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

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

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

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

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

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

A close-up photograph of an MTN corporate sign mounted on a bright yellow tiled wall. The 3D silver 'MTN' lettering is enclosed in an oval frame against a background of a blue sky with white clouds.
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Ghana's Economic Landscape: Support for Government Initiatives, Inflation Decline, and Investment Opportunities

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

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Ghana's Business Landscape: Leadership Changes, Strategic Investments, and Innovations

Recent developments in Ghana's business sector highlight significant leadership changes, strategic investments, and innovative technologies shaping the industry. Alice Nimako Debrah-Ablormeti, CEO of CPL Group, has been recognized as the Female Real Estate Leader of the Year at the 2025 GREDA Dinner Dance. Her journey from Administrator to CEO since joining the company in 2008 exemplifies resilience and principled leadership in a traditionally male-dominated field. Her achievements serve as an inspiration for aspiring leaders in Ghana's corporate landscape. In another notable appointment, ZEN Petroleum Ltd has announced Frank Adu, the former Managing Director of CAL Bank PLC, as its new Board Chair, effective January 1, 2026. With two decades of experience in financial services and governance, Adu succeeds Tutu Agyare and is expected to drive the company towards operational excellence and growth, aligning with ZEN's core values. On the investment front, the Ghana Integrated Aluminium Development Corporation (GIADEC) has secured strategic investors for the modernization of the Volta Aluminium Company (VALCO) and the establishment of an alumina refinery. This initiative aims to transition Ghana from a raw bauxite-exporting economy to one focused on value addition, with Lands and Natural Resources Minister Emmanuel Buah emphasizing the importance of modernization to safeguard jobs and enhance the aluminium industry. Additionally, OpenAI's recent launch of ChatGPT Health, a feature designed to analyze users' medical records for personalized health advice, has sparked discussions about privacy concerns in the tech and health sectors. While the feature aims to enhance patient care, critics caution about the potential risks to sensitive health data, highlighting the need for stringent privacy measures as AI continues to evolve in healthcare. These developments reflect a dynamic business environment in Ghana, characterized by leadership excellence, strategic investments, and the integration of technology into everyday life.

A group of six models are posing in an outdoor setting showcasing a new clothing line. The models are wearing various garments that appear to be made of colorful patterned fabrics. The photo is well-lit and the models are styled in modern clothes.
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Ghana's Agricultural Landscape: Challenges and Innovations Amid Climate Change

Ghana's agricultural sector is undergoing significant transformations as farmers adapt to climate change and shifting market demands. A notable trend is the increasing shift from traditional food crops like maize and yams to cash crops such as cashew, driven by the adverse effects of climate change on food production. While this transition offers opportunities for cash income and economic survival, it raises concerns about food security as local produce diminishes in markets. Experts advocate for sustainable practices that integrate cash crops with food production to ensure food sovereignty and resilience. In a related initiative, the Ministry of Food and Agriculture (MoFA) is revitalizing the poultry industry through the 'Nkoko Nkitinkiti' program, distributing poultry birds and feed to beneficiaries in the Ashanti Region. This initiative aims to reduce reliance on imported poultry and strengthen local production, particularly among youth and women-led enterprises, thereby enhancing food security and job creation. Looking ahead, the agricultural outlook appears promising, with Ghana's Minister for Food and Agriculture, Eric Opoku, announcing that no food shortages were recorded in 2025, attributing this success to the resilience of local farmers. He emphasized the importance of ongoing government efforts to improve agricultural infrastructure, which is vital for enhancing market access and driving economic growth. In the fashion sector, a collaboration between Woodin and the sustainable fashion label Cacao has emerged, showcasing a limited-edition collection that emphasizes eco-innovation and targets Africa’s younger consumers. This partnership highlights a cultural commitment to sustainability while promoting African prints on a global scale.

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Innovative Initiatives and Summits Highlight Africa's Growth Potential in Health, Trade, and Tourism

Recent developments in Africa's business landscape showcase a blend of technology, investment, and tourism initiatives aimed at enhancing economic growth and connectivity. OpenAI has launched a new feature, ChatGPT Health, designed to analyze users' medical records and app data to provide personalized health advice. While this innovation aims to improve health outcomes, it has raised privacy concerns, particularly regarding the handling of sensitive health information. Currently available only in the US, its future rollout in regions with stringent privacy laws remains uncertain. In a bid to foster trade and investment, the Global Africa Summit Accra 2025 convened policymakers, investors, and development partners on December 11-12, 2025. The summit, themed "Global Partnerships: Fueling Africa’s Development and Collective Prosperity," emphasized the importance of diaspora engagement and public-private collaboration. Key discussions included transforming diaspora remittances into investments, culminating in the announcement of a Diaspora Investment Platform to expand investment opportunities across Africa. Additionally, GoldBod Jewellery Limited has partnered with the Ghana Tourism Authority to launch a December promotion aimed at welcoming Ghanaians abroad and tourists during the festive season. The promotion features discounts on handcrafted gold collections and offers a complimentary gold keepsake with purchases, reinforcing the emotional connection Ghanaians have with their homeland. Looking ahead, the Pan African AI & Innovation Summit 2026 is set to take place on September 22-23, 2026, in Accra. This summit will focus on leveraging AI to enhance Africa's tourism sector, which is a significant component of the continent's $100 billion Experience Economy. With 60% of travelers relying on AI for bookings, the summit aims to connect tech innovators with tourism stakeholders to create sustainable travel initiatives and empower local communities. These initiatives collectively highlight Africa's potential for growth through technology, investment, and tourism, paving the way for a more interconnected and prosperous future.

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Ghana's Economic Landscape: Cedi Dynamics, Lending Rates, and Calls for Growth

Recent developments in Ghana's economy highlight the interplay between the cedi's exchange rate, lending rates, and the broader financial environment. The Bank of Ghana (BoG) plays a crucial role in managing the cedi's value, emphasizing that it does not create U.S. dollars but rather cedis. When the BoG sells dollars, it reduces cedi liquidity, which has been linked to a stronger cedi. A recent analysis indicated that the cedi appreciated significantly as liquidity tightened, underscoring the importance of domestic monetary conditions in exchange rate stability. As of January 8, 2026, the cedi traded at GH¢10.67 to the U.S. dollar, reflecting mixed results against major currencies amid ongoing forex pressures. Forex bureaus reported even weaker rates, indicating sustained demand for dollars despite improvements in economic indicators like inflation. In a related context, Dr. Johnson Asiama, the Governor of the Bank of Ghana, has set a target to reduce lending rates to below 10% by the end of his tenure. This goal aligns with the need for affordable credit to stimulate business and household investment, as current lending rates remain high at around 24.2%. Dr. Asiama noted that the country’s international reserves have reached a record high of $13.8 billion, which could support efforts to stabilize the economy. Additionally, the Asantehene, Otumfuo Osei Tutu II, has urged the BoG to develop strategies to lower interest rates further, arguing that high borrowing costs are a barrier to economic recovery and job creation. He emphasized the need to transition from a "crippling high-interest environment" to one that fosters growth and wealth creation, particularly as the nation faces ongoing financial challenges. The Asantehene's visit to the BoG included a tour of the new Bank Square complex, symbolizing national confidence in overcoming economic hurdles.

A group photograph of several dozen real estate professionals gathered indoors for a formal event. The attendees, dressed in a variety of business and traditional Ghanaian attire, are posed together in front of corporate banners, including one for the ACME Institute of Real Estate.
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Ghana's Economic Landscape: Growth Projections, Financial Stability, and SME Empowerment in 2026

Ghana's economy is projected to grow by **5.7%** in **2025**, surpassing the **IMF's** forecast of **4.0%** and the **World Bank’s** estimate of **4.3%**, according to **IC Research**. This growth is expected to be driven by increased household and private sector consumption, particularly during festive periods, benefiting sectors such as trade, manufacturing, and ICT. Despite a decline in construction growth, which is anticipated to normalize below double-digit rates, the agricultural sector remains a strong contributor to economic expansion. In terms of financial stability, the **Ghana Reference Rate** has fallen to **15.68%** as of January 2026, down from **15.9%** in December 2025, indicating a potential decrease in borrowing costs for businesses. This change is attributed to improvements in the Monetary Policy Rate and inflation, which has dropped significantly to **5.4%** in December 2025, the lowest since the CPI was rebased in 2021. The **Bank of Ghana** reported a record **$13.8 billion** in international reserves at the end of 2025, bolstered by strong government revenue and domestic gold purchases, which are expected to stabilize the cedi and enhance the country's credit ratings. In the realm of small and medium-sized enterprises (SMEs), a new **Mini-MBA Programme** launched by **Absa Bank Ghana** and **MTN Ghana** aims to empower 50 SME owners with essential skills in business innovation, finance, and digital marketing. This initiative is part of a broader strategy to enhance the capabilities of SMEs, which are vital for job creation and economic activity in Ghana. The **Ministry of Finance** has assured that the gains in cedi stability and energy sector improvements will be sustained throughout 2026, supported by prudent fiscal management and ongoing reforms. Additionally, the **Ghana Real Estate Professionals Association (GREPA)** has installed a new board focused on ethical governance and sustainability, aiming to enhance the real estate sector's global competitiveness. However, the festive season, known as **Detty December**, is under scrutiny as concerns arise over exploitative pricing practices that could harm Ghana's tourism reputation. Industry stakeholders are calling for regulatory measures to protect consumers and ensure fair pricing during this peak period. Overall, Ghana's economic outlook for 2025 and beyond appears positive, with significant strides in financial stability, SME empowerment, and a commitment to ethical practices across various sectors.

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Dr. Eric Oduro Osae Takes the Helm as New CEO of ICAG

The Institute of Chartered Accountants, Ghana (ICAG) has officially appointed Dr. Eric Oduro Osae as its new Chief Executive Officer, effective January 5, 2026. Dr. Osae, who boasts over 25 years of extensive experience in chartered accountancy, law, and governance, previously held the position of Director-General at Ghana's Internal Audit Agency. His international experience includes serving as an Audit and Assurance Advisor to the United Nations. Dr. Osae holds a doctorate in political economy and has contributed significantly to the field, authoring over ninety papers on accounting and governance. The ICAG Council has expressed strong confidence in Dr. Osae's leadership abilities, urging stakeholders to support him in his new role as he aims to elevate the institute's reputation both in Ghana and internationally.

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GRA and GUTA Forge Agreement on VAT Act 2025 Transitional Measures

On January 7, 2026, the Ghana Revenue Authority (GRA) and the Ghana Union of Traders’ Association (GUTA) convened in Accra to establish transitional measures for the implementation of the new Value Added Tax Act, 2025 (Act 1151). This agreement is particularly significant for traders who were previously operating under the VAT Flat Rate Scheme. Under the new regulations, all eligible taxpayers, including GUTA members, will be required to charge a VAT rate of 20% until the end of the first quarter of the implementation period. To facilitate a smooth transition, a joint technical team has been formed to tackle challenges related to VAT record keeping and compliance. Additionally, both organizations have committed to enhancing educational programs nationwide to support traders in adapting to the new VAT regime. GRA and GUTA have underscored the importance of compliance and maintaining open lines of communication to ensure the effective rollout of the new tax framework.

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Ghana's Cedi Emerges as Africa's Best-Performing Currency Amid Economic Recovery Under Mahama

In a remarkable economic turnaround, Ghana's cedi has been recognized as Africa's best-performing currency for 2025, appreciating nearly 40% against the US dollar, according to Bloomberg. This significant recovery is attributed to strategic policy initiatives implemented under President John Dramani Mahama's leadership, notably the "Reset Agenda" and the 24-hour economy initiative. Novihoho Afaglo, a prominent member of the National Democratic Congress (NDC), lauded these policies, stating they have played a crucial role in stabilizing the economy, which was previously on the brink of collapse. The cedi's value improved from approximately GH¢17.00 to about GH¢10.35, earning it recognition as the best-performing currency globally in 2025. Additionally, inflation rates have seen a dramatic decline from over 23% at the end of 2024 to 6.5% in December 2025, resulting in lower prices for goods and alleviating financial pressure on consumers. Afaglo also highlighted the reduction of the national debt by nearly GH¢150 billion and reported an impressive economic growth rate of 6.1% in early 2025, marking the highest growth rate in recent years. This recovery stands in stark contrast to the depreciation of the Ethiopian birr, which faced the most significant decline against the dollar in the same period. The cedi's performance, alongside the broader economic improvements, reflects a positive outlook for Ghana as it navigates the complexities of the global market.