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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Public Outcry for Clarity as Ghana's Gold Reserves Plummet by Nearly 19 Tonnes

Economist Dr. Frank Bannor has raised alarms over a significant decline in Ghana's gold reserves, which plummeted from 37.1 tonnes in September 2025 to just 18.6 tonnes by December 2025—a staggering drop of 18.5 tonnes within three months. This sharp decrease has prompted calls for a public explanation from the Governor of the Bank of Ghana, as it contrasts sharply with the country's rising Gross International Reserves, which increased from $9.11 billion to $13.83 billion during the same period. Dr. Bannor emphasized the strategic importance of gold as a national asset and questioned the methods behind the reserves' decline, speculating whether it involved sales, swaps, or other arrangements. He underscored the need for transparency in reserve management to restore public confidence amid ongoing economic recovery efforts. The economist's demands highlight the critical need for accountability from the central bank to maintain trust in its monetary governance.

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Ghana Secures $2 Billion Gas Agreement with Jubilee Partners to Lower Prices and Boost Consumption

On January 27, 2026, Ghana's Energy and Green Transition Minister, John Jinapor, announced a significant $2 billion agreement with Jubilee Partners aimed at reducing gas prices from $3.1 to $2.5 per unit. This initiative is designed to enhance domestic gas consumption and support the country's energy transition efforts. The agreement has already received Cabinet approval and will soon be presented to Parliament for further consideration. In addition to the Jubilee Partners deal, the government has also signed a $1.5 billion agreement with Sankofa Partners. This collaboration is expected to further strengthen Ghana's energy sector by stabilizing energy supply, reducing production costs, and increasing oil and gas output. These strategic agreements reflect the government's commitment to improving the energy landscape in Ghana and ensuring a more sustainable energy future.

A photograph capturing a man wearing a green Seattle Mariners jersey standing beside a large, backlit Amazon corporate sign. The image represents the company's presence in Seattle, reflecting its corporate identity during a period of business news regarding layoffs.
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Amazon Confirms New Round of Layoffs Following Accidental Email Leak

Amazon has inadvertently confirmed a new round of layoffs through a draft email mistakenly sent to employees by Colleen Aubrey, senior vice president at Amazon Web Services (AWS). The email disclosed job cuts affecting workers in the US, Canada, and Costa Rica, as part of the company's strategy to enhance efficiency. This follows an earlier announcement in October regarding 14,000 job cuts, with expectations that total layoffs could reach around 30,000. Employees who are laid off will have the opportunity to reapply for limited open positions, but severance pay will be based on their tenure if they do not secure new roles. This move is part of a broader trend in the tech industry, which has seen approximately 700,000 job cuts over the past four years. Under CEO Andy Jassy's leadership, Amazon is implementing stricter workplace policies, including mandatory in-office attendance five days a week, as part of its cost-cutting measures. Additionally, the company has recently closed its remaining Amazon-branded grocery stores, further indicating a shift in its corporate strategy amidst ongoing workforce reductions.

Dr. Agnes Kalibata, President of AGRA, is captured standing and speaking at a formal dinner or meeting event. She wears a vibrant yellow and maroon patterned jacket over a maroon dress, while two seated colleagues, a woman in green and a man in a suit, listen attentively.
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AGRA President Advocates for Increased Investment in Smallholder Farmers at World Economic Forum

At the World Economic Forum in Davos, AGRA President Alice Ruhweza called for enhanced investments in smallholder farmers, emphasizing their critical role in stabilizing markets and strengthening global food systems. She highlighted that if smallholder farmers were considered a nation, they would represent the largest underperforming economy, yet they also hold significant potential for growth. The African food system is projected to reach a value of $1 trillion by 2030, driven by increasing demand and technological advancements. Ruhweza stressed that improving farmer incomes is essential for creating resilient and sustainable food systems, which can also address broader societal issues such as poverty alleviation and nutrition enhancement. She urged African governments to fulfill their commitment to invest at least 10% of their budgets in agriculture, a sector she described as vital for economic growth and food security. AGRA, celebrating its 20th anniversary, is focused on translating operational evidence into effective strategies for increasing farmer incomes and implementing sustainable agricultural practices across the continent. Additionally, Ruhweza discussed the transformative potential of artificial intelligence (AI) in agriculture, advocating for Africa to lead in this technological advancement to improve efficiency and equity in food systems, particularly for women farmers. The discussions at the forum also included insights from industry leaders like Elon Musk, who highlighted the economic potential of AI and robotics across various sectors.

A close-up photograph showing a scattered pile of Ghanaian 50 Cedi banknotes. The currency features the 'GHANA' text and the '50' denomination clearly visible on several notes against a dark background.
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Ghana Cedi Begins 2026 with 4% Depreciation Against Major Currencies

The Ghana cedi has commenced 2026 under significant pressure, depreciating by an average of 4% against major currencies. As of January 2026, the cedi is trading at GH¢10.88 to the US dollar, down from GH¢10.45 in December 2025. It has also experienced declines of 4.9% against the British pound, now at GH¢14.77, and 4.1% against the euro, trading at GH¢12.80. In the retail market, the dollar is exchanging at approximately GH¢12.00, reflecting ongoing demand pressures. This early depreciation is attributed to seasonal foreign exchange demand, portfolio adjustments at the start of the year, and sensitivity to global financial conditions. The Bank of Ghana is maintaining a cautious stance, closely monitoring the situation to assess whether this weakness will stabilize or indicate a longer-term recalibration, especially following the cedi's notable performance in 2025, where it appreciated significantly after an initial decline. The current depreciation, while concerning, is considered modest compared to the strong gains of the previous year.

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Ghana's Youth Face Housing Crisis Amid Economic Recovery and Currency Depreciation

Ghana's housing market is in crisis, with a deficit of nearly two million units significantly impacting the predominantly youthful population, where 60% are of working age. Despite a recovering economy, marked by a GDP growth of 5.8% and reduced inflation to 5.4% in 2025, the rising costs of housing and burdensome advance-rent practices are locking many young Ghanaians out of home ownership. In urban centers like Accra, Kumasi, and Takoradi, property prices have soared, making homeownership increasingly unattainable. Many landlords demand upfront payments of two years' rent, often violating the Rent Act of 1963, forcing young adults into overcrowded living situations or back to parental homes. Government initiatives such as the National Rental Assistance Scheme and the National Homeownership Fund aim to alleviate these challenges by providing lower interest loans and accessible mortgages. However, experts emphasize that significant investments in housing infrastructure and regulatory reforms are essential for sustainable solutions. Compounding these issues, the Ghana cedi has depreciated by 4% against major currencies in early 2026, trading at GH¢10.88 to the US dollar, down from GH¢10.45 at the end of 2025. This depreciation, attributed to seasonal demand pressures and fluctuations in the foreign exchange market, raises concerns about the long-term stability of the currency and its impact on the economy. The Bank of Ghana is closely monitoring the situation, as the cedi's performance contrasts sharply with its significant gains of 40.7% against the dollar in 2025. As the youth grapple with these economic challenges, the need for comprehensive policy reforms and infrastructure development becomes increasingly urgent to secure their future in a rapidly changing housing landscape.

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Telecel Ghana Launches Third Cohort of Digitech Academy to Boost STEM Education

The Telecel Ghana Foundation has officially launched the third cohort of its Digitech Academy, a program designed to enhance digital skills and STEM education among Ghanaian youth. This initiative, which runs from January to March 2026, aims to reach approximately 500 learners from 19 schools across five regions: Volta, Central, Upper West, Ahafo, and Upper East. In collaboration with the Ghana Education Service and the Ghana STEM Centre, the Digitech Academy will provide a 12-week after-school training program that aligns with Ghana's ICT curriculum. Students will receive hands-on training in electronics, programming, and robotics, allowing them to construct circuits, code, and build functional robots. To promote gender equality in STEM, 70% of the training slots are allocated for female students. Telecel Ghana's External Affairs Director, Komla Buami, highlighted the initiative's commitment to equipping students with essential digital skills, emphasizing that the program is accessible to all, regardless of background or location. The Digitech Academy underscores the Foundation's dedication to fostering youth development and enhancing digital literacy across Ghana.

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President Mahama Celebrates First Sky Group's Contributions to Ghana's Economic Growth

During a recent interdenominational thanksgiving service in Accra, President John Mahama commended the First Sky Group for its significant contributions to Ghana's national development, coinciding with the company's 23rd anniversary. Mahama emphasized the critical role of supporting indigenous companies in enhancing the country's Gross National Product (GNP), advocating for policies that prioritize local firms for government projects. He noted that such initiatives have helped Ghanaian companies, including First Sky Group, meet international standards. The President highlighted the Group's diversification into various sectors, including hospitality and energy, which has not only created jobs but also strengthened the local economy. Additionally, he acknowledged First Sky Group's philanthropic efforts in healthcare, particularly through the Mahama CARE initiative, which supports treatments for non-communicable diseases. Eric Seddy Kutortse, the Executive Chairman of First Sky Group, reaffirmed the company's commitment to job creation and announced a solar power project aimed at enhancing the national grid while generating further employment opportunities. Reverend Alex Sujith, who also spoke at the event, encouraged attendees to embrace a spirit of thanksgiving, promoting messages of peace and unity within the community.

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US Government Invests $1.6 Billion in USA Rare Earth to Reduce Reliance on China

The Trump administration has announced a significant investment of $1.6 billion in USA Rare Earth, a move aimed at reducing the United States' dependence on China for critical minerals. This funding package includes a $1.3 billion loan and $277 million in federal support, designed to enhance domestic production of essential minerals crucial for technology and defense applications. Commerce Secretary Howard Lutnick highlighted the importance of this investment in building resilient supply chains amid ongoing trade tensions with China, which currently processes approximately 90% of the world's rare earths. The announcement follows a notable increase in USA Rare Earth's stock prices, which surged over 15% following the news. This initiative is part of a broader strategy by the U.S. government to secure alternative supply lines for critical resources, reflecting a growing trend of investments in the mineral sector to bolster national security and economic independence. Previous government investments in this area include a $1.4 billion deal with Vulcan Elements and support for MP Materials, indicating a concerted effort to shift the competitive landscape in the rare earths market.

Nana Nketsia V, a prominent Ghanaian traditional leader, is captured speaking at a podium during a business-related presentation. He is dressed in traditional cloth featuring Adinkra symbols, gesturing for emphasis while holding a microphone against a backdrop of a screen showing mining operations.
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Nana Nketsia V Advocates for Value Addition to Boost Economic Growth in Western Region

Nana Kobina Nketsia V, President of the Western Regional House of Chiefs, has called for enhanced value addition to local raw materials as a critical strategy for boosting economic growth and sustainable development in Ghana's Western Region. Speaking at the Western Regional Investment Forum in Takoradi, organized by the Ghana Investment Promotion Centre (GIPC), he highlighted the region's rich resources and potential for industrialization, while acknowledging its current lag in this area. The forum aimed to explore investment opportunities and promote local investments that support cultural and community prosperity. Dr. Akwasi Opong-Fosu outlined a roadmap for identifying bankable investments across the country, while Madam Rachel Fosua Sarpong emphasized the initiative's role in translating regional potential into tangible economic benefits. The GIPC's efforts are focused on enhancing local industrialization and exports, with strategic support from stakeholders such as the Western Regional Coordinating Council.