Today's Ghana Business, Banking and Economic news

The Bank of Ghana (BoG) has ruled out the restoration of the banking licence of GN Bank, which was downgraded to GN Savings and Loans Company Limited before its licence was revoked.

The government of Ghana is considering suspending the closed season for artisanal fishers in 2026 to ease the socio-economic pressures on coastal communities.

Vice President Professor Jane Naana Opoku-Agyemang has called on African countries to take decisive steps to move from dependency to integration to unlock shared prosperity for the continent.

Vice President Professor Naana Jane Opoku-Agyemang has reiterated the urgent need for African countries to remove trade barriers and integrate their economies to enhance intra-African trade.

Ghana is set to establish its first-ever fire assay laboratory by the end of 2026, the Minister of Finance, Dr Cassiel Ato Baah Forson, has announced.

Delta will add 31 additional next-generation Airbus widebody aircraft to its fleet, an investment that will fuel international growth and accelerate fleet renewal in the years to come.

The Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., have toured the Gold Coast Refinery to inspect the first batch of gold refined locally under Ghana’s new domestic gold refining regime.

The inspection follows the commencement of refining operations under a landmark agreement signed last month between GoldBod and Gold Coast Refinery, which mandates the refinery to process all gold purchased by GoldBod from the Artisanal and Small-Scale Mining (ASM) sector.

The agreement provides for the supply of one tonne of gold weekly for refining, with operations officially beginning this February.

During the tour, the Executive Chairman of Gold Coast Refinery, Dr. Said Deraz, led the Minister and the GoldBod CEO through the entire refining process, explaining how raw ASM gold supplied by GoldBod is transformed into internationally compliant bullion bars.

He disclosed that Gold Coast Refinery is working in technical partnership with Rand Refinery, the only LBMA-accredited refinery in Africa to ensure that Ghana’s gold is refined locally to global standards.

Dr. Deraz demonstrated the various stages of production, including the crushing of raw gold into a mud-like state, heating and purification processes that produce granular gold, and the final refining stage using a flameless tunnel furnace and other specialized systems to mould the material into gold bars.

The delegation which included the Deputy CEO of the Ghana Gold Board, Richard Nunekpeku, Esq. as well as some Board members of the Ghana Gold Board also inspected the assay laboratory, XRF and ICP-OES laboratories, melting room, gold dryer, incinerator, bar section and the refinery’s vaults.

At the bar production section, Dr. Forson personally examined finished gold bars stamped with the insignia of the Ghana Gold Board, the Bank of Ghana, Gold Coast Refinery and the Ghana Standards Authority.

He was also taken to the vaults, where he was shown the quantity of gold refined so far.

According to Dr. Deraz, Gold Coast Refinery has the capacity to refine up to two tonnes of gold per week, although the current agreement with GoldBod provides for the processing of one tonne weekly.

“These gold bars you see here belong to the Ghana Gold Board. We are only service providers,” he stated.

Speaking to the media after the inspection, Dr. Forson described the commencement of local refining as a major milestone in Ghana’s economic transformation agenda and a fulfilment of President John Dramani Mahama’s long-standing vision for the country to refine its own gold.

He recalled that the Gold Coast Refinery was commissioned in 2016 by President Mahama but remained underutilised in subsequent years.

He explained that government support for GoldBod’s partnership with Gold Coast Refinery is intended to ensure that Ghana derives maximum value from its gold resources, particularly from the ASM sector.

The Finance Minister commended GoldBod’s performance since it began full operations in May 2025, noting the positive impact of its activities on the sector.

Dr. Forson announced that the refining operations have already resulted in the employment of about 162 additional Ghanaians and enabled the refinery to operate on a 24-hour basis in line with government 24-hour economy policy.

He expressed satisfaction that, for the first time in Ghana’s history, gold bars refined locally now bear the emblem of Ghanaian state institutions.

He further tasked Gold Coast Refinery to work towards attaining LBMA certification in the near future and encouraged GoldBod to take steps to establish a national assay laboratory by the end of the year, assuring them of his support.

The Finance Minister disclosed that 300 kilograms of gold were supplied to the refinery a day earlier and immediately fed into the refining process, with the remaining to be supplied in subsequent days by the Ghana Gold Board, describing the inspection as confirmation that Ghana has entered a new era of local gold refining.

He also inspected bullion vans belonging to Gold Coast Refinery, commending the company for investing in the infrastructure required to position Ghana as a leading gold refining hub in Africa.

He also inspected bullion vans belonging to Gold Coast Refinery, commending the company for investing in the infrastructure required to position Ghana as a leading gold refining hub in Africa.

Wild fluctuations in the price of gold continued on Wednesday as geopolitical tensions reignited after the US downed an Iranian drone.

Ghana’s consumer inflation slowed for the 13th consecutive month to 3.8% year-on-year in January from 5.4% in December, signalling growing price stability in the economy.

Ghana recorded a significant decline in its petroleum receipts for the second half of 2025, with total revenue dropping by approximately $117.38 million compared to the same period in 2024.

Walmart has become the first traditional retailer to hit a $1tn (730bn) market valuation, propelling it into a small group dominated by tech firms.

Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), said the sector regulator will soon grant licences to financial institutions to start non-interest banking (Islamic banking) operations in the country.

Ghana has secured a US$12.83 million grant from the African Development Bank (AfDB) to finance feasibility studies for major infrastructure and industrial projects under the government’s Big Push programme.

The Bank of Ghana (BoG) has directed new Microfinance Banks (MFBs) to hold a minimum capital of GH¢100 million to operate in the sector.

The Ghana Gold Board (GoldBod) has announced the deployment of inspection teams across the country beginning Monday, February 2, 2026, to ensure strict compliance with licensing requirements in the jewellery manufacturing, gold fabrication and gold refining sectors.