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.

Activa International Insurance Ghana reinforces culture of compliance and customer protection
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President Mahama Faces Economic Scrutiny as Norway Commits €3m to Ghana’s Soya Sector

Ghana’s economic landscape in October 2026 is marked by a growing disconnect between official statistics and the lived experience of its citizens. While the administration of President John Mahama reports a relatively low inflation rate of approximately 5%, a recent AP-NORC poll and widespread social media discourse reveal deep-seated frustration over the rising cost of living. Citizens have voiced significant concerns regarding high utility tariffs, fuel prices, and the cost of basic goods, which have led to decreased purchasing power and reported losses for market traders. This sentiment mirrors trends in the United States, where a similar disapproval exists regarding the management of living expenses, highlighting a global challenge of reconciling macroeconomic indicators with the daily financial struggles of the populace. In a major boost to the agricultural sector, the Norwegian government has announced a €3 million grant aimed at transforming Ghana’s soya value chain. The Making Agrifood Markets Accessible for Soy Farmers (MAMA) programme, a collaboration between IDH, AGRA, IITA, and YARA, is set to run from January 2026 to December 2028. This initiative is designed to enhance the productivity of 10,000 smallholder farmers, with a specific focus on ensuring 60% of participants are women. Beyond agricultural output, the program is expected to create over 20,750 jobs, strengthening food security and reducing the country's reliance on imports. Norwegian Ambassador John Mikal Kvistad emphasized that the partnership will address critical barriers such as access to finance and structured market systems. Growth in the private sector is further evidenced by the massive surge in value for Kasapreko Plc following its listing on the Ghana Stock Exchange. The Adjei family, which controls roughly 85.88% of the company, saw its stake increase by approximately $174 million in just three months, bringing their holdings to a valuation of about GH""6.28 billion ($540 million). As of late September 2026, shares were priced at GH""1.77. This success story coincides with the upcoming 7th Ghana Credit Excellence Awards, scheduled for October 8 at the Vice Chancellors Complex in Legon. Organised by the Chartered Institute of Credit Management Ghana, the awards will celebrate the theme ‘Beyond Stabilisation: Building a Resilient, Inclusive and Sustainable Financial Sector,’ recognizing trailblazers who have maintained ethical standards despite a challenging macroeconomic environment. Integrity and consumer protection remain central themes within the financial services industry, as highlighted by Activa International Insurance Ghana during its recent Compliance Week. The company reinforced the principle that insurance is a business of trust, focusing on anti-money laundering measures and the ethical use of emerging technologies like artificial intelligence. Meanwhile, on a broader social scale, World Habitat Day has brought the urgency of Ghana’s housing crisis into focus. With high land prices and rising building costs making homeownership difficult for many, industry stakeholders are calling for collaborative efforts between the government and private sectors to provide affordable housing. As the country prepares for the JoyNews–Republic Bank Habitat Fair in Ho, the emphasis remains on the fundamental right to adequate housing and the need for sustainable urban development.

BBC Launches 'Africa Enterprise' as Spiro Expands Electric Mobility and West African Startups Gain Recognition
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BBC Launches 'Africa Enterprise' as Spiro Expands Electric Mobility and West African Startups Gain Recognition

The African business landscape is witnessing a significant transformation through media innovation, green energy expansion, and regional entrepreneurial support. This week, BBC Studios and BBC News launched "Africa Enterprise," a new multi-platform business programme designed to elevate pan-African discourse. The premiere of the series, hosted by Nancy Kacungira, coincides with substantial industrial movements in West Africa, including the entry of electric mobility giant Spiro into the Ghanaian market and the recent celebration of regional innovation through the ECOWAS Startup Awards. "Africa Enterprise," which premiered on October 5, 2026, aims to delve into the insights of the continent’s most influential leaders and showcase diverse economic opportunities. Sponsored by Absa, the weekly series features exclusive interviews with high-profile figures, beginning with Africa’s richest man, Aliko Dangote. By broadcasting across the BBC News channel and various digital platforms, the programme seeks to highlight the resilience and growth of the African business sector to a global audience, providing a platform for narratives often overlooked in mainstream international media. Complementing this shift in narrative is the physical expansion of sustainable technology. Spiro has confirmed its entry into Ghana, bringing an integrated electric mobility ecosystem that includes local motorcycle assembly and an extensive battery-swapping network. The company plans to reach 20 new markets by 2027, with its Ghanaian operations expected to significantly reduce transport costs for commercial riders—by as much as 40%. Beyond environmental benefits, Spiro’s expansion is projected to create over 200,000 jobs across Africa within the next three years, focusing on technician training and local energy hub management to support its growing infrastructure. Regional institutional support for business is also reaching new heights. Nigerian startup HubPharm Africa recently emerged as the winner of the second ECOWAS Startup Awards, securing a $30,000 grand prize for its innovative contributions to the healthcare and business sectors. The ceremony, held at the ECOWAS Headquarters in Abuja, also featured runners-up from Senegal and Côte d’Ivoire. To further institutionalize this support, the ECOWAS Commission has launched the Private Sector Development Academy and the ECOWAS Startup Networks, which are intended to foster collaboration among West African entrepreneurs and improve access to funding and market opportunities. Together, these developments signal a maturing business ecosystem in West Africa that prioritizes both sustainability and home-grown innovation. While challenges remain regarding the transition from fossil fuels to electric alternatives in the transport sector, the combination of high-profile media coverage, direct foreign investment in green tech, and regional financial incentives for startups suggests a robust path forward for the continent’s economic landscape. These initiatives collectively aim to empower local communities and drive long-term, inclusive economic growth across the sub-region.

GoldBod Jewellery Expands to Takoradi as Mining Chamber Demands Greater Domestic Value Addition
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GoldBod Jewellery Expands to Takoradi as Mining Chamber Demands Greater Domestic Value Addition

Ghana's extractive and energy sectors are undergoing a significant shift toward domestic value addition and localized economic impact. This movement was highlighted by the inauguration of a new GoldBod Jewellery showroom at the Takoradi Mall and a stern directive from the Ghana Chamber of Mines for the industry to demonstrate tangible benefits in mining communities. As the nation seeks to retain more wealth from its gold resources, leaders in the sector are emphasizing that financial contributions alone are no longer sufficient to secure public trust or ensure sustainable development. The new GoldBod Jewellery showroom, launched in partnership with B-Light Jewellery, serves as a strategic move to promote locally crafted gold products and enhance Ghana's position in the global jewellery market. Managing Director Gertrude Emefa Donkor stated that the initiative is focused on economic empowerment and job creation, particularly for the youth. By investing in modern infrastructure and training, the company aims to transform the domestic landscape from mere extraction to high-end manufacturing, ensuring that the value of Ghana's gold is retained within its borders. This local expansion is mirrored in the Volta Region, where Earth Energy Limited recently established a new fuel station in Tatorme, Akatsi South. Municipal Chief Executive Daniel Dagba noted that such investments reflect growing investor confidence and are expected to stimulate commercial activities along key transport routes. However, these individual successes are being met with calls for broader industry accountability. Ahmed Dasana Nantogmah, Chief Operating Officer of the Ghana Chamber of Mines, recently urged mining companies to move beyond publicizing fiscal figures. Despite the sector contributing GH¢24.2 billion in fiscal revenue and spending US$7 billion domestically in 2025, Nantogmah stressed that the industry must provide credible evidence of visible improvements in the lives of community members. He advocated for a transition from simple local procurement to robust domestic manufacturing, arguing that substantial proof of contribution is necessary to bolster the industry's credibility under increasing public scrutiny. While Ghana focuses on domestic growth, the global energy market remains volatile. International oil prices saw a decline on Monday, with Brent crude futures falling to $101.59 a barrel and U.S. West Texas Intermediate decreasing to $90.12. This dip was attributed to an increase in crude exports from the Middle East and a decision by G7 nations to release 100 million barrels of diesel and crude from emergency reserves. These global supply adjustments have temporarily eased anxieties regarding infrastructure safety in the Gulf, providing a complex backdrop for Ghana as it balances its domestic industrial ambitions with fluctuating international commodity prices.

Executive Women Network Launches 'EWN 2.0' at 10th Anniversary Conference with Support from Telecel Ghana
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Executive Women Network Launches 'EWN 2.0' at 10th Anniversary Conference with Support from Telecel Ghana

The Executive Women Network (EWN) has marked a decade of advancing female leadership in Ghana with a landmark 10th-anniversary Conference and Expo in Accra. Under the theme "A Decade of Leadership, A Future Toward Holistic Impact," the event brought together influential leaders and stakeholders to reflect on the progress of women in the professional sphere over the last ten years. A key highlight of the celebration was the unveiling of "EWN 2.0," a strategic evolution of the network that includes the launch of four flagship initiatives specifically designed to drive gender parity and enhance leadership and entrepreneurship opportunities for women across the country. During the conference, industry leaders emphasized the transition from individual successes to systemic, institutional change. Komla Buami, the External Affairs Director of Telecel Ghana, delivered a strong message on the importance of embedding gender inclusion into the core of organizational systems. He argued that relying on individual effort is insufficient for long-term progress; instead, institutions must create sustainable pathways for advancement. Buami showcased Telecel’s commitment to this cause through its Female Engineering Student Scholarship Programme, which provides direct support to women entering technical fields, ensuring they have the foundational resources to move into leadership roles. The event also underscored the critical role of mentorship and sponsorship in shaping the future of Ghana’s business landscape. Speakers at the conference urged established women leaders to actively contribute to the growth of others by providing guidance and opening doors to new opportunities. The "EWN 2.0" framework is expected to formalize these mentorship efforts, creating a more robust ecosystem where aspiring female leaders can benefit from the collective experience and influence of the network’s members. This focus on collaboration is seen as essential for achieving holistic impact in both the corporate and entrepreneurial sectors. As the Executive Women Network embarks on its second decade, the focus remains on ensuring that women can thrive in leadership roles through sustained action and institutional backing. The conference concluded with a call for continued partnership between NGOs like EWN and corporate entities like Telecel Ghana to dismantle systemic barriers. By focusing on targeted programs and institutionalized inclusion, the network aims to move beyond mere representation and toward a future where gender parity is a fundamental component of Ghana’s economic and social development.

FirstBank Ghana celebrates 200 young participants at Junior Internship Programme closing
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Fidelity Bank Pursues IPO as Absa Ghana Appoints New Chair and GCB Bank Launches Customer Service Month

Ghana's banking sector is witnessing a period of significant strategic shifts and leadership transitions this October, headlined by Fidelity Bank Ghana Limited’s move toward a public listing. The bank has scheduled a virtual 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). The proposed resolutions include authorizing the Board to negotiate IPO terms, approving a new constitution compliant with listing requirements, and facilitating a GH¢36 million capital transfer. To incentivize stakeholders, the bank is also proposing a bonus issue of up to 732,250,000 shares, alongside the establishment of a directors' reward scheme and an employee share ownership plan. In a major leadership update, Absa Bank Ghana Limited officially appointed Stephen Ato Frimpong as its new Board Chair, effective October 1, 2026. Mr. Frimpong, who has served as an Independent Non-Executive Director since 2021, succeeds Frances Adu-Mante following the completion of her tenure. With a robust background in corporate governance and finance, including a former role as Chief Audit Executive at Kimberly-Clark Corporation, Mr. Frimpong is expected to leverage his expertise in risk management and audit to steer the bank's next growth phase. The board expressed high confidence in his leadership as they transitioned through this executive succession. Simultaneously, GCB Bank PLC has dedicated the month of October to its customers under the theme "The Extra Mile." Managing Director Mr. Farihan Alhassan personally led this initiative by hosting a live "Ask Me Anything" session on Facebook and Instagram, where he engaged with customers on topics ranging from digital transformation to banking resilience. The month-long campaign includes customer town halls, executive branch visits, and the GCB Aerobics Fiesta, all designed to gather feedback and enhance service delivery. Mr. Alhassan emphasized that the insights gained from these interactions are vital for the bank's ongoing efforts to adapt to evolving customer needs. Furthering the industry's focus on human capital, FirstBank Ghana recently celebrated the conclusion of its fourth Junior Internship Programme. The initiative, which ran from July to September 2026, provided approximately 200 young participants with professional exposure and financial literacy skills. Managing Director Mr. Osahon Ogieva highlighted the bank's commitment to youth development during the closing ceremony, where Yao Enam Kwawukume was named the overall winner of the programme's essay competition. Supported by the Ministry of Gender, Children and Social Protection, the programme underscores a broader trend of Ghanaian banks investing in the next generation of financial professionals. These collective developments reflect a robust and evolving financial landscape in Ghana. From Fidelity Bank's expansion into the public capital markets to the high-level governance changes at Absa and the intensive community engagement strategies at GCB and FirstBank, the sector is demonstrating a multi-faceted approach to growth. As Fidelity Bank approaches its pivotal EGM and GCB continues its month-long outreach, the Ghanaian banking industry appears focused on strengthening institutional foundations while deepening its connection with the public and shareholders alike.

Bank of Ghana and Finance Ministry Move to Stabilize Markets Amid IMF Calls for Crypto Regulation
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Bank of Ghana and Finance Ministry Move to Stabilize Markets Amid IMF Calls for Crypto Regulation

The International Monetary Fund (IMF) has called for urgent collaboration between the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to align risk assessment frameworks for cryptocurrency. This recommendation comes as Ghana emerges as the fifth largest crypto market in sub-Saharan Africa, with an estimated $21 billion in annual transactions. To address systemic financial risks and enhance data exchange, the IMF is advocating for a unified reporting framework that moves beyond just dual-regulated entities to cover the broader digital asset landscape. Simultaneously, the Ghana Gold Board (GoldBod) has introduced a new Spot FX and Intermediation Framework to stabilize the foreign exchange market. Operating through the GoldBod GoFX platform, the initiative will sell spot dollars to authorized banks twice weekly, aiming to provide predictable access to currency and reduce speculative demand. In the broader financial markets, the Ghanaian Cedi has recently recorded a mixed performance. As of early October 2026, the currency was trading at an average selling rate of GHS 12.25 at forex bureaus, while the Bank of Ghana’s interbank rate remained lower at GHS 11.72. Despite some depreciation, the government's domestic borrowing efforts saw a significant boost. The latest Treasury bills auction exceeded its target by 30.52%, raising GH""2.93 billion. Interest rates across the yield curve saw slight declines, with the 91-day bill dropping to 4.64%, suggesting a softening demand that analysts at Databank Research expect will stabilize yields in the coming weeks. On the policy and enforcement front, Finance Minister Dr. Cassiel Ato Forson has announced intentions to renegotiate the National Lottery Authority’s (NLA) revenue-sharing agreement with KGL. Dr. Forson argued that the current arrangement disproportionately favors the private partner at the expense of state revenue, necessitating a correction to ensure the government receives its fair share of lottery proceeds. Meanwhile, the Bank of Ghana has intensified its crackdown on the physical misuse of the national currency. In a joint operation with the Ghana Police Service, seven individuals were arrested in Accra for crafting and selling ‘money cakes’ and bouquets made from Ghana Cedi banknotes, a practice the central bank maintains undermines the integrity of the legal tender. Looking ahead, regulators are also being urged to remain vigilant regarding the real estate sector, which has been identified as a potential hotspot for money laundering. As criminals seek to hide illicit wealth through property acquisitions, the government is facing calls to strengthen oversight to prevent the sector from becoming a haven for financial crime. These multi-pronged efforts—ranging from currency stabilization and crypto regulation to revenue protection and criminal enforcement—represent a concerted push by the Mahama administration's economic team to maintain fiscal discipline and market transparency in an increasingly complex financial environment.

NCA awards spectrum to MTN Ghana for 5G services
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MTN Ghana Secures 15-Year 5G Spectrum for $202 Million to Drive High-Speed Connectivity

Scancom PLC, trading as MTN Ghana, has been officially awarded spectrum in the 700 MHz and 3 GHz bands by the National Communications Authority (NCA) to facilitate the rollout of 5G services across the country. This regulatory milestone allows the telecommunications leader to significantly enhance its network capacity and deliver high-speed mobile broadband services. The licenses, which are valid for a 15-year period, mark a significant step in the nation's digital transformation agenda. The spectrum acquisition involves a substantial investment totaling approximately $202 million. Specifically, MTN Ghana has been allocated two lots of 20 MHz in the 700 MHz band for a fee of $100.9 million, and one lot of 150 MHz in the 3 GHz band for $101.1 million. The NCA's decision to grant these licenses follows a competitive invitation for applications aimed at expanding 5G coverage, ensuring that the country’s leading carrier has the necessary bandwidth to support next-generation technology. MTN Ghana plans to utilize this newly acquired spectrum to improve overall service quality and drive growth in 5G mobility. Beyond mobile services, the additional capacity is expected to bolster home connectivity solutions, providing faster and more reliable internet access to households and businesses. The company has emphasized its commitment to enhancing the user experience by leveraging these frequencies to reduce network congestion and expand high-speed data reach into more regions. As the company finalizes its payment obligations, it has assured stakeholders of regular updates regarding the deployment phase and market-shifting developments. The rollout of 5G is anticipated to catalyze economic growth by enabling advanced digital services and fostering innovation in sectors such as healthcare, education, and finance. This 15-year commitment underscores MTN’s long-term strategy to remain at the forefront of Ghana’s telecommunications industry while meeting the rising demand for data-intensive applications.

A vibrant outdoor networking event held at night, featuring members of the French and Ghanaian business communities. Guests are seen socializing under a canopy of warm string lights and professional stage lighting, creating a collaborative atmosphere for economic discussion.
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French Ambassador Diarra Dimé-Labille Pledges Deeper Economic and Security Cooperation with Ghana

The French Ambassador to Ghana, H.E. Diarra Dimé-Labille, has reaffirmed France's commitment to strengthening bilateral relations with Ghana, highlighting a future of deepened cooperation in key strategic sectors. Speaking at a cocktail reception in Accra to mark the first anniversary of her tour of duty, the Ambassador emphasized that the relationship between the two nations is rooted in mutual respect and shared values. She identified health, security, trade, and education as the primary pillars of this ongoing partnership, noting that both nations have made significant strides in aligning their national interests over the past year. Central to this diplomatic engagement is the robust contribution of the French business community to the Ghanaian economy. Ambassador Dimé-Labille praised French investors and companies for their role in driving local economic growth and development. She noted that several significant contracts have been signed recently, reflecting a high level of confidence in the Ghanaian market. These economic ties are further bolstered by frequent high-level dialogues between the leadership of both countries, which have paved the way for more integrated trade policies and investment opportunities. Beyond traditional economic sectors, the Ambassador signaled an interest in exploring new areas of collaboration, specifically naming restorative justice as a field of potential partnership. Acknowledging Ghana's global leadership in this area, she indicated that France is ready for a meaningful dialogue to share experiences and develop best practices. This move represents a broadening of the bilateral relationship to include social and legal reforms, alongside the established cooperation in regional security and healthcare infrastructure. The event, which brought together members of the French and Ghanaian business communities, served as a celebration of the enduring friendship between the two countries. As Ghana continues its current developmental path under the administration of President John Mahama, the French government intends to remain a steadfast partner. The Ambassador concluded by expressing her gratitude for the warm reception she has received during her first year in office, promising that the coming years will see even more intensive collaboration aimed at achieving sustainable development goals for both nations.

GSA suspends Pre-Shipment Inspection for imported used vehicles
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Ghana Standards Authority Suspends Mandatory Pre-Shipment Inspection for Imported Used Vehicles

The Ghana Standards Authority (GSA) has announced the immediate suspension of the mandatory pre-shipment inspection exercise for imported used vehicles, a move that provides temporary relief for importers across the country. In a public notice signed by the Director-General, Professor George Agyei, on October 5, 2026, the Authority confirmed that a new implementation date for the exercise will be communicated in due course. This decision follows previous directives that required all used vehicles to undergo rigorous Pre-Shipment Verification of Conformity under the GSA’s FlexiPass Programme, which was designed to ensure that imports meet national safety and quality standards before leaving their ports of origin. The suspension of these inspections means that importers will not currently be required to pay the scheduled inspection fees, which were set to range between $200 and $300 per vehicle depending on the country of origin. The highest fees were specifically targeted at vehicles being shipped from the United Kingdom, Europe, and North America. Under the proposed framework, vehicles failing to meet the GS 4510 standards would have been denied a FlexiPass certificate, effectively barring their entry into Ghana. The program had already identified Autoterminal Japan and EAA Company Limited as the authorized inspection bodies to verify vehicle condition and safety features. While the pre-shipment inspection is on hold, the GSA continues to enforce other stringent regulations aimed at modernizing Ghana's automotive fleet. Notably, as of October 1, 2026, the Authority has begun enforcing a ban on the importation of used vehicles older than 15 years. Additionally, regulations remain in place against the importation of severely damaged vehicles or those lacking essential functional components, such as working speedometers. These measures are part of a broader national strategy to improve road safety and reduce the environmental impact of older, poorly maintained vehicles. The GSA has urged importers to remain vigilant and to continue utilizing approved agents to avoid potential fraud during this transitional period. Stakeholders are encouraged to verify all documentation with the Authority’s Vehicle Homologation Unit. While the suspension offers a reprieve from additional costs, the GSA maintains that the ultimate goal of the FlexiPass Programme is to safeguard Ghanaian buyers from substandard vehicles and to streamline the importation process by ensuring compliance before vehicles reach Ghanaian shores.

AI must not replace human judgment in public spending — BoG Governor Asiama
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Bank of Ghana Governor Dr. Johnson Pandit Asiama Cautions Against Sole Reliance on AI in Public Spending Decisions

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has issued a strong advisory to public institutions regarding the integration of artificial intelligence (AI) into the management of public resources. Speaking at a regional workshop in Accra on October 5, 2026, Dr. Asiama emphasized that while technology offers powerful tools for data analysis, AI must never replace human judgment or institutional accountability when it comes to public spending and the welfare of citizens. The workshop, organized by the West African Institute for Financial and Economic Management (WAIFEM), focused on enhancing project monitoring and evaluation through AI tools. Dr. Asiama highlighted that the primary value of AI in the public sector lies in its ability to analyze vast datasets and proactively identify risks that might otherwise go unnoticed. However, he maintained that AI should serve as a complement to human expertise rather than a substitute. According to the Governor, the effectiveness of these technological tools is strictly contingent upon the quality of the data provided and the integrity of the models used. He urged public officials to ensure they possess the skills necessary to interpret AI-generated results responsibly, thereby ensuring that final decisions remain grounded in human oversight and ethical considerations. During the five-day session, the Governor advocated for a paradigm shift in how public projects are evaluated, moving the focus away from simple expenditure tracking toward a more rigorous assessment of outcomes. By integrating AI into project management, institutions can transform oversight into a more proactive process, allowing for timely interventions and more efficient implementation of government initiatives. Dr. Asiama noted that such a transition is essential for fostering evidence-based policymaking and addressing the implementation challenges that have historically hindered public sector projects. Ultimately, the Bank of Ghana chief underscored that maintaining a balance between technological innovation and human responsibility is vital for building stakeholder trust. He concluded that effective monitoring and evaluation systems, supported by reliable data and human accountability, are the cornerstones of transparent governance. By ensuring that AI tools are used to support rather than dictate public policy, Ghanaian institutions can better safeguard national resources and deliver meaningful results for the populace.

COCOBOD Secures GH¢3.39 Billion in Debt Market Debut Amid Strategic Sustainable Growth Reforms
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COCOBOD Secures GH¢3.39 Billion in Debt Market Debut Amid Strategic Sustainable Growth Reforms

The Ghana Cocoa Board (COCOBOD), through its special purpose vehicle Cocoa Capital PLC, has successfully raised GH¢3.39 billion in the first tranche of its Commercial Paper programme. Although the amount fell slightly short of the GH¢4 billion target, the issuance marks a significant step in COCOBOD's new strategy to secure domestic funding for the cocoa sector. Investors in this initial tranche will benefit from an 11% interest rate over a 266-day tenor, with the board aiming to raise a total of up to GH¢16.3 billion through the Domestic Cocoa Notes Programme to support cocoa purchases and address legacy debts. This financial initiative is backed by a consortium of major financial institutions, including Absa Bank Ghana Ltd, CalBank PLC, Fincap Securities Ltd, GCB Bank PLC, One Africa Securities Ltd, and Stanbic Bank Ghana Ltd. Having secured approval from the Securities and Exchange Commission (SEC), COCOBOD plans to use the proceeds to create a more resilient and sustainable financing model. This shift toward domestic debt markets is intended to instill greater financial discipline and ensure timely payments to farmers by leveraging receivables from cocoa forward sales to meet repayment obligations. Complementing these financial reforms, COCOBOD is also advancing technical innovations to ensure the long-term viability of the industry. In a recent collaboration, the board's Seed Production Division partnered with CHRYS FIBRE and GKC STRUCTURES LTD to implement sustainable cocoa seedling production using soilless technology. A training programme held at the Cocoa Research Institute of Ghana (CRIG) equipped officers with the skills to handle alternative nursery receptacles and soilless growing media, significantly reducing the industry's reliance on topsoil and non-biodegradable materials traditionally used in seedling production. These dual efforts in financial restructuring and agricultural modernization highlight a comprehensive approach to securing the future of Ghana's cocoa sector. By combining domestic capital market participation with environmentally conscious production techniques, COCOBOD aims to minimize environmental impact while strengthening its balance sheet for sustainable success. Dr. Francis Kwame Padi, representing CRIG, emphasized that such innovations are critical for maintaining Ghana's competitive edge and fulfilling its commitment to sustainable global cocoa practices while building a more resilient sector.

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Bank of Ghana Grants Clearance for Attijariwafa Bank's Acquisition of Société Générale Ghana

The Bank of Ghana (BoG) has officially granted a "No Objection" clearance for the Moroccan-based Attijariwafa Bank to proceed with its acquisition of a majority stake in Société Générale Ghana. This regulatory milestone marks a pivotal moment in the transition of ownership for the long-standing financial institution. Under the terms of the proposed takeover, Attijariwafa Bank is set to acquire a 55.22% controlling interest in the bank, positioning the Moroccan group as a major player in Ghana’s competitive banking landscape. In addition to the majority acquisition by Attijariwafa Bank, the Social Security and National Insurance Trust (SSNIT) is expected to increase its footprint in the bank by acquiring an additional 5% stake. The central bank’s decision to greenlight the deal was heavily influenced by Attijariwafa’s proven financial strength and the potential for the merger to foster healthier competition within the domestic sector. Critically, the agreement includes safeguards designed to protect the livelihoods of current employees and ensure that management roles remain accessible to Ghanaian professionals, alleviating concerns over potential job losses following the change in ownership. Despite the BoG’s clearance, the transaction is not yet finalized. The parties must still secure formal approval from the Securities and Exchange Commission (SEC) before the transfer of shares can be completed. Société Générale Ghana, which has been a fixture of the Ghanaian financial sector since 1975 and currently operates 40 branches nationwide, represents a significant addition to Attijariwafa's portfolio. As the process moves toward its final stages, industry analysts will be watching closely to see how the entry of the Moroccan giant reshapes banking services and service delivery for Ghanaian customers.