Business

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, ...

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 ...