Business

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 ...

Disability rights advocacy groups have decried the lack of priority given to social welfare in the allocation of petroleum revenue. The groups, under the auspices of the Ghana Federation of Disability Organisations (GFD), made their views known yesterday at a forum organised by the Public Interest and Accountability Committee (PIAC). According to the groups, the absence of social welfare from ...

The World Bank in its eighth Ghana Economic Update, says the country has seen ‘steady progress’ in the past year towards economic stabilisation though challenges remain. The report attributed what it described as a “modest recovery” in the Ghanaian economy to a firm monetary policy stance, comprehensive debt restructuring, and a series of structural reforms to support long-term growth. It, ...

Finance Minister Dr. Mohammed Amin Adam is scheduled to present the 2024 Mid-Year Budget Review in Parliament on Tuesday, July 23, 2024. Deputy Majority Leader Patricia Appiagyei made this announcement, stating that the Finance Minister will revise the government’s projections for the year in light of the recently announced IMF balance of payment support. This presentation is expected to provide ...

President Nana Addo Dankwa Akufo-Addo has called on African Leaders to work with a sense of urgency to stop the illicit financial outflows from the continent. He said they needed to pay serious attention to and arrest the situation, which was depriving Africa of significant resources that could be used to support its development. The President made the call at ...

The Chamber of Petroleum Consumers (COPEC) has predicted a 4% rise in petroleum product prices in the next pricing window, effective Tuesday, July 16, 2024. According to COPEC, indications across the downstream petroleum market show that the pump retail prices of all three products – Petrol, Diesel, and LPG – will increase on Tuesday. In a statement dated Sunday, July ...

A Consultant and former Executive Director of the Integrated Social Development Centre (ISODEC) Dr. Bishop Akolgo has proposed to the government to consider making the Bank of Ghana (BoG) the sole buyer and exporter of Ghana’s Gold.   “Government should empower the central bank as the sole buyer and exporter of Ghana’s gold so that this can be used to shore ...

Finance Minister Dr Mohammed Amin Adam has announced the completion of Ghana’s debt restructuring programme with its official creditors.  According to the Member of Parliament for Karaga, the government has successfully restructured its debt of 5.1 billion dollars with these creditors, in addition to concluding the restructuring of 13.1 billion dollars with Eurobond holders. Addressing attendees at a UK Town ...

Ghana’s bondholders must cut debt payments by 50% if they are to match the terms agreed by governmental creditors such as China and the UK. New figures released by the Integrated Social Development Centre Ghana (ISODEC) and Debt Justice in the UK show that the amount of debt relief currently being discussed would lead to bondholders being paid back 15% ...