Indigenous Industrialization as MTN Ghana Secures 5G Spectrum and GCB Bank Boosts SME Support

Ghana’s business landscape is witnessing a significant push toward indigenous ownership and digital transformation, headlined by the fifth anniversary of Dzata Cement and major infrastructure advancements. Ibrahim Mahama, CEO of Dzata Cement Limited, marked the company’s milestone by asserting that Ghanaians are fully capable of building and owning large-scale industrial ventures without over-reliance on foreign entities. Reflecting on his transition from a cement transporter to a manufacturer, Mr. Mahama credited the support of former President Nana Akufo-Addo’s administration and former Trade and Industry Minister Alan Kyerematen for facilitating the company’s growth. He emphasized the importance of empowering the next generation of leaders to take managerial risks and ensure the long-term sustainability of local enterprises. Parallel to industrial growth, Ghana is poised for a digital leap as the National Communications Authority (NCA) awarded Scancom PLC (MTN Ghana) spectrum in the 700 MHz and 3 GHz bands for 5G services. The 15-year licences, costing a combined $202 million, are expected to significantly enhance network capacity and service quality across the country. This technological advancement comes as digital payments continue to surge; mobile money transactions reached GH"492.9 billion in June 2026 alone. However, industry experts from Mastercard note a disparity in adoption, as only 37% of businesses currently utilize digital payment systems. To bridge this gap, collaborations with groups like DPO and Boost are focusing on "frictionless" payment solutions to help Small and Medium-sized Enterprises (SMEs) improve operational efficiency and revenue growth. Financial institutions are also stepping up non-financial support to ensure the resilience of the SME sector, which remains a vital pillar of the national economy. GCB Bank recently hosted its MSME Caravan Clinic in Accra under the theme "MSME Unlocked: Powering Ghanaian Businesses for Sustainable Growth." Bank executives, including Head of Micro and Small Enterprises Cedric McAddy, urged business owners to formalize their operations and improve record-keeping to access credit more easily. To support this, GCB has introduced unsecured loan options of up to one million cedis based on business turnover, alongside digital tools designed to enhance financial visibility and documentation. Furthering the commitment to sustainable economic development, organizations like Opplift and MTN Ghana are targeting young entrepreneurs and existing SMEs through specialized summits and awards. The maiden Opplift Youth Entrepreneurs Summit, "Build to Thrive," provided mentorship and seed funding to 12 selected beneficiaries to foster local innovation. Similarly, the 2026 MTN SMEGA Awards celebrated exceptional local businesses while urging them to leverage international partnerships and digitalization to expand beyond the Ghanaian market. Collectively, these initiatives signal a coordinated effort between the private sector, financial institutions, and the government to create a robust ecosystem for indigenous business success.

Gertrude Emefa Donkor, Managing Director of GoldBod Jewellery, speaking at the opening of the showroom in Takoradi
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Ghana Gold Board Records Historic $1.87 Billion Foreign Exchange Inflow to Bolster National Reserves and Currency Stability

The Ghana Gold Board (GoldBod) achieved a major financial milestone in September 2026, generating US$1.871 billion in foreign exchange through its artisanal and small-scale mining (ASM) trading operations. This performance significantly surpassed the monthly target of US$1.4 billion by US$471 million, representing 134% of the projected goal. The results mark a substantial increase from August 2026, during which the board generated US$1.315 billion, signaling a strengthening of GoldBod’s capacity to manage and monetize the nation’s gold resources for the benefit of the national economy. Of the total funds generated in September, GoldBod allocated US$701.3 million to authorized commercial banks to support foreign exchange market liquidity, slightly exceeding the US$700 million goal. More notably, the board provided US$1.170 billion to the Bank of Ghana (BoG) to bolster the country’s foreign exchange reserves, far outstripping the original US$700 million target for reserve accumulation. This surge in foreign exchange supply is seen as a critical move to support the stability of the cedi and manage the cost of living for Ghanaians. The board is also spearheading a structural shift in how foreign exchange is managed in the country through the introduction of the Spot FX Sales and Intermediation Framework. Under this new system, the Bank of Ghana is exiting its traditional role in FX intermediation, handing over the responsibility to GoldBod. Utilizing the GoldBod GoFX platform, approved commercial banks are now permitted to purchase US dollars from the board twice weekly, specifically on Tuesdays and Thursdays. This initiative is designed to enhance transparency, regulatory compliance, and market efficiency. Looking ahead, GoldBod has set an ambitious target of US$1.5 billion for October 2026, with plans to provide US$1 billion to commercial banks and up to US$500 million to the Bank of Ghana. Beyond its role in financial markets, the board continues to prioritize local value addition. Managing Director Gertrude Emefa Donkor has emphasized that initiatives such as the GoldBod Jewellery showroom in Takoradi—established in partnership with B-Light Jewellery—are vital for modernizing the sector. By investing in modern infrastructure and promoting Ghana-made gold craftsmanship, the board aims to ensure that the nation's mineral wealth translates into sustainable job creation and economic empowerment for the youth.

A man in a dark suit and white shirt, identified as Gao Jin, is seen raising a glass filled with a yellow-orange beverage in a toast. He is standing behind a microphone in a room with wood-paneled walls, suggesting a formal business or diplomatic event.
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Ghana Moves Toward Yuan-Based Trade to Reduce Dollar Reliance Amid Mounting Import Pressures

Ghanaian businesses have begun a significant shift in international commerce by initiating payments for Chinese imports directly from Ghana cedi accounts, with suppliers receiving payment in Chinese Yuan (RMB). This arrangement, piloted by Stanbic Bank Ghana and utilizing China’s Cross-Border Interbank Payment System (CIPS), is designed to alleviate the perennial pressure on the U.S. dollar and streamline transactions with Ghana's largest trading partner. The Bank of Ghana is expected to expand this service, which offers local importers, particularly small and medium-sized enterprises, a more efficient route to settle accounts without the volatility associated with dollar-based forex markets. This transition comes as Chinese officials call for a modernized perspective on their country’s role in global commerce. Gao Jin, the Vice Mayor of Yiwu City—a global hub for small commodities generating over $115 billion in annual trade—recently emphasized China’s commitment to openness and trade digitization. Speaking to international representatives, Jin urged a move away from traditional Western stereotypes, highlighting Yiwu as a welcoming environment for foreign traders. For Ghanaian importers who rely heavily on Yiwu for consumer goods, the integration of cedi-to-yuan payments represents a strategic alignment with one of the world's most dynamic trading centers. However, the policy has sparked debate regarding Ghana’s long-term industrial goals and trade balance. Economic analysts and reports from MyJoyOnline indicate that while the yuan policy eases transaction friction, it may inadvertently deepen Ghana’s dependence on Chinese products. In 2024, Ghana’s imports from China reached $9.84 billion, accounting for nearly half of its total import bill, while exports to China stood at only $2 billion. There are concerns that without robust support for local manufacturers to boost domestic production, this new payment ease could further widen the trade gap and hinder the nation's industrialization drive. In tandem with these currency shifts, Ghanaian trade leadership continues to engage with broader global markets to ensure food security and diversified supply chains. Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana (IEAG), recently participated in the 2026 World Rice Conference in Manila to connect local importers with international rice value chain partners. As President John Mahama’s administration navigates these complex economic waters, the balance between facilitating efficient imports through the yuan system and protecting local industry remains a critical priority for Ghana’s sustainable growth.

BoG to issue new credit risk and liquidity directives
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Bank of Ghana Governor Dr. Johnson Asiama Unveils Sweeping Reforms to Tighten Financial Oversight and Curb Illegal Lending Apps

Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has announced a series of robust regulatory measures aimed at safeguarding the nation’s financial integrity and protecting consumers from predatory practices. A central pillar of this initiative is a stern warning against 20 unlicensed mobile loan applications, including providers such as Agile Loan, AmanaPay, and CashWay. The central bank identified these entities as operating illegally, frequently violating customer data privacy and disregarding consumer protection standards. Banks and payment service providers have been ordered to cease facilitating transactions for these unauthorized lenders, while the public is urged to report any suspicious digital credit activity to the BoG to ensure the integrity of the digital credit market. Beyond the crackdown on illegal apps, the BoG is preparing to issue new Credit Risk Management and Liquidity Coverage Ratio Directives following the Monetary Policy Committee (MPC) meeting in late September 2026. These directives come as private sector credit growth accelerated to 35.5% in August 2026, a sharp increase from the 13.3% recorded the previous year. While the Governor noted that lower lending rates and increased demand have fueled this expansion, he emphasized the need for banks to maintain rigorous underwriting standards to prevent the deterioration of loan portfolios. To ensure systemic stability, the MPC has maintained the Monetary Policy Rate at 14%, balancing modest headline inflation against considerable growth in real GDP. In a meeting with bank heads on October 6, 2026, Dr. Asiama declared that compliance with foreign exchange (FX) requirements is "non-negotiable." The central bank is currently consolidating its FX rules into a single framework to provide clearer guidance on international transfers and foreign currency accounts. Parallel to these efforts, the BoG has mandated that bank fraud units must now have direct access to Managing Directors and CEOs. This structural change is designed to prioritize fraud detection and prevention amid rising cyber and fintech-related risks. Furthermore, the Governor cautioned public institutions against total reliance on Artificial Intelligence (AI) for decision-making, asserting that AI must complement rather than replace human judgment in managing public resources and citizen welfare. Looking ahead, the BoG is expanding the scope of the national credit reporting system to include non-traditional data. Under the 2025 Credit Reporting Activity Annual Report, plans are underway to integrate the Electricity Company of Ghana (ECG) and the Microfinance and Small-Scale Loans Centre (MASLOC), meaning unpaid utility bills could soon negatively impact a borrower’s creditworthiness. Additionally, the Governor challenged the Ghana Association of Banks to contribute to national development through a street adoption and beautification programme. As the central bank also launches the National Remittance and Diaspora Savings Strategy, these collective measures signal a decisive shift toward a more transparent, technologically cautious, and socially responsible banking sector.