2026 Legal and
Regulatory Outlook
Ghana entered 2026 in a materially stronger position than during the stress period of 2022–2023. The policy focus has correspondingly shifted from crisis containment to consolidation. The immediate priority is sustaining stability, rebuilding fiscal and financial buffers, and converting recent reforms into durable, broad-based growth.
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Against this backdrop, the outlook for 2026 is therefore broadly optimistic. Growth is expected to strengthen, supported by improving macro fundamentals, a more stable financial system, and gradual recovery in private sector activity. However, the economy remains exposed to fiscal pressures, external shocks, and execution risks around reform delivery. How effectively policy momentum is maintained will be critical. Each sector examined below faces distinct challenges from sustaining credit growth and managing liquidity to enhancing corporate governance, investor protection, and fiscal discipline, while being shaped by ongoing regulatory modernisation and regional integration initiatives. Our sector specific outlook for 2026 is as follows:
Economy
Economic growth is expected to improve further in 2026, driven by recovery in domestic demand, stabilising macroeconomic conditions, and stronger performance in key productive sectors. Lower inflation and interest rates should support household consumption and business confidence, while improved fiscal discipline reduces crowding-out effects on private investment.
The extractive sectors, particularly gold and oil, are likely to remain important contributors to output and export earnings, supported by relatively favourable global prices. Agriculture is expected to recover gradually, although climate risks and input costs remain key constraints. Services growth should strengthen, reflecting improved credit conditions and rising consumer activity.
That said, growth will remain uneven. Private sector credit is only expected to recover gradually, and capital formation may remain constrained by legacy balance sheet issues and cautious lending by banks. As a result, while 2026 marks a transition toward a more normalised growth environment, output expansion is likely to be steady rather than rapid.
With the IMF Programme scheduled to conclude in 2026, Ghana faces a crucial transition from externally conditioned stabilisation to fully autonomous macroeconomic management. Key risks include renewed inflationary pressures from global commodity volatility, potential external financing gaps, and the challenge of sustaining private sector credit growth. 2026 will test whether the macroeconomic gains achieved under the IMF Programme can be deepened.
Ghana’s securities markets are expected to build on the reform momentum initiated in 2024, with the anticipated overhaul of the Securities Industry Act, 2016 (Act 929) remaining the central structural reform. Stakeholder engagement on the draft bill throughout 2025 suggests that Parliament will consider the bill for passage new in 2026 though the timeline for this remains uncertain. The new law is expected to tighten licensing thresholds, enhance supervisory oversight and impose clearer operational and reporting obligations on private fund operators. Market participants should therefore expect a more formalised and compliance-driven regime for private equity, venture capital and collective investment structures.
Operationally, market infrastructure improvements at the GSE and CSD are likely to enhance trading efficiency, clearing and settlement processes, contributing to incremental liquidity gains, particularly in fixed‑income segments. The GSE has issued new listing rules for the equities market effective 2 February 2026. The revised rules apply to all applications, submissions, regulatory filings, and continuing disclosure obligations for both new applicants and existing listed companies. The updated framework establishes revised capital requirements and enhanced governance standards designed to attract additional listings while strengthening investor protection as market activity deepens.
The equity markets are likely to remain on a positive path, supported by macro stabilisation and a gradual rotation from short-term government instruments as inflation and interest rates continue to ease. Primary market activity should continue to recover, including IPOs and rights issues. That said, depth remains dependent on the pipeline of new listings and sustained investor confidence.
GFIM should continue to record high volumes, but the structure is unlikely to change quickly. Government securities will remain the dominant liquidity anchor. Corporate debt will likely expand gradually. We expect more short-dated notes and commercial paper rather than a rapid deepening of longer-tenor corporate bonds, given conservative pricing, limited issuer ratings and persistent investor preference for sovereign instruments.
We expect activity in the commercial paper market and other newer market segments to increase as issuers and intermediaries execute transactions deferred during the restructuring period. For strong credits, these instruments will remain an efficient working-capital option and a credible complement to bank financing.
Securities & Capital Markets
Building on the 2024 and 2025 rollout of the crowdfunding guidelines, 2026 should see more licensed crowdfunding intermediaries and platforms mobilising capital for MSMEs, creating alternative channels for equity and debt funding beyond traditional banking. Enhanced clarity on regulatory responsibilities between the SEC and Bank of Ghana will further reduce uncertainty in this space.
Alternative investments are likely to be the faster-growing segment of the capital markets in 2026, driven by institutional capital and demand for diversification. Continued reforms for private equity and venture capital should support a more credible funds market.If policy reforms to vehicles such as the Venture Capital Trust Fund Ghana are implemented, this could unlock additional ‘patient capital’ for priority sectors.
We expect gradual development of the non-interest banking and finance (NIBF) ecosystem, including Shariah-compliant investment products, deposit instruments, and asset-based financing structures. As regulatory clarity improves and market familiarity deepens, NIBF is likely to move from a niche offering to a complementary segment within Ghana’s broader financial system, with implications for capital mobilisation, ethical finance, and long-term funding options.
Investments
We expect foreign direct investment prospects in Ghana to improve as key legal and regulatory reforms move closer to completion. The Ghana Investment Promotion Authority (GIPA) Bill is currently before Parliament to repeal and replace the current Ghana Investment Promotion Centre (GIPC) Act, 2013 (Act 865) and we expect its passage by quarter 2 of 2026. One of the most significant anticipated changes under the new GIPA framework is the removal of minimum capital requirements for foreign investors, which some have argued have historically acted as a deterrent to investment in sectors outside trading. The GIPA Bill indicates that the existing thresholds will be scrapped, allowing foreign businesses to enter the market with lower upfront capital levels, subject to limited exceptions for certain trading activities. This change is intended to make Ghana more competitive relative to regional peers and attractive especially to small and medium-sized foreign investors.
Foreign Direct Investments
Banking and Finance​
The banking sector is expected to consolidate the gains from 2025, operating from a position of improved capital strength, stronger liquidity buffers and restored supervisory credibility.
With the Bank of Ghana’s policy rate cuts feeding through to lending rates, credit to the private sector is anticipated to expand. This should support a measured recovery in private-sector credit and transactional activity.
A key structural development for 2026 will be the rollout of non-interest banking. The Bank of Ghana has issued guidelines (in January 2026) and is readying the regime for operationalisation, which will allow conventional banks to offer non-interest windows alongside fully licensed non-interest banks. This is likely to diversify financial products, expand inclusion for underserved segments, and introduce asset-based financing models that complement conventional credit.
A central focus for 2026 in terms of prudential regulation will be asset quality and NPLs. Compliance with the target set by the Bank of Ghana (as discussed above in our 2025 overview) will shape strategic decisions on write‑offs, provisioning and balance sheet restructuring, with implications for capital adequacy and dividend policies. The Bank of Ghana is also set to implement new prudential and regulatory directives in 2026, focusing on stress-testing, recovery planning, and risk management to further strengthen sector resilience. This will be crucial in fostering a more resilient and adaptive ecosystem that accommodates emerging trends while ensuring consumer protection and financial stability.
For microfinance institutions, we expect the National Microfinance Policy to be finalised to strengthen regulation and expand financial inclusion. We also expect regulatory clarity on digital lending products that can be offered by such institutions.
Looking ahead, 2026 is likely to be a year of measured growth rather than rapid expansion for Ghana’s financial sector. Profitability is expected to remain healthy, but credit growth will hinge on improved risk appetite and private sector demand. Implementation of stronger supervisory standards and non-interest banking frameworks will shape competitive dynamics, while progress in reducing NPLs will be a key indicator of balance sheet repair. The evolving regulatory environment, combined with macro stability, should support a more resilient banking sector, albeit one still navigating legacy challenges and structural constraints.
We expect Ghana’s payments and fintech space to build on the rapid digital finance growth of 2025, with mobile money remaining a dominant force in everyday transactions and broader financial inclusion.
Mobile money and digital payment platforms will likely remain the backbone of everyday financial activity in 2026, facilitating a high volume of low-value transactions and contributing to financial inclusion. Expectations are that improved interoperability and authentication, and tighter fraud controls will help mature payment infrastructure and build trust among users and institutional participants. These incremental enhancements should support efficiency and security without undermining the convenience that has driven widespread mobile money adoption.
With regard to alternative investments, the VASP Act is poised to materially shape the landscape by bringing digital asset activities, such as the tokenisation of real-world assets and the operation of virtual asset exchanges, within the formal securities and financial regulatory perimeter of the SEC. We expect that the implementation of the VASP Act will foster greater institutional participation in tokenised securities, broaden the spectrum of investible digital assets, and integrate previously informal markets into regulated channels, expanding alternative investment offerings in Ghana’s financial markets. We also expect that digital assets will be relevant in the crowdfunding framework developed by the SEC in 2024.
Payments, Fintech & Crypto
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Insurance​
A central policy initiative in 2026 will be the development and implementation of a 10-year Insurance Master Plan, announced in the 2026 Budget. The plan, being developed by the Ministry of Finance with industry participation, aims to transform insurance into a more robust financial sector pillar by enhancing resilience against systemic shocks, expanding market reach, and supporting inclusive growth.
Tax​
Implementation of the VAT Act has already commenced. Implementation of the VAT Act will be paired with broader indirect tax reforms that seek to strengthen compliance and administrative clarity. The Ghana Revenue Authority (GRA) has urged taxpayers to prepare for increased enforcement and tighter registration rules, while penalties for non-registration and evasion have been made stricter under the new law.
We expect an overhaul of the Income Tax Act, 2015 (Act 896) to modernise the income tax regime, improve coherence, and align with evolving international standards. This should reduce ambiguities and enhance investment predictability. The customs regime will also likely be modernised with stronger enforcement against smuggling and undervaluation.
We expect a full rollout of the Integrated Tax Administration System (ITAS) by the GRA. The ITAS is a comprehensive digital platform being implemented to modernise and automate Ghana's entire tax administration system. The new system is scheduled to go live by March 2026 and will automate tax administration at a higher level, ensuring processes for complying with tax administration are made easier, more convenient and support the agenda of businesses.
Concluding Reflections
2026 represents a pivotal year for Ghana as it seeks to sustain economic consolidation and reform implementation. While the economic and regulatory outlook is positive, underpinned by improvements across multiple sectors, challenges remain in terms of sustaining credit growth, managing fiscal and external vulnerabilities, and ensuring the effective delivery of reforms.
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Economic growth in 2026 is expected to be underpinned by macroeconomic stabilisation, recovery in private sector activity, and ongoing reforms in fiscal and monetary policy. The extractive industries, agriculture, and services sectors are anticipated to contribute positively, though growth will likely be steady rather than rapid due to lingering balance sheet challenges in the private sector. The conclusion of the IMF Programme presents a critical juncture for Ghana, testing the sustainability of recent gains in a more autonomous policy environment.
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Reforms in the securities and capital markets are expected to create a more robust and compliance-driven and innovative financial ecosystem, with legislative changes set to enhance supervisory oversight and operational standards. The banking sector is positioned for measured growth, benefiting from improved capital levels and liquidity, as well as the introduction of non-interest banking products. Payments, fintech, and digital asset sectors are projected to continue expanding, driven by mobile money and regulatory advancements in virtual asset activities. Insurance and tax reforms are also prominent, with a decade-long Insurance Master Plan and significant modernisation of the customs and income tax regimes, including the rollout of a comprehensive digital tax administration system.
