AGP Executive Report

Agriculture: Ghana has secured an AfDB grant of $18.8 million to lift rice yields, support more than 20,000 farmers and help cut a roughly $500 million annual import bill, with self-sufficiency targeted by 2028. Housing Finance: Government plans to mobilise long-term cedi funding for affordable homes, while Prudential Bank has received a GH¢1.13 billion investment to strengthen its capital position. Industry & Investment: Nestlé’s expanded Tema production line adds to fresh manufacturing investment as GIPA launches the Invest Ghana Summit alongside the Ghana Club 100 Awards to attract investors. Cocoa & Prices: COCOBOD has raised about $288 million to finance cocoa purchases amid cash-flow pressure; September inflation rose to 5.2%, pushed up by rent, tomatoes and services. Trade: Cabinet has approved Ghana’s bid to join BRICS as the government seeks to broaden international economic partnerships.

Banking: Prudential Bank has received regulatory approval for a GH¢1.13 billion capital investment, giving it more room to lend to businesses and fund technology upgrades. Housing Finance: Government plans to mobilise long-term cedi funding through banks, pension funds and insurers to support affordable homes, rentals and rent-to-own options. Public Finance: Finance Minister Ato Forson called for tighter controls and recovery of public funds, warning that waste undermines essential services and infrastructure. Trade: A new UK-Ghana Trade Resource Centre will help firms find export opportunities and partners; bilateral trade reached about £1.6 billion in the year to March 2026. Industry: Nestlé Ghana has expanded evaporated-milk production at its Tema factory, with President Mahama urging more industries to extend operations. Agriculture: The AfDB has granted Ghana $18.8 million to develop rice production and processing, supporting a 2028 self-sufficiency target and efforts to reduce a $500 million annual import bill. Global Partnerships: Cabinet has approved Ghana’s application to join BRICS, which the government says could diversify trade and investment ties while complementing existing partnerships.

Investment & Finance: Deputy Finance Minister Thomas Ampem Nyarko says Ghana is targeting investment-grade status to regain access to international capital, with the current S&P rating at B- with a stable outlook. He says the priority is making long-term funding more available and affordable. Trade: President Mahama says exports to India have risen from about US$3 billion to nearly US$7 billion, with talks also focused on investment in rail and pharmaceuticals. Markets: The cedi sold at GHS12.30 at forex bureaus and GHS11.79 on the BoG interbank market on October 9. September inflation rose to 5.2% from 5.0% in August. BoG says private-sector credit grew 35.5% year-on-year in August as lending rates fell to 15.9%, and has urged banks to strengthen risk controls amid elevated non-performing loans. Industry & Energy: Tema Oil Refinery reported a GH¢1.24 billion profit for 2025 after restarting refining. Energy Minister John Jinapor says 2027 priorities include installing 3,000 transformers and demanding measurable results from sector agencies. Mining: Ghana is expected to replace its draft mining bill with a revised version restoring a maximum 20-year lease term, addressing industry concerns over proposed changes.

Industrial Growth: President Mahama commissioned Nestlé Ghana’s upgraded Tema production line, which increases evaporated milk capacity and highlights local manufacturing’s role in job creation. Agriculture & Cocoa: An AfDB grant of $18.8 million will support rice production, processing and storage as Ghana targets self-sufficiency by 2028. COCOBOD raised GH¢3.39 billion in its first cocoa notes offer and secured $288 million in borrowing to finance farmer purchases. Prices & Credit: Inflation rose to 5.2% in September, driven partly by rent and food costs. Banks warn they may halt new loans to public-sector workers if delays in remitting salary deductions continue. Local Investment: GIPA’s CEO says foreign capital does not entitle investors to operate in informal retail, where the law reserves the market for Ghanaians. He also points to Engineers and Planners as a model for building Ghanaian-owned mining companies.

Rice Production: Ghana will invest $18.8 million in a new AfDB-backed project to develop 3,200 hectares, support more than 20,000 farmers and reduce rice imports as it targets self-sufficiency by 2028. Housing Finance: President Mahama has directed GH¢1 billion for a revolving National Housing Fund in the 2027 Budget, part of a proposed GH¢3 billion pool to widen access to affordable housing finance. Banking: Private-sector credit grew 35.5% in August as average lending rates fell to 15.9%; the Bank of Ghana is urging banks to tighten risk controls amid the rapid expansion. Trade and Investment: Cabinet has approved Ghana’s bid to join BRICS, while Accra courts Indian investment and reports exports to India nearing US$7 billion. Investment Climate: An advisory firm says bureaucratic delays are keeping potential projects from becoming actual investment, despite Ghana’s strong prospects in sectors including agribusiness, energy and logistics. Prices: Inflation edged up for a second month, reaching 5.2% in September from 5.0% in August.

Housing Finance: Mahama has earmarked GH¢1bn in the 2027 Budget for a revolving National Housing Fund and proposed loans to help owners complete unfinished homes. Trade & Investment: Cabinet has approved Ghana’s bid to join BRICS, with India expressing support. Mahama says exports to India have risen to nearly US$7bn, and the two countries have agreed to deepen agricultural research and technology cooperation. Economic Outlook: September inflation rose to 5.2% from 5.0%, while the World Bank maintained its 2026 growth forecast at 4.8%. Fuel imports have also cut Ghana’s trade surplus by 70%. Business Cash Flow: Free SHS food suppliers gave government two weeks to engage over about GH¢250m in unpaid invoices, saying the delays are straining their finances. Financial Safety: The Bank of Ghana warned against digital fraud and Ponzi schemes, urging customers to protect their PINs and verify investment offers.

BRICS Bid: Ghana’s Cabinet has approved a formal application to join BRICS, with Foreign Minister Samuel Okudzeto Ablakwa saying it’s about diversifying economic and diplomatic options. India-Ghana Trade: Ghana–India trade jumped from about $3bn (2024) to $6.5bn (2025) as a B2B meet in Accra pushed new deals in pharma, rail, digital and defence. AfCFTA Rules of Origin: The GRA warns firms can’t just repackage imports and claim Ghanaian origin—proper Certificates of Origin and origin criteria are required. Fuel Import Pressure: CEMSE calls for a strategic refinery policy to cut Ghana’s fuel import burden, arguing downstream needs clear supply-demand planning. Energy Infrastructure: Tullow has started supplying Jubilee and TEN crude to local refineries, while Asharami commissioned a 6,000MT LPG storage facility to boost energy security. Currency & Growth: The World Bank kept Ghana’s 2026 growth forecast at 4.8% and flagged the cedi as among Africa’s weakest amid geopolitical shocks. Investor Protection: The GSE urges regulators, banks and media to team up against digital investment scams. Offshore Mining Halt: Ghana’s Minerals Commission suspended offshore reconnaissance activities over environmental and consultation concerns.

BRICS Push: Ghana’s Cabinet has approved a formal application to join BRICS, with Foreign Affairs Minister Samuel Okudzeto Ablakwa saying the move aims to diversify partnerships and support the “New Economy,” announced alongside Ghana–India MoUs on agriculture and science/tech. Ghana–India Trade Boost: India’s External Affairs Minister S. Jaishankar met President Mahama in Accra to deepen cooperation on trade, rail, and pharmaceuticals, with Mahama citing rising Ghana exports to India (about $3bn to nearly $7bn). Gold & Offshore Tensions: The Minerals Commission has ordered an immediate suspension of GoldCoast GRC’s reconnaissance activities in territorial waters, while fishers and CSOs demand a halt and independent review of reported offshore gold exploration. Parliament Oversight: PAC flagged GH¢5.2bn financial irregularities in 2025 audit findings and grilled the Central Regional Coordinating Council over GH¢14.88m payments processed outside GIFMIS. Banking & Regulation: Bank of Ghana named 20 unlicensed mobile loan apps, and a banker accused of stealing GH¢1m from Oyibi Area Community Bank was granted bail. Public Safety: NRSA urged road discipline ahead of the festive season after crash deaths rose in early 2026. Health & Climate: A global Plan International study links climate disasters to higher risks for girls, including child marriage and disrupted health services.

Cedi Watch: The cedi weakened on Oct 6, selling at GHS12.30 per $1 at forex bureaus and GHS11.77 on the BoG interbank market, as businesses and households track FX costs. Digital Skills for Women: GIFEC will train 500 girls in coding in 2027 after a successful AGCCI pilot, while 150 women have already graduated with digital and coding skills to help them scale businesses. Power Reliability: PURC and ECG replaced 10 damaged transformers in Ghana’s Central Region, targeting improved supply for about 61,004 customers after weeks of outages. Local Economy & Jobs: Government directed MMDCEs to secure one-acre plots for waste transfer stations within 30 days, and a waste-management expert argued the 24-hour economy can create jobs across the waste chain. Banking & Payments: BoG says it will keep supporting innovation with safeguards as Absa Ghana opens its new head office; meanwhile Ghana pilots cedi-to-yuan payments to cut dollar reliance for China trade. Space Ambition: Cabinet approval paves the way to transform GSSTI into a Ghana Space Agency via a new Bill. SME Growth: MTN SMEGA 2026 honoured standout entrepreneurs, spotlighting innovation and job creation.

SIC Life Probe: Manhyia South MP Nana Agyei Baffour Awuah has been charged with conspiracy, intentionally causing GH¢9.85m loss to state-owned SIC Life, and money laundering; he pleaded not guilty as EOCO investigations continue. Housing Affordability: Government says only about 5% of Ghanaians can secure decent housing without support, citing high land and construction costs and limited affordable mortgage access; it points to the National Mortgage Scheme (about 8.4% interest, up to 20 years). BoG Currency Crackdown: Bank of Ghana and Police arrested seven people (including seven women) for allegedly using cedi notes as money bouquets and cakes, warning the public this is illegal misuse of legal tender. Space Push: Cabinet approval clears the way to transform GSSTI into a Ghana Space Agency to coordinate space activities and support practical applications like agriculture, flood forecasting and maritime surveillance. Maritime Priorities: Ghana Maritime Authority flags technology, funding, technical capacity and inter-agency collaboration as key to safer, greener ports and shipping. MTN Business Moves: MTN marks 30 years with a customer appreciation float and urges SMEs to embrace digital transformation; it also backs local gaming development. Energy Deal: Yinson Production’s FPSO JAK contract is extended to 2036 after Eni Ghana approves topside modifications to boost gas processing. Education Dispute: GTEC orders UDS to stop delivering an accredited evening LLB as a weekend programme and restore approved delivery mode. Teacher Strike Talks: FWSC is set to meet striking teacher unions on Tuesday to negotiate conditions of service.

Energy & Gas: Yinson Production (West Africa) has amended its contract with Eni Ghana to expand gas handling on the FPSO John Agyekum Kufuor, extending the lease to 2036 and adding an estimated US$600m to its backlog, with topside work due for completion in Q1 2028. Banking & Pensions: SSNIT increased its stake in Société Générale Ghana to 24.36% after the group’s exit, raising questions on how the deal will translate into better pension outcomes for contributors. Trade & Transport: Etihad and Ibom Air signed an interline agreement linking five Nigerian cities to Etihad’s network via Lagos and Accra, with bookings opening Nov 3 and services starting March 2027. Standards & Imports: Ghana’s GSA will share used-vehicle inspection fees and requires PVOC checks by GSA-approved agents before shipment, with inspection coverage across 15 countries. Housing: The Ghana Institute of Architects urged a coordinated national housing agenda, calling housing a human right and pushing for policy updates, funding and accountability. Agro-Industry: Ghana abolished a 20% excise duty on locally produced fruit juices from Oct 1, easing costs for manufacturers and boosting demand for local farm inputs. Finance & Markets: The GSE Composite rose 1.33% last week, but trading value fell 28.25% as activity stayed subdued. Business Environment: Procurement professionals were urged to buy for value—not just lowest price—at the KRIF Ghana Procurement Master Class. Health & Power: GHS flagged WASH gaps as a threat to quality maternal care, while the Energy Commission trained customs officers to enforce energy-efficiency rules for imported appliances. Events & Investment: Ghana AI Summit & Awards 2027 is set for March 30–31 in Accra, aiming to move AI from experimentation to responsible, measurable adoption.

Industrial Policy Reality Check: Ghana’s push to industrialise is colliding with high electricity costs, unreliable power and expensive credit, squeezing manufacturers and agro-processors and weakening competitiveness. Household-First Recovery: Even as inflation falls and growth improves, the “kitchen table” question remains—food, power, transport, jobs and borrowing costs are still not matching macro gains. SME Squeeze: Businesses are being squeezed between costly loans and cheap imports, leaving many unable to expand or even sustain operations. Cedi Notes Update: Bank of Ghana clarifies the Heritage Series is an upgrade (no redenomination), keeps cotton-based material, adds security and durability, and existing notes remain legal tender. Airport Security: GACL introduces enhanced luggage screening at Accra International Airport departures, with access restricted to travelling passengers. Energy Transition Debate: Ghana’s net-zero plan needs over $500bn, but financing terms must avoid deepening debt while creating jobs and local industry. Health Investment Platform: Mahama unveils H-Enabler to streamline regulation, clinical validation and commercialisation for health innovators across Africa. Justice & Governance: Anglican Bishop warns Ghana’s justice foundations are under pressure from delayed cases, land guards and perceived inequality. Tourism Push: GTA sensitises taxi drivers for the ‘Know Ghana’ campaign to boost domestic tourism and December in GH experiences. Security/Crime: Court remands an MD over alleged $1m truck fraud; separate reports highlight Ghana’s ongoing cybersecurity and fraud risks.

Teacher Strike Disrupts Schools: Pre-tertiary teachers’ nationwide strike (since Sept 25) continues to leave classrooms empty as unions press for new grades for promoted teachers, correct salary scales, arrears, and the 20% deprived area allowance. Politics & Governance: The NPP elects John Boadu as National Chairman and Justin Kodua Frimpong as General Secretary, with a push to rebuild from the grassroots ahead of 2028; meanwhile, Parliament and the NPP raise alarms over EOCO’s continued detention of Manhyia South MP Baffour Awuah after a GH¢10m bail ruling. Oil & Tax: Ghana wins an ICC arbitration over Tullow Oil’s challenge to about US$393m in tax on insurance proceeds, with government saying recovery will protect Jubilee and TEN investments. Business & Consumer Protection: CPA commends FDA for destroying 28 bales of second-hand “bale diapers” over hygiene and import evasion concerns. Energy/Trade Infrastructure: Chinese dredging at Tema Port aims to boost capacity for larger vessels, supporting maritime trade. Sports Development: Ghana Boxing Federation targets 2028 Olympic qualification and will host Detroit’s Golden Gloves at Bukom on Oct 10.

Healthcare & Industry: President Mahama told the Alamein Africa Forum in Egypt that Africa must treat health as an investable economic sector, pushing local pharmaceutical manufacturing, regional value chains and health innovation to build jobs and reduce import dependence. Parliament/EOCO: Manhyia South MP Nana Agyei Baffour Awuah was granted GH¢10m bail after pleading not guilty in an EOCO case tied to alleged financial offences; Parliament also raised concerns over his continued detention. Drugs & Security: NPP flagbearer Dr Bawumia demanded a bipartisan probe into who finances Ghana-linked cocaine shipments, saying arresting couriers alone won’t stop the flow. SMEs & Digitalisation: Government urged SMEs to adopt digital tools to cut waste and grow jobs, citing support projects with UNIDO and Japan. Tourism & Property: SSNIT defended clearance of structures at Labadi/La Palm beachfronts, saying it aims to create a planned tourism hub and wider local employment. Education Support: SDA Church plans a College of Education in Sekyedumase, while MPs and partners delivered desks and furniture to schools in Kassena-Nankana West. Cocoa/Agroforestry: Barry Callebaut highlighted assisted natural regeneration to strengthen cocoa landscapes, with Ghana and the region facing deforestation and galamsey pressures. Cedi/Markets & Finance: Ghana’s trade surplus and banking credit enquiries featured in recent updates, alongside moves by financial institutions to expand and deepen regional operations.

Creative Economy Welfare: The Creative Arts Agency board met Lands Minister Emmanuel Armah-Kofi Buah to push a welfare initiative for aged and needy creative practitioners, anchored on President Mahama’s legacy plan. Global Finance Reform: Afreximbank boss George Elombi urged overhaul of global financial architecture, saying rules for judging African-owned institutions are outdated and biased. EOCO & Rule of Law: EOCO says it will bring Manhyia South MP Nana Agyei Baffour Awuah before a weekend court after his surrender, while lawyers and commentators trade accusations over detention, bail timing, and whether the process is politically motivated. Tourism & Property Rights: SSNIT defended the La Beach clearance as protection of pensioners’ assets and safety, as NPP flagbearer Bawumia pledged to rebuild the La Pleasure Beach economy and issue leases to affected operators. Energy Security: Energy Minister Jinapor welcomed MT Asharami Ghana’s LPG arrival, stressing LPG infrastructure investment to expand cleaner energy access. Regional Integration: Ghana launched “ECOWAS for All” to educate citizens on trade and free movement opportunities. Banking & Customers: GCB dedicated October to customer appreciation and engagement through a month-long programme.

SSNIT & La Beach Demolition: SSNIT says the Labadi/La Beach demolition was driven by persistent encroachment that threatens hotel guests, safety, sanitation and Ghana’s tourism reputation, after an MP challenged the military’s role. Banking Deal: Société Générale Ghana’s 60.22% stake is set to be sold—Attijariwafa Bank takes 55.22% and SSNIT adds 5%—reshaping ownership of a major financial institution. AI Procurement Oversight: Government introduces a centralised technical review for public-sector AI purchases to protect data sovereignty, prevent vendor lock-in and require local skills transfer. Healthcare Workforce Push: Volta’s GRNMA week highlights the need for more investment in nurses to sustain Free Primary Healthcare, while Volta records 1,182 breast cancer cases and 19 deaths since 2021. Agriculture Modernisation: MOFA hands over modern agri-tech equipment to five agricultural colleges to boost practical, technology-driven training. Trade & Regional Integration: Ghana’s Deputy Foreign Affairs Minister urges businesses to tap the ECOWAS market of 300 million through better awareness of trade liberalisation rules. Local Economy Pressure: Sunyani traders warn shopping malls are squeezing indigenous retailers and call for regulation on pricing and competition. Construction Costs: Building cost inflation rises to 4.6% in August 2026, with plant and equipment flagged as an emerging risk. Security & Governance: Teacher unions return to FWSC talks on Oct 6 over expired conditions, while security councils get capacity training to improve intelligence sharing and prevent violent extremism.