Ghana Business News

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Finance Minister Ato Forson Signals Economic Recovery as Ghana’s Debt-Servicing Costs Fall Below 20%
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Finance Minister Ato Forson Signals Economic Recovery as Ghana’s Debt-Servicing Costs Fall Below 20%

Ghana’s economic landscape is undergoing a significant transformation, as highlighted in the 2026 Mid-Year Fiscal Policy Review presented under the theme "Resetting for Growth, Jobs and Economic Transformation." Finance Minister Dr. Cassiel Ato Forson announced that the country has successfully reduced its debt-servicing burden to less than 20% of government revenue, a dramatic decline from previous levels of approximately 50%. This fiscal relief, bolstered by a debt restructuring agreement with Belgium and other international creditors, is expected to free up resources for critical investments in education and healthcare. The government now targets a growth rate of 4.8% for the year, following a robust GDP growth of 6.4% recorded in the first quarter of 2026, while public debt has been slashed from 61.8% to approximately 45%. This recovery is closely tied to a sharp decline in interest rates, which have nearly halved, prompting a shift in the domestic financial market. According to Amo Agyapong of the Institute of Chartered Development Finance Analysts (ICDFA), these lower borrowing costs could unlock billions of cedis in domestic debt markets. Financial institutions are increasingly moving away from a reliance on short-term government securities toward real-sector lending, corporate bonds, and long-term infrastructure projects. With 87 major infrastructure projects currently in progress, the government is pushing for increased tax revenue compliance to sustain this momentum and ensure businesses have easier access to the capital needed for expansion. While the current indicators are positive, economists urge a cautious reflection on the sacrifices that made this stability possible. Professor Godfred Bopkin recently emphasized that the credit for Ghana’s debt sustainability belongs largely to the domestic bondholders, Eurobond holders, and particularly pensioners, who endured significant financial losses during the domestic debt exchange programs. Their sacrifices provided the necessary "breathing space" for the current fiscal improvements. Simultaneously, historical analysis from Dr. Maxwell Opoku-Afari, former First Deputy Governor of the Bank of Ghana, warns that the 2022 debt crisis was preceded by visible warning signs that were often overlooked by international monitoring frameworks. His research suggests that routine stress-testing and better monitoring of domestic liquidity risks are essential to prevent a recurrence of past distress. Looking ahead, the 2026 fiscal strategy focuses on maintaining a primary surplus of 1.5% of GDP and keeping inflation at a target of 8%. The Belgian Ambassador has already noted that Ghana's improved debt profile is making the country a more attractive destination for foreign direct investment. However, experts like Agyapong warn that falling interest rates are not a panacea; they must be accompanied by sustained structural reforms and transparent financial management. The government’s commitment to avoiding supplementary budgets this year signals a new era of fiscal discipline aimed at cementing Ghana’s path toward long-term economic transformation and stability.

GoldBod Defends Financial Health Amid GH"22 Billion DGPP Losses and New Traceability Initiatives
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GoldBod Defends Financial Health Amid GH"22 Billion DGPP Losses and New Traceability Initiatives

The Ghana Gold Board (GoldBod) and the Bank of Ghana (BoG) are currently navigating a complex financial landscape following reports of a GH"21.88 billion (approximately $1.7 billion) loss associated with the Domestic Gold Purchasing Programme (DGPP) in 2025. While the scale of the loss has raised concerns, economists and policy experts suggest the figure represents the cost of strategic objectives rather than a direct cash deficit. Dr. Adu Owusu Sarkodie and other analysts noted that these losses were anticipated from the outset, as the programme prioritize building national gold reserves, stabilizing the local currency, and incentivizing artisanal and small-scale miners to sell through official channels rather than smuggling. Professor Godfred Bokpin of the University of Ghana Business School has further advocated for moving these gold purchase costs off the BoG’s balance sheet to provide a more accurate picture of the nation’s fiscal health. In response to mounting political and public scrutiny, GoldBod has vigorously denied allegations of a financial crisis or mismanagement. The institution firmly rejected claims made by MP Dr. Gideon Boako regarding an unpaid GH"1 billion overdraft owed to the Bank of Ghana, labeling the assertion a "malicious smear campaign." GoldBod’s Media Relations Officer, Prince Kwame Minkah, clarified that the board has never taken loans or overdrafts from any financial institution since its inception. Furthermore, the Board dismissed reports of funding constraints for gold purchases, explaining that its trade-financing arrangements remain robust. They clarified that while some downstream buyers may face individual credit challenges, GoldBod’s direct financing is reserved for licensed aggregators under strict new risk-management controls introduced in August 2026 to ensure accountability. Looking toward the future, GoldBod is shifting its focus toward transparency and environmental sustainability under the leadership of Chief Executive Sammy Gyamfi. The Board is in the process of procuring a historic gold traceability system, expected to be fully operational within two months, which will allow authorities to track gold back to its source and eliminate "galamsey" (illegal mining) gold from the formal supply chain. This initiative aims to onboard over 1,000 licensed small-scale miners and cooperative groups committed to responsible practices. Simultaneously, economic analyst Senyo Hosi has clarified his role, denying social media rumors that he secured a contract for a digital gold platform, though he remains open to supporting state financial technology in the future. Despite these operational advancements, experts warn that Ghana’s gold-driven economic stability remains precarious. Professor Bokpin cautioned that current gains are heavily dependent on high global gold prices and could vanish within six to eight months if market prices drop significantly. He urged the Mahama administration to implement rigorous stress testing on the economy and to better account for the environmental damage caused by mining. As GoldBod prepares to present new regulations to Parliament regarding untraceable gold, the focus remains on balancing the immediate benefits of reserve accumulation with the long-term necessity of environmental protection and fiscal transparency.

Ndiyakupi Nghituwamata (left), the Namibian High Commissioner, and James Gunu, Volta Regional Minister
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COPEC Challenges Government Strategy on 24-Hour Economy Amidst Namibian Trade Tour and Rising Global Fuel Demand

Ghana's business landscape is currently shaped by a combination of strategic diplomatic engagements in the Volta Region and critical evaluations of President John Mahama's flagship 24-hour economy policy. While international actors like Namibia’s High Commissioner explore regional investment opportunities, local industry experts are urging the administration to prioritize essential infrastructure and security over physical market construction. These domestic developments occur against a backdrop of shifting global energy dynamics and new regulatory standards for the informal transport sector in Northern Ghana. Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has raised significant concerns regarding the implementation of the 24-hour economy. Amoah argues that for the initiative to truly transform the nation’s productivity, the government must focus on creating conducive conditions rather than simply building new structures. He highlighted that essential factors such as enhanced night-time security, improved street lighting, and specific business incentives for off-peak operations are the real catalysts for a functional night economy. Without these safeguards, Amoah warns that significant infrastructure investments may fail to yield the intended economic benefits. Parallel to these policy debates, Namibia’s High Commissioner to Ghana, Ndiyakupi Nghituwamata, has commenced a five-day economic familiarization tour of the Volta Region to strengthen trade ties. In meetings with regional officials, including Regional Minister James Gunu, the High Commissioner sought to identify prospects in tourism, agriculture, and cross-border trade. The Volta Region is being positioned as a prime investment hub due to its proximity to Togo and its relative lack of illegal mining issues, which offers a stable environment for international collaboration and shared prosperity between the two nations. In the transport sector, the National Road Safety Authority (NRSA) is advancing the formalization of commercial operations by sensitizing motorcycle and tricycle operators in Bolgatanga on Legislative Instrument (L.I.) 2519. This regulatory push requires operators to register with recognized unions and adopt mandatory identification measures, such as yellow number plates, within a six-month transition period. Meanwhile, on the global stage, Aliko Dangote’s $20 billion refinery in Lagos has seen a massive surge in demand due to disruptions caused by international conflicts, reportedly boosting the billionaire’s fortune by over $5 billion as nations seek alternative fuel sources outside of traditional Middle Eastern routes. These diverse developments—ranging from local regulatory shifts in Bolgatanga to global energy market fluctuations—underscore the complex environment facing the current administration. The success of Ghana’s economic agenda will likely depend on balancing these international trade opportunities with the rigorous domestic implementation of safety standards and the strategic infrastructure demands of the 24-hour economy. As the six-month grace period for transport operators continues, the focus remains on whether the government will pivot its strategy to meet the security and lighting requirements demanded by industry players.

Kojo Aduhene (right), CEO of LMI Holdings, briefing President John Dramani Mahama about the progress of work
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President Mahama Revives Saglemi Housing Project as Real Estate Sector Showcases Resilient Growth

President John Mahama has signaled a new era for Ghana’s housing sector, expressing firm confidence in the revival of the Saglemi Housing Project during a recent site visit. The project, which had been stalled for several years due to political transitions and legal disputes, is now set for completion under the management of LMI Holdings. This revitalization effort is a key component of the government's strategy to address the national housing deficit through strategic public-private partnerships. President Mahama urged prospective buyers to register early, noting that demand is expected to be high for the upcoming units. According to the updated development schedule, LMI Holdings is expected to deliver the first 700 housing units by March 2027, with a target of 1,500 units completed by December 2027. Although the project's original scope was 5,000 affordable homes, the current phase focuses on delivering high-quality infrastructure, including modern amenities and high-speed internet. To further enhance the project's viability, the government is planning a railway connection to facilitate easier commuting for residents. Additionally, various financial institutions are in the process of creating specialized mortgage products to make these homes more accessible to the Ghanaian public. The renewed energy in the national housing sector is mirrored by the success and resilience of private real estate entrepreneurs who continue to shape the industry. A notable example is Theresa Oppong-Beeko, whose career trajectory highlights the determination required to succeed in Ghana's competitive business landscape. After facing a significant setback at age 25 when her first business venture collapsed, leaving her with $2.5 million in debt, Oppong-Beeko returned to school to sharpen her business skills. Her subsequent pivot into the real estate sector and her eventual success serve as an inspiring benchmark for entrepreneurship within the industry. As the Saglemi project transitions from a symbol of stalled investment to a beacon of urban development, the convergence of government-led initiatives and private-sector resilience points toward a robust outlook for the market. The successful delivery of these housing units and the continued growth of private developers like Oppong-Beeko are essential for providing sustainable, affordable housing solutions. Moving forward, the focus will remain on maintaining this momentum to ensure that infrastructure development continues to drive economic growth and improve the living standards of all Ghanaians.

Manasse Lomachar’s Golden Discovery Triggers Massive Gold Rush in Western Kenya
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Manasse Lomachar’s Golden Discovery Triggers Massive Gold Rush in Western Kenya

In the remote village of Cheporor in western Kenya, a simple act of goat herding has transformed into a regional economic catalyst. Manasse Lomachar, a local herder, discovered a gold nugget while tending to his livestock, an event that has since sparked an intense gold rush. After Lomachar sold approximately three grams of the precious metal for 36,000 Kenyan shillings (roughly $280), news of his find spread rapidly, drawing thousands of hopeful prospectors to the once-quiet community in search of their own fortunes. The influx of people has transformed the landscape of Cheporor almost overnight. Within just a few weeks of the initial sale, thousands of fortune seekers descended upon the area, many arriving with only handheld tools and rudimentary mining equipment. This sudden demographic shift has significantly overwhelmed the small village's resources and disrupted the daily routines of a community primarily accustomed to livestock rearing. The scale of the movement highlights the economic pressures and the enduring allure of gold in rural Kenya, where a single discovery can represent a life-changing financial windfall for local residents. However, the sudden boom brings with it significant challenges for local authorities and the environment. While the discovery provided Lomachar with immediate financial relief, the broader implications for the region involve complex issues of land rights, environmental degradation, and miner safety. Informal mining sites are frequently prone to soil instability and lack the safety protocols found in regulated industrial operations. As the rush continues, the focus remains on whether the Kenyan government will intervene to formalize these artisanal efforts, ensuring the safety of the prospectors while protecting the long-term interests of the Cheporor community.

Ghana Records $2.62bn FDI in 2025 Amid Calls for Productive Investment and Transparency Over $1.7bn Gold Program Losses
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Ghana Records $2.62bn FDI in 2025 Amid Calls for Productive Investment and Transparency Over $1.7bn Gold Program Losses

Ghana's investment landscape in 2025 presents a complex picture of robust foreign interest tempered by urgent calls for structural reform and greater fiscal accountability. The country successfully secured approximately $2.62 billion in Foreign Direct Investment (FDI), a figure widely viewed as a sign of continued international confidence despite prevailing economic challenges. However, government officials and economic think tanks are now pushing for a strategic pivot, moving beyond the mere attraction of capital toward securing "productive investments" that explicitly enhance local production, create quality jobs, and facilitate technology transfer. Speaking at the launch of the Ghana Investment Promotion Authority’s (GIPA) 2025 Annual Investment Report, the Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, emphasized that the true measure of success lies in economic impact rather than raw capital totals. She advocated for a more robust regulatory environment and improved tracking of machinery investments to ensure that capital inflows translate into tangible productivity. This sentiment was echoed by Latif Abdul Oduro, Deputy CEO of the Ghana Free Zones Authority (GFZA), who argued that investment promotion must focus on developing productive capacity and boosting exports to ensure long-term economic stability. Supporting this shift toward impact-driven growth, Bank of Ghana Governor Johnson Asiama underscored the necessity of measuring investments by their effects on living standards and employment. While noting that a decline in inflation has helped restore market confidence, the Governor maintained that the qualitative nature of capital is paramount. The consensus among financial leadership suggests that the regulatory framework must evolve to prioritize sectors that provide sustainable value and support the broader goal of economic transformation under the current administration. Despite these positive investment trends, the Institute of Economic Research and Public Policy (IERPP) has raised significant concerns regarding the Domestic Gold Purchase Program (DGPP). Professor Isaac Boadi, Executive Director of the IERPP, cautioned that the $2.62 billion FDI inflow is significantly offset by reported losses of $1.7 billion (GH’’22 billion) within the DGPP. Representing roughly 65% of the total FDI gain, these losses have prompted calls for urgent transparency and better resource management. The IERPP warns against complacency, urging state institutions to be as accountable for financial losses as they are eager to celebrate investment milestones. As Ghana moves forward, the focus remains on balancing the celebration of foreign capital with the realities of domestic program management. The path to sustainable economic transformation will likely depend on whether the government can successfully implement the regulatory reforms suggested by Minister Ofosu-Adjare while addressing the fiscal leakages identified by economic watchdogs. Ensuring that future capital inflows lead to high-quality jobs and technological advancements remains the primary challenge for the nation's economic planners in the coming year.

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Energy Minister Dr. John Jinapor Commissions New PURC Head Office to Enhance Utility Regulation

The Public Utilities Regulatory Commission (PURC) has officially commissioned its new Head Office Building Complex in Accra, signaling a transformative era for the regulation of electricity, water, and natural gas in Ghana. The state-of-the-art facility is designed to significantly enhance the Commission’s capacity for regulatory oversight and consumer service delivery. Energy Minister Dr. John Jinapor, who presided over the ceremony, emphasized that the infrastructure project aligns with the government's broader strategy to ensure the reliability of utility services while maintaining the financial viability of the sector. A notable aspect of the project is its funding model, which reflects a strengthening energy economy. Dr. Shafic Suleman, the Executive Secretary of the PURC, revealed that the construction was fully financed through improved cash flows within the power sector. This financial milestone was made possible by the Cash Waterfall Mechanism (CWM), a payment protocol designed to ensure equitable distribution of revenues among all stakeholders in the energy value chain. Dr. Jinapor noted that monthly fund declarations under the CWM have seen a significant increase, which has facilitated more consistent payments to independent power producers and the clearing of long-standing legacy debts. Beyond its physical structure, the new headquarters represents a strategic shift in the PURC’s mandate. While historically focused primarily on tariff reviews, the Commission is now pivoting toward comprehensive, real-time monitoring and proactive stakeholder engagement. The Minister urged the PURC to intensify its oversight of the Electricity Company of Ghana (ECG) and other utility providers to ensure that consumers receive maximum value for their payments. By utilizing the modern facilities within the new complex, the Commission aims to bridge the gap between utility providers and the public, providing more efficient responses to consumer grievances. The inauguration comes at a critical time as Ghana seeks to stabilize its energy sector and attract further investment for national development. The government’s commitment to improving the financial health of utilities through mechanisms like the CWM, coupled with a more robust regulatory framework, is expected to create a more sustainable environment for both providers and consumers. As the PURC settles into its new home, the focus remains on balancing the financial sustainability of utility companies with the protection of consumer interests, ensuring that Ghana’s path toward energy security remains on track.

Nuclear energy key to Ghana’s future power needs — Energy Minister
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Energy Minister John Jinapor Outlines Major Reforms: $1.47 Billion Debt Cleared and $3.5 Billion Upstream Investment Pipeline Secured

The Minister of Energy and Green Transition, Dr. John Abdulai Jinapor, has announced a significant breakthrough in the country’s energy sector, confirming the clearance of approximately $1.47 billion in legacy debts. This financial milestone is part of a broader suite of reforms aimed at stabilizing the sector and ensuring long-term energy security under the current administration. Speaking at recent industry forums, Dr. Jinapor detailed how the government is navigating both immediate financial challenges and the long-term need for a diversified, sustainable energy mix to support Ghana’s growing industrial demand. Beyond debt clearance, the government has realized substantial cost savings through strategic operational shifts. Dr. Jinapor revealed that transitioning power generation from expensive liquid fuels to natural gas has saved the nation roughly $500 million. Additionally, the Ministry successfully renegotiated contracts with Independent Power Producers (IPPs), yielding a further $250 million in savings. These measures are designed to reduce the high cost of thermal generation, which has become increasingly burdensome as hydroelectric resources from the Akosombo Dam—originally designed for a 300-megawatt peak—struggle to meet a national demand that has now surged to 4,500 megawatts. While the midstream sector sees financial recovery, the upstream petroleum sector faces the dual challenge of declining production and reserve depletion. To counter this, the government is moving to revitalize exploration and production through collaboration with the Ghana National Petroleum Corporation (GNPC) and the Petroleum Commission. Dr. Jinapor highlighted the importance of projects such as Pecan and Eban-Akoma, alongside the need to develop marginal resources and explore frontier areas. These efforts are being bolstered by the resolution of long-standing disputes with key oil and gas operators. Emeafa Hardcastle, CEO of the Petroleum Commission, noted that these settlements have paved the way for a $3.5 billion investment pipeline, creating a more predictable and attractive environment for global capital. Looking toward the future, the government is prioritizing nuclear energy as a cornerstone of Ghana’s low-carbon transition. At the third US-Africa Nuclear Energy Summit in Accra, Dr. Jinapor emphasized the goal of integrating 1,000 megawatts of nuclear power into the national grid by 2030. This initiative aims to provide the affordable and reliable electricity necessary for large-scale industrialization. To ensure success, the Ministry is focusing on developing a skilled nuclear workforce and adhering to international safety standards, supported by cooperation and training from the United States. This multifaceted approach—addressing legacy debt, boosting upstream investment, and embracing nuclear technology—is intended to secure Ghana’s energy independence for decades to come.

Governor Dr. Johnson Pandit Asiama Confirms Full Capitalisation of 23 Banks as T-Bill Sales Reach 162% Oversubscription
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Governor Dr. Johnson Pandit Asiama Confirms Full Capitalisation of 23 Banks as T-Bill Sales Reach 162% Oversubscription

Ghana’s financial sector has achieved a significant milestone as the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, confirmed that all 23 banks operating in the country are now fully capitalised. This development signals a robust strengthening of the banking industry, providing the necessary financial buffer to absorb potential losses and maintain overall stability. Full capitalisation is a critical metric for the sector, reflecting the resilience of financial institutions and their capacity to support the broader economy under the leadership of the central bank. Simultaneously, the government’s latest treasury bill auction demonstrated high investor confidence, recording a remarkable 162% oversubscription. The auction results, released by the Bank of Ghana, revealed a strong preference for longer-term instruments, particularly the 364-day bill. This specific bill attracted bids totaling GH¢9.9 billion—representing approximately 183% of the total bid volume—though the government ultimately accepted an uptake of GH¢2.6 billion for this maturity. In addition to the 364-day bill, other instruments saw varied levels of interest. The 182-day bill received bids of GH¢1.2 billion, with the government accepting GH¢766 million, while the 91-day bill saw bids of GH¢3.1 billion, resulting in an acceptance of over GH¢2.4 billion. Across the entire auction, the government accepted approximately GH¢5.8 billion in total bids, successfully navigating a high-demand environment while managing its debt profile. The auction also highlighted a shifting landscape for interest rates on the yield curve. While there is a general downward trend in interest rates, the yields for specific bills showed mixed movements. The yield for the 364-day bill increased by 91 basis points to reach 11.59%, while the 91-day yield rose to 5.07%. Conversely, the 182-day yield saw a decrease, settling at 7.08%. These fluctuations suggest a recalibration of investor expectations as they seek to balance yield with liquidity in an evolving market. These combined developments—the full capitalisation of the banking sector and the aggressive oversubscription of government debt—point toward a stabilizing financial environment. As the Bank of Ghana continues to monitor these trends, the increased capital buffers in the private sector and the high demand for government securities are expected to provide a solid foundation for economic growth and fiscal management in the coming months.

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Adamus Resources Partners with Government on 12-Month Roadmap to Revive Mining Operations

Adamus Resources Limited has officially endorsed a strategic government-backed initiative to establish a 12-month roadmap designed to resolve persisting operational challenges at the Adamus mine. This development follows a high-level meeting at the Presidency, which the company described as a "significant and constructive step forward" for the future of the asset. The initiative aims to re-establish sustainable operations and restore investor confidence through a structured pathway developed in collaboration with the Ministry of Lands and Natural Resources and the Minerals Commission. To ensure the effective implementation of the turnaround plan, a six-member management team has been established, featuring representatives from both Adamus Resources and the government. This joint oversight committee will be responsible for navigating the 12-month recovery process, focusing on operational efficiency and institutional compliance. The company has emphasized that this collaborative framework is essential for safeguarding the interests of all stakeholders and ensuring the mine remains a productive pillar of the national mining sector. The success of the Adamus mine is considered vital for the socio-economic stability of its host communities in the Western Region and the broader Ghanaian economy. Recognizing the mine’s role as a major employer and revenue generator, Adamus Resources has urged its stakeholders and the public to remain calm and patient while the resolution process matures. The company reaffirmed its commitment to maintaining transparent communication with all relevant state institutions and local leaders throughout the duration of the roadmap. Moving forward, the primary milestone for the joint management team is the presentation of the finalized roadmap to the Presidency, which is expected within the next two weeks. This document will serve as the blueprint for the mine's revival, outlining specific targets and performance metrics for the year ahead. By aligning corporate objectives with government oversight, Adamus Resources hopes to secure a productive future that reinforces Ghana’s reputation as a stable destination for large-scale mining investments.

Finance Minister Dr. Cassiel Ato Forson Reports Major Drop in Ghana’s Debt Servicing Costs to Under 20% of Revenue
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Finance Minister Dr. Cassiel Ato Forson Reports Major Drop in Ghana’s Debt Servicing Costs to Under 20% of Revenue

Finance Minister Dr. Cassiel Ato Forson has announced a landmark achievement in Ghana’s fiscal management, revealing that the portion of national revenue dedicated to servicing public debt has plummeted to less than 20 percent. This represents a stark contrast to previous years when debt obligations consumed more than 50 percent of the country's total revenue. The announcement, shared via the Minister's official social media channels, signals a major turning point for the nation's economic health under the current administration of President John Mahama. According to Dr. Ato Forson, this drastic reduction is a product of deliberate fiscal strategies aimed at restoring debt sustainability and rebuilding confidence in Ghana's public finances. By lowering the debt-to-revenue ratio, the government intends to stabilize the economy and create a more predictable environment for both domestic and international investors. The Minister expressed pride in these developments, noting that the shift reflects the success of ongoing efforts to optimize the country's fiscal position and manage its liabilities more effectively. The primary benefit of this fiscal breathing room is the reallocation of funds toward critical social and developmental sectors. With debt servicing no longer consuming the majority of the national purse, the government is now positioned to significantly increase investments in education, healthcare, and essential infrastructure. Dr. Ato Forson specifically highlighted that resources will be prioritized for the construction and maintenance of schools and hospitals, which are vital for long-term human capital development and public welfare. This improvement is central to the government’s broader fiscal plan to ensure that national wealth is used to drive development programs rather than merely servicing past debt. As Ghana moves forward, the focus remains on maintaining this downward trend in debt costs to safeguard the country's economic future. The Finance Ministry anticipates that these measures will not only enhance public service delivery but also solidify the foundations for sustainable economic growth throughout the remainder of the administration.

Ghana Launches 2,000-Acre Pharmaceutical Park and VALCO Rolling Mill to Curb Import Dependence
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Ghana Launches 2,000-Acre Pharmaceutical Park and VALCO Rolling Mill to Curb Import Dependence

Ghana is making significant strides in its industrialization agenda with the launch of a massive pharmaceutical industrial park and the expansion of the Volta Aluminium Company Limited (VALCO). These initiatives, which align with the 24-Hour Economy policy under the administration of President John Mahama, are designed to reduce the country’s heavy reliance on imported goods and foster a self-sufficient economic ecosystem. By prioritizing local manufacturing and the retention of value within domestic borders, the government aims to create thousands of jobs while building resilience against global supply chain disruptions. In a major development for the health sector, Ghana is establishing a pharmaceutical industrial park on approximately 2,000 acres of land in the Shai-Osudoku District. This project targets the country’s current 70% dependence on imported pharmaceuticals and is expected to support up to 20,000 jobs within its first five years. With an anchor investor already secured and interest growing among both local and international manufacturers, the park is set to become a comprehensive production framework that enhances Ghana’s capacity to respond to health emergencies. Parallel to the progress in pharmaceuticals, VALCO has successfully transitioned from primary aluminium production to value-added manufacturing with the introduction of a new continuous casting and rolling mill. This facility focuses on producing aluminium rods for the domestic electrical cable industry, serving key local partners such as Nexans Kablemetal and Reroy Cables. Finance Director Sepenu Agbetsise noted that the new production line has already passed industrial testing, with 25 metric tonnes of rods shipped to Europe to explore international market opportunities. This shift is expected to shorten supply chains and significantly reduce international logistics costs for local manufacturers. However, the path to a fully integrated aluminium industry still faces challenges, primarily due to the current absence of a domestic alumina refinery. VALCO currently depends on imported alumina, a factor that increases operational costs and limits efficiency. Consequently, the government is seeking strategic investments to establish a refinery that would complete the aluminium value chain. By addressing these infrastructure gaps and supporting large-scale projects like the Shai-Osudoku park, Ghana is positioning itself as a burgeoning industrial hub in the West African sub-region.