Business
Bank of Ghana’s Gold Sales Defended as Prices Plunge from $5,500 to $4,680 per Ounce
Accra, Ghana — Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has strongly defended the Bank of Ghana’s decision to sell portions of the country’s gold reserves.
The outspoken CEO is arguing that the move to sell portions of the gold reserves has shielded the national treasury from a sharp price correction that has erased more than $800 per ounce in recent weeks.

In a detailed Facebook post published on March 19, 2026, Gyamfi highlighted that gold prices have fallen from a record peak of approximately $5,500 per ounce to around $4,680 per ounce in a matter of weeks. He described the decline as evidence of the metal’s volatility and argued that Ghana — a middle-income economy with gross international reserves covering only about 5.7 months of imports — cannot afford to over-concentrate its reserve portfolio in a single asset class.
“Gold is a proven safe-haven asset. However, it is subject to significant price volatilities that pose considerable risk to reserve preservation,” Gyamfi wrote. “This is why a middle-income country like Ghana… ought not to over-concentrate its reserves in gold holdings but rather diversify same across different asset classes.”
According to the GoldBod CEO, the Bank of Ghana converted approximately 22 tonnes of physical gold into U.S. dollars, added the proceeds to the country’s foreign-exchange reserves, and invested the funds to generate returns.
He emphasized that the transaction did not result in any loss of national assets and has “significantly minimized the impact of the recent collapse in gold prices on Ghana’s reserve position.”
Gyamfi praised Bank of Ghana Governor Dr. Johnson Asiama and the central bank team for what he called a “SAFE and sensible decision” guided by the core principles of reserve management: safety, liquidity, and return.
The public defence comes amid growing domestic debate over the timing and scale of gold sales at a moment when international bullion prices have retreated sharply from historic highs. Critics have questioned whether the sales were premature, while supporters — including Gyamfi — argue they reflect prudent risk management in a volatile commodity market.
Gold remains one of Ghana’s principal foreign-exchange earners and a key component of the central bank’s reserve diversification strategy.
The Bank of Ghana has not yet issued an official comment on the recent price movement or the specific volume and timing of sales referenced by Gyamfi.
Business
Top 20 Profitable Business Ideas in Ghana for 2026 – High-Growth Opportunities for Entrepreneurs
Ghana’s economy continues to show resilience and diversification, creating fertile ground for both local and foreign entrepreneurs.
With a growing middle class, rapid urbanization, increasing digital adoption, and government support for SMEs and export-oriented ventures, several sectors are delivering strong returns in 2026.
Business advisory firm HE Consulting has released an updated ranking of the 20 most profitable and realistic business ideas currently viable in Ghana, based on market demand, startup capital requirements, scalability, and current economic trends.
The list reflects opportunities across agriculture, technology, services, retail, and renewable energy.
Top 10 Highlights from the 2026 Ranking
- Poultry Farming (Broilers & Layers)
Still the most consistent high-margin agribusiness due to steady demand for eggs and chicken. Modern semi-automated setups with 5,000–10,000 birds can generate strong monthly profits. - Commercial Maize & Rice Farming + Aggregation
Rising food prices and government import-substitution policies make large-scale grain farming + off-taker contracts one of the safest bets for serious capital. - E-commerce & Last-Mile Logistics
Online retail continues to explode. Businesses offering same-day delivery in Accra, Kumasi, and Takoradi or niche vertical marketplaces are seeing 100–300% YoY growth. - Solar Energy Solutions (Off-grid & Mini-grids)
High electricity tariffs and frequent outages drive demand for solar home systems, commercial rooftop installations, and mini-grid projects in rural areas. - Mobile Money & Fintech Services
Agent banking, digital lending, insurance micro-products, and cross-border remittances remain among the fastest-growing sub-sectors. - Real-Estate Development & Property Management
Demand for affordable housing, student accommodation, and mid-range gated communities in peri-urban areas continues to outstrip supply. - Cold Chain & Agro-Processing
Mango, pineapple, cashew, shea butter, and tomato processing plants with export certification can access premium international markets. - Private Security Services
Corporate, residential, and event security demand remains extremely high due to urban growth and limited public policing capacity. - Pharmacy & Healthcare Retail Chains
Rapid expansion of mini-clinics, diagnostic labs, and branded pharmacy outlets in secondary cities. - Waste Management & Recycling
Plastic collection, e-waste processing, and organic composting businesses benefit from both ESG investor interest and new local government contracts.
Additional Strong Performers (11–20)
- Borehole drilling & water supply services
- Event planning & outdoor catering
- Fashion retail & second-hand clothing export
- Ride-hailing & car rental fleets
- Digital marketing & social media management agencies
- Beauty & cosmetics manufacturing/distribution
- Fitness centres & gym chains
- Courier & intra-city delivery services
- Daycare & early childhood education centres
- Commercial cleaning services for offices & estates
Key Takeaways for Investors & Entrepreneurs
- Low-to-medium capital ideas (₵50,000–₵300,000) still dominate the top ranks: poultry, retail pharmacy, event planning, cleaning services, and digital agencies.
- High-capital plays (₵1–10 million+) — solar mini-grids, agro-processing plants, real estate, and large-scale grain farming — offer the largest long-term upside but require strong partnerships and regulatory navigation.
- Export-oriented agriculture and value-added processing continue to benefit from AfCFTA access and Ghanaians in the diaspora.
- Digital-first businesses (e-commerce, fintech, digital marketing) enjoy the fastest customer acquisition and lowest physical overhead.
HE Consulting advises new entrants to conduct thorough market validation, secure reliable off-takers or distribution channels early, and prioritize compliance with Ghana Investment Promotion Centre (GIPC) and sector-specific regulations.
The full “Top 20 Profitable Business Ideas in Ghana – 2026 Edition” report is available on the HE Consulting website.
Business
Ghanaian Pension Funds Commit $11m to Atlantic Lithium’s Ewoyaa Project
Accra, Ghana – A consortium of Ghanaian pension funds, managed by IC Asset Managers (Ghana) Ltd, has committed up to $11 million to Atlantic Lithium, marking a landmark step toward greater local ownership in what is poised to become Ghana’s first commercial lithium mine.
The investment forms part of a larger $16.4 million funding package secured by the company to advance the Ewoyaa Lithium Project in the Central Region toward construction and production.
The Ghanaian funds will acquire shares immediately valued at approximately $5 million, with an additional $6 million potentially available through milestone-linked warrants tied to key project achievements.
These milestones include parliamentary ratification of the mining lease, a final investment decision, and the start of construction. The structure aligns investor returns with project progress and reduces risk exposure.
Atlantic Lithium CEO Keith Muller described the deal as a strong vote of confidence in both the project and Ghana’s critical-minerals future.
“We are delighted to welcome a number of Ghanaian pension funds to the Company’s share register,” a Joy News report quotes him. “The interest of the Ghanaian investors in Atlantic Lithium reflects a broader desire in Ghana to see the country deliver upon its critical mineral promises and diversify its revenue stream beyond its existing portfolio, which is centred on gold.”
Obed Tawiah Odenteh, Chief Investment Officer of IC Asset Managers, highlighted the strategic importance of the move.
“Historically, mining has not featured prominently in our portfolios. However, the global transition toward green energy, coupled with Ghana’s discovery of lithium, presents a unique opportunity to participate in a strategic asset that could have a lasting impact on the country’s industrial future,” he stated.
The remaining $5.4 million of the package will come from a separate share placement with Long State Investments Ltd.
Ewoyaa is one of the most advanced hard-rock lithium projects in West Africa and is seen as central to Ghana’s ambition to enter the global battery-minerals supply chain. Domestic participation is viewed as a way to retain more economic value in-country, create skilled jobs, drive technology transfer, and support downstream industrial growth.
The investment is expected to be executed partly through the Ghana Stock Exchange, enabling broader Ghanaian retail and institutional participation in the project.
Business
Breaking 100 Years of Foreign Rule: Ghanaian Firm Poised to Take Reins of Major Gold Mine
Accra, Ghana – For the first time in more than a century, a wholly Ghanaian-owned company stands on the verge of assuming full operational control of a major large-scale gold mine, potentially marking the most significant shift toward domestic ownership in the country’s modern mining history.
Engineers and Planners (E&P) Company Limited, a leading indigenous mining services firm, is actively positioning itself to acquire and operate the Damang Mine in the Western Region — an asset that has produced over four million ounces of gold during its lifetime under South African multinational Gold Fields Limited.
Gold Fields’ 30-year mining lease for Damang expired in 2025. The government granted a one-year extension to ensure continuity while transition arrangements were finalized. The company has since confirmed it will formally hand over the mine to the state on April 18, 2026.
Documents reviewed by industry sources reveal that E&P’s pursuit of Damang began years earlier, rooted in its long-standing role as a major mining contractor at the site. Having operated extensively within the complex, E&P developed deep familiarity with the mine’s geology, equipment, workforce and operational systems — giving it a unique technical edge over potential external bidders.
Key milestones in the timeline include:
- September 2023: Gold Fields issued a Notice of Demobilisation to E&P, signaling the wind-down of active pit mining by December 2023 and a shift to processing stockpiles until lease expiry.
- September 25, 2023: E&P formally wrote to Gold Fields requesting the opportunity to purchase the Damang Mine — a bold move to transition from contractor to owner-operator.
- March 12, 2024: The Ministry of Lands and Natural Resources issued a “no objection” letter allowing E&P and Gold Fields to negotiate, subject to eventual government approval.
- December 8, 2025: Minister Emmanuel Armah-Kofi Buah confirmed government awareness of the proposed acquisition and agreed to include E&P in the mine’s transition team.
- January 26, 2026: E&P reiterated its call for final negotiations, noting no response had yet been received from Gold Fields despite earlier discussions.
Industry observers describe the development as potentially historic. Since large-scale commercial gold mining began in Ghana over 100 years ago, major producing assets have remained overwhelmingly under foreign control. If E&P succeeds, it would become the first indigenous firm in the modern era to take full operational charge of a Tier-1 gold mine.
Analysts say the transition could serve as a powerful precedent, encouraging other Ghanaian entrepreneurs and companies to move beyond support services into full mine ownership. It would also signal growing confidence in local technical and managerial capacity within one of Africa’s most important gold-producing nations.
However, the process remains subject to final government approval and completion of commercial negotiations. With the April 18, 2026 handover date approaching, stakeholders are watching closely to see whether Ghana can translate decades of mining experience into genuine domestic ownership of a flagship asset.
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