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AfDB enhances capital flexibility to boost 10-year strategy
A $1 billion exposure exchange agreement has been signed between the African Development Bank (AfDB) and the Asian Development Bank, designed to strengthen AfDB’s capital and expand its sustainable lending capabilities across Africa.This agreement,...
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Claim that govt saved $12bn through debt restructuring mere propaganda – Lawyer
Member of Alan Kyerematen’s Movement for Change, Andrew Appiah-Danquah, has taken issue with President Nana Akufo-Addo's administration, focusing his criticism on Finance Minister Dr. Mohammed Amin Adam.Mr Appiah-Danquah argued that the government's Domestic Debt...
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Oyster Agribusiness raises $2m for Ghana’s Agric sector expansion
Innovative agri-tech company specializing in climate-smart agriculture, Oyster Agribusiness, has successfully secured $2 million in funding to enhance its operations and increase its impact on smallholder farmers throughout Ghana.This achievement was facilitated by the...
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Oil prices plummet to $73 amid attacks on Iran
Oil prices fell even with Israel's recent counteroffensive against an Iranian military site that resulted in four fatalities.On Monday, oil prices opened lower, with Brent crude dropping over 4%, pushing the market back under...
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Sunon Asogli Power responsible for delayed payment of debt owed them – Finance Minister
The Finance Minister has condemned Sunon Asogli Power for acting in “bad faith” by deciding to suspend operations due to a $259 million debt owed by the Electricity Company of Ghana (ECG).Dr. Mohammed Amin...
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Govt treasury bill auction oversubscribed again amid rising interest rates
The government oversubscribed its treasury bill auction by approximately 11% for the third straight week, though at the cost of rising interest rates.Data from the Bank of Ghana reveals that the government raised GH¢4.42...
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Phase 2 of DDEP had limited effect on 2023 Financial Performance – BoG
The Bank of Ghana has disclosed in its 2024 Financial Stability Review that Phase 2 of the Domestic Debt Exchange Programme (DDEP) had a relatively low impact on the audited financial performance of banks...
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IMF to approve $360m for Ghana on Dec 2 – Finance Minister
Finance Minister Dr. Mohammed Amin Adam has announced that the International Monetary Fund (IMF) Board will convene on December 2, 2024, to review Ghana’s Third Programme.This review could facilitate the release of $360...
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BOST, CEO shine at 8th Ghana Energy Awards
The Bulk Energy Storage and Transportation Limited (BOST) and its Managing Director, Dr. Edwin Provencal, took center stage at the 8th Ghana Energy Awards, receiving top honors for their significant contributions to Ghana’s petroleum...
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Ghana’s coconut industry positioned for global market – Fmr deputy minister
Former Deputy Minister of Food and Agriculture and current CEO of the Tree Crops Development Authority (TCDA), William Quaitto, has emphasized the transformative potential of the new Tree Crops Regulations, 2023, at the fourth...
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Govt pays GHS2.5bn debt owed SSNIT
The government has settled GH¢2.5 billion in bonds owed to the Social Security and National Insurance Trust (SSNIT), as announced by Director-General Kofi Osafo-Maafo during a stakeholder engagement with pensioners in Kumasi.He highlighted...
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World Bank approves $260m to revitalize Ghana’s energy sector
Finance Minister Dr. Mohammed Amin Adam has announced a landmark $250 million credit and an additional $10 million grant from the World Bank, dedicated to Ghana's Energy Sector Recovery Program for Results project.This...
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I got into movie producing because the lover girl roles weren’t challenging enough – Nadia Buari
Ghanaian actress Nadia Buari shared her motivation for venturing into movie production in addition to acting.Speaking with TV3 on Wednesday, October 23, Buari explained that she grew weary of being typecast in 'lover girl'...
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IMF projects 3% growth rate for Ghana despite economic challenges
The International Monetary Fund (IMF) has projected a 3% growth rate for Ghana in 2024, as highlighted in the World Economic Outlook Report released in Washington D.C. on Tuesday. This forecast coincides with the...
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Africa needs a seamless payment infrastructure – Dr. Amin Adam to World Bank
At the recent World Bank African Caucus Meeting in Washington, D.C., Finance Minister Dr. Mohammed Amin Adam urged the World Bank to accelerate its support for a continent-wide payment system aimed at enhancing Africa's...
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Jomoro MP claims NPP members celebrated her accident
Member of Parliament for Jomoro, Dorcas Affo-Toffey, has accused supporters of the New Patriotic Party (NPP) in her constituency of celebrating after a severe accident she was involved in last August.The MP narrowly...
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Incentives from the govt essential for achieving ESG compliance
A senior lecturer in the Department of Economics at the University of Ghana, Dr. Priscilla Twumasi Boafo, has urged the government to establish an incentive framework to motivate small and medium-sized enterprises (SMEs) and...
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Customs Division maintains goods-in-transit inspections despite GUTA concerns
Commissioner of the Customs Division at the Ghana Revenue Authority (GRA), Brigadier General Zibrim Ayorrogo, has affirmed that Customs will persist in inspecting goods that have already been cleared during transit, as needed.In recent...
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IMF anticipates a 3% growth rate for Ghana by year-end
The International Monetary Fund projects that Ghana’s economy will grow by 3 percent by the end of 2024, according to the World Economic Outlook Report released in Washington, D.C., on Tuesday.This forecast, shared during...
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CSIR urges farmers to embrace new crop innovations to boost productivity
Deputy Director General of the Council for Scientific and Industrial Research (CSIR), Professor Marian Quain, has encouraged Ghanaian farmers to take advantage of innovative technologies introduced by the Crop Research Institute (CRI) to enhance...
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Prof. Ahwoi calls for 7.5% DACF allocation to boost local development
A politician and academic, Professor Kwamena Ahwoi, has called for the restoration of the District Assemblies Common Fund (DACF) to 7.5 percent of total national revenue.He argued that the current cap on the...
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Expert recommend Ghana’s mineral resources as collateral to settle energy sector debt
Power systems economist Dr. Elikplim Kwabla Apetorgbor has introduced an ambitious strategy for managing the country's growing energy sector debt by using mineral resources to facilitate debt-swaps.This approach seeks to settle over US$2.3...
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Finance Ministry, 9 other institutions identified as fiscally irresponsible in Ghana – Report
A collaborative report from IMANI-Africa and Oxfam Ghana has indicated that Ghana incurred a loss of roughly GH¢4.9 billion due to financial misconduct between 2021 and 2023.The Fiscal Recklessness Index, compiled by these policy...
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World Bank pledges to support the agribusiness sector with US$9bn
The World Bank has pledged US$9 billion towards agribusiness investments, urging the establishment of a robust global ecosystem in light of anticipated food demand growth of up to 60 percent.This appeal comes after the...
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PURC rakes GH411.4m from consumers on behalf of ECG
Greater Accra Regional Manager of Public Utilities Regulatory Commission (PURC), Gifty Bruce-Nelson, has disclosed that an amount of GH¢11,441,875.55 has been recovered from consumers indebted to the Electricity Company of Ghana (ECG) between January and...
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Govt extracted $12bn from citizens, not saved through DDEP – Joe Jackson
Chief Executive Officer of Dalex Finance, Joe Jackson, has disputed Finance Minister Dr Amin Adam’s statement that the Domestic Debt Exchange Programme (DDEP) saved Ghana an impressive $12 billion.In a social media post responding...
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PIAC calls for urgent attention to dip in crude oil production
The Public Interest and Accountability Committee (PIAC) has warned that Ghana must act quickly to address the steady decline in crude oil production.According to them, crude oil production has been declining since 2020,...
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Govt forcibly took $12bn from Ghanaians; DDEP saved the country nothing – Joe Jackson
Chief Executive Officer of Dalex Finance, Joe Jackson, has taken issue with Finance Minister Dr. Amin Adam’s assertion that the Domestic Debt Exchange Programme (DDEP) resulted in savings of $12 billion for Ghana.In a...
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Coconut sector touted for employment gains as export demand rises
Ghana's coconut sector has been praised for its significant contributions to employment, with over 350,000 jobs created in the past seven and a half years as global demand for coconut products continues to rise. According...
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Third-largest mine in Ghana to be commissioned in November – Lands Minister
Ghana's third-largest gold mining company, the Cardinal Namdini Mining Project, is set to be commissioned by President Akufo-Addo in the first week of November 2024, according to the Minister for Lands and Natural Resources,...
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Hope for Ghana as IMF projects 4.2% economic growth for Sub-Saharan Africa by 2025
The International Monetary Fund (IMF) has forecasted a 4.2% economic growth for Sub-Saharan Africa by 2025, suggesting a brighter outlook for Ghana.This projection was detailed in the IMF’s October 2024 World Economic Outlook, released...
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IEA Director calls on all economists to provide solutions each to rescue cedi
Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has called on all economists to contribute ideas for resolving the challenges facing the local currency.Expressing his frustration, Dr. Kwakye questioned...
Business
NPP Caucus want Speaker to recall parliament due to $250m loan, tax exemptions bills
The New Patriotic Party (NPP) Caucus in Ghana’s Parliament, on Wednesday, October 23, 2024, formally requested the Speaker of Parliament to reconvene the House to address pressing matters.In their letter, the Caucus outlined three...
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Ghana suffered financial losses exceeding GHS4.9 b in 2023 – IMANI Africa
Ghana suffered financial losses exceeding Gillion in 2023 due to irregularities in public institutions, according to a report by IMANI Africa and Oxfam Ghana.The report, part of the Fiscal Recklessness Index, sheds light on...
Business
2 key processing plants in Ashanti Region on the brink of closure over raw materials shortage
Two major soybean processing plants in the Ashanti Region are on the brink of closure due to a severe shortage of raw materials, exacerbated by large-scale exports despite government-imposed restrictions.Vester Oil Mills Limited, located...
Business
Govt strengthens public-private partnerships to combat cybersecurity threats
The Minister for Communications and Digitalisation, Ursula Owusu-Ekuful, affirmed the government’s continued dedication to promoting Public-Private Partnerships (PPP), which have proven effective in tackling the complex challenges posed by cybersecurity threats.Given the ever-evolving nature...
Business
We almost won battle against inflation – IMF
The International Monetary Fund (IMF) has stated that the world is nearing victory in the fight against inflation, which peaked at 9.4 percent during the third quarter of 2022.“The battle against inflation is almost...
Business
Ghana’s economy to grow by 3% at the end of 2024 – IMF
The IMF has forecasted a 3% growth rate for Ghana by the end of 2024, as highlighted in the World Economic Outlook Report released during the IMF/World Bank meetings in Washington, D.C., on Tuesday.This...
Business
Impact of agric exports on Ghana’s economy and the threat of Galamsey
Agricultural exports play a crucial role in Ghana's economy. Data from the Ghana Statistical Service (2023) reveals that agri-food products valued at US$3.4 billion were exported from the country between 2022 and 2023.Leading Ghana’s...
Business
Springfield begins Afina Well appraisal to strengthen oil field unitisation efforts
The CEO of Springfield E&P, an indigenous oil exploration and production company, has revealed that the appraisal of the Afina-1x Well, located in the West Cape Three Points (WCTP) Block 2 offshore Ghana, is...
Business
Ghana targets $25.3 billion from coconut exports by 2029
Ghana Export Promotion Authority (GEPA) has set an ambitious goal to generate $25.3 billion in export revenue from the coconut industry by 2029.This initiative aims to diversify the nation's export portfolio and reduce...
Business
Ghana’s industrial PPI falls to 43% in September 2024
Ghana saw a slight decline in the Industrial Producer Price Inflation (I-PPI) rate in September 2024, which fell from 44.6 percent in August to 43.0 percent. This marks a year-on-year decrease of 1.6 percentage...
Business
Gov’t records about 42% increase in revenue from Q1 to Q2 – Finance Ministry
The government recorded about 42% increase in total revenue from the first quarter (Q1) to the second quarter (Q2), according to data from the Finance Ministry.The revenue figures reveal a notable surge, from...
Business
Concerned Drivers Association appeals for 20% surge in transport fares
The Regional Executives of the Concerned Drivers Association of Ghana (C-DAG) have called on their national leadership and the Ghana Private Road Transport Union (GPRTU) to implement a 20% increase in transport fares.This request...
Business
Cedi depreciation worsens as it trades at GHS16.55 to the dollar
Ghana's local currency continues to struggle, consistently losing value against key trading currencies, particularly the US dollar, pound sterling, and Euro.Although the cedi experienced some stability in July, after being under pressure for most...
Business
SMEs, startups advised to pursue sustainable, adaptable financing options
Small and medium-sized businesses, particularly those in Science, Technology, Innovation, and Research (STIR), have been encouraged to explore affordable, long-term funding options like venture capital and angel investors instead of relying on traditional bank...
Business
Transactions conducted through mobile money services surpasses GHS1.9tr – BoG
The Bank of Ghana's (BoG) 2023 FinTech Sector Report indicates substantial advancements in the nation’s digital financial sector, with mobile money accounts exceeding 65 million and total transaction values surpassing GH¢1.9 trillion.This development represents...
Business
NHIA clears outstanding GHS800m debts owed to healthcare providers
The National Health Insurance Authority (NHIA) has announced that it has cleared the outstanding debts owed to healthcare providers under the Scheme.According to the Chief Executive Officer of NHIA, Dr. Da-costa Aboagye, payments have...
Business
Ghana, Nigeria are expected to experience significant budget shortfalls
Fitch Solutions has revealed that Ghana, Uganda, and Nigeria are projected to face substantial budget shortfalls.In an article titled "Return To International Capital Markets Belies Persistence Of Fiscal Risks In Sub-Saharan Africa," the UK-based...
Business
GACL set to revamp Terminal 2 for both local and international flights – Report
Ghana Airports Company Limited (GACL) is preparing to revamp and enhance Terminal 2 at Kotoka International Airport to accommodate both domestic and international passengers.Sources familiar with the project report that this redesign is...
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