Business News | Ghana and Beyond, September 30, 2026

🚩 S&P Global Forecasts a Wider Fiscal Deficit for Ghana

Ratings agency S&P Global is forecasting that Ghana's fiscal deficit will widen to 3.9% a year through 2029. "Our previous forecast was 2.7% a year. We revised our forecast because of revenue shortfalls in 2026 linked to the temporary removal of the fuel levy, the clearance of legacy arrears to suppliers and contractors, and higher capital spending," it disclosed in its country ratings report on Ghana.

Ghana's budget for 2026 aims to raise capital spending by 150%. But S&P said government spending has been heavily curtailed since the end of 2024, particularly for capital projects.

🚩 Finance Minister Says Cost of Borrowing Has Fallen by More Than Half

Finance Minister Dr Cassiel Ato Forson says the government has reduced the cost of borrowing by more than half since President John Dramani Mahama took office. According to him, the cost of capital, which previously averaged about 30%, has fallen to between 9% and 13%.

He made the disclosure during a meeting with the Food and Beverages Association of Ghana. "Since President Mahama took office, we have deliberately brought down the cost of capital. Today, businesses can borrow at between 9% and 13%," Dr Forson said.

He stressed, however, that the government's ultimate goal is to bring borrowing costs down to single digits so businesses can access affordable financing, expand and create jobs. The Finance Minister also expressed concern about the limited availability of credit to the private sector.

🚩 Mahama Renews Pledge to End Raw Mineral Ore Exports by 2030

President John Mahama has renewed Ghana's pledge to stop exporting raw mineral ore by 2030. He told mining companies to begin processing locally as new rules requiring more of the country's gold to be refined at home take hold.

"I have said that by 2030 we're not going to export any raw ores, mineral ores, out of Ghana," Mahama told an audience at the Council on Foreign Relations in New York on Friday. "So those who are mining today must be mindful that they begin to put in at least primary and secondary processing of the ores," he said.

Besides gold, Ghana mines bauxite, manganese and diamonds, and is preparing to become a lithium producer.

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Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline, Ghana News Agency, Norvan Reports.

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