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Legislation to boost Ghana’s fintech innovation ecosystem
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Ghana’s dynamic economic landscape unfolds against a backdrop of resilient corporate legal foundations, showcasing the country’s commitment to fostering an investor-friendly environment. While recent regulatory shifts have laid the groundwork for a conducive corporate legal atmosphere, the nation propels itself into the forefront of financial technology (fintech) innovation, spurred by policy directives…

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Ghana’s tax framework for individuals and businesses
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The Ghana Revenue Authority (GRA) is the agency mandated to assess and collect taxes in the country. The administration falls under the umbrella of the Ministry of Finance. Tax Residency An individual is tax resident in Ghana if that individual is: • Present in Ghana for an aggregate period of 183 days or more in any 12-month period that commences or ends during the year; • A citizen who is…

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Ghanaian retail benefitting from rising disposable income and expansion in e-commerce
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Ghana’s retail sector is navigating various challenges to reach its considerable potential. The ongoing war in Ukraine, volatile commodity prices, a fiscal deficit, rising unemployment and stubborn inflation are among the global and domestic macroeconomic headwinds constraining Ghana’s real GDP growth, limiting household income and spending to basic necessities. Compounding the picture was the…

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Ghana agriculture expanding due to innovative farming methods
OBG
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Agriculture is a major driver of economic growth in Ghana, as well as an important source of foreign exchange. In 2021 the amount of arable land was estimated at 20.7% of the country’s 238,500 sq km. That same year roughly 39.5% of Ghana’s workforce was employed in the agriculture sector, while the African Development Bank (AfDB) approximated in a February 2023 report that the sector employed roughly…

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Ghana mining advantages include increased gold production and regulatory updates
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Mining is a key strategic industry for Ghana, and in 2022 the country was Africa’s largest gold producer and the 11th largest globally, generating an estimated 3.7m oz. Indeed, gold regularly accounts for nearly half of gross merchandise exports. Ghana also has commercially exploited deposits of manganese, bauxite and diamonds, with these being joined by new lithium project developments. The industry…

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Ghana's sustainability targets drive renewable energy expansion
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The utilities sector is central to Ghana’s industrial and economic development, providing the necessary power to fuel day-to-day activities as well as future growth. The electricity segment delivers supply through a combination of hydropower, thermal and renewable power generation, with a view to meeting growing demand. In parallel, the water and sanitation segment focuses on providing access to…

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Ghana's energy production targets and exploration attract investment
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In light of the country’s demographic and economic growth, Ghana’s energy sector is set to expand in capacity and capability over the coming years. Following the discovery of commercial oil reserves in 2007, Ghana’s oil and gas sector has emerged as a significant player in West Africa’s energy landscape. The offshore Jubilee Field, which lies 60 km from the mouth of the Tano River, was the…

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Ghana's capital markets to benefit from new guidelines and listings
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As recent economic headwinds worldwide affected Ghana’s capital markets, with rising inflation and high borrowing costs resulting in lower levels of liquidity, the authorities have worked in recent years to increase the depth and breadth of the country’s capital markets. Indeed, the country’s capital markets feature a stock exchange, a dedicated exchange for small and medium-sized enterprises…

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Ghana expanding financial inclusion and technology adoption
OBG
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In 2020 discussion around the Ghanaian banking sector was upbeat, buoyed by promising macroeconomic conditions, with government bonds receiving increased attention from international investors. However, starting in 2022 the West African country has been navigating through a period of economic uncertainty marked by high inflation and sector contraction in real terms amid persisting global economic challenges.…

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Ghana's regulatory reforms seek to expand insurance penetration
OBG
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Ghana’s insurance industry has been transformed in recent years by regulatory reforms, led by the National Insurance Commission (NIC). The commission has prioritised modernising the sector, as well as enhancing its accessibility and reach. Supported by these efforts, the sector has expanded rapidly, with total gross written premium growing by 232% between 2018 and 2022. Along with the increase in…