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.

KAEME Skincare Clinches Global ESG Award as Prudential and Absa Banks Drive Local Economic and Social Impact
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KAEME Skincare Clinches Global ESG Award as Prudential and Absa Banks Drive Local Economic and Social Impact

KAEME Body Care Limited, a Ghanaian natural skincare brand, has achieved significant international acclaim by winning the DHL ESG Excellence Exporter of the Year award in Dubai. Founded by Freda Obeng-Ampofo, the brand, which currently exports to over 15 countries, was recognized for its deep-rooted commitment to environmental, social, and governance (ESG) practices. Key to its success is the integration of solar energy at its production facility and a robust local sourcing strategy that significantly reduces transport-related carbon emissions while supporting communities in areas such as Juaso and Bososo that are often impacted by artisanal mining. Ms. Obeng-Ampofo emphasized that the accolade demonstrates how strong ESG frameworks can sharpen the competitive edge of African businesses on the global stage. In tandem with this international business excellence, local financial institutions are intensifying efforts to build a resilient economic future for the next generation. At the National Youth Mentorship Summit in Accra, Kojo Nteh, the Head of Distribution and Channels at Prudential Bank LTD, underscored the critical need for financial discipline among young professionals. He advocated for early saving habits, the "paying yourself first" philosophy, and the use of automated savings to mitigate the temptation of lifestyle inflation. Nteh cautioned participants against get-rich-quick schemes and speculative investments, urging a patient and consistent approach to wealth creation as the essential foundation for long-term financial security. Parallel to these educational initiatives, Absa Bank Ghana LTD is demonstrating a commitment to tangible community improvement through its Prestige Banking team. The bank recently donated essential specialized equipment to the "Buzstop Boys," a volunteer group dedicated to cleaning public spaces and improving drainage systems. The donation, which included a demolition breaker, a petrol pressure washer, and a submersible sewage pump, was presented by Executive Director Kobla Nyaletey. This support is intended to empower the volunteers in their civic mission to improve public sanitation and waste management across Ghanaian communities, highlighting the bank's dedication to corporate social responsibility. Together, these developments illustrate a multi-faceted approach to growth within the Ghanaian private sector. From KAEME’s global leadership in sustainable exports to the financial literacy programs led by Prudential Bank and the community-focused philanthropy of Absa Bank, there is a clear trend toward aligning business success with social and environmental progress. These collective efforts not only enhance individual brand reputations but also contribute to a more sustainable, disciplined, and economically empowered national landscape as these organizations set new standards for corporate citizenship.

Ghana’s Logistics and Aviation Sectors Face Financial Strain Amid Port Disruptions and Mounting Institutional Debt
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Ghana’s Logistics and Aviation Sectors Face Financial Strain Amid Port Disruptions and Mounting Institutional Debt

Ghana’s critical logistics and infrastructure sectors are currently grappling with a series of financial and technical bottlenecks that threaten to disrupt the flow of trade and essential services. At the forefront of these challenges is a significant financial impasse between the Ghana Civil Aviation Authority (GCAA) and the Ghana Meteorological Agency (GMet). Dr. Eric Asuman, Director-General of GMet, has revealed that the GCAA owes the agency over GH¢50 million in statutory arrears. Under the amended Ghana Meteorological Agency Act, the GCAA is mandated to remit 10% of specific aviation fees to support meteorological operations. Despite a settlement agreement reached in March 2026, the GCAA has yet to fulfill its obligations, leaving GMet in a precarious financial position and unable to verify exact debt amounts due to restricted access to flight databases. Simultaneously, Ghana’s maritime and supply chain sectors are facing severe operational delays due to persistent technical glitches on the Ghana.gov platform and banking systems. Freight forwarders report that since early August 2026, disruptions in internet and banking connectivity have halted customs duty payments and the clearance of imported goods at the ports. These bottlenecks have sparked fears of escalating demurrage charges for importers and potential fuel shortages, as oil marketing companies remain unable to process fuel liftings and declarations. Industry stakeholders are urgently calling for government intervention to restore system stability and prevent a total breakdown of port operations. Beyond the ports, Ghana’s digital economy is being undermined by a surge in fibre optic cable cuts, primarily driven by uncoordinated construction activities. Statistics indicate a staggering rise in incidents, with fibre cuts increasing from 3,900 in 2021 to over 10,000 in 2022, costing the telecommunications industry approximately $17.4 million in repairs. These disruptions threaten the reliability of digital services and economic growth. Telecommunications companies are now advocating for the adoption of the "Dig Once" principle, which would require the integration of digital infrastructure planning into all major road and construction projects to safeguard the nation’s communication backbone. While Ghana navigates these internal infrastructure and financial hurdles, there is a notable shift in the regional maritime landscape as the United States recently lifted 12-year-old security restrictions on vessels arriving from Nigeria. The U.S. Coast Guard removed the "Conditions of Entry" imposed in 2014 following significant improvements in Nigeria’s maritime security and anti-terrorism protocols. Nigeria's Minister of Marine and Blue Economy, Adegboyega Oyetola, noted that this development will lower shipping costs and enhance the competitiveness of Nigerian ports. This regional progress highlights the importance of robust security and efficient infrastructure coordination, serving as a reminder of the standards Ghana must maintain to remain a competitive hub for West African trade.

Ghana's Producer Inflation Climbs to 4.0% Amid Rising Global Oil Prices and Major International Market Shifts
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Ghana's Producer Inflation Climbs to 4.0% Amid Rising Global Oil Prices and Major International Market Shifts

Ghana’s Producer Price Inflation (PPI) rose to 4.0% year-on-year in July 2026, a notable increase from the 3.5% recorded in June. Data from the Ghana Statistical Service (GSS) indicates that the Producer Price Index reached 272.6, driven primarily by cost escalations in the mining, utilities, and manufacturing sectors. Significant pressure was observed in gold mining and electricity, which saw inflation rates of 12.2% and 13.3% respectively. While industry inflation excluding construction surged from 3.3% to 5.6%, the GSS has cautioned that these elevated upstream costs may soon translate into higher retail prices for consumers, necessitating strategic financial planning for businesses and households alike. On the global stage, oil prices have surged for four consecutive days, reflecting heightened geopolitical tensions and supply uncertainties. Brent crude futures rose to $91.28 per barrel, while U.S. West Texas Intermediate (WTI) climbed to $85.31. These price hikes are largely attributed to conflicting reports regarding the Strait of Hormuz, a critical maritime chokepoint. While the United States maintains the waterway is open, Iranian claims of its closure have prompted Iraq to seek alternative export mechanisms. Additionally, major Chinese shipping firms have begun rerouting tankers to avoid conflict zones, further tightening the global energy market amid reports of declining U.S. crude inventories. In international retail, significant fiscal shifts are impacting major corporations. U.S. retail giant Target reported a massive $994 million pre-tax boost from tariff refunds following a Supreme Court ruling against import duties. This reimbursement helped double the company’s second-quarter operating income to $2.6 billion. Similarly, Estee Lauder recorded a $38 million reduction in costs due to similar refunds. While these corporate giants benefit from legal victories, economists warn that ongoing trade negotiations and potential new duties could eventually lead to increased consumer prices as businesses seek to balance their margins. Contrasting the inflationary pressures in Ghana, South Africa reported a cooling of consumer inflation to 4.3% in July, down from 5% in June, aided by a reduction in transportation costs. Meanwhile, in the sports business sector, a major investment has reshaped the ownership of Liverpool Football Club. A consortium led by Amit Bhatia and including Amazon founder Jeff Bezos has acquired nearly 40% of the club from Fenway Sports Group. The deal, which values the club between 5 billion and 6 billion, includes an option for the consortium to secure a controlling stake within the next year, signaling a major shift in the financial landscape of global football.

Energy Minister Dr. John Jinapor Unveils Regional Export Strategy as Petroleum Sector Secures $2.2 Billion in Savings
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Energy Minister Dr. John Jinapor Unveils Regional Export Strategy as Petroleum Sector Secures $2.2 Billion in Savings

Energy Minister Dr. John Abdulai Jinapor has announced ambitious plans for Ghana to begin exporting electricity to Nigeria, a move designed to solidify the nation's position as the primary energy hub for West Africa. This strategic expansion builds upon existing electricity export agreements with Burkina Faso, Benin, Togo, and CCd'Ivoire. The announcement coincided with the Ghana National Petroleum Corporation's (GNPC) 40th anniversary, where Dr. Jinapor urged the corporation to shift its focus from mere resilience toward active renewal and growth. Despite Ghana experiencing a fifth consecutive year of declining oil production in 2025, GNPC reported a 3.66% increase in revenue to US$1.64 billion, bolstered significantly by gas exports that exceeded annual targets. Supporting this drive for sectoral efficiency, the Petroleum Commission of Ghana has successfully generated approximately US$2.2 billion in savings and potential gains through rigorous oversight of the upstream sector. CEO Emeafa Hardcastle revealed these figures during the Commission's 15th-anniversary launch, noting that US$1 billion was saved through the review of the Greater Jubilee Full Field Development Plan, while an additional US$510 million was saved during the TEN Plan of Development review. Furthermore, a recent audit uncovered US$229 million in cost infractions. In a boost for local industry, the Commission has also facilitated the awarding of US$4.9 billion in contracts to local companies, promoting indigenous participation in the petroleum value chain. Despite these financial gains, the sector faces pressing operational challenges, particularly concerning public safety and downstream standards. A mystery shopping exercise conducted by the Chamber of Oil Marketing Companies (COMAC) in Northern Ghana has exposed persistent safety violations at fuel retail outlets. COMAC Chief Executive Dr. Riverson Oppong expressed concern over motorists flouting protocols, such as refueling motorcycles without dismounting and using unauthorized containers. The Chamber plans to compile these findings into a comprehensive report to advocate for stricter enforcement of safety measures across the region to protect both consumers and station operators. Parallel to the energy sector's developments, the Ghana Shea Butter Employers Association is calling for a similar emphasis on local value addition to protect the agribusiness industry. Association President Rabiatu Abubakari warned that Ghana is losing millions of cedis as raw shea nuts continue to be exported for processing abroad rather than being refined locally. She urged the government, under President John Mahama, to provide stronger support through improved storage facilities and financial access for local processors. As Ghana seeks to diversify its export economy, the contrast between the high-value local content gains in the petroleum sector and the losses in the shea industry highlights the urgent need for a unified national strategy on domestic industrialization.

Techiman North District Assembly Surpasses Revenue Targets by 120% to Drive Infrastructure and Educational Growth
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Techiman North District Assembly Surpasses Revenue Targets by 120% to Drive Infrastructure and Educational Growth

The Techiman North District Assembly (TNDA) has reported a significant fiscal milestone, surpassing its revenue collection targets for the second quarter of 2026 by over 120%. During the Second Ordinary Meeting held in Tuobodom, District Chief Executive (DCE) Johnson Kwabena Adom announced that the Assembly mobilized GH¢562,936.00 in Internally Generated Funds (IGF), significantly exceeding the budgeted target of GH¢468,612.60. This surge represents a substantial increase from the GH¢349,484.00 collected during the same period last year, signaling robust fiscal discipline and improved revenue collection strategies within the district. According to the DCE, the impressive revenue performance is the result of strategic reforms, including tighter financial management, enhanced monitoring of revenue streams, and improved compliance from local ratepayers. Beyond the IGF success, the Assembly has also utilized its share of the District Assemblies Common Fund (DACF), which amounted to GH¢3,833,984.13. These resources are being aggressively funneled into critical development sectors, with a major focus on educational infrastructure. Ongoing projects include the distribution of dual desks to schools and the construction of several new classroom blocks to improve the learning environment for students across the district. In addition to education, the Assembly is prioritizing the expansion of essential services and market connectivity. Efforts to provide potable water through the drilling of solar-powered boreholes are currently underway in several communities. Complementing the Assembly's efforts, the Member of Parliament for Techiman North, Elizabeth Ofosu-Adjare, has emphasized the urgent need for road rehabilitation to support the local economy. She noted that fixing dilapidated roads is essential for farmers and traders to transport produce to markets efficiently. The MP confirmed that feasibility studies for key routes have been completed and pledged her continued support for comprehensive community development initiatives. The collaborative efforts between the District Assembly and the parliamentary office suggest a promising trajectory for Techiman North as it seeks to bridge infrastructure gaps. By minimizing revenue leakages and focusing on high-impact projects, the district is positioning itself as a model for local government efficiency. Residents remain optimistic that these ongoing developments in education, water access, and road networks will significantly enhance the overall quality of life and economic prospects for the constituency as the year progresses.

Ghana’s Business Landscape Strengthens as Stock Market Surges 73% and New Protections for Local Retailers Take Effect
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Ghana’s Business Landscape Strengthens as Stock Market Surges 73% and New Protections for Local Retailers Take Effect

Ghana’s business environment is experiencing a period of significant revitalization, highlighted by a remarkable 73% year-to-date gain in the Ghana Stock Exchange (GSE) equities index as of August 2026. GSE Managing Director Abena Amoah attributed this surge to a doubling of trading activity and a shift in market dynamics following a seven-year drought of Initial Public Offerings (IPOs). The market has been bolstered by new listings, including First Atlantic Bank PLC, Zen Petroleum, and Casa Preco PLC. This growth aligns with the country’s broader economic reset and the 24-Hour Economy programme, fostering a climate where financial stocks and private sector accessibility are reaching new heights while aligning with global sustainability reporting standards. In tandem with this market growth, the Ghana Investment Promotion Authority (GIPA) and the Ghana Union of Traders Association (GUTA) have established rigorous new measures to protect local informal retail businesses. Led by GIPA CEO Simon Madjie and supported by GUTA President Clement Boateng, the collaboration focuses on enforcing the Ghana Investment Promotion Authority Act, 2026 (Act 1117), which reserves retail activities exclusively for Ghanaian citizens. The initiative aims to curb "fronting"—the practice of disguising foreign ownership in restricted sectors—through enhanced monitoring, public education on investment laws, and a direct reporting mechanism for legal breaches. Both organizations emphasized that while foreign investment is welcome, it must comply strictly with national regulations to ensure a fair competitive environment for local traders. Support for small and medium-sized enterprises (SMEs) is also being expanded through high-profile platforms and improved service delivery. The upcoming "This Is Ghana Exhibition," scheduled for late August 2026 at the Efua Sutherland Children’s Park, will provide a massive showcase for local brands in fashion, food, and electronics. Furthermore, the Canada Ghana Chamber of Commerce (CanCham) is hosting the CEOs’ Connect 2026 event to explore capital strategies for cross-border expansion, featuring experts from the GSE and the Ghana Investment Promotion Centre. These promotional efforts are complemented by the Office of the Registrar of Companies (ORC), which has continued to decentralize its operations by opening new service points, such as the one at the UMB Tema Industrial Hub, to bring business registration and compliance services closer to entrepreneurs. These collective developments signify a strategic shift toward a more robust and regulated domestic economy. By combining aggressive stock market growth and international capital exploration with strict protections for indigenous retail and decentralized administrative services, Ghana is positioning itself as a balanced hub for both local entrepreneurship and formal investment. Moving forward, the revival of inter-agency task forces and continued diplomatic engagement will be critical to ensuring that foreign participants adhere to Ghanaian laws, thereby sustaining the current momentum of economic expansion and protecting the livelihoods of local business owners.

Matilda Asante-Asiedu, Second Deputy Governor, Bank of Ghana, speaking at the 2026 National ICT Week
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Bank of Ghana Targets Inflation Stability and Digital-Led SME Growth Amid Evolving Regulatory Landscape

Bank of Ghana Governor Dr. Johnson Pandit Asiama has reaffirmed the central bank’s commitment to price stability, noting that the inflation outlook remains the primary driver for Monetary Policy Committee (MPC) decisions. This comes alongside a broader push by the BoG to leverage digital transaction data to bridge a massive $4.8 billion financing gap for small and medium enterprises (SMEs). Together with new regulatory frameworks for virtual assets and non-interest finance, these initiatives signal a comprehensive effort to modernize Ghana’s financial architecture and support economic resilience in a changing global environment. Speaking at the launch of the MPC Educational Observership Programme, Dr. Asiama explained that recent geopolitical tensions in the Middle East have significantly influenced the committee's decision to maintain current policy rates to curb inflationary pressures. He also highlighted a procedural shift within the MPC, which now operates on majority-based decisions rather than consensus. This change is intended to foster independent thought and rigorous debate among committee members, ensuring that inflation expectations and research-driven data remain at the heart of policy formulation. In a parallel development, Deputy Governor Matilda Asante-Asiedu emphasized the transformative potential of digital footprints at National ICT Week 2026. With SMEs facing an annual $4.8 billion funding shortfall, the BoG is moving to utilize mobile money transaction histories and cash flow patterns as alternative collateral. By implementing Open Banking and Open Finance frameworks, the central bank aims to provide lenders with the necessary data to assess creditworthiness beyond traditional requirements, thereby deepening financial inclusion for smaller businesses. The regulatory landscape is also expanding to include emerging technologies and specialized financial services. The Securities and Exchange Commission (SEC) has officially admitted several firms into its Virtual Asset Sandbox, providing a controlled environment for the piloting of cryptocurrency and digital asset services. Simultaneously, Governor Asiama has inaugurated the Non-Interest Financial Advisory Council (NIFAC), urging stakeholders in the non-interest banking sector to prioritize consumer protection and robust governance to maintain public trust in this growing niche. Strengthening the digital finance ecosystem further, Telecel Ghana has launched an Agent Loyalty Scheme to reward and secure its network of mobile money agents. Announced during a forum in Accra, the initiative aims to enhance agent performance and security through a value-driven commission structure. By recognizing agents as critical pillars of the financial infrastructure, Telecel and regulatory bodies are working in tandem to ensure that the rapid growth of digital finance is supported by both innovative technology and a reliable, human-centered service network.

Anthony Sarpong (left), Commissioner-General of GRA, exchanging pleasantries with Terri Sarch, Development Director at the British High Commission
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GRA Targets GH•310 Billion Revenue by 2028 Amidst Digital Reforms and VAT Compliance Crackdown

The Ghana Revenue Authority (GRA) has unveiled an ambitious roadmap to more than double its annual tax revenue, targeting a collection of GH•310 billion by 2028. Commissioner-General Anthony Kwasi Sarpong announced the goal, which seeks to grow collections from the GH•155 billion recorded in 2024 through a structured annual progression. The strategy, discussed during high-level tax conferences in Accra, sets clear benchmarks of GH•182 billion for 2025, GH•225 billion in 2026, and GH•260 billion in 2027. This revenue drive is designed to broaden the tax base and eliminate leakages without the necessity of raising existing tax rates. A central pillar of this revenue objective is the urgent need to address systemic VAT non-compliance. The GRA has raised alarms over findings that approximately 60% of businesses currently fail to properly account for or remit Value Added Tax (VAT) to the government. Commissioner-General Sarpong revealed that while many businesses collect VAT from consumers, only four out of ten are correctly remitting those funds. To combat this, the Authority is enforcing the Fiscal Electronic Devices Act, which requires businesses to use government-approved electronic devices to provide real-time transaction visibility. This initiative is complemented by the Integrated Tax Administration System (ITAS), a unified digital platform for registration, filing, and payment that began its phased rollout in April 2026. Beyond domestic enforcement, the GRA is strengthening international partnerships to modernize its customs operations. A significant Memorandum of Understanding (MoU) was recently signed with His Majesty’s Revenue and Customs (HMRC) of the United Kingdom, focusing on technical assistance and post-clearance audits. This partnership, described by HMRC’s Terri Sarch as a milestone in bilateral ties, aims to transition Ghana toward a digital, risk-based customs model. By enhancing trade facilitation for legitimate traders while aggressively targeting high-risk operations, the GRA expects to see a substantial improvement in border revenue collection and international trade efficiency. Despite these advancements, the GRA maintains that technology alone cannot resolve the challenge of revenue leakages. Officials noted that some businesses continue to attempt to circumvent new digital systems, necessitating a dual approach of stringent enforcement alongside technological transformation. As the GRA pursues its 2028 target, the successful full-scale integration of ITAS and the rigorous application of the Fiscal Electronic Devices Act will be critical in increasing Ghana’s tax-to-GDP ratio and ensuring a stable funding base for public services under the current administration.

Former Bank of Ghana Officials Reflect on Fiscal History as New Economic Frameworks Emerge under President Mahama
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Former Bank of Ghana Officials Reflect on Fiscal History as New Economic Frameworks Emerge under President Mahama

Dr. Ernest Addison, the former Governor of the Bank of Ghana, has been appointed as a Short-Term Senior Research Fellow at Harvard University’s Center for International Development and Center for African Studies. His appointment, effective October 2025, provides a platform for him to reflect on his tenure, which spanned the global pandemic, the invasion of Ukraine, and Ghana’s eventual debt crisis. This transition coincides with a critical post-mortem of the nation's fiscal policies by Dr. Maxwell Opoku-Afari, the former First Deputy Governor, who recently highlighted the structural vulnerabilities that led to the 2022 economic collapse. According to Dr. Opoku-Afari, Ghana’s public debt ballooned from 38.9% of GDP in 2010 to 92.7% by 2022, largely driven by the utilization of US$15.59 billion in Eurobond borrowings for recurrent budget financing rather than self-repaying projects. Dr. Opoku-Afari’s analysis paints a picture of 'unbalanced growth' where high GDP averages were offset by rising fiscal deficits and a heavy dependency on external borrowing. He noted that by 2022, debt service payments were consuming over 45% of government revenues, leading to the unilateral suspension of debt service payments in December of that year. This period of instability raised serious questions regarding the effectiveness of previous IMF-supported programs and the 'Ghana Beyond Aid' vision. The former Deputy Governor emphasized that while growth was spurred by cocoa, gold, and oil, the lack of diversification and election-driven spending left the economy exposed to external shocks, necessitating the urgent fiscal reforms that have shaped the current administration's agenda. In the wake of these historical challenges, the current government under President John Mahama has overseen a notable macroeconomic turnaround. Recent reports indicate that inflation has been reduced from historic highs to approximately 4.6%, with GDP growth rebounding to 5.5%. However, this recovery has introduced a 'currency paradox.' While the Cedi has seen periods of relative strength—trading around 10.94 to the US Dollar in some sectors—local entrepreneurs and youth groups argue that an over-appreciated Cedi acts as a subsidy for imports. This makes foreign goods cheaper than locally manufactured products, particularly in agriculture, thereby threatening domestic job creation and the competitiveness of small businesses despite government efforts to ease the tax burden. Looking forward, economic discourse in Ghana is shifting toward innovative structures such as the '24-Hour Economy' and the proposed National Productive Hours Framework (NPHF). Proponents suggest moving beyond simply extending business hours to creating a flexible labor pool that allows businesses to access productive labor based on demand without the burden of permanent hiring costs. Meanwhile, the currency remains a focal point for market observers; as of August 19, 2026, the Cedi was trading at 12.25 at forex bureaus, reflecting ongoing volatility. The synthesis of these reflections from past leaders and the implementation of new frameworks will be vital as Ghana seeks to sustain its recovery and ensure long-term fiscal resilience.

Dr Cassiel Ato Forson — Finance Minister
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Finance Ministry Disburses GH¢10.82 Billion to DDEP Bondholders, Boosting Fiscal Credibility

The Government of Ghana has successfully disbursed GH¢10,816,840,318.26 to bondholders under the Domestic Debt Exchange Programme (DDEP), marking a significant step in the nation's debt management strategy. This payment, announced by the Ministry of Finance, represents the third coupon payment made entirely in cash since the start of 2025. With this latest installment, the cumulative payments made to DDEP bondholders under the administration of President John Mahama have reached GH¢41.36 billion. The disbursement underscores the government's commitment to meeting its domestic debt obligations on schedule and in full, reflecting a shift toward greater fiscal discipline. Finance Minister Dr. Cassiel Ato Forson emphasized that these payments are critical for restoring investor confidence and reducing the risk of a sovereign default. Speaking on the release of funds, Dr. Forson reaffirmed that the government is dedicated to fulfilling all its financial promises to ensure the stability of the domestic financial market. He noted that the timely servicing of these debts is being managed carefully to ensure that it does not impede critical government expenditures in other sectors. This consistent payment schedule is viewed by analysts as a vital signal to both local and international investors that Ghana is moving toward debt sustainability following its recent economic challenges. Beyond domestic obligations, the government is also making strides in managing its international debt profile. During the 2026 Mid-Year Budget Review, the Finance Minister highlighted that the state has also paid approximately $2.1 billion to Eurobond holders since January 2025. The DDEP itself aims to restructure approximately GH¢137 billion in domestic bonds. By maintaining a reliable payment record, the Ministry of Finance intends to rebuild trust with creditors and pave the way for Ghana’s eventual return to international capital markets, which is essential for long-term economic growth. This proactive approach to debt servicing is expected to yield broader economic benefits, including the potential lowering of interest rates and the stabilization of the financial sector. As the government continues to navigate the complexities of the DDEP, the emphasis remains on transparency and consistency. Moving forward, the Ministry of Finance has assured the public and the investor community that subsequent payments will follow the established schedule, serving as a cornerstone for the country’s ongoing economic recovery and fiscal health under the current administration.

Abbas Umar Masanawa (right), the Chairman, Central Planning Committee of the Zik International Leadership and Peace Awars, handing the award to Ibrahim Mahama, the CEO of the Dzata Cenent Company Limited, during the ceremony
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Sammy Gyamfi Leads Ghana Gold Board Transition to Self-Financing Model Amid $1.7 Billion Loss Debate

The Ghana Gold Board (GoldBod), under the leadership of CEO Sammy Gyamfi, has officially transitioned to a self-financing model, successfully raising over US$450 million from commercial banks and international gold offtakers since March 2026. This strategic shift aims to decouple the institution’s trading operations from the Bank of Ghana (BoG), allowing GoldBod to function as an autonomous commercial entity. The transition follows intense scrutiny over the Domestic Gold Purchase Programme (DGPP), which was established to formalize gold trading and bolster national foreign exchange reserves. While the programme has been credited with reducing gold smuggling and stabilizing the cedi, it remains at the center of a heated financial debate regarding its sustainability and reported fiscal impact. CEO Sammy Gyamfi has vehemently rejected claims of a US$1.7 billion (approximately GH"22 billion) loss in 2025, a figure highlighted in an International Monetary Fund (IMF) report and cited by several economic analysts. Gyamfi insists that the institution’s official audited financial statements for 2025 actually show an operational surplus of GH"907 million and a total surplus of roughly GH"5.4 billion. To provide further clarity, GoldBod has commissioned an independent external audit of the DGPP’s operations from its inception in 2021 through to 2026. Despite the CEO’s defense, experts like Professor James Atta Peprah have urged a complete financial separation from the central bank to mitigate systemic risks, while Professor Godfred Bokpin pointed to "design defects" in the initial program that led to unrecovered costs, even as it successfully brought gold-related foreign exchange into the formal economy. Defending the financial record, Dr. Emmanuel Steve Asare Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), argued that any incurred losses should be viewed as necessary "transaction costs." He explained that GoldBod had to offer competitive pricing to lure artisanal miners away from established foreign buyers from India and China, who often provide equipment and advance funding to local producers. According to Manteaw, the resulting foreign exchange stability and lower import costs for the broader economy far outweigh the fiscal deficits. This perspective is mirrored by business magnate Ibrahim Mahama, who recently urged West African leaders to harness mineral wealth to achieve economic independence through local expertise and value addition. Looking ahead, GoldBod is set to implement state-of-the-art traceability technology to track gold from its mine of origin to the point of export. This system, currently under a national competitive tendering process, is designed to ensure all gold handled by the Board is legally sourced, further strengthening Ghana’s position as Africa's leading gold producer with an annual output of approximately 185 tonnes. At the 2026 National Mining Dialogue, stakeholders including the Ga Mantse, King Tackie Teiko Tsuru II, emphasized that these technological and financial advancements must translate into lasting benefits for mining communities. As GoldBod prepares to release its comprehensive audit findings in the third quarter of 2026, the government remains committed to refining the gold-buying model to maintain the critical macroeconomic stability provided by the sector.

Ghana Market Update: Cedi Strengthens Ahead of CanCham Summit as Bezos Consortium Secures Major Stake in Liverpool
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Ghana Market Update: Cedi Strengthens Ahead of CanCham Summit as Bezos Consortium Secures Major Stake in Liverpool

Ghana's business landscape is witnessing a period of strategic shifts as the Cedi shows signs of resilience and industry leaders prepare for high-level investment dialogues. As of August 15, 2026, the Ghanaian Cedi has recorded a notable appreciation against the US dollar, with the Bank of Ghana reporting an interbank selling rate of GHS 10.96 and a buying rate of GHS 10.94. At private forex bureaus, the currency is trading at an average selling rate of GHS 12.30. This currency stability comes at a crucial time as the National Petroleum Authority and energy analysts project a mixed outlook for fuel prices beginning August 16. While diesel consumers face a projected 1.39% increase due to rising international crude prices—currently averaging $90.41 per barrel amid geopolitical tensions—motorists using petrol and households relying on LPG are expected to see price reductions of 2.90% and 0.93%, respectively. Amidst these fluctuating market conditions, the Canada Ghana Chamber of Commerce (CanCham) is set to host its landmark CEOs’ Connect 2026 on August 20. Celebrating its 10th anniversary, the event will gather top capital market and trade leaders to discuss structured financing and investment opportunities in Ghana. The summit aims to address the critical need for capital strategies that support cross-border expansion, providing a platform for local businesses to connect with international investors. This focus on structured growth is seen as a vital step in driving economic development under the administration of President John Mahama, as businesses seek to leverage a more stable exchange rate for long-term planning. On the international front, the landscape of global sports business has been reshaped by a significant investment deal involving one of the world’s most prominent football clubs. A consortium led by British-Indian businessman Amit Bhatia and Amazon founder Jeff Bezos has acquired a 30% minority stake in Liverpool FC from Fenway Sports Group (FSG). The deal, valued between £5 billion and £6 billion, marks a massive return on investment for FSG, which originally purchased the club for £300 million in 2010. While the acquisition aims to bolster Liverpool’s long-term financial growth and infrastructure without altering its core transfer strategy, it has also sparked discussions among supporters regarding corporate workplace practices and the evolving nature of multi-billion-dollar sports franchises. These domestic and international developments highlight a broader trend of capital movement and market adjustment. For Ghanaian businesses, the combination of a stabilizing Cedi and the upcoming CanCham summit offers a window of opportunity to secure the financing necessary for expansion. As global icons like Bezos continue to diversify their portfolios into sports, the local focus remains on how these massive infusions of capital and shifting energy costs will influence broader market dynamics. For the average Ghanaian consumer, the immediate impact will likely be felt at the fuel pumps, where the interplay of global crude costs and local currency strength continues to dictate the cost of living.