Ghana Business News

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Ghana Strengthens Industrial Policy through Mineral Value Addition, Regulatory Oversight, and Investor Assurances
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Ghana Strengthens Industrial Policy through Mineral Value Addition, Regulatory Oversight, and Investor Assurances

The Government of Ghana is intensifying its efforts to transform the nation’s industrial landscape by prioritizing local value addition and maintaining a stable regulatory environment. During the 19th West Africa Mining and Power Exhibition (WAMPEX) in Accra, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, emphasized that the state is transitioning from traditional raw mineral extraction to refining, processing, and manufacturing. A primary focus of this new strategy is the development of a domestic lithium processing and battery manufacturing ecosystem. This shift, supported by the Ghana Integrated Aluminium Development Corporation (GIADEC) and the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), aims to integrate Ghana into the global green technology supply chain while ensuring economic resilience. While seeking to attract new investment, the government is also tightening its oversight of existing mining assets to protect national interests. Finance Minister Dr. Cassiel Ato Forson recently raised concerns about the practice of "asset flipping," where mining companies renew leases only to sell them shortly after for significant profit. Citing a recent case involving a one-billion-dollar transaction following a Newmont lease renewal, Dr. Forson argued that lease renewals should align with long-term policy rather than speculative secondary markets. To further maximize state revenue, the government is defending a sliding-scale royalty system designed to capture higher gains during periods of elevated gold prices, as deliberations continue over the future of the strategic Tarkwa Mine. The focus on sustainable growth has also been championed on the international stage. At the Ghana-UK Summit in London, Elikem Kotoko, Deputy CEO of the Forestry Commission, urged global investors to view Environmental, Social, and Governance (ESG) principles as essential investment factors rather than mere reporting requirements. He highlighted initiatives such as the Cocoa Forest REDD+ Program, which focuses on restoring degraded lands and enhancing local livelihoods. This international push for sustainability is complemented by domestic regulatory actions, particularly by the Public Utilities Regulatory Commission (PURC), which has stepped up monitoring of industries and SMEs in the Bono and Ahafo Regions. The PURC initiative seeks to resolve billing inaccuracies and inconsistent power supply, which have historically hampered industrial productivity. Despite these strategic advancements, infrastructure maintenance remains a critical priority for ensuring business continuity. The Electricity Company of Ghana (ECG) has scheduled a series of necessary power outages across the Tema, Eastern, Central, and Western Regions to facilitate essential grid maintenance. Regulatory bodies continue to call for improved communication between utility providers and the private sector, with the PURC specifically cautioning businesses against unauthorized infrastructure repairs. As Ghana balances these infrastructure needs with ambitious mining reforms and regional energy developments—including Nigeria's upcoming 2026 oil licensing round—the government remains committed to fostering a transparent and collaborative environment for both domestic and international investors.

Ghana Intensifies Agricultural Modernization Efforts to Slash Imports and Bolster Rural Economies
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Ghana Intensifies Agricultural Modernization Efforts to Slash Imports and Bolster Rural Economies

Ghana is entering a critical phase of agricultural transformation aimed at achieving food sovereignty and economic resilience. At the 2026 West Africa Rice Investment Roundtable, Deputy Finance Minister Thomas Nyarko Ampem emphasized the urgent need for long-term capital to revitalize the rice sector, noting that West Africa’s annual $3-4 billion rice import bill is unsustainable. This push for strategic investment is echoed by Dr. Andy Osei Okrah, CEO of the Tree Crops Development Authority, who recently courted UK investors to explore high-value opportunities in cashew, oil palm, rubber, and shea production. These high-level moves signal a nationwide shift toward industrialization and value addition to reduce foreign dependency and create local employment. On the ground, regional initiatives are translating these policies into practical gains. In the Tolon Constituency, MP Habib Iddrisu has launched the Soyalana Agricultural Mechanisation Centre (SAMC), a model for Northern Ghana that provides modern tractors and agribusiness training across five operational zones. Simultaneously, the ‘Nkoko Nkitinkiti’ project under the Feed Ghana Programme has debuted in the Volta Region, distributing poultry cages to local groups. National Coordinator Bright Demordzi indicated that this initiative alone aims to reduce poultry imports by up to 15%, potentially saving the nation between $30 million and $60 million annually while enhancing protein availability for low-income households. Beyond mechanization, economic empowerment is being driven by the Financial Inclusion for Last Mile Actors (FILMA) program. Managed by Temple Investments in partnership with the Mastercard Foundation, FILMA has already enrolled over 77,000 young Ghanaians, including women and persons with disabilities, into the agricultural value chain. This effort is complemented by the Wassa Amenfi Cocoa Landscape Initiative (WACLI), which focuses on sustainable development and climate-smart agriculture. Backed by Danida and partners like Solidaridad and Ferrero, WACLI integrates environmental conservation with cocoa production, aiming to combat deforestation while improving the livelihoods of farmers in the Western Region. Despite these advancements, the sector faces persistent calls for stricter protectionist measures to support local producers. The Peasant Farmers Association of Ghana (PFAG) has recently urged the government to implement a six-month ban on rice imports, citing the failure of the National Food Buffer Stock Company to procure surplus local stock. As Ghana continues to navigate these challenges, the convergence of private investment, mechanization, and financial inclusion suggests a broader move toward treating agriculture as a modern business. The success of these integrated reforms will be critical in ensuring that the nation's agricultural potential translates into lasting wealth creation for its rural populations.

GSE MD Abena Amoah Appointed to Global Capital Market Leadership as Ghana's Financial Sector Records Strong 2025 Growth
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GSE MD Abena Amoah Appointed to Global Capital Market Leadership as Ghana's Financial Sector Records Strong 2025 Growth

Abena Amoah, the Managing Director of the Ghana Stock Exchange (GSE), has been appointed as the Chair of the Committee of Regional Representatives (CRR) for the International Capital Market Association (ICMA). Announced during ICMA’s 58th Annual General Meeting in London, this prestigious role positions Ghana at the forefront of global capital market policy and governance. The CRR serves as the vital link between the ICMA Board and its 15 regional committees, representing over 630 member institutions worldwide. Ms. Amoah’s leadership is expected to amplify African voices in international finance, ensuring that diverse market concerns are reflected in global policy decisions while enhancing the visibility of Ghana’s ongoing market reforms and attracting foreign investment. Ghana's banking sector continues to show resilience and expansion, led by Fidelity Bank Ghana, which reported a 21% increase in profit before tax to GH"1.46 billion for the 2025 financial year. The bank’s total assets grew by 17% to GH"25.98 billion, with significant investments in green initiatives and a improved non-performing loan ratio of 7.09%. Similarly, Ecobank Transnational Incorporated (ETI) shareholders approved a $40 million dividend payment—the first since 2022—following a 21% year-on-year rise in profit before tax to $801 million. In a move to strengthen retail operations, Universal Merchant Bank (UMB) appointed Victoria Esinam Attipoe as Branch Network Head for Greater Accra, leveraging her 20 years of expertise to drive customer-centric growth amidst the nation's economic recovery. The insurance and community banking sectors also posted impressive figures, though not without audit scrutiny. SIC Insurance PLC reported a 57.3% surge in profit after tax to GH"84.05 million for 2025, driven by fire insurance revenue and investment gains. However, auditors issued a qualified opinion due to material misstatements in a subsidiary’s accounts that resulted in a GH"142.7 million overstatement of equity. In the microfinance space, Lower Pra Community Bank PLC saw a remarkable 61.14% profit increase, reaching GH"35.1 million. The bank, which recently transitioned to community bank status under Bank of Ghana reforms, maintained a robust Capital Adequacy Ratio of 22.17%, far exceeding regulatory requirements. Beyond banking, MTN Group has initiated a significant executive reshuffle to drive its ‘Ambition 2030’ growth agenda. Mitwa Ng’ambi has been promoted to Group Chief People and Culture Officer, effective September 2026, leading a series of leadership changes across the continent, including new appointments for C"te d’Ivoire and Zambia. These shifts, combined with the strong financial performances and international appointments seen across the board, underscore a period of strategic repositioning for major corporate entities in Ghana. As these institutions navigate macroeconomic challenges, the focus remains on digital transformation, innovation, and deepening financial inclusion to sustain long-term growth.

Ghana’s Inflation Rises to 3.7% as Cedi Pressure and Fuel Subsidy Cuts Strain Economic Outlook
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Ghana’s Inflation Rises to 3.7% as Cedi Pressure and Fuel Subsidy Cuts Strain Economic Outlook

Ghana’s economy is facing a complex set of challenges as headline inflation rose for the second consecutive month, reaching 3.7% in May 2026. Data from the Ghana Statistical Service (GSS) indicates a rise from April’s 3.4%, driven primarily by food and non-alcoholic beverages, which saw a 3.3% year-on-year inflation rate. While Government Statistician Dr. Alhassan Iddrisu noted that the current rate is a significant improvement from the 18.4% recorded in May 2025, the recent uptick signals a potential loss of disinflation momentum. Regional disparities remain stark, with the North East Region recording inflation as high as 10.1%, while the Savannah Region experienced a deflation of -3.0%. The inflation outlook for June remains precarious due to the government’s partial withdrawal of the fuel price relief program, which began on May 16, 2026. This policy shift, previously used to stabilize transport costs, is expected to exert upward pressure on consumer prices. Already, private transport operators are considering a 20% fare increase to offset rising petroleum costs. Dr. Iddrisu warned that the scaling back of these subsidies will likely influence the Consumer Price Index (CPI) in the coming month, as the costs of moving goods and people across the country rise, potentially reversing recent economic gains. Simultaneously, the Ghana cedi continues to experience significant volatility, depreciating by 4.6% against the US dollar in May 2026. At forex bureaus, the cedi is currently trading between GH¢12.30 and GH¢12.50 for a dollar, while the Bank of Ghana interbank rate holds at approximately GH¢11.82. Analysts at IC Insights attribute this pressure to high energy prices and a surge in corporate and portfolio forex demand that far exceeds the central bank's supply. In recent auctions, foreign exchange demand reached US$3.83 billion, nearly four times the available liquidity provided by the Bank of Ghana, though some experts anticipate a potential market correction later in the year. Amidst these pressures, the business community is demanding relief through the banking sector. The Importers and Exporters Association of Ghana has called on commercial banks to lower lending rates following a sharp drop in the Ghana Reference Rate from 14.58% to 10.02%. Executive Secretary Samson Asaki Awingobit argued that despite this benchmark reduction, many banks continue to charge interest rates between 18% and 24%. Awingobit urged the Bank of Ghana to ensure that these lower benchmark rates are transmitted to businesses, particularly SMEs, to make credit more affordable and to stimulate domestic production, which would ultimately reduce the nation's reliance on food imports. As Ghana approaches its next monetary policy meeting, these indicators will be critical in determining the central bank’s strategy. While the broader long-term trend shows inflation cooling relative to 2025, the combination of a weakening currency, subsidy rollbacks, and sticky lending rates presents a difficult balancing act for policymakers. The coming months will reveal whether the recent inflation rise is a temporary spike or a more persistent trend that could require further fiscal and monetary intervention to maintain economic stability.

President Mahama Leads High-Level Investment Drive in UK, Showcasing Ghana’s Top-Performing Stock Market and 24-Hour Economy
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President Mahama Leads High-Level Investment Drive in UK, Showcasing Ghana’s Top-Performing Stock Market and 24-Hour Economy

President John Dramani Mahama has inaugurated the trading day at the London Stock Exchange (LSE), marking a pivotal moment in his five-day diplomatic tour of the United Kingdom. During the ceremony, the President urged global investors to capitalize on Ghana’s rapidly improving economic landscape, which he noted is characterized by a stabilized Cedi and cooling inflation. This high-profile visit serves as a centerpiece of the government’s strategy to position Ghana as a premier destination for foreign direct investment (FDI) in West Africa, following the strategic discussions held during the Ghana-UK Investment Summit 2026. A major highlight of the President’s pitch is the exceptional performance of the Ghana Stock Exchange (GSE). Managing Director Abena Amoah reported that the GSE Composite Index has achieved a remarkable 63.4% year-to-date return, ranking it as one of the best-performing equity markets globally as of May 2026. This resurgence in investor confidence is further evidenced by three recent Initial Public Offerings (IPOs) that successfully raised GH"2 billion (approximately US$182 million). President Mahama emphasized that modern, automated trading platforms now allow the Ghanaian diaspora and international financiers to invest in Ghanaian securities remotely, ensuring high standards of security and efficiency. Beyond capital markets, the administration is leveraging its flagship "24-Hour Economy Programme" to drive industrialization and job creation. Presidential adviser Augustus Goosie Tanoh revealed that the initiative aims to generate 1.7 million jobs by 2028, with over 160,000 positions already secured through recent agreements. Key infrastructure developments include the $1.45 billion Buipe Solar Farm and the $300 million Kambonwule Oil Palm project, which are expected to create 13,000 and 120,000 jobs respectively. Additionally, a new UK-Ghana Growth Partnership has been announced, featuring "215 million in investment agreements for private-sector growth, including the Takoradi Floating Dock project. To reinforce the importance of local enterprise and the diaspora's role in national development, President Mahama also visited Ghanaian-owned businesses in London, including Uncle John’s Bakery and a popular Waakye Joint. These visits underscored the government's support for entrepreneurs abroad and their vital contribution to the Ghanaian economy. Trade Minister Mrs. Elizabeth Ofosu-Adjare reiterated that Ghana is ready to forge strategic partnerships across sectors like agribusiness and technology. With economic indicators trending toward a projected GDP growth of 6% and inflation targets of 3.4%, the government remains committed to fostering a conducive environment for both local and foreign investors.

Ghana Drives Structural Reforms and Industrial Growth Amid Global Energy Volatility
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Ghana Drives Structural Reforms and Industrial Growth Amid Global Energy Volatility

Ghana is embarking on a series of aggressive structural interventions aimed at stabilizing the fiscal landscape and addressing the rising debt within its energy sector. Finance Minister Dr. Cassiel Ato Baah Forson has announced government-approved reforms for state-owned enterprises (SOEs), warning that liabilities could double by 2027 without decisive action. These measures include corporate governance overhauls and increased private sector involvement, specifically targeting loss-making entities like the Electricity Company of Ghana (ECG). Complementing these reforms, the Northern Electricity Distribution Company (NEDCo) has launched its Phase XI revenue mobilization campaign to recover unpaid bills from both private and government consumers, underscoring a nationwide push for financial discipline in the utility sector. In a landmark development for the petroleum industry, the Tema Oil Refinery (TOR) has achieved a significant financial turnaround, reporting a profit of GHS 1.24 billion in 2025—its first in a decade. This recovery, praised by the State Interests and Governance Authority (SIGA), is attributed to strategic leadership and operational reforms that reduced debt and improved revenue growth. On a regional scale, the Petroleum Commission of Ghana has signed a Memorandum of Understanding with Liberia's regulatory authority to enhance bilateral cooperation. Meanwhile, Nigeria's Dangote Refinery is positioning itself as a global jet fuel supplier, announcing a surplus for export due to lower African demand, just as global oil prices surged to $95.40 per barrel following renewed hostilities in the Middle East. Ghana's industrialization agenda is gaining further momentum with the announcement that Hyundai will establish a West African assembly plant in the country. This move follows the recent launch of new Renault hybrid models by Premium Motors in Accra, reinforcing Ghana's position as a burgeoning regional automotive hub. To support such industrial growth, the Ghana Cocoa Board (COCOBOD) is advancing a new financing framework to raise capital from local investors and pension funds for cocoa purchases. Additionally, the Ministry of Transport is calling for increased private investment to modernize infrastructure, noting that the redevelopment of Kotoka International Airport’s Terminal Two is now 73% complete, despite concerns from analysts that new airport levies might dampen tourism competitiveness. The broader business environment is also seeing significant regulatory and strategic shifts. The Consumer Protection Agency has urged legal action against e-commerce platforms like Temu for selling unapproved products, while the tourism sector navigates the launch of an e-Visa platform that balances digital efficiency with high fees for non-African visitors. In the tech and finance space, Binance has appointed Sammy Mutua as General Manager for Africa to lead regulatory engagement, and the Ghana Chamber of Mines has welcomed government assurances against the nationalization of mines. As businesses adapt to these changes, entrepreneurs like Pinkberry CEO Dr. Kobbina Awuah emphasize that navigating the Ghanaian market requires a deep understanding of risk versus difficulty, reflecting the resilience needed to succeed in an evolving economic landscape.

West Africa Targets Self-Sufficiency: Ghana Leads Regional Push to Slash $5 Billion Rice Import Bill and Strengthen Trade
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West Africa Targets Self-Sufficiency: Ghana Leads Regional Push to Slash $5 Billion Rice Import Bill and Strengthen Trade

West Africa is intensifying efforts to achieve food self-sufficiency and economic resilience as the World Bank warns of a "strategic vulnerability" caused by the region's $5 billion annual rice import bill. Speaking at the West Africa Rice Investment Roundtable in Accra, World Bank Vice President Guangzhen Chen revealed that the region currently imports 40% of its rice, leaving it exposed to global price volatility and fertilizer shortages. In response, Ghana's Ministry of Food and Agriculture has signed the $1.5 billion 'AgriConnect Compact' with partners including the World Bank and IFC. This ambitious initiative aims to modernize the agribusiness sector, enhance food security, and create approximately 2.6 million jobs over the next five years, signaling a shift from policy discussion to large-scale actionable financing. To support this agricultural transformation, the Ghanaian government has deployed advanced satellite-based mapping to identify 515,000 hectares of land suitable for rice cultivation. This data-driven approach is designed to de-risk agricultural financing and attract private investors by providing precise yield estimates and irrigation potential. Complementing this, the Ministry of Trade, Agribusiness and Industry is piloting a 'land equity model' in the Yeji traditional area. By securing 40,000 acres where local authorities hold an equity stake rather than selling the land outright, the government hopes to eliminate land litigation—a major barrier to commercial farming. This is paired with the 'Feed the Industry' program, which aims to stabilize raw material supplies for local agro-processors who currently suffer from seasonal production shutdowns. On the regional front, the push for integration is gaining momentum under the African Continental Free Trade Area (AfCFTA). Secretary-General Wamkele Mene recently reported that 50 countries have ratified the agreement, with intra-African trade projected to grow to $230 billion this year. However, Mene cautioned that a $100 billion trade finance gap and logistical hurdles remain significant obstacles to full economic transformation. To bridge these gaps, Ghanaian businesses are being encouraged to explore a ‖4 trillion investment pipeline at the upcoming 'Invest Lagos 3.0' summit in Nigeria, which seeks to foster strategic partnerships in infrastructure, technology, and manufacturing across the sub-region. Despite these growth initiatives, the agricultural sector faces immediate threats from environmental and geopolitical factors. In neighboring Ivory Coast, the Coffee and Cocoa Council has slowed cocoa sales for the 2026-27 season due to fears that the El Niño weather pattern may severely impact output. While some exporters attribute production risks to rising fertilizer prices and poor plantation maintenance, the caution has driven cocoa premiums up by at least £100 per ton. Simultaneously, in Northern Ghana, international partners like the German government are focusing on youth-led entrepreneurship through the Private Sector and Innovation Promotion Project (PSInno), emphasizing that sustainable development must empower local innovators to protect food security against market distortions. As West African nations navigate these challenges, the consensus among leaders is a need for "transformational capital" and stronger regional cooperation. Ghana's Deputy Minister for Finance, Thomas Nyarko Ampem, emphasized that the region must move beyond imports toward creating bankable projects in irrigation and agro-processing. By combining land reform, digital mapping, and regional trade frameworks like the AfCFTA, West Africa aims to build a resilient economic bloc capable of absorbing global shocks while finally achieving the elusive goal of feeding itself.

Ghana's Financial Landscape: Interest Rate Drops and Forex Interventions Amid Cedi Volatility
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Ghana's Financial Landscape: Interest Rate Drops and Forex Interventions Amid Cedi Volatility

The Ghana Reference Rate (GRR) for June 2026 has marginally declined to 10.02%, continuing a downward trend from 14.58% in February. This marginal drop from May's 10.03% has sparked urgent calls from the Importers and Exporters Association of Ghana for commercial banks to align their lending rates with the benchmark. Despite the reduction in the reference rate, many commercial banks continue to lend at rates between 18% and 24%. Executive Secretary Samson Asaki Awingobit emphasized that more affordable credit is essential for the survival of small and medium-sized enterprises (SMEs), suggesting that lending rates should ideally decrease to approximately 14-15% to reflect the improved economic indicators. To combat the ongoing depreciation of the cedi, which has fallen 10.91% against the US dollar this year, the Bank of Ghana (BoG) has significantly ramped up its market support. The central bank announced it will auction up to $1.2 billion in foreign exchange for June 2026, an increase from the $1 billion provided in May. Second Deputy Governor Matilda Asante-Asiedu attributed the cedi's current weakness to seasonal factors, including energy sector demands and dividend repatriations by multinational companies. She urged businesses to base financial decisions on market fundamentals rather than speculation, warning that speculative behavior could undermine recent macroeconomic gains and destabilize the foreign exchange market. Parallel to these monetary measures, the Ghana Revenue Authority (GRA) is set to fully digitalize the application process for tax treaty benefits. Nana Mensah Otoo, head of the GRA’s International Tax Office, stated that this initiative aims to increase efficiency, lower compliance costs, and provide greater certainty for multinational firms. The GRA is also exploring new mechanisms for taxing digital assets and establishing a "significant economic presence" test for remote services. Meanwhile, in the digital finance sector, MTN Ghana’s implementation of a 0.75% fee on mobile money transfers to bank accounts has sparked public outcry, highlighting the growing tension between fiscal policy and digital financial inclusion. The broader financial sector is also seeing significant leadership shifts and international recognition. Abena Amoah, Managing Director of the Ghana Stock Exchange, has been appointed Chair of the Committee of Regional Representatives of the International Capital Market Association (ICMA), a role expected to enhance Africa’s visibility in the global financial landscape. Locally, Access Bank Ghana has strengthened its executive team by appointing Eugene Ocansey and Nana Kwabena Afoom to lead its Retail and Wholesale banking divisions, respectively. These institutional developments, combined with the BoG's reported $14.42 billion in gross international reserves, indicate a concerted effort by both regulators and private actors to foster economic resilience amid prevailing market volatilities.

Ghana Woos Global Investors in London as President Mahama Signals Shift from Aid to Partnership
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Ghana Woos Global Investors in London as President Mahama Signals Shift from Aid to Partnership

President John Dramani Mahama has led a high-powered Ghanaian delegation to London, signaling a transformative shift in the country's economic strategy by moving from aid dependency toward mutually beneficial global partnerships. The mission, highlighted by the President ringing the opening bell at the London Stock Exchange on June 3, 2026, aimed to cement Ghana’s status as a premier investment destination in Africa. During his visit, President Mahama held high-level discussions with King Charles III and British Prime Minister Sir Keir Starmer, while addressing the 12th Africa Debates. He emphasized that Ghana is "open for business," anchored by recent macroeconomic stabilization reforms and initiatives such as the 24-Hour Economy and the 'Big Push' infrastructure program designed to boost industrial productivity. Significant breakthroughs were reported in the energy and tourism sectors, with Minister for Energy and Green Transition Dr. John Abdulai Jinapor announcing over $3.5 billion in secured upstream oil and gas investments. This capital influx, attributed to the government's 'Reset Agenda,' marks a resurgence in investor confidence and is expected to drive the first increase in crude oil production in nearly six years. Simultaneously, the tourism sector saw a major push for the Marine Drive Tourism Investment Project. Attachy Construction Limited and Tourism Minister Abla Dzifa Gomashie showcased the 240-acre coastline rejuvenation project to UK developers, highlighting a critical need for hospitality infrastructure and creative arts facilities to position Ghana as a West African cultural hub. A central theme of the summit was the revaluation of Ghana’s natural resources as strategic investment assets. Elikem Kotoko, Deputy CEO of the Forestry Commission, argued that forests should no longer be viewed solely through the lens of conservation but as valuable natural capital capable of attracting private climate finance and driving carbon market growth. Kotoko stressed that public funding is insufficient to meet climate challenges, urging investors to leverage programs like the Ghana Cocoa Forest REDD+ initiative. However, he warned that attracting such sustainable investment requires robust Environmental, Social, and Governance (ESG) performance, emphasizing that transparency and strong institutional safeguards are non-negotiable for modern global investors. To support this burgeoning investment climate, the Bank of Ghana and the Ghana Revenue Authority (GRA) outlined critical fiscal and financial reforms. Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, promoted digital credit solutions and technical assistance for startups to address the shortage of 'bankable projects.' Meanwhile, the GRA emphasized a shift toward tax predictability and partnership. Key reforms, such as the Modified Taxation Scheme (MTS) for SMEs, are intended to create a fair and transparent environment for businesses in manufacturing and renewable energy. These regulatory updates aim to lower the cost of borrowing and provide the legal certainty required to protect foreign capital. Closing the Ghana-UK Investment Summit 2026, Minister for Trade, Agribusiness, and Industry Elizabeth Ofosu-Adjare reiterated Ghana’s readiness to serve as the gateway to the African continent. She noted that the collaborations forged in agribusiness and technology during the summit would be vital for job creation and long-term industrialization. As Ghana continues to navigate its economic recovery, the government’s focus remains on establishing a predictable, competitive investment climate that ensures shared prosperity for both the nation and its international partners, moving firmly into a new era of structured economic cooperation.

Ghana’s Economic Recovery Tested by Second Month of Inflationary Pressure Amid Rising Food and Fuel Costs
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Ghana’s Economic Recovery Tested by Second Month of Inflationary Pressure Amid Rising Food and Fuel Costs

Ghana’s macroeconomic recovery is facing a critical test as headline inflation rose for the second consecutive month, reaching 3.7% in May 2026. According to Government Statistician Dr. Alhassan Iddrisu, this uptick from April’s 3.4% reflects renewed price pressures despite the country’s significant progress since the 2022 economic crisis. While the current rate remains far below the staggering 54% peak seen in 2024 and the 18.4% recorded in May 2025, the month-on-month increase of 1.1% indicates a potential shift in the disinflationary momentum. This trend has placed markets and policymakers on high alert as they evaluate whether the rise is a temporary fluctuation or a sign of deeper structural challenges. The primary driver of this inflationary surge is food prices, which, along with locally produced goods, accounted for approximately 92% of the total inflation in May. Food inflation jumped to 3.3%, largely fueled by a dramatic 38.8% month-on-month spike in fresh tomato prices and a 78% year-on-year increase for ginger. These spikes are attributed to local supply chain disruptions and trade constraints, including security concerns in Burkina Faso that have hampered cross-border commerce. Beyond food, household expenses were further strained by rising costs for rent (11.8%) and secondary school fees (9.3%), highlighting a broadening cost-of-living challenge for many Ghanaians. Adding to the upward pressure is the government's recent decision to partially roll back fuel price relief programs on May 16, 2026. This move has sparked warnings of imminent transport fare hikes, with private operators already requesting a 20% increase to offset higher petroleum costs. While transport fares had previously remained relatively stable, the narrowing discount on petrol and diesel prices—driven by geopolitical tensions and global crude oil volatility—threatens to ripple through the economy. Industrial sectors are also feeling the pinch as utility tariffs for electricity and water have climbed by 23% and 19% respectively, posing new risks to the recovery of local businesses. Despite these emerging risks, Finance Minister Dr. Cassiel Ato Forson remains optimistic, projecting that inflation will stay below 5% by the end of 2026. He cited Ghana’s robust gold production, improved cocoa exports, and substantial foreign exchange reserves as critical buffers against external shocks. However, the Bank of Ghana has adopted a more cautious stance, warning that inflation could exceed 10% if international crude oil prices remain above $100 per barrel. The central bank has maintained a policy rate of 14% to anchor expectations, but the Monetary Policy Committee is expected to face a difficult decision during its July meetings as it balances growth with price stability. On a broader scale, Ghana’s economic fundamentals show signs of long-term resilience, with GDP projected to reach $118 billion by the end of the year, potentially surpassing Côte d’Ivoire. However, business leaders and intellectuals at the 12th Annual Ishmael Yamson & Associates Business Roundtable have urged the government to move "beyond extraction." Experts like Dr. Nii Moi Thompson and Ishmael Yamson Jr. argued that sustainable growth requires a "3D framework" that prioritizes employment and wage growth over mere GDP figures. As Ghana navigates this delicate recovery phase, the focus must shift toward strengthening local supply chains and maintaining fiscal discipline to prevent a return to the debt-distress cycles of the past.

Namibia urges Africa to embrace AfCFTA as pathway to economic sovereignty
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Ghana's Economic Landscape Transforms as IMF Program Concludes Amidst Digital Tax Shifts and Banking Growth

Ghana’s business and economic landscape is undergoing a significant transformation, marked by the successful completion of the International Monetary Fund (IMF) bailout program and a concerted push toward digitized revenue systems. Finance Minister Cassiel Ato Forson informed Parliament that rigorous economic reforms and fiscal discipline have successfully stabilized the currency and renewed investor confidence, transitioning the nation from a phase of recovery to sustainable growth. Central to this new agenda is the Ghana Revenue Authority’s (GRA) rollout of the Integrated Tax Administration System (ITAS), a unified digital platform designed to modernize tax processes and enhance compliance. These milestones provided a triumphant backdrop for the 10th Ghana CEO Summit in Accra, where industry leaders like Edward Effah of Fidelity Bank called for a structured CEO-government compact to drive a $25 billion investment into priority sectors over the next five years. In the financial sector, the narrative is characterized by robust growth in community banking and strategic expansion by major players, despite localized regulatory hurdles. While Access Bank Ghana signaled its aggressive growth agenda with strategic engagements in Kumasi—committing GH¢1 billion to agribusiness—community banks such as Lower Pra and Subin-Akwaboso reported historic profit surges of 61% and 51% respectively. However, the Bank of Ghana is currently investigating Equity Savings and Loans following reports of locked customer deposits, highlighting the ongoing need for stringent regulatory oversight. On the macro front, the currency continues to face market pressure, with the Cedi trading at approximately GHS 12.45 on the forex market in June 2026. The Centre for Economic Research and Policy Analysis (CERPA) has cautioned that while inflation dropped significantly from 23.8% in late 2024 to 3.2% by early 2026, structural reforms in agriculture and housing remain essential to protect these hard-won gains. Support for Small and Medium Enterprises (SMEs) has shifted toward digital solutions to address the chronic "information asymmetry" that often hinders access to capital. Ark Group International recently launched a centralized SME Funding Database to bridge the capital gap by connecting entrepreneurs with a searchable repository of grants and loans. This is complemented by grassroots capacity building, such as AngloGold Ashanti’s digital marketing training for Obuasi-based businesses and the launch of MTN Ghana’s MediaX advertising platform. On the industrial front, the Tema Oil Refinery (TOR) achieved a landmark breakthrough by clearing a six-year audit backlog and reporting its first profit in a decade—GH¢1.24 billion for 2025. This recovery, alongside the development of a £101 million modern ship repair facility in Takoradi funded by PIDG, signals a strategic shift toward enhancing local industrial capacity and reducing reliance on foreign services. Looking toward regional integration, Ghana’s economic future is increasingly tied to the success of the African Continental Free Trade Area (AfCFTA). At the Invest in Africa 2026 Summit in Namibia, leaders emphasized that Africa's economic sovereignty depends on reducing regulatory barriers and building strong regional value chains. Locally, the government has responded to modernization needs by launching an e-Visa system, though the Ghana Tourism Federation (GHATOF) has urged a fee review to maintain the country’s competitive edge. As Ghana navigates these diverse developments—from the Accra Metropolitan Assembly’s agreement for its first industrial-scale pyrolysis plant to the recognition of visionary leaders like the VRA’s Edward Ekow Obeng-Kenzo at the CEO Summit—the focus remains on balancing digital innovation with sustainable infrastructure to foster a resilient and inclusive private sector.

ECOWAS Targets Rice Self-Sufficiency by 2035 to Slash $4bn Annual Regional Import Bill
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ECOWAS Targets Rice Self-Sufficiency by 2035 to Slash $4bn Annual Regional Import Bill

The Economic Community of West African States (ECOWAS) has launched an ambitious initiative to achieve regional rice self-sufficiency by 2035, aiming to close a significant supply gap that currently costs the region between $3 billion and $4 billion in annual imports. During the West Africa Rice Investment Roundtable held in Accra, regional leaders and stakeholders emphasized that the current reliance on foreign rice is economically unsustainable. With the region currently producing only 61% of its rice consumption, the new Regional Rice Roadmap (2025-2035) seeks to transform the sector from subsistence farming into a robust, commercially driven industry capable of meeting the demands of a growing population and changing consumption patterns. Ghana's Vice President, Prof. Naana Jane Opoku-Agyemang, and Deputy Minister for Finance, Thomas Nyarko Ampem, joined ECOWAS Commission President Dr. Omar Alieu Touray in calling for urgent, transformational capital investment. Vice President Opoku-Agyemang highlighted rice as a strategic economic asset, noting that the broader African continent spends over $50 billion annually on food imports. She argued that localizing production is essential for strengthening food security and creating jobs. Deputy Minister Ampem further explained that the heavy reliance on imports drains vital foreign exchange reserves and undermines domestic economic stability, advocating for targeted investments in irrigation, storage facilities, and logistics to attract private sector players. The strategy to bridge the production-consumption gap involves a coordinated effort through national action plans and partnerships with international financial institutions like the World Bank and the African Development Bank. Dr. Touray noted that while regional output has risen, structural challenges such as low productivity and high production costs continue to hamper progress. The roadmap is designed to address these bottlenecks by fostering investor confidence and integrating value chains, ensuring that rice production becomes a profitable venture for local farmers. Moving forward, the focus of ECOWAS and its partners will be on shifting from policy discussions to measurable action on the ground. By mobilizing regional and international investment, the initiative aims to build a resilient agricultural sector that not only reduces the multi-billion dollar import bill but also safeguards West Africa's food sovereignty. The two-day roundtable serves as a critical platform for aligning private sector interests with government policy to ensure the 2035 self-sufficiency goal becomes a reality.