Ghana Business News

Follow the latest Ghana business and economy news: the cedi, inflation, companies, banking, and trade. Coverage is curated from Ghana's leading newsrooms and kept current through the day, newest first.

Vish Ashiagbor
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Attijariwafa Bank and SSNIT to Acquire Societe Generale Ghana as Banking Sector Reaches Strategic Inflection Point

Societe Generale Group has reached a definitive agreement to divest its 60.22% controlling stake in Societe Generale Ghana, marking a significant transition in the nation’s financial landscape. Under the terms of the deal, Morocco-based Attijariwafa Bank will acquire a 55.22% majority interest, while the Social Security and National Insurance Trust (SSNIT) will increase its stake by 5%, bringing its total holding to 24.36%. This divestment, which includes the transfer of all 40 branches, client portfolios, and employees, is currently awaiting regulatory approval from the Bank of Ghana and the Securities and Exchange Commission. SSNIT officials noted that the increased local ownership is intended to safeguard the retirement assets of Ghanaian workers and pensioners while ensuring long-term stability for the bank. Simultaneously, the broader banking sector is showing signs of robust growth and modernization. Nwabiagya Community Bank PLC reported a 26.84% surge in total assets to GHS 426.78 million, reflecting resilience against competition from fintech firms and universal banks. Furthermore, the Bank of Ghana is currently reviewing applications for non-interest banking licenses from two commercial banks. Governor Dr. Johnson Pandit Asiama emphasized that this move aims to foster economic inclusion for SMEs and underserved populations, drawing on successful international regulatory frameworks to provide diverse financial services not linked to religious practices. Addressing barriers to credit remains a central theme for industry players focused on inclusion. Advans Ghana, which has seen its client base double to 160,000, recently launched the "Mmaa Mpuntuo" initiative—a GHS 20 million fund supported by Development Bank Ghana specifically for women-owned businesses. Despite women accounting for over 80% of secured credit transactions, they often face disproportionate hurdles such as collateral demands and spousal consent requirements. Advans Ghana MD Guillaume Valence noted that the new fund aims to bridge this gap, following the successful disbursement of GHS 400 million to women entrepreneurs throughout 2025. These developments coincide with what experts describe as an "inflection point" for the Ghanaian economy. At the UK-Ghana Trade & Investment Summit 2026, outgoing PwC Ghana Country Senior Partner Vish Ashiagbor urged businesses to pivot toward operational efficiency and private-sector-led growth rather than relying on government spending. GCB Bank also reaffirmed its role as a regional gateway, identifying the removal of barriers to working capital and payment efficiency as critical to unlocking African trade. With bilateral trade between the UK and Ghana exceeding £1.6 billion, the shift toward increased indigenous participation and diversified banking services suggests a maturing of the financial sector under the current administration.

A high-detail close-up photograph showing a dense collection of sesame seeds. The seeds display natural variations in color ranging from off-white and cream to light brown.
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Northern-Savanna and Complete Farmer Launch 500-Acre Organic Sesame Project for Export

Northern-Savanna Crops and Tubers Limited has entered into a strategic partnership with Complete Farmer Limited to cultivate over 500 acres of organic white sesame specifically for the international market. Based in the Upper East Region of Ghana, this initiative seeks to merge traditional organic farming methods with modern agricultural technology to boost productivity and provide local farmers with direct access to high-value global trade. The project is designed to position the region as a hub for organic agriculture, tapping into the growing global demand for sustainably produced oilseeds. Under the agreement, Northern-Savanna, a woman-owned enterprise, will leverage its extensive holdings of approximately 10,000 acres of tested organic farmland. Their focus remains on regenerative agriculture and empowering women within the local agricultural value chain. Complementing this, Complete Farmer Limited will contribute its proprietary agricultural technology and market expertise. This synergy is expected to streamline the production process, ensuring that the sesame meets strict international standards for organic certification while providing the necessary infrastructure to bridge the gap between rural producers and foreign buyers. Beyond immediate production goals, the partnership is a cornerstone of a broader mission to foster wealth creation and enhance food security in Ghana's northern territories. By transitioning from subsistence farming to commercial-scale organic production, the initiative aims to provide sustainable livelihoods and economic resilience for rural communities. The collaboration also emphasizes community development, ensuring that the economic benefits of global agricultural resources are felt directly by the farmers on the ground. Looking ahead, Northern-Savanna plans to establish a comprehensive organic crop enclave by 2027. This long-term vision includes securing full organic certification for a wider range of crops and expanding the infrastructure required to support large-scale exports. By integrating innovation with sustainable land management, the partnership between Northern-Savanna and Complete Farmer sets a new benchmark for how private sector collaborations can drive agricultural transformation and rural enrichment in Ghana.

BoG’s personnel costs double to GH¢3.29bn in 3 years
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Bank of Ghana Personnel Costs Surge to GH¢3.29 Billion Amidst Recruitment of Specialized Talent

The Bank of Ghana (BoG) has recorded a significant spike in its personnel expenditures, with costs more than doubling over a three-year period to reach GH¢3.29 billion in 2025. According to the latest financial data, this represents a 103% increase from the GH¢1.62 billion recorded in 2022. This sharp rise in spending comes at a time when the central bank is navigating a complex economic landscape under the administration of President John Mahama, who assumed office in January 2025. Despite the massive jump in expenditures, the total number of staff at the central bank grew by a relatively modest 22% during the same period, rising from 2,206 in 2022 to 2,691 in 2025. The disparity between the growth in headcount and the surge in costs has been attributed to the central bank's strategic shift toward recruiting highly specialized talent. Specifically, the Bank has focused on attracting experts in technology and data analytics to modernize its operations, alongside the necessary replacement of retiring veteran employees. Personnel expenditures now account for approximately 63% of the Bank’s total operating expenses for 2025, a notable increase from the 56% share observed in 2024. Governor Dr. Johnson Asiama defended the rising costs, explaining that the Bank’s evolving mandate requires more hands and increasingly competitive remuneration to retain skilled professionals in a globalized labor market. He emphasized that these investments are essential for the central bank to maintain its regulatory efficacy and operational resilience in an era of rapid digital transformation. Looking ahead, the central bank expects a period of stabilization. Governor Asiama has projected a moderation in both recruitment and personnel cost growth, with a target to bring these expenditures down to no more than 40% of total operational costs in the coming years. Market analysts and stakeholders are now looking toward the next set of financial statements to determine if these cost-containment measures will take hold or if the trend of rising administrative overhead will continue to weigh on the central bank's balance sheet.

Officials and stakeholders are captured during a ribbon-cutting ceremony to inaugurate the Tree Crops Development Authority (TCDA) Bono Regional Office. Several individuals are wearing green shirts featuring the TCDA logo while holding a green ribbon decorated with white and green balloons.
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Tree Crops Development Authority Expands Operations with New Bono Regional Office in Sunyani

The Tree Crops Development Authority (TCDA) has officially inaugurated its Bono Regional Office in Sunyani, marking a significant milestone in the agency's decentralization strategy. This new hub is designed to bring essential regulatory and support services closer to stakeholders within the tree crops value chain, particularly in a region that serves as a cornerstone for Ghana’s cashew production. The establishment of the office reflects a broader commitment by the TCDA to enhance the efficiency of the agricultural sector and ensure that farmers have direct access to the Authority’s expertise and oversight. During the commissioning ceremony, TCDA Chief Executive Officer Dr. Andy Osei Okrah, alongside TCDA Board Chairman Prof. William Oduro and local officials, highlighted the operational benefits of the Sunyani office. The facility will streamline the registration and licensing process for industry actors, ranging from smallholder farmers to large-scale processors and traders. By facilitating better data collection and monitoring, the TCDA aims to improve compliance with national standards and enhance the traceability of tree crops, which is increasingly vital for international market competitiveness. Bono Regional Minister Joseph A. Akwaboa emphasized the strategic importance of the new office for the region’s economic development. He noted that the TCDA’s presence would bolster agricultural productivity and improve market access for local producers. Minister Akwaboa urged stakeholders to collaborate closely with the Authority and encouraged farmers to adopt climate-smart agricultural practices to ensure the long-term sustainability of the sector. The regional administration views this partnership as a catalyst for job creation and poverty reduction within the cashew-growing belt. Dr. Okrah expressed profound gratitude to President John Mahama for his continued support of the TCDA’s regional initiatives and its mission to diversify Ghana’s agricultural export base. As the Authority expands its footprint, it remains focused on public education and stakeholder engagement to foster a more robust tree crops industry. This decentralization effort is expected to serve as a model for other regions, ensuring that the benefits of agricultural policy are felt at the grassroots level and that Ghana remains a leading producer in the global tree crops market.

Expanding financial inclusion: Advans Ghana's client base more than doubles to 160,000
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Advans Ghana Expands Women’s Financial Inclusion with GHS 20 Million Mmaa Mpuntuo Fund

Advans Ghana has significantly scaled its operations over the past five years, more than doubling its client base to serve approximately 160,000 individuals, the majority of whom are women. To consolidate this growth and address persistent gender disparities in the financial sector, the institution has launched the Mmaa Mpuntuo initiative. This GHS 20 million fund, supported by Development Bank Ghana (DBG), is specifically designed to provide affordable financing, mentorship, and business development training to female entrepreneurs. The initiative follows a strong performance in 2025, during which Advans Ghana disbursed GHS 400 million to women-owned enterprises. The strategic focus on women is a direct response to structural barriers that have historically limited their access to capital. Managing Director Guillaume Valence has noted that traditional lending requirements—such as high collateral demands, the need for spousal consent, and extensive documentation—often sideline female borrowers. Data indicates a sharp imbalance in the credit market; despite women accounting for 82.8% of secured credit transactions, they received only GHS 3.1 billion in credit compared to GHS 19.4 billion granted to men. The Mmaa Mpuntuo program seeks to bridge this gap by streamlining access to capital and enhancing the growth potential of women-led businesses. Beyond traditional credit, Advans Ghana is implementing a holistic support model that includes digital innovation and risk management. The institution has introduced embedded microinsurance products to protect small-scale traders, a service that recently provided critical relief to market vendors affected by a major fire in Accra. Additionally, the organization is rolling out a climate roadmap to address environmental concerns while continuing to prioritize financial literacy. By combining targeted funding with technical support, Advans Ghana aims to foster a more equitable financial ecosystem that empowers women to drive national economic growth.

Oseadeayo Dr Frimpong Manso (arrowed) with officials of the company and other sub chiefs
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Oseadeeyo Dr. Frimpong Manso IV Urges Zijin Mining to Prioritize Sustainable Youth Employment and Local Infrastructure

Oseadeeyo Dr. Frimpong Manso IV, the Omanhene of the Akyem Kotoku Traditional Area, has formally called upon the management of Zijin Mining Company to implement sustainable employment structures for the youth within its operational zones. During a high-level meeting at his palace, the traditional leader emphasized that the long-term prosperity of the community depends on the creation of meaningful jobs that provide security for the younger generation beyond the immediate mining activities. This dialogue underscores the growing demand for mining firms to align their corporate strategies with the socio-economic development of their host communities. Beyond the focus on employment, the Omanhene highlighted the critical need for foundational infrastructure to support the region's growth. He urged the mining company to consider the establishment of local healthcare facilities and educational institutions, specifically hospitals and universities. Furthermore, Oseadeeyo Dr. Frimpong Manso IV underscored the importance of responsible mining practices, with a specific focus on land reclamation. He noted that environmental stewardship is essential to ensure that the land remains productive and safe for the community once the company's mineral extraction activities are concluded. In response to these requests, Zijin Senior Manager Derek Boateng provided an overview of the company's long-term operational plans in the Birim North District. He confirmed that the company has secured approval from the Environmental Protection Agency (EPA) for increased production capacity, which will see their operations continue until at least 2042. Mr. Boateng also expressed the company's commitment to fostering a strong relationship with the traditional authority, confirming that Zijin Mining will support the ongoing construction of the royal palace as part of its community engagement and corporate social responsibility efforts. This interaction marks a significant step in the relationship between the Akyem Kotoku Traditional Area and Zijin Mining, setting a clear expectation for the next two decades of operation. As the company prepares for an extended period of extraction, the focus on sustainable development and youth empowerment will be critical to maintaining its social license to operate. The Omanhene's proactive stance reflects a broader trend in Ghana's mining sector, where traditional leaders are increasingly advocating for tangible developmental legacies that will benefit their subjects long after the mineral resources are exhausted.

Ghana Gold Board Surpasses September FX Target with $1.87 Billion Inflow from Small-Scale Mining
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Ghana Gold Board Surpasses September FX Target with $1.87 Billion Inflow from Small-Scale Mining

The Ghana Gold Board (GoldBod) has reported a record-breaking performance for September 2026, generating $1.871 billion in foreign exchange from artisanal and small-scale mining operations. This figure represents 134% of the month's $1.4 billion target, exceeding expectations by $471 million. The achievement marks a significant increase from August 2026, when the Board generated $1.315 billion, underscoring the growing contribution of the gold sector to the nation’s financial stability under the administration of President John Mahama. A detailed breakdown of the September inflows shows that $701.3 million was sold to authorized commercial banks to support market liquidity, while a substantial $1.170 billion was allocated to the Bank of Ghana for national reserve accumulation. This surge in reserves is largely attributed to the success of the Ghana Gold for Reserves Accumulation Programme (GANRAP) and artisanal mining contributions. Looking forward, GoldBod has set a foreign exchange target of $1.5 billion for October 2026 as it transitions to a more robust operational role. Beginning in October, GoldBod will take full responsibility for foreign exchange intermediation under its new Spot FX Sales/Intermediation Framework. This policy shift is designed to enhance transparency and regulatory compliance within the currency market by centralizing the management of gold-derived foreign exchange flows. The Board has emphasized its commitment to working closely with stakeholders to ensure that these significant inflows are managed with the highest level of accountability to maintain market confidence. The Institute of Fiscal Policy Research (IFPR) has praised these developments, noting that such strong gold-trading gains could strengthen Ghana’s path toward economic independence and reduce the need for future IMF support. However, the IFPR warned that while increasing foreign exchange reserves is a vital step, it must be accompanied by disciplined fiscal management and spending restraint. The institute stressed that leveraging mineral wealth effectively is essential to building a resilient economy that can withstand global shocks without relying on external emergency financing. As the government continues to focus on economic stabilization, the continued success of GoldBod’s new framework will be pivotal. The ability to consistently exceed billion-dollar targets provides the Bank of Ghana with a critical buffer against currency volatility, potentially stabilizing the cedi. With the new intermediation responsibilities now in effect, the focus remains on whether these gold-derived revenues can be translated into long-term, sustainable economic growth for all Ghanaians.

Ghana wins US$393m Tullow tax arbitration
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Ghana Secures $393 Million Victory as International Tribunal Upholds Tax Assessment Against Tullow Ghana Limited

Ghana has achieved a significant legal milestone in its efforts to enforce domestic tax laws within the extractive sector. On September 29, 2026, the International Court of Arbitration dismissed a challenge by Tullow Ghana Limited against a $393.09 million tax assessment and associated penalties imposed by the Ghana Revenue Authority (GRA). The ruling confirms that the GRA’s assessment—which primarily concerned the taxation of insurance proceeds and branch profits—was reasonable and adhered to established legal standards. This victory underscores the state's capacity to defend its fiscal interests against multinational corporations in international legal arenas. The arbitration process, which began in February 2023, saw Ghana mount a robust defense and counterclaim against Tullow. Finance Minister Dr. Cassiel Ato Forson praised the collaborative efforts of the government’s legal teams in securing the favorable outcome. While the tribunal upheld the core tax assessment, it notably determined that certain penalties associated with the assessment were not applicable under the existing Petroleum Agreements. Tullow Ghana expressed disappointment with the ruling but indicated it is considering its next steps while remaining in discussions with the government to resolve other outstanding tax matters amicably. Amid the celebrations of the legal win, political discussions have emerged regarding the history and management of the case. Okaikwei Central MP Patrick Boamah recently alleged that the current administration, under President John Mahama, had been close to settling the dispute for a significantly lower sum of approximately $150 million before the ruling. According to Boamah, a proposed settlement was only averted due to a last-minute intervention by lawyers within the Ministry of Finance, who prevented the finalization of the agreement. Furthermore, Boamah credited former Attorney-General Godfred Yeboah Dame for laying the foundational legal strategy and engaging the Washington-based law firm Foley Hoag LLP to represent Ghana’s interests prior to the 2025 transition. Looking forward, the resolution of this $393 million dispute is expected to bolster Ghana’s domestic revenue mobilization efforts during a critical period of economic management. Despite the legal friction, both the government and Tullow Ghana have signaled a desire to maintain a productive partnership to ensure steady investment and production in the Jubilee and TEN oil fields. As the government continues to engage with Tullow on separate tax issues identified in the company’s 2025 annual report, this ruling serves as a landmark precedent for the enforcement of tax compliance within Ghana's oil and gas industry.

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Indomie Launches Nationwide "Slurp & Learn" Program for Basic Schools with GES Approval

Indomie has officially opened its "Slurp & Learn" program to basic schools across Ghana, following formal approval from the Ghana Education Service (GES). This nationwide initiative is designed to integrate nutritional support with interactive school activities, offering a unique break from standard classroom routines for young pupils. By scaling this project to a national level, the brand aims to reach thousands of students in diverse communities, reinforcing its commitment to the Ghanaian educational landscape through a blend of corporate social responsibility and community engagement. Under the program's framework, headteachers of basic schools are invited to register their institutions via a dedicated QR code system provided by the brand. Once registration is confirmed, the Indomie team coordinates scheduled visits to the respective schools to prepare and serve fresh noodles on-site. The initiative goes beyond a simple feeding program; it incorporates organized educational and recreational activities, turning each session into a multifaceted event that encourages social interaction and creative engagement outside of formal academic instruction. The collaboration with the GES underscores the strategic importance of private-sector partnerships in enhancing the primary education environment. By providing an enjoyable meal experience alongside structured activities, the program seeks to foster a stronger sense of community within schools and add variety to the daily student experience. For the brand, this expansion represents a significant investment in its corporate social responsibility portfolio, leveraging its market presence to support student welfare and engagement on a national scale.

UK Ghana Chamber
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UK-Ghana Trade Summit 2026: New Resource Centre Launched as Experts Call for Private Sector-Led Growth

The UK-Ghana Trade & Investment Summit 2026 in Accra has marked a significant milestone in bilateral relations with the launch of the UK-Ghana Trade Resource Centre and urgent calls for a shift toward private-sector-led growth. With bilateral trade already exceeding £1.6 billion, the summit brought together financial leaders, industry experts, and policymakers to discuss strategies for deepening commercial ties. The event highlighted Ghana's evolving economic landscape, which experts described as being at a critical "inflection point" requiring new strategies to maintain momentum. A central highlight of the summit was the unveiling of the UK-Ghana Trade Resource Centre, an initiative by the UK-Ghana Chamber of Commerce in collaboration with the UK-Ghana Jobs and Economic Transformation Programme. This platform is designed to bridge information gaps that often hinder cross-border commerce. By offering market intelligence, export navigation guidance, and support for firms under the UK-Ghana Trade Partnership Agreement, the centre aims to empower both Ghanaian exporters and UK importers to maximize the opportunities within the existing trade framework and strengthen institutional relationships. Representing the financial sector, GCB Bank—Ghana’s largest indigenous lender—reaffirmed its role as a primary facilitator of regional trade. Linus Kumi, Executive Head of Corporate Banking at GCB, emphasized that while Ghana serves as a vital gateway to African markets, businesses still face significant hurdles. He specifically identified limited access to working capital and inefficiencies in payment systems as major barriers. Kumi highlighted GCB’s commitment to providing tailored financing solutions to overcome these challenges, noting that enhanced trade connectivity is essential for unlocking broader African growth. The summit also featured strategic analysis from Vish Ashiagbor, the outgoing Country Senior Partner at PwC Ghana, who argued that the economy has reached a juncture where growth must be driven by operational efficiency rather than government spending. Ashiagbor urged businesses to reassess their strategies and explore new markets to adapt to the changing landscape. Amidst these calls for efficiency, there are expectations for the Bank of Ghana to maintain its current policy rate to mitigate emerging economic risks and provide a stable environment for private-sector participation. As the summit concluded, the consensus among participants was that the future of UK-Ghana relations hinges on a more interconnected and efficient commercial ecosystem. The combination of GCB's financial backing, the Resource Centre’s market intelligence, and the strategic push for private-sector efficiency suggests a transition toward a more sophisticated trade environment. These developments are expected to solidify Ghana's position as a regional hub and ensure that the current £1.6 billion trade volume serves as a foundation for even more robust economic cooperation.

Dr Yakubu Diomande (2nd from left), Export Manager, Gifty E. Appiah (3rd from left), the Public Relations Officer, and Kaye Ariane Turgo, Assistant Showrooms Manager of Latex Foam, receiving the award from Dr Issahaque Munawaru, Deputy Director-General, Quality and Access, Ghana Education Service
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Latex Foam Recognized as Legacy Brand of the Year for Contributions to Student Comfort and Innovation

Latex Foam has solidified its position as a cornerstone of Ghana’s manufacturing and education support sectors after its High Density Student Mattress was crowned the Legacy Foam Mattress Brand of the Year 2025. The prestigious accolade was presented during the Old Schools Alumni Networking Gala Dinner held in Accra, an event that brings together industry leaders and former students to celebrate excellence and foster professional connections. The award highlights the company's long-standing dedication to providing quality sleep solutions tailored specifically for the academic environment. The recognition specifically honors the mattress's enduring popularity and its critical role in enhancing student welfare across the country. For decades, the Latex Foam student mattress has been a staple in boarding houses and dormitories, becoming a nostalgic symbol of academic life for many Ghanaian alumni. The selection panel emphasized the company’s unwavering commitment to quality and its ability to innovate within the manufacturing sector while maintaining the durability required for the demanding student market. This achievement reflects the brand's ability to remain relevant across generations of learners. Organized under the theme "Connecting legacies, building future opportunities," the gala served as a platform to honor those who have made significant contributions to the nation’s socio-economic fabric. Beyond the foam industry, the event recognized a variety of individuals and organizations for their roles in advancing education and business development in Ghana. Latex Foam’s win serves as a testament to the importance of specialized products that meet the unique needs of the educational sector, bridging the gap between business success and social impact. This recognition comes at a time when Ghanaian manufacturers are increasingly focused on leveraging local heritage to build brand loyalty and global competitiveness. By maintaining high standards in student-focused products, Latex Foam continues to demonstrate how domestic companies can play a pivotal role in the nation’s development. The award underscores the brand's lasting impact on the lives of Ghanaian students and its ongoing influence as a leader in the broader West African business landscape.

Attijariwafa Bank and SSNIT to Acquire Societe Generale’s Majority Stake in SG Ghana
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Attijariwafa Bank and SSNIT to Acquire Societe Generale’s Majority Stake in SG Ghana

Societe Generale Group has officially signed an agreement to divest its 60.22% controlling interest in Societe Generale Ghana, marking the French multinational's exit from the Ghanaian banking market. The majority stake is being split between the Morocco-based Attijariwafa Bank and Ghana's Social Security and National Insurance Trust (SSNIT). Under the terms of the agreement, Attijariwafa Bank will acquire 55.22% of the shares to become the new majority owner, while SSNIT has secured an additional 5% stake, increasing its total holding in the bank from 19.36% to 24.36%. The entry of Attijariwafa Bank represents a significant shift in the local financial landscape as a major Pan-African institution takes the helm. Based in Morocco and with a history dating back to 1904, Attijariwafa Bank serves approximately 12 million clients across 26 countries. This acquisition is a strategic move to expand its footprint in West Africa and establish itself as a dominant financial force on the continent. The transition will involve a full takeover of Societe Generale Ghana’s operations, including its network of 40 branches, its diverse client portfolios, and its current workforce. For SSNIT, the increased shareholding is intended to safeguard the retirement assets of Ghanaian workers and pensioners while strengthening local participation in the banking sector. The Trust has noted that this investment will enhance its position within a stable financial institution and generate long-term growth opportunities for its stakeholders. SSNIT officials acknowledged the support of the Government of Ghana and the Minister for Finance in facilitating the transaction, emphasizing that the move aligns with the broader goal of protecting national pension interests. The completion of the sale is currently pending necessary regulatory approvals from the Bank of Ghana and the Securities and Exchange Commission (SEC). While Societe Generale concludes its tenure in the country, the incoming majority shareholders have committed to maintaining the innovative banking services the institution is known for. This divestment follows a broader trend of European financial groups restructuring their African portfolios, opening the door for increased intra-African investment and ownership in the region's banking industry.