President Mahama Commends GoldBod Success as Ghana’s Banking Sector Sees Improved Asset Quality and Credit Ratings

Ghana’s economic landscape is showing significant signs of recovery and growth in 2026, highlighted by a massive surge in profits for the Ghana Gold Board (GoldBod) and improved stability in the banking sector. President John Mahama recently commended GoldBod for achieving a net profit of GH¢896 million in 2025—a nearly five-fold increase from the GH¢178.5 million recorded in 2024. Speaking at the 2026 Governing Boards & CEOs’ Conference, President Mahama emphasized that while these gains are historic, the board must focus on sustaining growth through improved core operations rather than relying on favorable exchange rates and external business conditions.

This positive momentum is reflected in the broader financial sector, where the Bank of Ghana (BoG) reported a significant decline in non-performing loans (NPLs). As of June 2026, NPLs fell to GH¢19.9 billion, bringing the NPL ratio down to 16.1% from 23.1% the previous year. This improvement in asset quality is mirrored by Fitch Ratings' recent upgrade of Ghana’s creditworthiness to ‘B’ with a Positive outlook, citing a decreasing debt-to-GDP ratio and stabilized economic conditions post-sovereign debt restructuring. Local institutions are also benefiting from this environment; for instance, Manya Krobo Community Bank PLC reported a 131% surge in profit after tax, reaching GH¢9.3 million in 2025.

Despite these successes, the Bank of Ghana remains vigilant regarding financial integrity and the rising threat of digital crime. Second Deputy Governor Matilda Asante Asiedu revealed that digital fraud incidents surged by 98% between 2022 and 2025, necessitating a proactive strategy to avoid Ghana being placed back on the Financial Action Task Force (FATF) grey list. To maintain discipline within the system, the central bank has also reinforced strict penalties for issuing dud cheques, including potential three-year bans for repeat offenders. Meanwhile, the Association of Ghana Industries (AGI) is calling on commercial banks to provide more tailored financing for energy efficiency projects to help businesses mitigate operational costs.

On the international front, external pressures continue to pose risks to domestic price stability. Global Brent crude prices have surpassed $100 per barrel amid escalating tensions in the Middle East, leading the Chamber of Petroleum Consumers (COPEC) to warn of imminent fuel price hikes. While the Ghana Private Road Transport Union (GPRTU) has deferred immediate fare increases following government interventions on diesel prices, the situation remains fluid. In the commodities market, gold prices have edged higher to approximately $4,412 per ounce due to a weaker US dollar, providing a hedge for investors as the Ghanaian Cedi maintains a stable exchange rate of approximately GHS12.15 at forex bureaus as of September 2026.