Joy Business Report @1: Recent Episodes
Multimedia Ghana
The Chartered Institute of Marketing Ghana is pushing for peaceful December general elections to help businesses recover.
Ghana's energy distribution sector has once again taken centre stage as political parties outline reform plans ahead of the 2024 elections.
The anticipated US$360 million disbursement from the International Monetary Fund in the coming days is expected to provide a much-needed cushion to Ghana’s reserves and further augment the supply-side interventions of the Ghana cedi.
The IMF staff report on Ghana's third program review has been scheduled as the first item for the IMF Board to consider today.
Ghana’s total debt stock reduces marginally to hit GH₵ 761 billion ending October this year.
Finance lecturer, Dr. Alex Annan Abakah criticizes the Bank Of Ghana for relying on high policy rate to tame inflation.
The Ghana Mineworkers’ Union of Trade Union Congress (TUC) of Ghana has called on President Nana Akufo-Addo to ensure the reviewed Labour Act is passed into law before he leaves office on January 7, 2025.
The Institute of Energy Security cautions that the next government, which takes office on January 7th, will face severe challenges in the power sector that could lead to power rationing.
The Forestry Commission has launched an aggressive campaign to urge mining companies to reclaim land they have used and engage indigenous communities affected by mining activities.
Passenger train services on Tema-Mpakadan railway line to begin next week as President Akufo-Addo commissions the newly acquired coaches.
Economist, Professor Peter Quartey is optimistic that Ghana is on track to achieving debt sustainability in line with the International Monetary Fund's program.
President Akufo-Addo expressed confidence that the new facility would support the BoG’s efforts in achieving sustainable growth for the country’s financial sector, providing a solid foundation for long-term economic stability.
More oil marketing firms are reducing prices of petroleum products at the pumps. This is in line with developments on the international markets and industry regulations,
Despite restructuring most of its debt, Ghana is expected to face significant liquidity pressures going into next year and 2026.
Ghana is ranked 6th in Africa as the most attractive investment country in Africa in 2024, Rand Merchant Bank (RMB) ‘Where to Invest in Africa 2024’ report has revealed.
A former CEO of Stanbic Bank, Alhassan Andani, expressed sharp criticism of the tax administration, describing the Ghana Revenue Authority (GRA) as operating like a “terrorist organization” in its dealings with businesses.
Economist Prof. Lord Mensah is casting doubts on governments ability to sustain recent decline in cost of food prices.
Cocoa farmers in the world's No.2 producer Ghana are hoarding beans in anticipation of higher prices, industry sources told Reuters, potentially squeezing supplies to a global cocoa market looking to recover from last season's disastrous harvests.
The CEO of the Ghana Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has stressed the importance of financing the private sector to stimulate economic growth, especially in an environment where borrowing from the government has dominated the financial space.
The Africa Centre for Energy Policy (ACEP) has explained that its positions on Springfield Afina drilling appraisal are not intended to harm Springfield but highlight issues of national interest, which have been undermined by recent governance failures.
The International Monetary Fund (IMF) has revised Ghana's growth rate for 2024 to 4% from 3%.
Ghana’s monetary policy rate of 27.0% is the highest in Africa, the World Bank has revealed.
As an expert in the financial industry, I have received numerous inquiries regarding the Ghana Gold Coin (GGC), reflecting a growing interest among Ghanaians in this innovative investment opportunity.
Bank of Africa and Absa bank offered the lowest interest rates for household seeking credit from commercial banks by the end of September 2024.
Global ratings agencies, Fitch and Moody’s have sparked confidence in Ghana’s Long-Term Local-Currency (LTLC), raising the country’s credit ratings from the previous ones. While Fitch upgraded the country’s Long-Term Local-Currency Issuer Default Rating (IDR) from ‘CCC’ to ‘CCC+’, Moody’s raised the ratings from the previous levels of ‘Caa3’ and ‘Ca to ‘Caa2.’
The National Petroleum Authority (NPA) has stated that there is enough Liquefied Petroleum Gas (LPG) in the country. According to the authority, it does not anticipate any shortage, hence no need for fear and panic.
President Akufo-Addo has described Ghana’s recent deal with Eurobond debt holders as a sign of investor confidence in the economy.
Some Oil marking companies have started increasing the prices of their products. Star Oil and Total Energies take the lead.
The year-on-year inflation for September 2024 has increased to 21.5 per cent from 20.4 recorded in August 2024.The Ghana Statistical Service has attributed the increase to a rise in food inflation.
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has cut the rate at which it lends to commercial banks to 27 percent from 29 percent. The Chairman of the committee and Governor of the BoG, Dr. Ernest Addison noted that the action was influenced by favourable economic outlook.
Some managers of LPG Gas stations say they are running out of stock after a shortage hit parts of Accra
Government has been urged to prioritize non-traditional exports to boost revenue, following a report from the Ghana Statistical Service indicating a 26.9% decline in the export value of cocoa beans.
The country continued to export more than what it imports since last year, according to the Second Quarter Trade Statistics released by the Ghana Statistical Service. However, the report showed the value recorded from April 2024 to June 2024 declined marginally to GH¢5.4 billion. This also marks a substantial reversal in terms of what the country recorded in the first half of 2023.
Port activities are expected to come to a standstill as freight forwarders intend to protest against shipping lines, citing unfair treatment.
According to the Governor of the Bank of Ghana Ernest Addison,the Bank of Ghana is working on regulatory and guidance measures for the banking sector.
The Ministry of Finance has stated that the latest Gross Domestic Product (GDP) figures released by Ghana Statistical Service (GSS) show that the Ghanaian economy is fast recovering amid global challenges and debt restructuring. According to the ministry, the economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).
Ghana’s economy grew by 6.9 percent in the second quarter of 2024, provisional figures released by the Ghana Statistical Service (GSS) has revealed. Compared to the first quarter of 2024, the economy grew at 4.7 percent. The Services sector continues to be the largest contributor to the growth in the second quarter of 2024 with 44.2 percent. This is followed by the industry sector with a contribution of 32.2 percent and the Agriculture sector with 23.6 percent.
Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps from today, September 16, 2024.Star Oil Ghana is selling a litre of petrol at GH₵12.55, indicating a one cedi drop. This represents a 7.9 percent decline. The company is also selling a litre of diesel at GH₵13.27. This represents a 4.18 percent drop, indicating a 58 pesewas reduction from the previous price.
Ghana to export large quantities of refined bitumen according to President Akuffo Addo by the end of the year
The year-on-year inflation for the month of August has slowed marginally to 20.4% from 20.9% recorded in July. According to the Ghana Statistical Service, the marginal slowdown in the rate of inflation from August last year compared to August 2024 was influenced by a reduction in food inflation.
Banking consultant Richmond Atuahene describes the decision by some commercial bank to introduce charges on accounts with foreign currencies as strategic.
The Institute of Energy Security advises the government to resolve the debt issues involving the VRA, VALCO, and ECG before making any changes in the power sector.
The National Petroleum Authority to go after oil marketing companies in debt rounding up to 2 billion Ghana Cedis.
The Ghana Mine Workers Union has served notice it will on Monday September 16, 2024 picket the Jubilee House to present a petition to President Akufo-Addo on the happenings at Future Global Resources (FGR) Bogoso-Prestea Mine.
The second biggest Oil Marketing Firm, based on half year industry data, Star Oil has also reduced prices of its petroleum products. The company reduced the price of petrol per litre by some 0.73 percentage points, going for GH₵13.65. This represents 10 pesewas reduction from the previous price Star Oil was selling on the market.Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02.
Tax experts are urging a review of the tax policies included in the manifestos of the NPP and NDC to determine their feasibility.
The Ghana Union of Traders Association (GUTA) has expressed strong opposition to the newly enacted Ghana Shippers Authority (GSA) Law.They argue that the government failed to engage with stakeholders before the legislation was passed by Parliament.Under the newly proposed GSA Law of 2024, importers and shipping service providers are required to register with the Ghana Shippers Authority and submit shipment notices.
The LPG Marketers Association (LPGMC), Ghana LPG Operators Association (GLIPGOA), and Gas Tanker Drivers Association (GTDA) have warned that the National Petroleum Authority’s (NPA) handling of the Cylinder Recirculation Model (CRM) could lead to the unemployment of over 10,000 workers in the LPG sector.
The government reaffirms its commitment to engaging the private sector in the cylinder recirculation module while addressing industry concerns.
Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products in line with expected adjustments at the pumps.Star Oil has taken the lead, selling a litre of petrol for ₵13.65 from its old price of ₵13.93.
General Agricultural Workers union raise alarm that climate change is eroding gains made in the agricultural sector.
Professor Godfred Bokpin expresses worry that Ghana's IMF programme may extend beyond 2026.
Director of ISSER at the University of Ghana, Prof Peter Quartey says the country official completion of debt restructuring official creditors will restore some certainty in the financial market.
The Registrar of Companies has extended the deadline for the filing of annual returns and renewal of business names and partnerships to September 30, 2024. A statement issued by the Registrar explained that the decision to extend the deadline was made because several businesses and partnerships had not renewed their operations.
Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps. Shell has taken the lead, selling at litre of petrol at ₵15.10 and diesel for ₵15.25. Previously, Shell was selling a litre of petrol at ₵14.80, and diesel was going for ₵14.92. By this, petrol price has seen a 2 percent increase, while diesel recorded a 2.2 percent increase in price.
Parliament agrees on 23 July to have the 2024 mid-year budget review by the finance minister.
The Bank of Ghana has reminded banks, Specialised Deposit-Taking Institutions and the public that persons who have been directly implicated in the 2017-2019 Financial Sector clean-up, and all previous directors of failed banks and Specialized Deposit-Taking institutions since the enactment of Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) do not qualify to hold key positions under the fit and proper person criteria.
The African Development Bank Group is urging reforms in the financial architecture for developing countries. It characterizes Ghana’s comprehensive restructuring efforts as challenging and slow.
The Monetary Policy Committee of the Bank of Ghana (BoG) has kept the policy rate at 29%. Addressing the media, Governor of the BoG, Dr. Ernest Addison noted that the Committee took the decision to help keep inflation stable.
IMF reveals governments economic reforms are bearing fruit and showing signs of economic recovery.
Cement manufactures have indicated that they will not comply with the trade ministers order to reduce cement prices .
Traders fear depreciation of the cedi will create difficulty in servicing bank loans and will cause shortages of some items on the market.
Joy Business van delves into the business of Emmanuel Nyampong who is into making traditional wears.
An assessment on Societe General's financials following reports of the bank exiting Ghana and other African countries.
Ghana cedi now trading at 14 cedis to the dollar as depreciation of the cedi continuous unabated
Government warned not to derail the country's economic improvement through election over spending.
The African Center for energy supports the privatisation of the Electricity company Of Ghana as its Executive director Ben Boakye accuses ECG of not operating efficiently.
Ghana Revenue Authority attributes increased taxes at the ports to government’s domestic tax policy.
International Monetary Fund advices Central Banks in Sub-Saharan Africa including Ghana to uphold their independence to enhance policy credibility
In March, inflation soared to 25.8 %, marking a significant increase from the 23.2 % recorded in February 2024, representing a surge of 2.6% percentage points.
The World Bank Chief Economist for Africa, Dr. Andrew Dabalen, said the margin of growth for 2024 would be influenced by Ghana’s high levels of debt and inflation which will impact the level of growth.
the World Bank Chief Economist for Africa, Dr. Andrew Dabalen, said the margin of growth for 2024 would be influenced by Ghana’s high levels of debt and inflation which will impact the level of growth.
The government borrowed GH¢19.90 billion through treasury bills in March 2024. This was 17% lower than that of February 2024.
The Liquefied Petroleum Gas (LPG) Marketing Companies Association has strongly condemned the National Petroleum Authority's (NPA) decision to impose a new tax on LPG, as announced in the recent pricing structure revision, effective April 1, 2024.
The National Petroleum Authority (NPA), will from April 2024 set the “floor” for pricing of petroleum products in Ghana, which will prevent any industry player including the OMCs and Liquefied Petroleum Gas Marketing (LPGMC) Firms from pricing below that value or benchmark.
As expected, the Monetary Policy Committee (MPC) of the Bank of Ghana has kept its key lending rate to banks at 29%. This means that the cost of borrowing will not change much in the next two and half months, as it averages 32.7% as of February 2024
The Chief Executive of the Ghana Telecommunications Chamber, Ken Ashigbe, has revealed that Mobile Network Operators (MNOs) have fully restored data services to their subscribers.
The Office of the Registrar of Companies will on Monday, March 25, initiate visits to various offices, businesses, and company premises to scrutinize their records and registration documents. Additionally, the Office will guide businesses in adhering to the regulations governing their operations.
Ghana’s economy recorded a 2.9% Gross Domestic Product (GDP) growth in 2023, stronger than the revised 1.5% by the Finance Ministry. The growth rate is slower than the 3.1% recorded in 2022.
The Ghana cedi has lost 8.63%in value to the dollar since the beginning of 2024 as pressure continues to mount on the local currency. Bloomberg is predicting more tough times for the cedi as the debt restructuring with Eurobond holders drags.
Africa’s biggest bank, Standard Bank is predicting a stronger growth rate of about 3.2% for Ghana in 2024, higher than that of the International Monetary Fund.
Former finance minister Ken Ofori Atta describes Dr. John Kumah's death as a painful one while highlighting his contribution to the economy over the past years.
Banks in Ghana recorded a staggering 224.6% growth in profit to GH¢8.3 billion in 2023, an indication of a rebound from the Domestic Debt Exchange Programme-related losses posted in 2022.
The Chief Executive Officer of the Ghana Employers Association (GEA), Alex Frimpong, has revealed that most businesses do not have the space to accommodate fresh graduates from the tertiary institutions.
In the wake of Ghana's persistent unemployment crisis, the latest labour statistics report from the Ghana Statistical Service (GSS) for the third quarter of 2023 paints a grim picture.
Ghana’s former Finance Minister, Seth Terkper, is advising the government to prioritize responsible debt management and explore alternative funding sources beyond short-term treasury bills.
President Akufo-Addo has praised the performance of the Office of the Attorney General under his administration. During his State of the Nation Address in Parliament on Tuesday, February 27, President Akufo-Addo highlighted the significant role played by the Attorney-General's Office in saving the state from paying judgment debts totaling GH¢10 trillion.
Ghana has been ranked first in Africa in terms of access to financial inclusion, Vice President, Dr. Mahamudu Bawumia has revealed. He attributes this achievement to the successful implementation of the government's digitalization agenda.
The World Bank has disclosed that 28 developing economies including Ghana with the weakest credit ratings remain stuck in a debt trap with no hope of escape anytime soon.
The African Development Bank (AfDB) is forecasting an average inflation of 17.1% for Ghana in 2024. This would place the country in the 37th position out of 44 countries in Africa with the highest inflation.
Ghana could make one billion dollars annually from salt production, the Chief Executive Officer of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng, has revealed. According to him, Ghana is positioning itself to become the number one salt producer in Sub-Saharan Africa.
The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has been nominated by President Akufo-Addo as the new Finance Minister. He takes over from Ken Ofori-Atta who served in office for seven years.
Ghana has received a draft term sheet on debt relief from its official creditors that is sufficient for the International Monetary Fund to disburse $600 million to the West African nation, Finance Minister, Ken Ofori-Atta said.
Bond markets records a decrease of 52.7% year on year in volume traded in 2023 as DDEP continues to bite the market
Ghana records highest interest rate in Africa in 2023 despite a decline in T Bills yield
Fitch Solutions is forecasting that real household spending in Ghana will grow by 3.9% year-on-year to ¢114.2 billion in 2024. This it says is due to the easing of both inflationary pressures and debt servicing.
The outgoing World Bank Country Director, Frank Pierre Laporte, has strongly indicated that project funds allocated to Ghana but have not be utilized will be sent back to Washington, DC, in the USA.
World Bank Country Director insists delays with IMF cash disbursement is not due to Ghana’s failure to meet program target
Number of Jobs advertised in selected print and online media shoot-up by 16.6% in quarter 3 of 2023
Finance minister insists the economy has turned the corner pointing to the significant drop in the November inflation as evidence
The Managing Director of Unilever Ghana, George Owusu-Ansah, wants more consultations to be done over plans to restrict the importation of some items. According to him, it will be prudent to engage more stakeholders since the policy will affect the livelihood of Ghanaians.
The Bank of Ghana (BoG), has cautioned exporters regarding the failure to repatriate proceeds to the country.
MTN Group has appointed Stephen Blewett as the new Chief Executive Officer of MTN Ghana.
Minister of Finance, Ken Ofori-Atta, has indicated that Ghana remains open to any new cut-off date proposed by bilateral creditors to undertake a debt swap of the country’s external debt.
The Institute of Statistical Social and Economic Research issues a cautionary note about challenging economic conditions for businesses in the first quarter of 2025 following the elections, citing concerns over a potential budget overrun.
The Governor of the Bank of Ghana is confident in the cedi's outlook. Assuring resilience, he pledges that the Central Bank will implement strategic measures to navigate unexpected shocks and pressures.
Monetary Policy committee of Bank of Ghana keeps policy rate at 30% to control inflation as chairman of committee announces additional monetary policy measures for the financial sector.
64% of Ghana’s export in the 1st half of this year were made up of gold, mineral fuels and Oils – 2022 Trade Vulnerability Report.
Chamber of Petroleum Consumers asks National Petroleum Authority to remove all substandard petroleum products distributed to Oil Marketing Companies as the regulator reveals the National standards for gasoline.
Cedi to remain relatively stable this week following the approval of $800m cocoa syndicate loan approved by Parliament.
Government justifies decision to keep COVID-19 levy as it insist 2024 budget is business friendly based on some tax reliefs granted
Cedi depreciation against the Dollar deprives consumers of a much bigger decline in prices of petroleum products as more Oil Marketing Companies adjust prices at pump.
Peasant Farmers Association of Ghana demand further details of mode of disbursement of the 220million allocation to farmers and communities affected by the Akosombo Dam spillage.
Chartered Institute of Taxation Ghana expresses disappointment in the non-existence of a functioning tax appeals board.
Struggling businesses are advised to undergo restructuring and to take a possible haircut if it is necessary to save the business from collapsing- Ghana Association of Restructuring and Insolvency Advisors
Ghana’s High Commissioner to UK highlights cedi instability and high cost of doing business as a major disincentive to foreign direct investments.
Ghana national petroleum corporation debunks claims that Jubilee Oil deliberately failed to pay proceeds.
Peasant Farmers Association of Ghana warns devastating effect of spillage of Akosombo Dam on rice farmers in the Volta region, cannot be underestimated as it pegs the cost of destruction at Ghs50m
Rating agency Fitch stresses that the official creditor committee and the government will agree on the debt treatment parameters by the end of 2023 as IMF expects external debt restructuring of $10.5b.
The Ghana cedi is now going for ¢12.10 against the US dollar on the forex or retail market.
Abossey Okai Spare Parts dealers to shut shops on November 1 to protest against what they call unfair tax introduced by the Ghana Revenue Authority
Some Oil Marketing companies reduce prices at pumps with diesel selling at GHS13.4p with petrol going for GHS12.45p
The International Monetary Fund is projecting a significant reduction in Ghana’s fiscal deficit to Gross Domestic Product (GDP) in 2023 and the next five years.
Futures markets suggest that crude oil prices will slide by 16.5% year-on-year to an average $80.5, the October 2023 World Economic Outlook has revealed.
The IMF Mission Chief for Ghana, Stephane Roudet has disclosed that government must secure the required financing assurance from external bilateral creditors before its board can approve the next tranche of funds for the country.
The World Bank has revised Ghana’s Gross Domestic Product (GDP) growth in 2023 to1.5% from the earlier 1.6%.
The Chamber of Aquaculture Ghana has disclosed that fish farmers along the Volta Lake have lost live fish stock worth ₵46 million due to the spillage of water from the Akosombo Dam.
Port activities in relation to container traffic picks up marginally ending July this year.
The Chamber of Petroleum Consumers (COPEC) has predicted that prices of petroleum products will remain unchanged in the first pricing window of October.
Oil marketing companies demand more clarifications from national petroleum authority on foreign companies participating in oil transportation in Ghana.
Monetary Policy Committee of BoG keeps key lending rate to commercial banks unchanged at 30%
Economist cautions government against celebrating marginal growth of economy in 2nd quarter
Prices of diesel and LPG expected to go up marginally by 1.4% from Saturday 16th September.
Some Oil Marketing Companies (OMC) have started increasing prices of petroleum products at the pumps from August 1, 2023 with petrol, diesel selling at ₵12.95 per litre.
Fitch Solutions has indicated that the Bank of Ghana will keep the policy rate on hold at 30.5% in 2024.
World Bank warns delay in restructuring external debt could affect Ghana’s program with IMF and fresh investments.
Research by two banking consultants shoot down assertions that international rating agencies have been reckless in downgrading Ghana’s Economic performances
Bank of Ghana warns the public against doing business with some unlicensed entities engaged in the provisions of loans through mobile applications
World Bank expresses commitment to FastTrack discussion for release of $250million support for financial stability fund
Fitch solutions maintains 2.9% growth rate forecast for Ghana 2023 despite IMF forecasting below 2.0% expansion of the economy this year.
The Government of Ghana is expected to borrow a whopping ¢3.43 billion on the treasury market this week.
Association of Ghana industries calls for a special dispensation for Ghanaian companies.
IMF demands an amendment to Ghana’s Fiscal Responsibility Act to strengthen financial discipline.
We need strict governance, productivity-enhancing reforms to complement gains from IMF – Bokpin
More reaction as BoG is advised to first reduce its policy rate before urging banks to reduce its lending rate.
Pensioner Bondholders Forum expresses their resolve to continue to picket Finance Ministry until their coupons and principals are payed
The Ghana cedi strengthened once again by about 20 pesewas against the US dollar today November 1, 2022 to sell at ¢13.40 in the retail or forex market.
Research and investment advisory firm, Fitch Solutions, is projecting tougher times for the Ghanaian economy in 2023.
Interest rates on government securities shot up to 34% last Friday, October 28, 2022, but government failed to achieve its target in the latest Treasury bills auction.
The Bank of Ghana has assured it will not allow the ‘black market’ to drive the exchange rate market in the country.
The Bank of Ghana has assured it will not allow the ‘black market’ to drive the exchange rate market in the country. According to the Governor, Dr. Ernest Addison, it will do everything possible within its remit to ensure that black market dealers do not dictate to the market.
Some New Patriotic Party (NPP) parliamentarians are demanding the sacking of Ken Ofori-Atta as Finance Minister. The MPs, numbering about 80, held a press conference on Tuesday to impress on the President to relieve his cousin of the responsibility of managing the national purse or risk losing their support for government business going forward.
The woes of the Ghana cedi continued this morning as the local currency depreciated further to sell at ¢15.20 to one US dollar. This is about 3.4% depreciation in less than a day, after trading this morning, October 24, 2022, at ¢14.70.
The Ghana cedi lost further grounds Friday morning to trade at ¢14.70 to the dollar, quotations from the forex bureaus indicate. The local currency lost 20 pesewas in value to the American ‘greenback’. It sold for ¢14.50 last night.
The Ghana cedi has breached the ¢12 to the dollar mark within just a week, selling at ¢12.10 at most forex bureaus or the retail market.
The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market.
The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th.
Government has set up a 5-Member Consultative Committee to lead the financial sector stakeholder engagements to reach a deal with the International Monetary Fund (IMF) on Ghana’s debt restructuring.
Some banks in the country have begun suspending loans, particularly to new customers. This follows the increase in the policy rate by the Bank of Ghana to 24.5%.
Total Mobile Money transactions as of August 2022 compared to the same period in 2021 fell by ¢13.3 billion, about 2.02%, the latest Summary of Financial and Economic Data by the Bank of Ghana has revealed.
The Bank of Ghana (BoG) has given assurance that it will manage the Exchange Rate regime to help strengthen the cedi against the dollar as the year comes to an end. In the last quarter of the year, most businesses import goods ahead of the festive season in December.
The Ministry of Finance has confirmed that its officials and that of the Bank of Ghana have commenced a comprehensive debt sustainability analysis with the International Monetary Fund (IMF) for a US$3 billion support programme.
Ghana earned a total of over $731.94 million from oil production in the first half of 2022. According to the 2022 Semi-Annual Report of the Public Interest and Accountability Committee (PIAC), the amount excludes an oil lifting that was done by a subsidiary of the Ghana National Petroleum Corporation, Jubilee Oil Holding Limited (JOHL), which acquired Anardarko last year.
Finance minister to give full account in parliament on the utilization of funds borrowed domestically following the downgrade of Ghana's economy to deeper junk status.
The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA) and 18 shipping lines have agreed to increase basic freight rates for the 2022/2023 cocoa season to all destinations but the United Kingdom (UK).
Ratings agency, Fitch, has revised its end-year forecast for the price of Brent Crude to $100 per barrel, from the previous $105.
Ghana’s economy expanded by 4.8% in the second quarter of this year, higher than the 3.4% recorded in the first quarter, data from the Ghana Statistical Services has revealed.
The Ghana Private Road Transport Union (GPRTU) has debunked claims it will increase transport fares in the coming days.
Two Chinese firms dealing in footwear and accessories at the Central Business District of Accra in the Greater Accra region have been handed over to the Regional Criminal Investigations Department, CID for allegedly issuing fake Value Added Tax (VAT) invoices.
Tullow oil has made significant progress on new drilling with 6 new wells said to be completed in coming months.
Inflation shoots up to 33.9% in August 2022; highest in 21 years Inflation shot up to 33.9% in August 2022, the highest in 21 years, data from the Ghana Statistical Service (GSS) has revealed. This is expected to increase the cost of borrowing by raising interest rates further.
The Securities and Exchange Commission (SEC) and Economic and Organised Crime Office (EOCO) has advised the public to desist from doing any form of business with 17 investment entities.
Interest rates in the short-term Treasury market rose further to 31% on September 10, 2022, as investors continue to show interest in the short-term securities. Though government exceeded its target for the 13th week running, the cost of repaying these loans will go up.
The 2021 Auditor General’s Report has expressed worry about the general decline in the returns of the Ghana Petroleum Funds’ investments from about $17.5 million in 2020 to about $14.19 million in 2021.
The first tranche of the $1.3 billion COCOBOD Cocoa Syndicated Loan is expected to hit the Bank of Ghana’s (BoG) account by October 2022.
Data from the National Communications Authority (NCA) indicate that about 17 million mobile phone subscribers have so far registered their SIM cards since the registration begun in September 2021.
The Managing Director of the International Monetary Fund, Kristalina Georgiva, has reiterated his outfit’s commitment to reaching agreement with the government by the end of this year for an economic programme.
Ranking Member on Parliament’s Finance Committee, Cassiel Ato Forson doubts government’s ability to achieve the revised economic growth estimate of 3.7%.
Fitch Solutions has shockingly revised Ghana’s growth rate to 2.6% in 2022, from its earlier forecast of 4.8%.
Ghana lost approximately GH₵5 billion in cash through the payment of bribes to public officials in 2021, the Ghana Integrity of Public Services Survey (GIPSS) has disclosed.
Local rice producers and millers say demand for Ghana rice has gone up, following a ban on export of the commodity in South-East Asia.
The Bank of Ghana may increase the policy rate for the third consecutive time this year, following the increase in inflation rate to 29.8% in June 2022.
The International Monetary Fund (IMF) has assured Ghana that it will move fast and do much as it can to support the country come out of the economic challenge it find itself.
It is emerging that 87% of public sector workers earn less than ¢3000 as basic monthly salary. This was revealed at a stakeholder engagement forum between the leadership of the Trades Union Congress (TUC) and the Social Security and National Insurance Trust (SSNIT).
Ghana’s current inflation rate of 29.8% (June 2022, year-on-year) is exactly the same rate recorded in 2003 when the country was under the Highly Indebted Poor Country Programme (HIPC), which started in 2002.
Economist Professor Lord Mensah is warning that government may be forced by the International Monetary Fund (IMF) to cap Central Bank pre-financing of government’s budget to not more than 5% of expected revenue in a year.
Ghana’s stock exchange ends first half of this year with negative yet-to-date return of 24.13% in dollar term for investors.
The Bank of Ghana (BoG) has indicated that it will appeal a Court of Appeal ruling directing the central bank to reverse the revocation of the license of Savings and Loans Company UniCredit in 2019 .
he Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, has warned the general public against linking their Ghana cards to their bank accounts through links sent via social media.
Delegation from the International Monetary Fund (IMF) meets government officials here in Accra to commence discussions on a bailout for the country.
Government targets about $3 million from IMF as signals emerge that negotiations may last for more than 7 months.
Interest rates have begun recording some relative stability, following the government’s decision to get economic support from the International Monetary Fund.
The Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, has warned the general public against linking their Ghana cards to their bank accounts through links sent via social media.
Association of Ghana Industries describes industry sector’s first quarter performance as disturbing as it pushes for more targeted government interventions.
Government establishes formal engagement with IMF over the possibility of signing up a programme.
Ghana has been ranked 1st in West Africa, 9th in Africa as well as 27th in the world with the cheapest cost of electricity for household.
Minister for railways development urges public to protect investment and properties belonging to the state.
Government introduces another innovative payment platform to link mobile money transactions to the banking system.
President Akuffo-Addo charges the newly launched Development Bank Ghana to work closely with the private sector to revive the economy.
Interest rates continue to surge by a little over 1% to hit 23.6% on the domestic market as challenges within the fiscal economy lingers on.
The Ghana Revenue Authority will soon launch the automation of all tax clearing certificates. This move will reduce drastically all those evading taxes. According to the Commissioner-General, Reverend Dr. Ammishaddai Owusu-Amoah, this will be done in two ways – the USSD Code and the Ghana Card.
Governor of the Bank of Ghana, Dr. Ernest Addison said the Central Bank intends to expand its e-banking initiative by testing the offline version to areas with no internet connectivity.
The Ghana Cocoa Board (COCOBOD) has announced the closure of the main cocoa crop season. “It is hereby notified for general information that purchases of the 2021/2022 Main Crop Cocoa Season will close on Thursday, 26th May, 2022”, a statement from COCOBOD said.
Institute of economic affairs calls for durable solution to address weak structural fundamentals of the economy insisting inflation target in framework has become less responsive.
Task consultant Dr. Abdulai cautions e-levy may not yield needed revenue following a preliminary rate survey.
Finance Minister, Ken Ofori-Atta, wants the African Development Bank to take charge of operations on the African continent. He charged the largest financial institution on the African continent to change the narrative where other financial institutions have taken center stage in Africa.
The Monetary Policy Committee of the Bank of Ghana has for the second consecutive time increased the Policy Rate – the rate at which it lends to commercial banks by 200 basis points to 19%. This was announced by the Governor, Dr. Ernest Addison at a press briefing today, May 23, 2022.
Financial consultant Charles Mensah pushes for emergency funds for industries to help address issue with food inflation.
Peasant farmers association of Ghana complains of governments inability to pay 400 million cedis debt of old fertilizer supplies.
The Chamber of Agribusiness, Ghana is calling for the resignation of the Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto. According to the chamber, the agricultural sector has become worse off since Dr. Owusu Afriyie-Akoto came into office
The National Petroleum Authority (NPA) has ruled out reports of diesel shortage on the market, insisting, the country has adequate stocks to last for more than two weeks. It follows reports that some Oil Marketing Companies (OMCs) are struggling to secure diesel from Bulk Oil Distribution Companies.
Surging food prices once again drove inflation for the month of April, 2022 to 23.6%, figures from the Ghana Statistical Service has revealed. This is the highest since January 2004. According to the GSS, four divisions – Transport (33.5%); Household Equipment and Routine Maintenance (28.5%); Food and Non-Alcoholic Beverages (25.6%), and Housing, Water, Electricity, Gas and Other Fuels (25.0%) recorded inflation rates above the national average of 23.6% with Transport recording the highest inflation.
The Public Interest and Accountability Committee (PIAC) has charged government to refund the $3.8 million spent by the Ghana National Petroleum Corporation (GNPC) on the Ghana Côte d’Ivoire Maritime Boundary dispute that took place few years ago.
If government fails to subsidise electricity tariffs, consumers could pay for an increment in light bills from August 2022, with the Electricity Company of Ghana (ECG) demanding a 148% increase in tariff.
A proposal from the power distributor submitted to the Public Utilities Regulatory Commission (PURC), wants the adjustment to cover the period 2019 and 2022. The ECG has subsequently proposed an average increase of 7.6% in tariff over the next four years to cover Distribution Service Charges (DSC).
Ghana’s public infrastructure is at the height of becoming a public risk if adequate attention is not paid to sustainable engineering and maintenance practices. It comes as the country scored a D3 in the recent past Ghana Infrastructure Report Card by the Ghana Institution of Engineering (GhIE).
Economist, Professor Godfred Bokpin, has cautioned government to be measured in its appetite for borrowing as result of a drop in Ghana’s debt in relation to the size of the economy or Gross Domestic Product (GDP). “Provisional estimates by the Ghana Statistical Service showed that the country recorded a growth rate of 5.4% in 2021, cutting the debt-to-Gross Domestic Product (GDP) ratio to 74.4%, from the earlier 80.1%.”
The Ghana Revenue Authority has announced its decision to commence the operationalization of the E-levy from May 1 in a modified-phased approach. This follows the results of an assessment carried out by the GRA to test the general readiness of some charging entities to integrate with the E-Levy management system. The new development is a snag in the Authority’s plan to fully implement the E-levy by May 1.
The International Monetary Fund (IMF) is warning of impending food security issues for Ghana and other African countries due to the ongoing war between Russia and Ukraine. The Fund said Russia’s invasion of Ukraine has pushed food and energy-related commodities to record levels on the global market. The captured concern is in the IMF’s Regional Economic Outlook Report released on Thursday. The Fund was worried that development could hurt economies in the region already struggling.
Former Chief Executive Officer of the Ghana National Petroleum Corporation, Dr. Amos Ofori Quaah wants Ghana to return to the Oil Production Sharing Agreement to accrue more revenue from the hydrocarbon resources. According to him, the country’s current contractual arrangement for petroleum exploration is a bane to the development of the sector and the economy at large.
Madam Elsie Addo Awadzi, the Second Deputy Governor of the Bank of Ghana (BOG) says that a boost in Africa's long-term competitiveness on the global market will depend on financing for robust macro-economic recovery and medium to long term investment. However, financing, she said, had remained a big challenge as the estimated financing gap for Africa was about $285 billion in additional funding that would be required from 2021 to 2025 to effectively respond to the effect of the pandemic.
A research by the Ghana Cocoa Board (Cocobod) has shown that several cocoa farms in the Western, Ashanti and Eastern regions have been lost to illegal mining activities. The research found that out of the over 20,000-acre cocoa farms in the selected regions, more than 19,000 acres have been devastated by galamsey.
Ghana tax revenue to Gross Domestic Product (GDP) ratio is expected to increase in 2022 to 16.5%, from 14.7% in 2021, the International Monetary Fund’s April 2022 Fiscal Monitor has revealed. This will be a vast improvement compared to the rates registered during the last 10 years. In 2023 and 2024, the country’s tax-to-GDP ratio will however fall to 16% and 16.2% respectively.
Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy. Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%
The World Bank has affirmed its forecast of 5.5% expansion of the Ghanaian economy in 2022, higher than Sub Saharan Africa average of 3.6%. According to its latest Africa Pulse Report, ahead of the International Monetary Fund/World Bank Spring Meetings, the Bretton Wood institution however expressed worry about the country’s debt sustainability problems, which it described could erode gains going forward.
London-based Economist Intelligence Unit (EIU) is expecting the cedi’s end of year rate against the dollar to hit ¢7.87 as captured in its April 13, 2022, assessment of the Ghanaian economy. The expected depreciation of the local currency against the dollar for the next eight months of this year, according to the EIU, will be influenced by the import structure of the economy and some actions of the offshore investors in Ghana’s bonds.
The Bank of Ghana’s 2021 Audited Financial Statement has revealed that it spent ¢179 million to print more cedis. This is, however, far lower than the ¢347.8 million used in 2020. According to the statement, ¢25.26 billion of cash was in circulation in 2021, compared with ¢23.3 billion in 2020.
Business sentiment will remain fragile in the coming months, whilst private consumption is expected to decelerate this year, largely due to the expected implementation of the 1.5% Electronic Transfer Levy (E-levy), Fitch Solutions has disclosed in its latest Sub Saharan Africa update. According to the research arm of ratings agency, Fitch, Ghana’s Purchasing Manager’s Index – which determines the direction of economic trends in the manufacturing and service sectors – declined for the first time in seven months due to the rising prices of some goods and services.
The Public Interest and Accountability Committee (PIAC) has advised the Ghana National Petroleum Corporation to stop giving out loans and grants to government and government institutions, until it recovers several millions of credit that has gone bad. This is one of the recommendations in the 2021 Annual Report on Management of Petroleum Revenue in Ghana, by the statutory body.
The President of IMANI Africa, Franklin Cudjoe has called for some State Owned Enterprises to be privatized in order to ensure their profitability to the state. Latest data from the 2020 State Ownership Report reveals that State Owned Enterprises (SOEs) recorded an aggregate loss of ¢2.61 billion in 2020. This represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion.
Government secured ¢408.7 million from the sale of the 3-year cedi denominated bond auctioned on 7th April, 2022. According to the auctioning results from the Bank of Ghana, government accepted all the bids for the debt instrument which did not have a targeted amount. The bond was sold at an interest rate of 20.85% to investors.
The Bank of Ghana has once again warned the public (companies, institutions and individuals) to desist from unauthorized dealings in foreign currency. This is in accordance with the Foreign Exchange Act, 2006 (Act 723). According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by Bank of Ghana or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.
Former Finance Minister, Seth Terpker has expressed doubts about the effectiveness of government’s measures to cushion Ghanaians amid the current economic challenges. Mr. Terkper said the measures are not broad enough to curtail the current economic crisis.
The Bank of Ghana will sell a total of $350 million dollars to authorized dealers in the second quarter of this year, in the Foreign Exchange Forward Auction. This is in accordance with the Foreign Exchange Forward Auction Guidelines. The move is expected to boost the supply of dollars on the market to help improve the stability of the local currency.
The Ghana Chamber of Bulk Oil Distributors (COBD) has forecast an up to ¢1 per litre reduction in the price of petrol and diesel. This follows several engagements the COBD had with the Bank of Ghana (BoG) and stakeholders to fashion out interventions, aimed at reducing the prices at the various pumps.
President Akufo-Addo on Thursday morning commissioned the Nissan Assembly Plant located in Tema. The new state-of-the-art assembly plant is said to have the capacity to assemble 5,000 new vehicles annually. Speaking at the commission, President noted that the importation of motor and transport vehicles constitutes the leading import into Ghana, estimated at $1.5 billion annually.
President Akufo-Addo has expressed delight at Parliament’s approval of the Electronic Transactions levy (e-levy). Parliament on Tuesday, March 29, 2022 approved the controversial E-Levy Bill. Delivering this year’s State of the Nation Address (SONA22) in Parliament on Wednesday, President Akufo-Addo said although proceedings in the House have been protracted and acrimonious in nature, “I am happy that the House has, finally, found it possible to pass the e-levy.”
The Ministry of Food and Agriculture has dismissed claims that Ghana imported raw cassava from China in 2019. This follows claims by the Member of Parliament (MP) for Asunafo South, Eric Opoku, that Ghana imported cassava from China in 2019.
The African Development Bank has announced a $1 billion plan to boost wheat production in Africa to avert potential food shortages arising from Russia’s invasion of Ukraine.
Stakeholders along the agricultural value chain are lamenting the cut in budget in the agricultural sector. According to the General Secretary of the General Agricultural Workers’ Union, Edward Kareweh, it’s a bad timing to limit support to the sector as the country is currently experiencing crisis in food stocks.
Finance Minister, Ken Ofori-Atta has not ruled out the impact of the ongoing war between Russia and Ukraine, as having contributed to the woes of Ghana’s economy. The Minister believes the development forms part of unforeseen factors that have shaken the country’s fiscal stability in recent times.
The Monetary Policy Committee of the Bank of Ghana has increased the policy rate – the rate at which it lends to commercial banks – by 2.5% per cent to 17%. This is the first time since November 2018 that the rate has gone up so high.
The Ghana Revenue Authority (GRA) has described the implementation of the review of the Benchmark Value policy, from March 2022, as so far successful. After a stakeholder meeting last month, the government reduced the benchmark values on general goods from 50% to 30% as well as import discounts on vehicles from 30% to 10%.
46.5% of Ghanaians surveyed by the Center for Economics Finance and Inequality Studies on the Electronic Transaction Levy, say, they will stop using Mobil Money, should the E-Levy be passed into law. 41.4% however said they will reduce their Mobile Money transactions should the levy be passed. The report further said those who will continue to use mobile money fully if the current bill is passed make up 10.7% of the Ghanaian population.
Prices of petroleum products are expected to shoot up by at least 5 percent from Wednesday, March 16, 2022, the Institute for Energy Security (IES) has projected.
Economist, Professor Lord Mensah says Ghana’s discovery of oil has had no impact whatsoever on the Ghanaian economy since 2007. According to him, the oil only became an add-on to boost investor confidence when the government needed to borrow funds from the international market.
The Ghana Revenue Authority has set April 1st, 2022 to begin collecting taxes from non-resident Ghanaians who undertake online businesses such as using Facebook to sell or electronic-commerce (E-commerce). The move is to ensure that the country mobilizes adequate revenue and widens the tax net for national development.
Inflation shot up to 15.7% in February 2022, as a result of significant jump in food prices, the Ghana Statistical Service has disclosed in its Consumer Price Index report. The rate is the highest since 2016 and confirms reports that food prices will continue to soar because of the Russia-Ukraine war.
The International Finance Corporation (IFC) has provided over $200 million to some six financial institutions in the country for on-lending to women businesses. The move is to reduce the lack of access to capital by women led businesses. Speaking at this year’s Women International Day Forum organised by the Ghana Stock Exchange Forum, a Senior Country Officer at IFC, Cemile Hacibeyoglu, said the IFC which is a member of the World Bank Group is committed to increasing funding for women led firms.
Crude oil price hits $130. The rising oil prices on the world market mean fuel prices at the pumps will keep going up unless the government moves quickly to intervene. Cabinet has actually begun a meeting to subsidize the price of petroleum products, as the rising cost of fuel prices bite hard at consumers.
The rate of depreciation of the Ghana cedi almost doubled within just a week or only the first week of March to 14.21%, since the beginning of the year. This was against 7.6% recorded at the end of February 2021. The decline in value of the cedi still ranked it as the worst-performing among Africa’s top-performing currencies.
The World Bank has begun processing $60.6 million additional COVID-19 funding for Ghana. This follows a satisfactory audit conducted by the Betton Wood institution over the 435.8 million dollars injected into the economy to support the fight against the COVID-19 pandemic. $305 million dollars has so far been used by the government, leaving some $130 million unutilized.
The Bank of Ghana has been urged to increase interest rates in the country to help stop the free fall of the Ghana cedi. According to the Chief Finance Officer of the Valley View University, Dr. Williams Peprah, increasing interest yield will entice investors to purchase more government securities and help slow down the depreciation of the cedi, despite the difficulty it will bring to the economy.
The Director-General of the Internal Audit Agency (IAA), Dr Eric Oduro Osae, has revealed that staff of three state institutions will soon be prosecuted for misappropriating Covid-19 funds. According to him, the Agency is collaborating with the Economic and Organised Crime Office (EOCO) to fast track the processes for the prosecution.
The Ghana cedi has been classified as the worst of African currencies with the “Worst Spot Returns” by Bloomberg. Bloomberg pegs the depreciation of the cedi to the dollar at 8.86% between January 1, 2022 and February 25, 2022.
The Chamber of Independent Power Producers, Distributors, and Bulk Consumers has commended the Energy Minister, Dr. Mattew Opoku Prempeh, for his good leadership and working relationship that has helped resolve some major issues in the energy sector. This is coming after the Chamber canceled energy debt and arrears via “accounting set-offs” owed by the government to the tune of $600 million.
Energy experts are worried the rising oil prices will impact negatively on consumers, though the country will benefit significantly from the windfall of the commodity price. Brent crude crossed the $100 mark on 24th February 2022, selling at $105 per barrel on the world market, far more than the $65 dollars budgeted by the government in the 2022 Budget. It has since fallen marginally, hovering around $100 per barrel.
The World Bank has commended Ghana for considerable progress in economic and social progress in the past 30 years, saying, it achieved middle-income status in 2011 because of strong, sustained economic growth, averaging over 5% since the early 1990s. This is coming after the World Bank Group today discussed a new 5-year Country Partnership Framework for Ghana.
Ghana has been ranked as an underperforming economy among four nations in sub-Saharan Africa including South Africa, Nigeria and Kenya. According to a survey undertaken by Senior Lecturer at the Economics Department of the University of Ghana.
Interest rates continue to surge on the domestic market as challenges within the fiscal economy lingers on. According to the auctioning results of the weekly Treasury bills by the Bank of Ghana, interest rates of the short term financial instruments went up marginally by 0.03% on the 91-day and 182-day T-Bills.
Banks operating in Ghana wrote off ¢2.086 billion as bad debt in 2021, a 4.7% decline over the previous year, the Domestic Money Bank’s Income Statement by the Bank of Ghana has revealed. In 2020, the provision for bad debt was ¢2.183 billion.
More than 90% of businesses that shutdown as a result of the negative impact of the Covid-19 pandemic have resumed full scale operations. This constitutes more than 20,000 businesses, out of the over 30,000 that were closed down during the pandemic.
The global oil market will be subject to significant uncertainties in 2022, due to the resurgence of the COVID-19 pandemic and its effects on economic growth, oil demand, and the production decisions of oil producing countries.
The Deputy Transport Minister, Hassan Tampuli, has refuted claims that the former Managing Director of Ghana Airports Company Limited (GACL), Yaw Kwakwa, was dismissed due to strife with McDan Aviation.
The Africa Centre for Energy Policy (ACEP) has said the government should “immediately” apply the estimated accumulated balance of GH¢948 million in the Price Stabilization and Recovery Levy (PSRL) account to cushion petroleum consumers instead of waiting for parliament, which is currently on recess, to grant a two-month suspension of the PSRL “when there is accumulated cash to assuage the suffering of the consumers immediately”.
The government secured a little above ¢1.08 billion from the sale of a 2-year bond issued on 10th February 2022. This came a few days after credit rating agency, Moody’s downgraded Ghana’s creditworthiness into junk status.
Economist and Finance Lecturer, Professor Godfred Bokpin, has challenged managers of the economy to tackle underlying pressures contributing to rising inflation. Inflation for the month of January hit 13.9%, triggered by non-food items, particularly transport, housing, water and electricity.
The rising cost of Housing, Water, Electricity, Gas and other Fuels (28.7%) as well as Transport (17.4%) pushed the rate of inflation for January 2022 to 13.9%, data from the Ghana Statistical Service has revealed. If the trend continues, lending rates as well as cost of living will go up further.
An African Union-backed panel has urged Moody’s Investors Service to review an appeal by government against the rating agency’s downgrade of the country’s credit rating.
Economist and Political Risk Analyst, Dr. Theo Acheampong has stated that government’s decision to challenge Fitch and Moody’s downgrade ratings is a step in the right direction. This is because, in his view, there is, “African Premium or African sort of bias in the way the ratings are done.”
The Executive Director of the Media Foundation for West Africa (MFWA), Sulemana Braimah, has questioned why government is hesitant about going to the International Monetary Fund, to seek economic assistance. “So why is government afraid of going back to the IMF? Is it because of the restrictions on how much they can blow on luxurious jets, on family and friends and other wasteful expenditures? The revelations of our true economic crisis? Or what?”, he wrote on Twitter.
Currency outside banks dropped significantly in the last quarter of last year, signaling low money in circulation during the period, the Summary of Economic and Financial Data of the Bank of Ghana has revealed. This may have affected aggregate supply and demand during the last quarter of 2021 and subsequently the rate of economic growth.
Ghana’s indigenous bank, Agricultural Development Bank, continued its strong performance in 2021, as it registered a 78% year-on-year growth in profit to ¢116.9 million, its 2021 Unaudited Financial Statement has revealed. The significant growth in net interest income and net fees and commission were the major drivers of the bottom-line, whilst cost was managed within acceptable limits.s
Banks in Ghana recorded ¢7.4 billion profit before tax in 2021, the Bank of Ghana has said.
This is compared with ¢6.1 billion recorded in 2020. According to the Monetary Policy Committee report, net interest income grew by 14.5% to ¢12.8 billion, lower than the growth of 20.9% recorded a year ago. This is partly due to declining in interest rates.s
Fuel prices are expected to go up by 25 pesewas per litre from February 1, if the suspended Price Stabilisation and Recovery Levies (PSRL) is reintroduced, the Institute of Energy Security (IES) has disclosed.
Players in the rice industry, including the Rice Millers and Peasant Farmers Associations, are warning that the local rice industry may collapse due to the suspension of implementing the reversal of the benchmark value discount policy. The groups say importers currently benefit from lower import duties made possible by the 15% benchmark discount policy, which has led to the flooding of the Ghanaian market with cheap imported rice.
The Hospitality Sector maintained its position as the best ranked sector in customer services in the country in 2021 by the Ghana Customer Service Index report. The sector recorded a score of 73.16%, a marginal decline from 2020.
Businesses without data protection license may not be able to bid for government contracts, a directive from the Data Protection Commission in collaboration with the Public Procurement Authority has indicated. The Data Protection Act mandates all firms to obtain data protection license before beginning operations.
Two-thirds of households surveyed by the Ghana Statistical Service Household and Job Tracker Survey during the 3rd COVID-19 Wave revealed that their income has not recovered to pre-pandemic 19 levels. Also, only 26.7% of respondents indicated that their total household income stayed the same as compared to the period before COVID-19 (March 16, 2020).
The current economic situation will sooner than later compel the government to return to the International Monetary Fund for bailout fund or programme, Economist and Associate Professor at Niagara University in Canada, Dr. Dennis Nsafoah has revealed.
The CEO and Co-Founder of C-Energy Global Holdings and Investment Analyst, Mike Cobblah has advised government to desist from embarking on a universal roadshow as a means of raising funds especially following Fitch’s downgrade of the economy. According to him, such a move will prove futile and might hasten the country’s economic collapse.
The central bank has directed all financial institutions to only accept Ghana Cards for all transactions. The Bank of Ghana (BoG) explained that this order takes effect from July 1, 2022.
From 1st July, 2022, the Ghana Card will be the only identification for banking or financial transactions, the Bank has disclosed. This is in furtherance of its objective of ensuring the safety of the financial system.
The World Bank is committing some $40 million into the Venture Capital Trust Fund through the National Development Bank for its operations and on-lending to the private sector. The money which is expected before the end of the month will boost the capital capacity of the Fund to enable it strengthen its core mandate of providing support for small and medium enterprises.
Despite the challenges with the fiscal economy, ratings agency, Fitch, is projecting a 5.5% expansion of the Ghanaian economy this year. It is attributing that to recovering in the industrial sector, including oil, in line with global growth recovery.
The Registrar-General’s Department (RGD) has delisted 2,788 companies from its companies register for failing to file their annual returns with the Department. In a statement, “it said these defaulted companies failed to comply with the directive issued by the Department to file their annual returns or risk being delisted from the companies register.”
Telecom giant, MTN Ghana, says it has adopted strategies to re-register several millions of its customers in the ongoing SIM card re-registration exercise. They include provision of the registration services at institutions, markets, among others.
The Social Security and National Insurance Trust (SSNIT) has extended the deadline for members of the scheme to merge their SSNIT and NIA numbers from 31st December, 2021 to 30th June, 2022. Members who are yet to register for their Ghana Cards are entreated to do so in order to merge their SSNIT and NIA numbers before 30th June, 2022.
The General Secretary of the General Agricultural Workers’ Union (GAWU), Edward Kareweh says the benchmark value policy was not a well thought through policy. This, he says, is because it failed to achieve what it ought to have achieved and looking forward; it might never achieve the purpose for which it was introduced.
The Bank of Ghana will auction $450 million dollars in the first quarter of this year. The move is expected to help bolster the performance of the local currency against the dollar. The Central Bank has therefore announced to all Authorised Foreign Exchange Dealing Banks the Auction Calendar for Foreign Exchange Forward Auctions to be held in the first quarter of 2022.
Ghana Statistical Service set to review basket use for measuring inflation rate as it moves to make it more relevant to current trends
Some Oil Marketing Companies indicate preparedness to absorb the expected hike in fuel prices from this weekend
Economist Professor Peter Quartey points to the Omicron Variant as the biggest threat to full economic recovery.
Businessman, Senyo Hosi says government’s support for Ghana’s agricultural sector is largely inadequate and unable to generate profitability for farmers and investors engaged in agribusiness. With statistics from the agricultural ministry as a case in point, Mr Hosi was of the opinion that government has been inefficient in providing necessary support for the sector in the past years, as depending on data from the agric ministry has a tendency to “collapse businesses”.
The Institute of Economic is proposing a cap on the country’s annual borrowing to prevent further rise in the debt level, which has reached unsustainable levels and could throw gains chalked by the economy. It therefore wants parliament to implement an Appropriations Bill for borrowing, similar to the policy imposing expenditure ceiling. This system is used by the US Congress to rein in executive borrowing.
The Monetary Policy Committee (MPC) of the Bank of Ghana has increased its Policy Rate – the rate at which it lends to commercial banks by 100 basis points (1%) to 14.5%, citing risks to inflation, exchange rate as well as fiscal and debt sustainability challenges.
Government got a favourable interest rate from the issuance of the 5-year domestic dollar denominated bond, a day after the announcement of the 2022 budget and Economic Policy. It mobilised $168.98 million from the debt instrument which was opened to both local and foreign investors, the auctioning results revealed.
As expected, Inflation – which is the average change in price of goods and services – shot up by 0.4% to 11% in October 2021. This was triggered by increase in Transport inflation as a result of rising fuel prices. Indeed, it was actually the item with the highest contribution to the increase in inflation last month.
The beverage market in Ghana is worth ¢3.85 billion, of which domestic production dominates, accounting for 92% of the total market size, a survey by local research firm, Firmus Advisory has revealed. This is based on the number of bottles produced, consumed and the value of imports.
Ghana has signed a Memorandum of Understanding with the African Development Bank towards the hosting of the Group’s 2022 Annual Meetings. The agreement paves the way for the two parties to officially commence the preparations for the event.
The Registrar General’s Department has confirmed that investors of some Liquidated Fund Management Firms are expected to get a fraction of their funds placed in bonds from this month. This will represent a second tranche of payment for those who were not allowed to withdraw all their funds. According to the Registrar General, Jemima Oware, those investors whose funds were placed in bonds are those that will get 20% of their funds in November, 2021.
The Bank of Ghana says it will continue to modernise the supportive regulatory frameworks of digital banking to enhance security and promote confidence and trust in the ecosystem. Speaking at the Standard Chartered Bank Digital Banking, Innovation and Fintech Festival, Governor Dr. Ernest Addison said it is important that regulations keep abreast with the rapid changes in the ecosystem without stifling innovation in digital financial services.
Ghana’s effective loss of access to international markets increases risks to its ability to meet medium-term financing needs, Fitch Ratings, has said. The international ratings agency in its latest report said Ghana has sufficient liquidity to cover near-term debt servicing without market financing, but there is a danger that non-resident investors in the local bond market could sell their holdings, particularly if confidence in fiscal consolidation weakens, placing significant downward pressure on its reserves.
With discounts, giveaways, and free transport, among others, offered to prospective homeowners at the Ecobank/JoyNews habitat Fair at the Accra International conference centre, becoming a homeowner is now. The 12th edition of the Fair has brought together 80 exhibitors who will be aiding patrons to either buy, choose to build or renovate their existing structures.
According to the Ghana Poultry Farmers Association, an acute shortage of feed is threatening the survival of the country’s poultry industry.
Micro-credit institutions have been cautioned to work within the confines of the law and avoid engaging in non-permissible activities. This is due to rising fraud and labour turnover within the industry. Speaking at the 12th Annual General Meeting of the association, Chairman of the Micro-credit Association of Ghana, Wilberforce Ofori, admonished members of the association to refrain from investment and deposit-taking, which is in contravention of the law.
The African Development Bank’s (ADB) Board of Directors has approved a $75 million loan for the Ghana Infrastructure Investment Fund (GIIF). The fund is expected to finance some big ticket projects in the country. The African Development Bank’s loan will enable the Ghanaian state-owned institution to efficiently leverage its paid-in equity capital of $325 million dollars to finance several critical infrastructure projects.
The Institute of Economic Affairs has charged government to take bold and innovative measures to mobilise resources and allocate them judiciously to support long-term sustainable growth. This it believes is capable of delivering sufficiently-high living standards to Ghanaians and moving the country out of poverty within a generation.
Government has approved ¢43,984,017.70 to the Ministry of Food and Agriculture to combat the Highly Pathogenic Avian Influenza (HPAI) and strengthen institutional capacity against any future occurrences. The amount will cover the procurement of 33 cross country 4×4 vehicles, 275 motorbikes, compensation payments to farmers, active disease surveillance of domestic and wild birds’ population, stamping out, decontamination and disposal materials, among others.
The International Monetary Fund has charged African governments to undertake fiscal consolidation due to increasing debt vulnerabilities on the continent. According to the Fund’s October 2021 Regional Economic Outlook report, it is worried about the state of high debts among African countries since it could stifle economic growth.
Ghana’s high levels of public debt is likely to remain a concern for investors in the years ahead. According to Fitch Solutions 4th Quarter 2021 Country Report, a sustained fiscal deficit – albeit a moderately narrowing one – will see the country’s debt stock continue to rise over the coming years.
Ghana may have no option than to return to the International Monetary Fund (IMF) for financial support if its debt continues to rise. The debt, which is presently a little above ¢335 billion, continues to surge and create problems for the economy. According to a Bloomberg survey, the country may have to pay a higher premium if it returns to the international capital market next year to issue a Eurobond.
The Energy Ministry has rejected claims by the opposition National Democratic Congress (NDC) that levies imposed on petroleum products are responsible for the current price hike at the pumps. Communications officer of the NDC Sammy Gyamfi, at a press conference on Monday, argued that the 60% increase in revenue from the country’s oil sector makes it untenable for government to maintain the taxes still.
Government will soon commission four new vehicle assembling plants, a move that will cement the country’s position as a car-manufacturing hub in West Africa. According to a Deputy Minister of Trade and Industry, Nana Ama Dokua Asiamah-Adjei, Ghana’s Home Grown Automotive policy which is among the best on the African continent has enabled this achievement.
Government 3 year bond falls short of target by 26% as liquidity tightens on the market.
The Bank of Ghana is warning the general public to be wary of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”, saying, the scheme is fraudulent and does not reward investors as promised. According to the Central Bank, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.
The month of September 2021 recorded the highest inflation rate of 10.6% since the economy started picking up from the effects of the Covid-19 pandemic. According to the Ghana Statistical Service, the increase in the price of Housing, Water, Electricity, Gas and other Fuels (18.7%) triggered the hike in inflation.
Ghana is jointly ranked 13th with Coted’lvoire, out of 19 countries in Fitch Solutions sub-Saharan Africa’s Auto Sales Risk/Reward Index. The country score of about 6% indicates that the vehicle sales market is very low. This is because majority of markets in sub-Saharan Africa are characterized by low incomes and high borrowing costs which impedes the development of new vehicle sales market.
The World Bank has charged African countries including Ghana, Zambia and Angola with high debt levels to urgently improve debt transparency, its 2021 Africa Pulse Report has revealed. It therefor wants the countries to publish more and better debt data as well as improve contingent liability reporting.
The Ghana National Petroleum Corporation (GNPC) has still not received payment for the $50 million loan advanced to the Ministry of Finance (MoF) in 2014 for the construction of the Western Corridor roads, in the Atuabo Gas Processing Plant enclave.
Ghana Stocks Exchange charges indigenous businesses to prioritize long term capital in stock market instead of borrowing from banks which come with high interest rate.
The Minister of Trade and Industry, Alan Kyerematen, has opened the 7th edition of Africa Engineering Week and the 5th Africa Engineering Conference in Accra on Tuesday, October 5, 2021, with a call on engineers in African to position themselves to leverage the opportunities that the implementation of the African Continental Free Trade Agreement (AfCFTA) present.
Ghana Stocks Exchange beaten to first position as best performing Stock Market in Africa in dollar terms by Lusaka Stock Exchange as impressive van of Zambia Kwacha to dollar plays a major role.
Government has maintained the Cocoa Producer Price of ¢10,560 per metric ton for the new cocoa crop season which takes effect from October 8 2021. This translates into ¢660 – the same price that farmers were given in the 2019/2020 crop. It represents 87.15% of the FOB value
Oil Marketing Leader Goil finally adjust fuel prices by more than 2% a litre a move that could force other players to review prices in the coming days.
The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto has revealed that about ¢1 billion was spent on subsidizing seeds and fertilizers under the Planting for Food and Jobs initiative in 2020.
The Ghana cedi slipped one place to the 9th position out of 15th top African currencies. According to Joy Business tracking of the performance of African currencies so far this year, the local currency has not fared badly at all.
The Monetary Policy Committee of the Bank of Ghana has kept its Policy rate – the rate at which it lends to commercial banks – at 13.5%. This is due to threats to growth and inflation.
Ghana cocoa board (COCOBOD) assures it balance sheet remains stronger as it promises to pay the 1.5 billion dollars cocoa syndication loan.
President of Institute Of Chartered Accountants Ghana admonishes accountants to avoid non tax compliances.
The Greater Accra Region recorded the highest number of both residential and non-residential structures of 2.1 million in Ghana, representing about 19.3% of all total structures nationally.
Banks respond to report of still charging fees and levies directed by the Bank Of Ghana to be halted- Ghana association Of bankers
The Registrar Generals Department (RGD) has finalized the move to strike out about 220 institutions from the list of Company Register, beginning October 1st, 2021.
Bank of Ghana pledges to monitor changing financial land scape and put in place measures to access financial vulnerability in other African free trade agreement member countries.
State owned institutions registered ¢670.4 million profit in 2019, according to the 2019 State Ownership Report. According to the report, State Owned Enterprises and Joint Venture Companies recorded losses, but Other State Owned Enterprises registered profits.
Ghana’s economy expanded by 3.9% in the second quarter of this year, according to provisional figures from the Ghana Statistical Service.
World Bank settles on Ghana as a modern country to access the impact of fresh grands to developing countries.
Attorney General blames GRA for failure of some lawyers to pay appropriate taxes as President Akufo Addo charges the bar to change narrative of lawyers invading taxes.
Government secured ¢1.24 billion from the sale of the 6-year bond issuance, which was oversubscribed by 24%.
High lending rates: IEA blames government, BoG, banks
The debate over high lending rates in the country will not end anytime soon, as the Institute of Economic Affairs is blaming the high cost of credit on government, banks and the Bank of Ghana. Though the institute believes the problem is multifaceted, it is attributing the high cost of loans to these three actors.
Higher cost of certain foodstuffs and housing pushed the rate of inflation for the month of August to 9.7%, data from the Ghana Statistical Service indicates. However, it still remained in the single digit bracket despite the consistent upward trend in the prices of some foodstuffs and housing.
International ratings agency, Moody’s, affirmed Ghana’s B3 long-term issuer ratings and also kept its economic outlook at negative. It attributed that to the high debt burden, continued weak debt affordability, high gross borrowing requirements and ongoing liquidity challenges.
President Akufo Addo expresses disappointment over decision by italian oil and gas firm (ENI) to take on Springfield at the international tribunal in London.
Economics and Organised Crime Office warns public about involving third party in loan acquisition.
The Independent Power Producers and other consumer stakeholders in the power sector are fighting the Electricity Company of Ghana, the Ghana Grid Company, Northern Electricity Company and the Volta River Authority, over a possible increase in electricity tariff.
Financial economist Prof. Lord Mensah proposes some short term measures to deal with current pressure on the Ghana cedis.
The Bank of Ghana has reiterated its commitment to continue to pursue policies and programmes aimed at improving the operational banking environment, to build customer confidence and ensure the stability and soundness of the financial sector.
Ghana’s construction industry value of $9 billion is ranked 7th in Sub-Sahara Africa, Fitch Solutions, research arm of ratings agency, Fitch, has said.
The Managing Director of Ecobank Ghana PLC, Daniel Sackey says it is time to take deliberate steps to resolve the housing deficit in the country.
Out of 15 top currencies on the African continent tracked by Joy Business, the Ghana cedi is presently placed 7th in terms of league of best performing currencies, despite the recent pressures on the local currency.
The Bank of Ghana has won an arbitration brought against it by Sibton Switch Systems Limited (“Sibton Switch”) in relation to the termination of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017.
“We will continue to create and maintain the conducive investment environment that not only guarantees the safety of investments but good returns as well. We will continue to protect legitimate investments, and preserve the atmosphere of peace, stability and security that has been an important contributor to the increasing presence of German businesses in Ghana”. These were the words of President Nana Akufo-Addo, on Tuesday, when he addressed the Ghana-Germany Business Forum, in Dusseldorf, as part of his working visit to the Federal Republic of Germany.
The LPG Marketers Association has welcomed government’s decision to lift the ban on new Liquefied Petroleum Gas retail outlets, saying, it will help their members to recoup their investments and boost consumption. Government is expected to meet National Petroleum Authority (NPA) in September 2021 to finalise a cabinet memo on the lifting of ban on the construction of new Liquefied Petroleum Gas (LPG) outlets.
Mobile Money fraudsters will now have their numbers and device blocked across all networks. This is a collective decision taken by the network operators to help address this menace, which has the potential to erode confidence in the mobile money space.
Top Story: Ghana will find it difficult to compete with South Africa, Egypt, Morocco, and Kenya in the Africa Continental Free Trade Area, based on the 12 pillars of the Global Competitiveness Index, a report by research and public policy think tank, CUTS International has revealed.
Top Story: MTN Ghana has introduced its 4G+ service to offer faster data speeds with the broadest coverage for its customers.
Top Story: Government is forecasting total revenue and grants of ¢89.1 billion in 2022, about 17.9% of Gross Domestic Product.
Top Story: The World Bank has cautioned Ghana that it may pay a price if external or domestic shocks hit the economy, due to the rising debt.
Top Story: Government begins clearance of arrears of old fertilizer firms and road constructors a move expected to aid recovery and address food prices.
Topic Story: Agricultural Development Bank will divest its investments in four institutions including Ghana International Bank and Metro Mass Transportation Limited.
Top Story: Inflation has begun rising again as the rate for the month of July 2021 recorded more than one percentage points increase to hit 9%.
Top Story: Maersk Ghana Limited, the subsidiary of Maersk Shipping, has given indication it will lift the suspension of accounts of freight forwarders, and other port value chain operators affected by its action.
Top Story: The Ghana Stock Exchange could not sustain its performance in the month of July 2021 in respect of total value and volume traded.
Top Story: Ghana to fully benefit from one district one factor program within next 5 years- deputy minister Ghana export promotion authority.
Top Story: Bank Of Ghana budget to intervene in foreign market to help stabilizer cedis as it enters 6 cedis to a dollar mark.
Top Story: Ghana enterprises agency inaugurate technical committee to help deal with challenges of access to finance by micro, small and medium enterprises
Top Story: Institute of economy affairs expresses worry over concentration of expenditure on consumption by government and countries low tax revenue to GDP.
Top Story: Sale of Treasury bills remained slow, despite being oversubscribed by 8.9%. According to latest auctioning by the Bank of Ghana, government secured a little above ¢686 million
Unilever Ghana has today launched two new variants of its Geisha soap, specifically Geisha Moringa and Geisha Black soap.
Top Story: President Akufo-Addo says government will be announcing projects and programmes in the upcoming mid-year budget to help in creating some one million jobs.
Top Story: Government says time is right for countries to migrate from colonial dependence on foreign goods and services towards realization of modernize economy
Top Story: Fitch Solutions, research arm of ratings agency, Fitch and Databank Research are forecasting slightly different end year rate of the cedi to the dollar as most forex bureaux are selling the local currency at ¢6 to a dollar.
Top Story: The Monetary Policy Committee (MPC) of the Bank of Ghana has kept its key lending rate to commercial bank at 13.5%.
Top Story: The Ghana Co-operators Susu Collectors Association has urged the Bank of Ghana to quickly check the many unlicensed ‘susu’ operators that could pose risk to the financial system.
Top Story: GNACOFA casts doubt about Pension Scheme implementation, threatens to hit the streets.
Top Story: Ghana union of traders association to resist any effort of speaker parliament to exempt nigerian traders from 1 million dollar minimum capital requirement under the GIPC act.
Top story: An Economist, Prof Peter Quartey has called for the management of expectations about price increments in goods and services in the country. He indicated market players may take advantage of the situation to hoard products if expectations of citizens’ are continually raised.
Top Story: Cedis post marginal stability against dollar after week of continuous depreciation.
Top Story: Ghana’s economy recovered strongly during the second quarter of this year and is expected to continue for the remaining quarters of the year, despite the presence of covid-19.
Top Story: The higher rate of inflation recorded for foodstuffs and transportation pushed inflation for the month of June marginally up by 0.3% to 7.8%.
Top Story: World bank signs agreement with government to release at least 200 million dollar additional fund to support fight against COVID-19.
Top Story: You should not expect any policy in the upcoming mid year review budget -Economist Lord Mensah
Top Story: Ghana revenue authority uncalls to raising 60 billion cedis as tax revenue has it holds training workshop for judges to aid in prosecution of tax cases at the law court.
Top Story: BOG opens 18M euro 65 bed capacity hospital to public but hospital said to be under private management.
Top Story: Travel and Tour industry gradually returns to it's feets as more people get vaccinated globally.
Top Story: Government plans to issue green and social bonds worth up to $2 billion by November, becoming the first African country to sell loans to fund development programs.
Top Story: The National Pensions Regulatory Authority (NPRA) has urged all employees to report employers who fail to pay their Pension contributions.
Top Story: The Ghana Stock Exchange ended the first quarter of this year as the best performing stock market in Africa with an annual return of 14.62% in dollar term for investors.
Top Story: A total number of 15 employers that have failed to honour their Tier 2 pension contributions of their employees are being processed for prosecution by the National Pensions Regulatory Authority.
GNPC ensures Goil of getting new investors to replace exxonmobil in deep water exploration project.
Top Story: Financial intelligent center ensure close collaboration with other regulators to safe guide Ghana anti laundering status.
Top Story: Central bank set to review payment charges on various cashless platforms in the country
Top story: The Bank of Ghana has refused to honor an invitation to appear before the parliament of Ghana to assist it with investigations over the revocation of the banking licenses of UniBank and UTBank.
Government still highly indebted to majority of independent palm producers to a tune of 900 million dollars despite claim of settling (IP PIN) for service providers
Ghana Cocoa Board has sold a record ¢11.7 billion ($2 billion) of six months cocoa bills between January and May 2021 to finance cocoa purchases.
Top Story: Bank of Ghana directs banks and other financial institutions to immediately abolish unfair fees charges including maintenance levies on saving accounts and other practices
Government call for public support to protect railway assets from destructions as it's causing the nation millions of cedis
Top Story: Effects of covid-19 counting to bite the economy as it expanded by 3.1% in the first quarter of this year the lowest since the same period in 2019
Top Story: Bank Of Ghana to push Financial institutions and Banks to comply directives of using armoured bullion vans for cash transfer
Government to borrow a little above 2 million Ghana cedis in fetch fund between June and August
Association of small scale miners petition Speaker of parliament over illegal burning of excavators as well as rendering several of their members redundant, threaten court actions
Top story: The Bank of Ghana has declined an invitation to appear before Parliament to assist with investigations into the revocation of the banking licences of Unibank and UT Bank. Writing through its lawyers, Bentsi-Enchill Letsa and Ankomah, the central bank explained that the petitioners, Prince Kofi Amoabeng and Dr Kwabena Duffour, owners of the two banks, seek to procure Parliament to review decisions that it has taken.
Top Story: Inflation falls to 7-4% in May as rate of increasing price of some goods and services slow down
Top Story: Shareholders of defunct First Fund, then operated by First Banc Financial Services, have issued a two-week ultimatum to their new fund managers, TTL Capital, to pay their locked-up funds or face their wrath.
Top Story: Government cautioned against running to the international monitoring fund for economy assistance to bring back live into the economy
Top Story: Minister of state designate at the Finance ministry Charles Adu Boahen justifies government recent borrowing short force, negative impact of covid-19 on the economy
TOP Story: Bank of Ghana set to introduce digital currency as it completes design for electronic cedis
Top Story: The Monetary Policy Committee of the Bank of Ghana (BoG) has cut its key lending rate to commercial Banks marginally with 100 basis points to 13.5 per cent.
Top story: Shareholders of GCB have unanimously approved the proposal by the Board of the bank to pay a total dividend of more than GH¢66 million. This follows the move by the bank to reward its shareholders, after ending the 2020 financial year with a significant increase in profit.
Top story: Vice President, Dr Mahamudu Bawumia, has challenged the secretariat of the African Continental Free Trade Agreement (AfCFTA) to move quickly to implement ‘Open skies’ across member countries to facilitate easy movement of goods and services within member countries.
Top Story: Finance Ministry unhappy about the abused of tax exemption policy by individual and institutions
Top Story: The Securities and Exchange Commission has unveiled a new 10-year capital market ‘Masterplan’, aimed at diversifying the capital market as well as boosting economic growth.
Top story: Over 3 billion dollars expected to be used to reclaim lands destroyed by illegal mining activities
Ghana Revenue Authority chases Oil Marketing Companies over unpaid petroleum taxes followed Bank Of Ghana review corporate governance and risk management guidelines for rural banks to ensure a sound, safe and healthy banking
Top story: Defence Minister, Dominic Nitiwul has advised illegal miners who operate at night to stop. Saying, he cannot guarantee their safety should they be caught by the task force.
Government statistician calls for public support ahead of upcoming population and housing census
The Vice President, Dr. Mahamudu Bawumia has stated that the Minister for Communication and Digitalization will between June and July announce the re-registration of all SIM cards in use in Ghana as part of measures to help in the formalization of the Ghanaian economy.
Economist and Finance Lecturer Professor Bobbin,said the Ghanaian economy is facing challenges and reasons behind,recent increase in taxes and introduction of new levies
Ghana's Association of Bankers said banks cannot blame for not accepting new voter-ID card transaction
Advertising Association of Ghana collaborates with key-stakeholders to remove all bill-board at unauthorized locations to ensure sanity and safety for consumers in its acquire wealth again campaign
Ghana to become hub of pharmaceutical production in SSA, sales forest to hit GHC.2.86bn
Association of Small Scale miners condemns burning of excavators by military deploy by President Akufo-Addo to clear forest reserves and river bodies of illegal mining activities
Minister for employment and labor relations Ignatius Baffour Awuah has hinted that the transported committee has agreed to receive recommendations in determining the national daily minimum wage for the year. this is expected in two weeks time and following an agreement between the government and organized labor
Ghana economy grew marginally by 0.4% last year beaten slightly most institutions and analyst forecast. this is according to provisional result from the Ghana studies service without oil the economy however grew at the rate of 1.7%.
Top Story: Government is now set to find recommence negotiations with its partners of the new national daily minimum wage this Thursday. The employment and labor relations ministry has written to the national departed committee indicating so.
Government interest costs to a short term domestic borrowing is fallen once again. This will see government recording some saving in interest payment and still it could not meets its target during the sales
The Ghana Standards Authority has begun preparations with stakeholders to undertake nationwide structural testing for all industrial properties and public buildings to ascertain their resistance in the event of an earthquake.
The Ghana union of traders association is expressing worry over the inability of some west African countries to implement the trade devirilization's scheme that could undermine the smooth development of the African continental free trade agreement
Top story: Ghanaians will have to brace themselves up to pay for more for electricity consumption, as electricity tariff is expected to go up soon, the African Center for Energy Policy has revealed. This is due to the obsolete equipment that the Ghana GRID Company (GRIDCo) is repairing and upgrading some across the country
Top story: Joy Business is gathering that government’s $5 billion Eurobond has been oversubscribed. However, the interest cost has not yet been disclosed. The Finance Ministry is expected to put out a statement to give full details about the Eurobond oversubscription soon. Ghana becomes the first African country to issue a zero-coupon rated bond. With a zero-rated coupon bond, no interest is paid whilst it trades a discount to its face value
Top story: The decision by government to withdraw the 5.0% capital gain tax on profit made by investors during the 2021 Budget presentation, can be a game changer to activities on the stock market. According to Managing Director of Ekow Afedzie, the new directive should be a relief to investors and also serve as a catalyst to entrepreneurs to invest more on the capital market.
Top story: President Akufo-Addo has said that government is committed to ensuring that petroleum revenues are well managed for the benefit of Ghanaians. Speaking at the launch of the 10th anniversary celebration of the Public Interest and Accountability Committee (PIAC) in Accra on Wednesday, he said government was determined to leverage the country’s hydrocarbon resources for the economic transformation of Ghana.
Top story: Minister for Trade and Industry, Alan Kyerematen has defended the 2021 budget and economic policies as the best to push Ghanaian businesses ahead of their African partners trading on the African Continental Free Trade Area. According to him, the suspension of tax stamp for small businesses, suspension of capital gain tax and other initiatives in the budget will ensure that a conducive business environment is created
Top story: EgyptAir is said to begin a new national airline for the country, to be called “Air Ghana”. According to Bloomberg, the new “Air Ghana” is likely to begin operations in a couple of months’ time. EgyptAir is looking to expand on the African continent as air traffic recovers from the covid-19 pandemic.
Top story: The 2021 Population and Housing Census scheduled to take place in April and May next year will be the first digital census in Ghana. It will involve the use of Computer Assisted Personal Interviewing devices (tablets) for electronic data capture and Geographic Positioning Systems (GPS) for recording coordinates of structures as recommended by the United Nations.
Top story: International ratings agency, Fitch, could review Ghana’s credit rating of B, saying, the “high cost of government’s debt burden is an important rating weakness”. This it says will continue to squeeze government’s other spending priorities.
Top story: Accounting and auditing firm, KPMG, is charging government to adopt innovative ways to raise additional revenue, whilst exhibiting prudence in spending. This it believes is the only way to create the needed fiscal space to achieve targets and priorities in the 2021 Budget.
Top story: The Finance Minister nominee Ken Ofori-Atta is attributing his recovery to God and prayers from Ghanaians. Speaking at the Virtual PwC Post Budget Forum Tuesday, from his base in the USA he noted that doctors who were “handling” him are even surprised with his fast recovery rate.
Top story: Finance ministry downplays negative impact of introduction of fresh taxes on petroleum products on the economy
2021 national budget being presented to Parliament by Interim Minister for Finance, Osei Kyei-Mensah-Bonsu.
Top story: Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu with additional responsibilities as an interim Minister for Finance has announced 8 additional initiatives aimed at fast tracking economic recovery imposed by the outbreak of the pandemic.
Top story: Vice President, Dr. Mahamudu Bawumia, is calling on petroleum industry players in Africa to consider partnerships in building petroleum storage facilities and refineries across the continent.
In his first State of the Nation Address after winning the second term bid, President Akufo-Addo hinted on some very defined plans to revive the economy after the pandemic. He has also been projecting an accelerated pick up in the economy from this year due to the ongoing vaccination exercise against the coronavirus pandemic.
Top story: The Ghana Stock Exchange Fixed Income Market has attained bits second highest monthly performance ever, as both tech stock and bond market continued their bullish run this year. The Accra Bourse has been so attractive contrary to previous years, as investors continue to show interest in the market.
Top story: The government has been urged to focus on homegrown policies to revive the economy post-COVID. Former Finance Minister, Mr Seth Terkper, said the government might have no choice but to return to the International Monetary Fund (IMF) if this isn't considered.
Top story: Commissioner of Ghana revenue Authority expresses confidence about pickup in revenue by the close of first quarter of next year
Top story: President Nana Addo Dankwa Akufo-Addo is considering three persons to present the 2021 Budget to parliament next week Friday, March 12, 2021. They are the Vice President Dr Mahamudu Bawumia, Trade Minister-Designate Alan Kyerematen and Dr Owusu-Afriyie Akoto.
Topic story: The Ghana Covid-19 Private Sector Fund (GCPSFund) has announced that it is commencing a new project that will see it partner government to secure more Coronavirus vaccines. The latest project from the Ghana Covid-19 Private Sector Fund has been named the ‘PVAX Project’ which aims to procure and deploy Covid-19 vaccines for up to 20% of Ghana’s eligible population in support of the Government’s vaccination program.
Top story: Ghana loses 1.9billion cedis in petroleum tax revenue and regulative margins in the year 2019 as energy experts pushes for review in the country's Gas supply agreement
Top story: Some Major Oil Marketing Companies (OMCs) have made slight upward adjustments on the prices of petrol and diesel at the pumps. The latest upward adjustment is the second increment in the prices of fuel in a month. Checks at some major fuel pumps like Shell and Total have revealed an increment of prices of petrol and diesel by 6 pesewas.
Top story: Many banks are rejecting the new Voters' and National Identification Cards as a form of identification for account opening and transaction purposes. It is however not the fault of the banks as both cards have not been validated.
Top story: International Trade Expert and Senior Partner at AB and David, David Ofosu Dortey has charged private sector players to formalize their business strategies in line with government policies or risk losing out on the benefits of the African Continental Free Trade Agreement.
Top story: Senior Economic Analyst with Databank, Courage Kingsley Martey, is confident the Cedi will sustain its stability throughout the year 2021. The Cedi, which began the year selling at 5 cedis 76 pesewas, has remained strong so far against the US dollar.
Top story: The Bank of Ghana has issued directives and guidelines such as the Cyber Security Directive that banks must meet on an on-going basis to effectively manage cyber risk and fraud. This trend is indeed welcome, as it broadly aligns with the overall objective of digitising the Ghanaian economy, and promoting financial inclusion and economic growth.
The Director-General of the Ghana Standards Authority has declared 2021 a year of enforcing standards for every item sold in the markets. According to Professor Alex Duodo, the failure of manufacturers and traders to ensure that the same standards apply for all products is costing the economy.
The number of jobs advertised in selected print and online media - which gages labour demand in the economy- declined in the third quarter of last year. This is a disclosure by the Bank of Ghana survey of the Labor Market.
Ghana will be rolling out a unified licensing regime - A global standard of licensing for telecom operators - with the aim to bring down the cost of internet for operators and consequently customers. This a quest by the government to make internet data accessible to all consumers at a cheaper rate.
Cocobod has refuted claims that some license-buying companies have not been paid since November 2020 for the supply of cocoa beans.
Government has assured banana and other food exporters that they will be resolving the trade issues with the United Kingdom, following concerns from customers in Britain about delays in supply.
The Ghana Stock Exchange has returned 4.46% in dollar terms to investors in the first few months and days in this year contrary to previous years when the market went through turbulent times.
According to the Bank of Ghana, the total value of Mobile Money transactions for last year hit 503.7 Billion Ghana Cedis
The Bank of Ghana has began advanced work towards the establishment of the National Development Bank. The Central Bank is therefore inviting bids to develop directives and prudential guidelines among others for the development of Finance Institutions
Businesses and consumers will soon be compelled to sign unto new insurance products as the Insurance Commission will henceforth introduce a basket of new compulsory insurance products. This follows the passage of the 2020 Insurance Bill which has finally obtained the Presidential assent.
The 6-year cedi bond has been over subscribed by over 258%, signalling a rise in investor confidence in the economy, following the successful elections in December 2020.
Ghanaian exporting firms have been relieved of cross-border trading challenges, export duties and tariffs due to the African Continental Free Trade Agreement which took effect last week.
Bank of Ghana urged to waive credit losses of banks to next year following the impact of COVID-19 on the economy to enable them to record some appreciable income
The government, for the second time, has failed to meet its running treasury bills target as the interest rate on the short term financial instrument remains steady
Prices of Foodstuffs expected to go up again next month over supply issues as Traders cash in on the season’s demand
Some businesses are pushing for an additional stimulus package to help those who were hit by COVID-19 recover quickly. President of the African Investment Group, Dr. Sam Ankrah, says this could really help fast-track the recovery of the economy
Topic: Sharing thoughts on Peace, its importance to our electoral process and whether we are on track.
Business news update with Sarah Amelley Djosu. Monetary Policy Committee of Bank of Ghana keeps policy rate unchanged at 14.5 percent citing inflationary and economic growth risks.
Business news update Sarah Amelley Djosu . The Bank of Ghana reserves to go above 10billion dollars when the 1.3 billion dollar cocoa syndication loan hits its account by end of this month. PUMA energy - First oil marketing company in Ghana to receive three ISO certifications
Business update with Sarah Amelley Djosu. Effective today, airlines that board passengers without PCR test will be fined 3,500 dollars per passenger.