GHANA Law and Practice Contributed by: Victoria Bright and Justice Oteng, Addison Bright Sloane
1. Trends 1.1 M&A Market
prominent, international interest remains strong, as evidenced by larger cross-border deals such as Zijin Mining’s acquisition of the Akyem Gold Mine. Although resource-related transactions continue to dominate the M&A landscape, emerging sectors such as technology and healthcare are attracting increasing interest. For example, Ghana’s leading mobile money operator, MobileMoney Ltd (MoMo), is restructuring and merging with its newly established Ghanaian fin - tech entity, MobileMoney Fintech Ltd, in 2026. This transaction is intended to comply with regulatory localisation requirements while positioning the busi - ness for future growth and value creation. In other sectors, including healthcare and banking, M&A activity has been relatively limited over the past year. Instead, these sectors have seen strategic pri - vate investments and growth funding. In the banking sector, for instance, certain institutions, such as First National Bank Ghana, received sizeable capital injec - tions from their parent companies, reducing the imme - diate need for consolidation through acquisitions. 1.3 Key Industries Over the past 12 months, mergers and acquisitions activity in Ghana has reflected a strategic and selec - tive market. Several industries have experienced meaningful consolidation, as outlined below. Technology (Fintech) The fintech and broader technology sector has been the most active and lucrative area for M&A activity over the past year. The most notable transaction is the ongoing merger between MobileMoney Ltd and Mobi - leMoney Fintech Ltd. Following the announcement of the merger, MoMo recorded approximately GHS300 billion (USD27.5 billion) in transactions on its platform, highlighting the scale and significance of the deal. Mining Significant consolidation has also occurred in the min - ing sector. Engineers & Planners (E&P), a prominent local mining and construction company, acquired a 100% shareholding in Azumah Resources Ghana Ltd. This acquisition granted E&P full control of the Black Volta and Sankofa gold project concessions. In addi - tion, China’s Zijin Mining Group acquired the Akyem
Over the past year, Ghana’s M&A activities have reflected a mix of selective but meaningful transac - tions, largely influenced by sector-specific dynamics, evolving investor interest, and broader economic con - ditions. Despite a slight decline in overall activity, several note - worthy M&A transactions were completed during the year. These deals reflect activity in the financial ser - vices, insurance, and natural resources sectors, which continue to attract both local and regional investors. Deal flow in the jurisdiction has been more strategic in nature, often involving sizeable cross-border transac - tions rather than a high volume of smaller deals. Overall, M&A volumes in Ghana remain modest com - pared to larger African markets. This can be attrib - uted in part to regulatory and approval delays in key sectors such as mining and banking. However, there is growing interest from private equity and regional investors in sectors such as fintech, renewable energy, and consumer markets. 1.2 Key Trends Over the past year, Ghana’s M&A market has demon - strated notable dynamism, reflecting improvements in the country’s macroeconomic fundamentals and the evolving strategic priorities of both domestic and international investors. A significant trend in Ghana has been the rise in stra - tegic domestic M&A activity. Domestic companies are increasingly using mergers and acquisitions as a growth strategy, rather than relying solely on organ - ic expansion. This shift has been driven largely by improving macroeconomic conditions, including cur - rency stabilisation and reduced inflationary pressures, which have supported milestone transactions across key industry sectors. The mining sector has been at the forefront of deal- making in Ghana. A major transaction during the period was the USD100 million acquisition of Azu - mah Resources Ghana Ltd by Engineers & Planners Company Ltd. While domestic transactions have been
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