Business

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% ...

The Integrated Social Development Centre, (ISODEC) a leading Policy, Research and Advocacy Organization in the country has advised the government of Ghana to develop and implement traceable structures that track gold from extraction to final sale.  ISODEC believes that such traceable systems would help reduce Illicit Financial Flows(IFFs) from the Mining sector, increase domestic revenue mobilization and boost Ghana’s quest ...

The Minister for Trade and Industry, K. T. Hammond, has directed the Cement Manufacturing Development Committee (CMDC) to instruct cement manufacturing companies in Ghana to immediately reverse the recent increase in cement prices. The Minister, recalling his directive to the CMDC at its inauguration on 8th March 2024, further requested the publication of the retail prices of cement by all ...

The fall of the Cedi against the major trading currencies especially the Dollar has resulted in increasing costs of doing business in Ghana, the President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has said. Dr Obeng said that businesses are unable to service their debts with the banks because of the exchange rate issues. “We’re unable ...

Mineral resources rich economies in West Africa have been asked to deal with inequalities in the Extractive sector in order to prevent poverty and repel the growing violent extremism in the sub-region. According to the proponents, policies relative to Extractive sector must be all encompassing and beneficial to all.   The call was made recently at a natural resources meeting held ...

A Governance Expert Professor Baffuor Agyeman-Duah has criticized the government for the snail’s pace with which it is finding solutions to the power challenges. He believes that given the rate at which the power outages occur, the government should have at least attached all seriousness to finding lasting solutions but that has not been the case. Speaking on the Ghana ...

The Minister of Finance, Dr Mohammed Amin Adam, has reaffirmed that Ghana’s medium-term macroeconomic outlook and prospects remain positive and promising. He also highlighted the government’s dedication to implementing comprehensive structural reforms to bolster growth and enhance revenue mobilisation. Speaking during a joint press conference by the government of Ghana and the International Monetary Fund (IMF) on Saturday, April 13, ...