Business

The Institute of Energy Security (IES) has projected fuel prices to go higher following the fall of the Cedi against the Dollar. The energy think tank’s analysis of the foreign exchange (Forex) market over the last two weeks revealed a further depreciation of the Cedi against the US Dollar. The Ghana Cedi depreciated by a significant 2.5% from the previous ...

Ghana’s inflation rate increased to 37.2 percent in September 2022, up from the 33.9% recorded in August the same year, the Ghana Statistical Service (GSS) announced in Accra on Wednesday, October 12. Five groups recorded inflation rates higher than the national average in September, the GSS further announced. They were Housing, Water, Electricity, Gas and Other fuels (68.8%); Furnishings, Household Equipment and ...

Trade growth is expected to lose momentum in the second half of this year and remain subdued in 2023, as the global economy sustains multiple shocks, such as ripple effects from the war in Ukraine, the latest forecast from the World Trade Organization (WTO) has revealed.  The UN partner agency has cautioned against imposing trade restrictions which would ultimately result ...

Ghana’s public debt stock went up by ¢9 billion in July 2022 to ¢402.4 billion, the October 2022 Bank of Ghana Summary of Economic and Financial Data has revealed. This is equivalent to 68% of the Gross Domestic Product and is in sharp contrast to the projected 104.6% of debt to GDP ratio in 2022 by the World Bank. In ...

The World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022. According to its October 2022 Africa Pulse Report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, massive weakening of the cedi, and ...

Global tech giant Alibaba.com has made its first serious entry into the sub-Saharan Africa market with a first Channel Partnership agreement with World Trade Centre Accra, a member of the Strategic Initiatives Limited Group. Alibaba.com is the world’s leading B2B marketplace, offering a wholesale platform for millions of buyers and sellers around the world to transact business. It has always ...

The European Union has dismissed claims of a ban on Ghana’s cocoa on the international markets. The Information Minister, Kojo Oppong Nkrumah, is said to have warned that Ghana could soon be unable to export cocoa and coffee to Europe due to new legislation. The law mandates European countries to formulate regulations that ensure that the commodities are harvested, extracted ...

Former President John Dramani Mahama has said that news that some $100 million has been diverted from petroleum funds for unapproved expenditure is most alarming. The Minority in Parliament last week sent a stern warning to the Minister of Finance, Kenneth Ofori-Atta, to repatriate all funds accrued from the oil revenue into the Petroleum Holding Fund (PHF). According to the Minority, ...

The International Monetary Fund is set to deploy another mission to Ghana in the coming weeks as the country races against time to tie down a bailout programme. In July, a staff mission visited Ghana for initial discussions after the Akufo-Addo administration announced its intentions to head back to the IMF for a bailout. Ghana is seeking a $3 billion ...

The Institute of Energy Security is predicting an insignificant drop in fuel prices in the Ghanaian market despite the drop in global fuel prices. IES said this would be so if the cedi remains weak against major trading currencies. The crude Oil price has fallen by 4% in recent weeks but unfortunately, the cedi continues to struggle on the forex ...