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Eurobond payment by govt resumes after successful debt restructuring
In the aftermath of the successful completion of its debt exchange program with bondholders, the government of Ghana has officially resumed payments on its Eurobond debts.A total of $520 million has been paid by...
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120,000 metric tons of cocoa smuggled out of Ghana in the last 2 years – COCOBOD
Ghana's cocoa industry is facing a severe challenge, with over 120,000 metric tons of cocoa beans smuggled out of the country between 2022 and 2023, according to Joseph Boahene Aidoo, CEO of the Ghana...
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Maintain spending reductions to sustain positive credit rating – Joe Jackson tells govt
Chief Executive Officer of Dalex Finance, Joe Jackson, has emphasized the need for the government to persist with its spending reductions to uphold and enhance the recent positive credit ratings assigned by Moody’s.The credit...
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Investor confidence to soar as Moody’s positive outlook for Ghana upgrades – Financial Analyst
Financial analyst Patrick Abankwa Baah has suggested that Ghana’s recent positive outlook from Moody’s could significantly enhance investor confidence and attract more foreign direct investment.His remarks follow Moody’s decision to upgrade Ghana’s outlook from...
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SMEs contributes 70% to the country’s GDP – Dr Amin Adam
Finance Minister, Dr. Mohammed Amin Adam, has indicated that the impressive 5.8% economic growth recorded in the first half of the year, the highest in five years, was largely fueled by the resilience and...
Business
Moody’s upgrade demonstrated the NPP’s capability to restore the economy – Ahiagbah
Communications Director for the New Patriotic Party (NPP), Richard Ahiagbah, views Moody’s recent upgrade of Ghana’s outlook as evidence of the economy's recovery.According to Ahiagbah, this reflects the NPP government's capability to restore economic...
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Ethiopia, Ghana, Nigeria among 2024 worst performing currencies in Sub Saharan Africa – World Bank
The Ghana cedi, along with three other currencies, ranks among the poorest performers in Sub-Saharan Africa (SSA) for 2024, according to the World Bank’s October 2024 Africa Pulse Report.The report highlights that the cedi...
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Ghana’s cedi trades at GHS16.50 to dollar
Ghana’s currency continues to face challenges, with the cedi persistently losing value against key foreign currencies like the US dollar.After experiencing some stability in July, coupled with easing inflationary pressures, the cedi has resumed...
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What Commercial drivers spend their profits on amidst economic hardship
Amid the continuous increase in inflation and fuel prices, many commercial drivers have voiced concerns about the soaring cost of fuel and its effect on their livelihoods.In an interview on BizTech on GhanaWeb TV,...
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GOIL fuel attendants allegedly selling less than GHS500 worth of fuel for GHS1K
Journalist Okatakyie Afrifa-Mensah has exposed what appears to be a fuel pump tampering scheme at a GOIL filling station in Atimpoku, Eastern Region, accusing attendants of shortchanging customers by dispensing far less fuel than...
Business
Oil prices dip amid China’s weak demand, Middle East uncertainties
Oil prices started lower this morning, with both benchmarks dropping over 1% after a policy briefing in China over the weekend failed to introduce new measures to stimulate domestic consumption.Brent crude slipped to $77.50...
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Gov’t sees oversubscription in its treasury bill sales
The government achieved a slight oversubscription in its treasury bill sales after failing to meet its target for three consecutive weeks.This follows the International Monetary Fund's approval of the third review of Ghana’s Extended...
Business
26 poorest countries in worst financial shape since 2006 – World Bank
A new report from the World Bank released on Sunday highlights that the world's 26 poorest countries, which are home to 40% of the most impoverished individuals, are experiencing their highest levels of debt...
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IMF slashes borrowing fees by 36% for debt-laden countries
The International Monetary Fund (IMF) has reduced borrowing costs for some of the world’s most debt-burdened countries, following mounting criticism that its fees were overly harsh amid rising global interest rates.The IMF’s executive board...
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Ghana’s credit rating climbs to Caa2
Moody's Ratings has upgraded Ghana’s long-term issuer ratings in both local and foreign currencies from Caa3 and Ca to Caa2, while also changing the outlook from stable to positive.The upgrade to Caa2 reflects significant...
Business
GRA reports increase in revenue collection for Q1-Q3 2024
Ghana Revenue Authority (GRA) Board Chairman, Joe Ghartey, has revealed that the Authority surpassed its revenue target for the first three quarters of this year, marking what he described as a 'historic' achievement.Despite the...
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Oil prices surge globally – Report
Oil prices rose on Friday in global commodities markets as supply risks overshadowed weak demand forecasts. Brent crude reached $77.15 per barrel, while West Texas Intermediate (WTI) saw a 0.83% increase, bringing it to...
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Ghana’s credit rating upgraded by Moody’s amid debt restructuring
Global credit ratings agency Moody's has upgraded Ghana's long-term local and foreign currency issuer ratings to "Caa2" from "Caa3" and "Ca," respectively, in light of significant debt treatment that has alleviated the government's financial...
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Food prices to soon decrease by 50% – Agric Minister predicts
The Minister for Food and Agriculture, Dr. Bryan Acheampong, has announced an expectation of more than a 50% reduction in food prices in the upcoming months.He explained that this projection stems from various...
Business
ADB Bank Board Chairman resigns over allegations of loan extortion
The Board Chairman of ADB Bank, Daasebre Akuamoah Agyapong II, has stepped down immediately following allegations of extortion made against him by a bank customer.Sources indicate that his resignation came after an emergency board...
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Ghana’s waste facility in Mankessim to generate $750k in carbon credits
The newly commissioned Mankessim Waste Treatment Plant in the Central Region is projected to generate approximately $750,000 in carbon credits, benefiting both the state and the operating company.These funds are expected to be...
Business
BoG’s eCedi wins prestigious award in London
The Bank of Ghana (BoG) has been awarded the Innovation in Digital Currency Design for Financial Inclusion during the 2024 Payment, Innovation, and Technology Week, which took place in London, UK, from September 23...
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BoG’s eCedi grabs innovation in digital currency design award
The Bank of Ghana (BoG) has won the prestigious Innovation in Digital Currency Design for Financial Inclusion award for its eCedi at the 2024 Payment, Innovation and Technology Week, organized by Currency Research.The Central...
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Exempt us from Eurobond debt restructuring – Pensioner Eurobond holders to govt
A group of pensioner Eurobond holders in Ghana has expressed deep disappointment and frustration, calling on the government to exempt them from the ongoing Eurobond debt restructuring process.This plea follows recent remarks by...
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Ghana secures permit for first lithium mine as Atlantic Lithium gets green light
Ghana is one step closer to establishing its first lithium mine as Atlantic Lithium, a leading exploration company, has received a critical Mine Operating Permit for its Ewoyaa Lithium Project.This development marks the...
Business
Ghana’s tax-to-GDP ratio continues to fluctuate – Finance Ministry
Ghana's tax-to-GDP ratio remains volatile, standing at 13.8% in 2022, well below the government's target of 18-20% by 2027, according to an updated Survey of the Ghanaian Tax System published by the Ministry of...
Business
Import duties contribution to tax revenue drops by 5% in 22 years – Finance Ministry
The Ministry of Finance has revealed a significant decline in the contribution of import duties to Ghana's total tax revenue over the past two decades.According to the newly published Survey of the Ghanaian Tax...
Business
Over 20,000 metric tonnes of LPG to be delivered between Oct 21 and 27 – NPA
Ghana is set to receive more than 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) between October 21 and 27, 2024, to help stabilize supply amid concerns about potential shortages in parts of the...
Business
Gas Processing Plant to return to full production from Oct. 15
The National Petroleum Authority (NPA) has revealed that the Ghana National Gas Company's (GNGC) Gas Processing Plant (GPP) located in Atuabo is set to resume full production by October 15, 2024.In September, both...
Business
$67m revenue losses recorded by ECG monthly – ACEP
The Africa Centre for Energy Policy (ACEP) has raised concerns over the Electricity Company of Ghana's (ECG) monthly revenue losses, revealing that the company is losing approximately $67 million every month due to unpaid...
Business
“Our economy has turned a corner” – Akufo-Addo hails economic rebound after debt restructuring
President Nana Addo Dankwa Akufo-Addo has lauded the country’s economic recovery efforts, following the successful restructuring of $13 billion worth of Eurobonds.This development, which has returned Ghana to international financial markets, marks a...
Business
Gas prices to surge next week amid shortage – LPG Marketers warn
The Liquefied Petroleum Gas (LPG) Marketers Association of Ghana has issued a warning about a potential gas shortage in the market starting next week, which could lead to a surge in prices.According to the...
Business
Scarcity of cooking oil in Kumasi shoots up price by over 12%
Wholesalers and retailers of cooking oil in the Ashanti Region are expressing frustration over a sudden surge in prices, which have increased by over 12% every three days, significantly impacting sales.This unpredictable and...
Business
Newmont’s Tom Palmer becomes ICMM’s New Chair
Tom Palmer, President and CEO of Newmont, has been appointed as the new Chair of the International Council on Mining and Metals (ICMM), succeeding Iván Arriagada, CEO of Antofagasta Minerals.This change in leadership...
Business
Cocoa Carriers Association calls of strike action after 24 hours
The leadership of the Cocoa Carriers Association has suspended its indefinite sit-down strike, which commenced on Monday, October 7, following a key meeting with the management of the Cocoa Marketing Company (CMC) and a...
Business
Ghana earned close to $4bn in Non-Traditional Exports in 2023 – GEPA CEO
Ghana's Non-Traditional Exports (NTE) saw an impressive growth of 11.75% in 2023, raising its share of the nation’s overall exports to 24%, as announced by Dr. Afua Asabea Asare, Chief Executive Officer of the...
Business
Govt misses treasury bills target amid tight market liquidity
The government has once again fallen short of its treasury bills target due to tight liquidity in the money market.Auction results from the Bank of Ghana revealed a 38.55% shortfall in the government’s T-bills...
Business
We can drive digital transformation if we share ideas with each other – Telecel CEO
In order to address the obstacles hindering Ghana's digital transformation, it is crucial to foster an environment where start-ups, corporations, governments, and non-profits collaborate rather than operate independently, according to Telecel Ghana’s CEO, Patricia...
Business
Heavy metals found in Yam, other food items exported from Ghana due to galamsey – US-based engineer
A US-based engineer, Dr. Juliet Ohemeng-Ntiamoah, has evealed that certain food products exported from Ghana have been discovered to have elevated levels of heavy metals.She stated that it is quite unreasonable for critics to...
Business
LPG supply delays due to inadequate tanks – NPA’s Abass Tasunti
The National Petroleum Authority (NPA) has highlighted the difficulties surrounding the supply and storage of Liquefied Petroleum Gas (LPG) in Ghana.During an interview on Joy News’ PM Express Business Edition on Thursday, October 4,...
Business
What investors should know about BoG’s Ghana Gold Coin
The Bank of Ghana (BoG) has unveiled the Ghana Gold Coin, a notable addition to the domestic gold program, providing Ghanaians with a fresh investment option.This development arrives at a time when the cedi...
Business
Govt misses T-bills target by GHC2.31bn
The government has once again fallen short of its treasury bill target, missing the mark by GH¢ 2.31 billion due to ongoing liquidity challenges in the money market.According to the latest auction results from...
Business
Plan for your retirement – SSNIT to self employed individuals
Self-employed individuals are urged to prepare for their future to ensure they have financial resources during retirement.Due to their ongoing business income, many self-employed individuals may overlook the importance of joining the Social Security...
Business
Ghana defers bilateral debt payments to 2028
Ghana has postponed the repayment of its debt to Official Bilateral Creditors until 2028, as part of ongoing efforts to manage the country’s debt burden. The announcement was made by Finance Minister Dr. Mohammed Amin...
Business
Ghana must stick to reform agenda – IMF cautions as elections approach
The International Monetary Fund (IMF) has urged the Ghanaian government to continue implementing its reform agenda to fully restore macroeconomic stability and debt sustainability, especially in light of the upcoming 2024 elections. The IMF...
Business
753 Million Barrels of Oil extracted since 2010 – Petroleum Commission announces
As of the end of August 2024, approximately 753 million barrels of oil have been extracted since the beginning of commercial production.The country still possesses reserves of around 2.2 billion barrels of oil...
Business
Many Eurobond holders choose disco option indebt restructuring agreement
Many bondholders participating in the Eurobond Debt Exchange Programme chose the disco menu of new notes.As a result, these investors will incur a 37 percent haircut and will receive interest payments of 5 percent...
Business
$1 equals GHS17.00 on online payment platforms
Online card payment platforms are now charging GH¢17 to the dollar as of October 4, 2024, significantly increasing the cost of services like Netflix, Apple Music, Spotify, and X Premium subscriptions, even though their...
Business
IMF, Ghana reaches staff-level agreement on 3 review of credit facility
The International Monetary Fund (IMF) and Ghana have finalized a staff-level agreement concerning the third review of Ghana's US$3 billion extended credit facility.This agreement follows Ghana's recent achievement of 98% participation and consent from...
Business
AfDB aims for 120m tonnes of food by 2025
The African Development Bank (AfDB) aims to produce 120 million more tonnes of food by 2025.Dr. Abdul Kamara, Director-General of AfDB's Nigeria Country Department, announced this at a side event during the 2024 West...
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