Ghana Business News

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COCOBOD Completes GH¢2.3 Billion DDEP Bond Settlement to Bolster Cocoa Sector Sustainability
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COCOBOD Completes GH¢2.3 Billion DDEP Bond Settlement to Bolster Cocoa Sector Sustainability

The Ghana Cocoa Board (COCOBOD) has officially fulfilled its mandatory bond obligations for 2026 under the Domestic Debt Exchange Programme (DDEP), settling a substantial GH¢2,306,202,372.09. This financial milestone, confirmed in a statement released on September 1, 2026, marks the completion of the board's scheduled payments to bondholders for the year. The settlement is a critical component of the government's broader effort to stabilize the national economy and ensure the long-term viability of the cocoa industry, which remains a cornerstone of Ghana's export revenue. This latest disbursement follows an earlier coupon payment of GH¢376,325,910.09 made in March 2026. When combined, COCOBOD has distributed a total of GH¢2,682,528,282.18 to DDEP-impacted bondholders throughout the 2026 fiscal year. These figures reflect the board's adherence to the restructured debt timelines and its capacity to meet large-scale fiscal commitments. The consistent payment schedule is intended to restore investor confidence in COCOBOD's financial instruments after the complexities introduced by the debt exchange initiatives. In addition to its DDEP-related commitments, COCOBOD successfully addressed obligations to investors who remained outside the debt exchange framework. In July 2026, the board fully settled GH¢162 million owed to non-DDEP Cocoa Bill holders. By clearing these outstanding debts, the board has demonstrated a comprehensive approach to liability management, ensuring that all categories of creditors are addressed in accordance with the Ministry of Finance's strategic guidelines. This multi-tiered settlement strategy highlights a disciplined transition toward a more sustainable financial model for the cocoa sector. The successful fulfillment of these obligations is expected to provide much-needed liquidity and stability to Ghana’s financial markets. By meeting these milestones, COCOBOD aims to strengthen its balance sheet and enhance its creditworthiness for future operations. As the board moves forward, the focus remains on leveraging this improved financial standing to support cocoa farmers and maintain Ghana’s competitive edge in the global market, ensuring that the sector continues to drive economic growth under responsible fiscal management.

State-owned Enterprises (SOEs) increased revenue in 2025 by 28.1 per cent to GH¢176.4 billion
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SIGA Reports Record GH"19.8bn Profit for State-Owned Enterprises as Tema Oil Refinery Breaks Decade-Long Loss Streak

Ghana’s State-Owned Enterprises (SOEs) achieved a historic financial turnaround in 2025, recording a consolidated net profit of GH"19.8 billion. According to the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA), this performance marks a dramatic reversal from the GH"2.3 billion net loss recorded in 2024. Total revenue for the sector surged by 28.12% to GH"176.43 billion, driven by growth in agriculture, manufacturing, and infrastructure. SIGA’s leadership attributed this recovery to improved corporate governance and the strategic direction under President John Mahama, who assumed office in January 2025. Employment across these entities also saw a 5.5% increase, bringing the total workforce to 98,724. Highlighting individual successes, the Tema Oil Refinery (TOR) posted its first profit in nearly a decade, a net gain of GH"1.093 billion, following a massive 172.03% surge in year-on-year revenue. TDC Development Company also saw its net profit more than triple to GH"195.61 million, while Intercity STC Coaches Limited successfully reduced its net losses by 92.6%, narrowing its deficit to GH"5.18 million. Additionally, the Ghana Grid Company Limited (GRIDCo) reported an 89.02% increase in net profit, though this was largely attributed to a significant rise in finance income rather than core operations, as its operating profit actually plunged by nearly 90%. Despite the aggregate gains, several key entities faced severe financial distress. The Cocoa Processing Company (CPC) saw its revenue plummet by 46.87%, resulting in a net loss of GH"144.06 million, which SIGA linked to potential market shocks and the loss of processing contracts. The Ghana Infrastructure Investment Fund (GIIF) also shifted from a GH"2 billion profit to a GH"1.62 billion net loss, primarily due to exchange rate fluctuations and a 37.86% decline in total income. Meanwhile, Ghana Digital Centres Limited recorded its fifth consecutive year of losses, with its deficit tripling to GH"6.06 million amid falling revenues and operational challenges. The reported profitability has faced external scrutiny, with Bright Simons, Vice President of IMANI Africa, challenging the validity of the GH"19.8 billion figure. Simons argued that the apparent turnaround was heavily influenced by currency revaluation effects rather than genuine operational efficiency. According to his analysis, when adjusting for these currency movements, the underlying profitability of the SOE sector actually declined by 17.1%. Furthermore, while gender representation in the workforce reached 30%, it remains lower in executive management roles, where women hold only 28.45% of positions, highlighting a persistent gap in senior leadership diversity. Looking forward, SIGA is pushing for legislative reviews to enhance oversight and ensure better accountability across all public entities. While the 2025 report highlights significant strides in financial controls and a reduction in recoverable irregularities, persistent deficits in the power sector—particularly within the Electricity Company of Ghana (ECG)—remain a critical vulnerability. The government’s focus remains on sustaining this recovery by addressing high debt levels and structural challenges that continue to plague specific state entities, aiming for a more resilient and self-reliant public enterprise sector.

Opoku Sanaa Appointed Roland MEA Sales Head as aYo Ghana and Tibule Advertising Sweep Industry Awards
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Opoku Sanaa Appointed Roland MEA Sales Head as aYo Ghana and Tibule Advertising Sweep Industry Awards

The Ghanaian business sector is experiencing a period of significant professional growth and recognition, highlighted by high-level leadership appointments and a series of prestigious industry awards. Leading these developments is the appointment of award-winning musician and executive Opoku Sanaa as the Head of Sales for the Middle East & Africa at Roland Europe Group. Starting in September 2026, Sanaa will oversee the company’s commercial strategy and regional partnerships, leveraging nearly 20 years of experience with global brands such as Yamaha and Daimler Truck. His appointment underscores the increasing influence of Ghanaian professionals in global corporate leadership. Parallel to this leadership milestone, the insurance and advertising sectors have celebrated major achievements in innovation and excellence. At the Ghana Insurance Awards, aYo Ghana was named the Mobile Insurance Leader for 2026, recognizing its impact in insuring over 8.6 million lives—approximately 25% of the population—and paying out GHS 44 million in claims. Simultaneously, the Chartered Insurance Institute of Ghana (CIIG) held its 6th Insurance Excellence Awards, where President Solomon Lartey emphasized the importance of professional standards. Key winners included Bernard Akyin-Arkoh as Insurance Professional of the Year and Enterprise Insurance Ltd. as Employee Development Company of the Year. In the creative industry, Tibule Advertising won the "Best Use of Social Media" at the 18th Gong Gong Awards for its culturally relevant Indomie campaign, marking a successful debut for the agency. Beyond corporate accolades, several initiatives are focusing on community growth and economic inclusion. Media outlets Citi FM and Channel One TV have pledged ongoing promotional support for the 100-plus local vendors who participated in the "This Is Ghana Exhibition," aiming to sustain private sector growth. In the fintech space, MobileMoney Fintech LTD is preparing to launch MoMoFest 2026 in Berekum on September 4, an event designed to enhance digital financial literacy and security. Additionally, the Afro-Arab Group has introduced a 30-unit housing project in Accra named after broadcaster Blakk Rasta. This initiative provides a flexible five-year interest-free payment plan starting at GH₵10,000, specifically designed to offer affordable homeownership opportunities to Ghanaians. In the global technology landscape, business tensions have escalated between OpenAI and Elon Musk following OpenAI's decision to cut off AI model access for Cursor, a coding tool owned by SpaceX. OpenAI cited contract compliance concerns, while Cursor’s management remains in discussions to resolve the dispute, even as competitors like Anthropic move to offer support. These diverse developments—from international tech feuds to local housing projects—reflect a dynamic and evolving business environment where Ghanaian excellence continues to be recognized both domestically and on the global stage.

Ghana's 2026 Economic Performance: Logistics and Manufacturing Surge as Financial Irregularities Plummet
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Ghana's 2026 Economic Performance: Logistics and Manufacturing Surge as Financial Irregularities Plummet

Ghana’s economic landscape in mid-2026 presents a complex picture of resilience in the manufacturing and transport sectors, even as retail sales face short-term volatility. Recent data from the Bank of Ghana’s July 2026 Monetary Policy Report reveals that while domestic VAT collections grew by 2.8% year-on-year to GH"1.822 billion in May, retail sales dipped by 3.1% during the same period. This mixed performance occurs against a backdrop of significant improvements in fiscal discipline, with Deputy Minister for Finance Thomas Nyarko Ampem announcing a massive 62.9% reduction in financial irregularities across five audited sectors, falling from GH"20.72 billion in 2024 to GH"7.69 billion in 2025. This reduction of GH"13.03 billion significantly exceeded the government's target of 50%, signaling a tightening of administrative controls under President John Mahama’s administration. The industrial sector showed notable strength during the first five months of 2026, with direct taxes from manufacturing increasing by 18.6% and contributions to the SSNIT Pension Scheme rising by 6.7%. However, the construction sector faced a sharp downturn, as cement sales dropped by 19.1%, indicating a slowdown in infrastructure and housing projects. Parallel to the manufacturing boost, Ghana’s logistics and aviation sectors reported steady growth. Passenger arrivals at airports rose by 3.7% year-on-year in May 2026, reaching 112,634, while container traffic at the Tema and Takoradi harbours saw a cumulative growth of 12.2% for the first five months of the year, totaling 394,742 units. This increase in port activity suggests that trade volumes remain robust despite the fluctuations in domestic retail spending. As businesses navigate these mixed economic signals, operational efficiency is becoming a primary focus for importers and distributors. Business experts emphasize that relying solely on sell-through rates can be misleading; instead, a detailed return-and-recovery ledger is essential to manage constrained cash flows and long replenishment cycles. By distinguishing between defective products and preference-based returns, companies can make more informed reordering decisions and maintain accurate quality assessments. This granular approach to supply chain management is increasingly vital for Ghanaian businesses looking to capitalize on the growth in the logistics sector while mitigating the risks posed by retail market instability. Overall, the data suggests an economy in transition. While the surge in port activity and manufacturing points toward expanding production and trade, the decline in retail sales and cement consumption highlights the need for targeted interventions to stimulate consumer demand. The significant progress in reducing financial irregularities provides the government with a stronger fiscal foundation to address these sectoral imbalances in the latter half of 2026.

GEXIM and CBG Lead Robust Financial Growth in Ghana as Banking Sector Embraces Digital Innovation
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GEXIM and CBG Lead Robust Financial Growth in Ghana as Banking Sector Embraces Digital Innovation

Ghana’s financial sector demonstrated significant resilience and expansion throughout 2025 and into 2026, characterized by substantial growth in deposits, assets, and loans across national and community institutions. According to the 2025 State Ownership Report from the State Interests and Governance Authority (SIGA), the Ghana Export-Import Bank (GEXIM Bank) saw its interest income surge by 90.21% to GH¢153.90 million, driven by a 20.14% increase in loans to businesses. This performance was bolstered by a strengthened capital adequacy ratio, which rose to 75.3%, providing a robust buffer for the bank to support the nation’s export-led transformation. Simultaneously, Consolidated Bank Ghana (CBG) reported total assets reaching GH¢17.86 billion, a 7.33% increase, while the Ghana Association of Savings and Loans Companies (GHASALC) saw member deposits climb to GH¢8.5 billion, signaling renewed public confidence in the microfinance sector. Beyond traditional growth metrics, the industry is witnessing a significant shift toward digital transformation and regulatory evolution. Universal Merchant Bank (UMB) has become the first institution in the country to receive joint approval from the Bank of Ghana and the Securities and Exchange Commission to offer virtual accounts to businesses within the virtual asset ecosystem. This move aims to provide regulatory clarity and support the burgeoning fintech sector. In tandem with these digital strides, the Agricultural Development Bank (ADB) has intensified efforts to protect consumers through the "Spot The Fraud, Stop The Fraud" campaign, emphasizing the necessity of customer vigilance as digital banking becomes more prevalent. Furthermore, Bank of Ghana Governor Dr. Johnson Asiama has clarified that the new framework for non-interest banking is designed to enhance financial inclusion for all Ghanaians, regardless of religious affiliation, serving as a complement rather than a replacement for conventional banking. At the grassroots level, the focus has shifted toward building the capacity of Micro, Small, and Medium Enterprises (MSMEs) to ensure they can leverage these financial advancements. In the Northern Region, Victory Business Services has partnered with the Ghana Revenue Authority to train small businesses on tax compliance and sustainable management. This addresses a critical gap identified by industry experts: while digital tools like AI offer potential for marketing, many Ghanaian SMEs suffer from a "capacity problem" rather than a simple marketing lack. Initiatives like the Kosmos Innovation Centre (KIC) AgriTech Challenge Pro are further supporting this ecosystem by providing mentorship and pitching platforms for young entrepreneurs to transform innovative agricultural ideas into market-ready ventures. These combined efforts across banking, regulation, and entrepreneurship suggest a holistic approach to sustaining Ghana’s economic recovery and fostering long-term financial stability.

President John Dramani Mahama being conducted around the facility by Alhaji Nurideen Mohammed (left), CEO, Northshore Apparel Hub
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President Mahama Inaugurates Zero-Waste Apparel Hub as Ghana Records 45% Surge in Job Advertisements

President John Mahama has inaugurated the Northshore Apparel Hub in Savelugu, marking a significant milestone in Ghana's industrial agenda and the implementation of the 24-Hour Economy. This first-of-its-kind regenerative, zero-waste manufacturing facility has already created over 2,300 direct jobs, positioning the country competitively within the global garment market. During the commissioning, President Mahama emphasized the facility's role in strengthening local production and announced plans to amend public procurement laws to mandate a preference for locally manufactured goods. The hub's 24-hour operation aligns with the government's strategy to maximize industrial output and curb youth migration by providing sustainable employment opportunities in the Northern Region. Complementing this industrial expansion, the Bank of Ghana’s July 2026 Monetary Policy Report reveals a robust recovery in the labor market. Job advertisements surged by 45% year-on-year in June 2026, with 3,629 vacancies recorded compared to 2,502 in the same month of the previous year. For the first half of 2026, total job advertisements grew by 4.7% to reach 19,474. This positive trend is further supported by a 4.9% increase in private sector SSNIT contributors, which reached over 1.14 million by May 2026. Central bank analysts suggest these figures, alongside rising vehicle registrations and container traffic at national ports, indicate a broader strengthening of national economic activity and labor demand. In the services sector, the 24-Hour Economy Authority has officially endorsed the Business Outsourcing Services Association Ghana (BOSAG) to transform the outsourcing industry into a strategic export pillar. Through the proposed "SERVE24" initiative, stakeholders aim to leverage Ghana’s English proficiency, political stability, and improved connectivity to capture a larger share of the US$1.5 trillion global outsourcing market. The association targets the creation of 100,000 jobs through this service-export model, which is designed to attract investment to both urban and rural areas, positioning Ghana as a premier destination for global business process outsourcing (BPO). On the fiscal front, the Youth Employment Agency (YEA) has reported a remarkable financial turnaround, transitioning from a GH77.58 million deficit in 2024 to a GH110.45 million surplus in 2025. According to the State Interests and Governance Authority (SIGA), this improvement of approximately GH188.03 million was driven by a 52.9% surge in revenue, bolstered by a 159.7% increase in GETFund receipts and a 27.5% rise in Communication Service Tax income. While the Agency noted a sharp 79.6% increase in staff-related costs, its overall financial health has strengthened significantly, with its current ratio leaping from 1.94:1 to 20.05:1. This newfound fiscal discipline ensures that the YEA is better positioned to fund future youth-centered initiatives and support the government’s broader economic transformation goals.

VRA, Metro Mass, and Ghana Airports Return to Profitability Amid Growing National Road Infrastructure Challenges
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VRA, Metro Mass, and Ghana Airports Return to Profitability Amid Growing National Road Infrastructure Challenges

Several of Ghana’s major State-Owned Enterprises (SOEs) and transport agencies have reported significant financial turnarounds in 2025, signaling a period of recovery despite broader infrastructure and macroeconomic hurdles. The Volta River Authority (VRA) reversed a GH¢105.75 million loss from the previous year to post a profit of GH¢88.04 million, a recovery largely driven by substantial foreign exchange gains of GH¢236.60 million. Similarly, Metro Mass Transit Limited (MMTL) returned to profitability with a net profit of GH¢4.48 million, supported by a 30% surge in passenger numbers and the introduction of an electronic ticketing system. Ghana Airports Company Limited (GACL) also reported a net profit of GH¢355.94 million, with its total assets now exceeding GH¢10 billion, reflecting a strengthened equity position despite a decline in core aeronautical revenues. While some entities achieved full profitability, others made drastic strides in loss reduction. Intercity STC Coaches Limited managed to cut its net loss by 93%, reducing it from GH¢69.98 million in 2024 to just GH¢5.18 million in 2025. This improvement occurred despite an 11.77% drop in operating revenue, highlighting the success of aggressive cost-control measures and expenditure management. These financial gains across the transport and energy sectors suggest a tightening of fiscal discipline within the public sector, even as these companies continue to navigate challenges such as inadequate equipment and high operating costs. On the ground, improvements in road infrastructure are beginning to yield immediate economic benefits in northern Ghana. The ongoing upgrades to the Tumu–Bolgatanga and Tumu–Tamale roads have significantly reduced travel times from six hours to approximately three hours. This has facilitated the introduction of higher-quality vehicles, such as the Voxy brand, providing commuters with more comfortable and efficient travel options. Local transport officials in the Sissala area report that these improvements are stimulating local trade, although passengers have raised concerns regarding rising luggage transport fees, particularly affecting students moving between regions. Despite these localized successes, a recent World Bank report underscores a deepening crisis in national road sustainability. Ghana is currently meeting only 37% of its road maintenance funding needs, a decline from previous years that is blamed on the Earmarked Funds Capping and Realignment Act and inefficiencies in the Road Fund. Currently, only 47% of the national road network is classified as being in good condition. Furthermore, road crashes are extracting a heavy toll on the economy, costing an estimated $4.55 billion annually, or 2.1% of the nation’s GDP. While the Big Push Infrastructure Programme offers hope for reform, experts warn that without a dedicated focus on maintenance and safety, the financial gains made by state transport agencies may be undermined by a deteriorating physical landscape.

Adamus Resources Secures Government Backing for Mine Revival Amid Surge in Ghana’s Gold Export Earnings
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Adamus Resources Secures Government Backing for Mine Revival Amid Surge in Ghana’s Gold Export Earnings

Adamus Resources Limited has welcomed a strategic intervention by the Ghanaian government to resolve operational challenges at the Adamus mine, signaling a major step toward restoring sustainable operations. Following a high-level meeting at the Presidency, a collaborative framework has been established between the mining firm, the Ministry of Lands and Natural Resources, and the Minerals Commission. This partnership will be governed by a 12-month recovery roadmap aimed at protecting local jobs, supporting community businesses, and securing vital government revenue. A six-member management team, comprised of three representatives from Adamus and three from the government, has been tasked with overseeing the turnaround strategy, with a detailed implementation plan expected to be presented to the Presidency within two weeks. This move to stabilize local mining operations comes as Ghana records a massive surge in gold export earnings, which reached US$11.6 billion in 2024, up from US$7.6 billion in 2023. Samuel Abdulai Jinapor, the Member of Parliament for Damongo and former Minister for Lands and Natural Resources, attributed this growth to the Domestic Gold Purchase Programme. The initiative, originally conceptualized by Dr. Mahamudu Bawumia, requires large-scale miners to sell 20% of their refined gold to the Bank of Ghana in local currency. The programme has been instrumental in bolstering the nation's foreign exchange reserves and stabilizing external buffers, further highlighting the critical role the gold sector plays in the broader national economy. Beyond financial metrics, industry leaders are advocating for a shift in how the mining sector manages its human capital. During the 7th Biennial Human Resource Conference hosted by the Ghana Chamber of Mines, Ing. Patricia Obo-Nai, CEO of Telecel Ghana, urged mining companies to prioritize talent agility and technological adaptation. She emphasized the need for a workforce that is curious and capable of navigating a tech-driven future, while specifically calling for better attraction and retention of women in technical roles. Initiatives such as Telecel’s Female Engineering Students Scholarship Programme were cited as models for fostering inclusivity and competitiveness within the industry. As the sector grows, the Minerals Commission has issued a stern warning to the public regarding fraudulent activities in the job market. The Commission clarified that it has not authorized any third-party agents to charge fees for recruitment and reiterated that all official job applications are free of charge. Applicants are encouraged to verify listings through recognized national newspapers and the Commission’s official website to avoid falling victim to recruitment scams. These combined efforts—from state-led financial programmes to corporate restructuring and regulatory vigilance—underscore a concerted national effort to ensure the mining sector remains a transparent and robust pillar of Ghana’s economic development.

24-Hour Economy Secretariat Secures $270m Poultry Deal as COCOBOD Returns to Profitability
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24-Hour Economy Secretariat Secures $270m Poultry Deal as COCOBOD Returns to Profitability

The 24-Hour Economy and Accelerated Export Development Secretariat has finalized a landmark US$270 million agreement to revitalize Ghana’s poultry sector, marking a significant step in President John Mahama’s industrialization agenda. The National Poultry Transformation Programme, which represents the largest UK agrifood investment in Ghana’s history, was signed alongside partners including Agrium Capital, Petra Trust, Axis Pension Trust, and Ghana EXIM Bank. This initiative aims to establish a fully integrated value chain—covering feed production, hatcheries, and processing facilities—to reduce the nation’s annual $400 million chicken import bill. The project is expected to create 12,000 direct jobs and scale production from 20,000 to 50,000 tonnes of processed poultry products annually, supporting the government's broader 24-Hour Economy vision. Complementing these agricultural investments, the National Coordinator for the 24-Hour Economy Secretariat, Mr. Goosie Tanoh, announced plans to develop a 150-acre air cargo hub at the Tamale International Airport. This hub is designed to serve as a critical logistics gateway for northern Ghana, facilitating the direct export of high-value agricultural commodities to international markets. The integrated system aims to unify production, logistics, and energy, with proposed infrastructure including a solar power plant to boost productivity. Chief of Staff Dr. Julius Debrah further reinforced this push for local development by challenging the Greenhouse Group to ensure its large-scale investments in modern forestry and agriculture translate into tangible skills and job opportunities for Ghanaians across the value chain. Amidst these sectoral expansions, the Ghana Cocoa Board (COCOBOD) has recorded a significant financial turnaround, posting a net profit of GH"5.11 billion for 2025. This recovery follows a GH"5.73 billion loss in the previous year and was driven by a 207% surge in operating revenue and a 33% increase in cocoa purchases. The board's return to profitability is attributed to robust growth in both export and domestic sales, alongside new sustainability initiatives aimed at enhancing crop resilience against climate change. This fiscal rebound provides a stable foundation for the state’s agricultural regulator as the government seeks to diversify the nation's commodity exports. However, industry experts and economic analysts warn that structural gaps remain, particularly in value addition and MSME support. Ghana currently processes less than six percent of its 262,000 metric tonnes of annual cashew production, losing significant revenue to competitors like C"te d’Ivoire, which is on track to process 50-60% of its output locally by 2030. Furthermore, while MSMEs account for 80% of the workforce, Medium-sized enterprises often lack the targeted financing and digital infrastructure needed to scale. Bridging this "missing middle" through data-driven lending and formalized operations will be essential to ensuring that large-scale investments like the poultry and cargo hub projects result in a resilient, industrialised economy.

SIGA Report: Ghana’s State-Owned Enterprises Return to GH¢19.8bn Profit Despite ECG’s GH¢82.3bn Debt Burden
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SIGA Report: Ghana’s State-Owned Enterprises Return to GH¢19.8bn Profit Despite ECG’s GH¢82.3bn Debt Burden

The State Interests and Governance Authority (SIGA) has released its 2025 State Ownership Report, highlighting a significant turnaround for Ghana’s State-Owned Enterprises (SOEs). After years of cumulative losses, the sector recorded a net profit after tax of GH¢19.80 billion in 2025, a dramatic reversal from the GH¢2.25 billion net loss reported in 2024. This recovery was bolstered by a 28.12% increase in total revenue, reaching GH¢176.43 billion, and the relative appreciation of the Ghana cedi. However, SIGA warned that this broad success is tempered by concentrated financial risks, particularly within the energy sector, which continues to struggle with massive debt. A standout performer in the report is the Ghana Shippers’ Authority (GSA), which saw its net surplus surge by 271.57%, rising from GH¢69.52 million in 2024 to GH¢258.30 million in 2025. This growth was primarily driven by a one-off revaluation gain of GH¢196.49 million on investment properties, though total income also nearly doubled to GH¢380.15 million. While GSA's core internally generated funds saw a slight decline of 4.55%, the authority successfully reduced its debt-to-assets ratio from 36.73% to 17.29%. Similarly, the Environmental Protection Agency (EPA) demonstrated fiscal resilience, more than tripling its accumulated fund to GH¢375.19 million through aggressive internal revenue mobilization and improved financial sustainability under the new Environmental Protection Act. Despite the overall return to profitability, the Electricity Company of Ghana (ECG) remains the sector’s primary financial concern. ECG alone accounts for GH¢82.31 billion in liabilities—nearly 30% of the GH¢281.99 billion total liabilities held by all SOEs. While total sector liabilities actually decreased by 4.31% over the past year, ECG was identified as one of five enterprises, including the Ghana Cylinder Manufacturing Company and GNPA Limited, that have recorded persistent losses every year since 2021. SIGA noted that these "consistent loss-makers" continue to pose a threat to the nation's fiscal stability and have contributed to a decline in dividend payments to the government. While celebrating the return to profit, SIGA officials emphasized the need for rigorous governance and accountability to ensure these gains are not transitory. The report calls for enhanced management within underperforming entities to prevent negative equity from eroding the progress made by top-performing agencies. As Ghana continues its economic recovery under the administration of President John Mahama, the performance of these state entities will be crucial for national development, necessitating a shift from reliance on one-off revaluation gains toward sustainable operational efficiency across all sectors.

GoldBod and Bank of Ghana Bolster Forex Stability with $1.3 Billion Generation as New 4-Year Bond Looms
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GoldBod and Bank of Ghana Bolster Forex Stability with $1.3 Billion Generation as New 4-Year Bond Looms

The Ghana Gold Board (GoldBod) and the Bank of Ghana (BoG) are intensifying efforts to stabilize the nation's foreign exchange market, with GoldBod reporting a significant generation of $1.315 billion in foreign exchange during August 2026. This influx of capital, driven by a new financing model for artisanal and small-scale mining operations, is a cornerstone of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). Under this framework, GoldBod allocated $668.21 million directly to commercial banks to support market liquidity, while $646.59 million was directed to the BoG for reserve accumulation. Looking ahead, GoldBod anticipates generating $1.4 billion in September 2026, which will be shared equally between commercial banks and the central bank's external buffers. These interventions come at a critical time for the local currency. According to the Bank of Ghana's latest Monetary Policy Report, the Ghana cedi depreciated by 7.9% against the US dollar in the first half of 2026, a sharp contrast to the significant appreciations recorded in 2025. The cedi also saw declines of 6.5% against the British pound and 5.3% against the euro during the same period. Despite these pressures, the BoG remains optimistic about the currency's medium-term stability, citing expected support from remittance inflows and a moderation in demand. Notably, the cedi has exhibited lower volatility in the first 140 trading days of 2026 compared to previous years, suggesting that the underlying market structures are becoming more resilient. The business community, represented by the Importers and Exporters Association of Ghana (IEAG), has expressed strong approval of these measures. IEAG Executive Director Samson Asaki Awingobit commended GoldBod and the BoG for improving the predictability of the foreign exchange market, which is vital for international trade planning. Awingobit specifically highlighted the positive impact of declining interest rates, noting a significant drop in average lending rates from 30.3% in late 2024 to 20.5% by the end of 2025. This reduction in borrowing costs is seen as a major relief for businesses that rely heavily on credit, especially as they prepare for the increased commercial activity of the upcoming Yuletide season. Parallel to these forex strategies, the government is moving to strengthen its fiscal position and manage future debt obligations. A new four-year, cedi-denominated Treasury bond is scheduled for issuance in September 2026. Maturing in 2030, this bond features a bullet repayment structure and will be listed on the Ghana Stock Exchange to facilitate secondary market trading. Investor confidence in the domestic market remains high, as evidenced by a recent Treasury bill auction that was oversubscribed by nearly 140%. Bids reached GH¢12.35 billion against a target of GH¢5.147 billion, with yields across the curve continuing to fall. These developments suggest a liquid market and robust demand for government paper as the administration seeks to build financial buffers against a first-half revenue shortfall of GH¢11 billion.

GUTA and IEAG Warn of Rising Business Costs as Port Congestion and Digital Failures Disrupt Trade
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GUTA and IEAG Warn of Rising Business Costs as Port Congestion and Digital Failures Disrupt Trade

The Ghana Union of Traders’ Associations (GUTA) and the Importers and Exporters Association of Ghana (IEAG) have issued urgent calls for government intervention to address escalating bottlenecks at the nation’s ports. The trade bodies warn that a combination of physical congestion at the Port of Tema and frequent outages of digital customs platforms is driving up the cost of doing business. These disruptions, if left unaddressed, threaten to undermine the government’s 24-hour economy policy and could lead to significant price hikes for consumers as the end-of-year festive season approaches. GUTA has specifically highlighted a severe backlog at the Port of Tema, which the association attributes to the failure of shipping lines to clear unstuffed empty containers from the terminals. According to GUTA President Clement Boateng, this lack of space has forced cargo trucks to queue for nearly a week to access the port, resulting in mounting demurrage charges and significant financial strain on traders. The association is urging the Ghana Ports and Harbours Authority (GPHA) to engage immediately with shipping lines to restore operational efficiency and prevent a total gridlock during the upcoming peak import period. Simultaneously, the IEAG has raised alarms over the reliability of the Ghana Revenue Authority’s (GRA) digital infrastructure. Executive Director Samson Asaki Awingobit reported that recent week-long outages on the Ghana.gov platform caused a near-standstill in customs and port transactions, leading to substantial financial losses for businesses reliant on these digital systems. The IEAG is calling on the GRA to invest in greater system resilience, regular maintenance, and robust backup protocols to ensure that trade facilitation is not jeopardized by technical failures in the future. Despite these operational challenges, the IEAG noted some positive developments in the broader macroeconomic environment. The association praised the Bank of Ghana and the Ghana Gold Board for their roles in stabilizing the foreign exchange market and facilitating a reduction in credit interest rates. These factors have provided some relief to the business community ahead of the Yuletide season. However, both GUTA and IEAG emphasize that these gains could be erased if the structural inefficiencies at the ports—both physical and digital—are not resolved through swift stakeholder collaboration.