Business

Ghana has been downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring. The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with Sri Lanka, which is in ...

The Minority in Parliament has described the 2023 budget statement and economic policy presented by the Minister of Finance, Ken Ofori-Atta, yesterday to Parliament as not encouraging as it provides no hope for the youth because there will be a freeze on employment. It has, therefore, urged the citizenry to brace themselves up for a “maximum hardship” in the coming ...

More iron deposits have been discovered at Nkwanta in the Oti Region, a Deputy Minister of Lands and Natural Resources, Benito Owusu-Bio, has said. It adds up to the recent discovery of the mineral resource in that region around Gyamurume and Wawaso in commercial quantities. Question It adds up to the recent discovery of the mineral resource in that region ...

Nana Abrokwa Asare, the administrator of the National Premix Secretariat, believes criticism of the secretariat from the Odododiodioo MP, Edwin Nii Lante Vanderpuye, because of the premix fuel shortage is unfair. “I believe it is a very unfortunate statement. We are doing everything possible to reverse this challenge that we are facing,” Mr. Asare said on Eyewitness News. As a possible ...

The Canoe and Fishing Gear Owners Association of Ghana is calling for greater transparency in the threats currently facing fishers in Ghana and the measures taken to resolve them to save the sector. A statement released by the Association and signed by its president, Nana Kweigyah, among other things, called for broader stakeholder engagements and a lasting solution to the ...

The Ministry of Communications and Digitalisation has announced that it has instituted plans of deactivating all SIM cards yet to be registered by November 30, 2022. The Ministry, in a statement issued on November 11, warned that “all SIM cards which have completed the first stage of the registration exercise but not done the second phase will be blocked from ...

Ghana’s Budget Statement and the Economic Policy for 2023 may not be read on November 15, as scheduled. Majority Leader Osei Kyei-Mensah-Bonsu has revealed that the current negotiation with the International Monetary Fund (IMF) may delay the presentation. The Public Financial Management Act mandates that the budget is presented next two weeks. However, as negotiations between the Finance Minister and ...

Information Minister, Kojo Oppong Nkrumah has disclosed that the government has commenced plans to secure cheaper petroleum products for the Ghanaian market. The Minister made this revelation while speaking to Evans Mensah on PM Express on Monday. According to him, the National Petroleum Authority (NPA) and the Ministry of Energy will provide further details about the importation of fuel onto the Ghanaian ...

North Tongu Member of Parliament, Samuel Okudzeto Ablakwa has said the inordinate fall of the Cedi against the Dollar should be seen as a national security threat. He said the President must dissolve the Economic Management Team (EMT), sack the Finance Minister, and quickly convene a nonpartisan forum to rescue the local currency. In a tweet, Mr Ablakwa said “The ...

The World Bank Group President, David Malpass, has expressed disappointment over Ghana and Nigeria’s decision not to sign up for the Debt Service Suspension Initiative (DSSI). Established in May 2020, the DSSI expired at the end of December 2021. The DSSI, put together by the International Monetary Fund (IMF) and World Bank offered countries an opportunity to freeze debt servicing, ...