Business

Ghana faces the prospect of widespread power outages after one of its largest electricity producers shut down operations amid mounting unpaid bills, highlighting the deepening financial crisis in the West African nation’s energy sector. Sunon Asogli Power, which supplies approximately 15 percent of Ghana’s electricity, suspended operations two weeks ago citing $259mn in outstanding payments. The company’s 560-megawatt plant closure ...

The active involvement of all key stakeholders will help prevent the smuggling of cocoa beans to other countries, Emmanuel Adjei, Ashanti Regional Deputy Manager of COCOBOD, has stated. He said increasing cocoa smuggling to the neighbouring countries, coupled with illegal mining, sand winning, bush burning and other negative activities, were seriously affecting cocoa production in the country. It was, therefore, ...

The Integrated Social Development Centre (ISODEC) in collaboration with the Global Financial Integrity (GFI) have organised a one day intensive training on Illicit Financial Flows (IFFs) for investigative Journalists from Ghana and other West African Countries. Some Nigerian journalists participated in the training via Zoom. Other Journalists from Sierra Leone and Burkina Faso registered to join in, but for one ...

The Africa Centre for Energy Policy (ACEP) has expressed concerns about the ongoing accumulation of substantial debt within Ghana’s energy sector, highlighting that the country is accumulating approximately $67 million each month in unpaid obligations. This rising debt, according to ACEP, is largely a result of the low revenue recovery rate of the Electricity Company of Ghana (ECG), which it ...

The Executive Director and Staff Members of the Integrated Social Development Center (ISODEC) on Monday, September 16, 2024, discussed its draft Financial Management Manual which is meant to guide the monetary control systems of the organization. The Manual seeks to provide a structured approach to financial decision-making, while enabling ISODEC to make informed, data-driven decisions that align with its strategic ...

The Attorney General and Minister of Justice, Godfred Yeboah Dame, has called on top global actors in the fight against cross-border economic and financial crimes to step up cooperation efforts to root out the growing global phenomenon. According to Godfred Dame, the survival of the global community is dependent on how effectively it can foster collaboration between its justice partners ...

The Director of Communications of the Electricity Company of Ghana (ECG) has revealed that the company incurred serious losses in the last two months due to the upgrading of its prepaid metering system. William Boateng stated that between July and August 2024, ECG recorded a revenue shortfall of over GH¢893,158,654. In an interview with Graphic Online, Mr Boateng blamed the ...

The Institute for Fiscal Studies (IFS) has predicted that Ghana’s economic woes will deepen if it continues to adopt domestic financing of the national budget. According to IFS, the government’s inability to access the Eurobond market has resulted in stiff competition with the private sector for loans to fund the budget, a development which is likely to lead to a ...

The Bank of Ghana (BoG) has asserted that the government’s Gold for Oil policy is progressing as planned. The initiative was launched by the government to address Ghana’s depleting foreign currency reserves and the high demand for dollars by oil importers, which was exerting downward pressure on the Cedi and driving up living costs. During an appearance before the Public ...

Professor of Finance at the University of Ghana, Godfred Bokpin, says the government has not demonstrated effective management of the funds it has borrowed in the name of the crises that have hit the country over the past eight years. According to him, even though the public debt stock has ballooned over the period, there is not much to show ...