Business

The World Bank has approved $300 million in funding to help Ghana’s economic recovery, it said in a statement on Tuesday. The decision comes after the West African country reached a deal to restructure $5.4 billion of loans with its official creditors, a milestone in Ghana’s quest for debt relief as it charts its way out of the worst economic crisis in ...

The Bank of Ghana (BOG) has acknowledged receipt of US$600 million as the second tranche of Ghana’s bailout package with the International Monetary Fund (IMF). The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday, January 23, 2023. This means, Ghana has received a total of US$ 1.2 ...

The public is being encouraged to ignore allegations of a supposed national increase in transportation fares, according to the Ministry of Transport. The Ministry stated in a statement released on Wednesday, January 17, that “no negotiations have taken place with the transport operators regarding a review of the transport fares.” Therefore, we strongly advise the public to ignore the alleged ...

Africa finds itself at the crossroads of a significant transformation in the global gold trade. The relocation of Russian gold trading to Hong Kong, strategic alliances such as Mali and Russia’s gold refinery agreement, and the surge in gold prices are reshaping the continent’s role in this crucial industry. Geopolitical Dynamics Russian gold trading’s shift to Hong Kong is driven ...

Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year. Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organization,” according to state news agency Angop. The country joined OPEC in 2007. Disagreements over lower oil quotas ...

A new deal has been agreed at the UN climate summit in Dubai after days of negotiations. For the first time, the deal calls on all countries to move away from using fossil fuels – but not to phase them out, something many governments wanted The text recognises the need for deep, rapid, and sustained reductions if humanity is to ...

The International Energy Agency predicts a terminal decline for coal, oil, and gas by 2030, challenging dominant climate narratives. Despite the predictions, oil profits are soaring, and supermajors like Chevron and Exxon Mobil are increasing investments in fossil fuel extraction. Contradictions have arisen at COP28, where oil-funded climate talks discuss phasing down fossil fuels, while the industry walks back emission ...

Energy Minister, Dr. Matthew Opoku Prempeh, outlined the country’s ambitious Energy Transition and Investment Plan during Ghana’s Energy Day at the Conference of Parties (COP28) in Dubai, UAE. The plan aims to attract $550 billion in capital investments to facilitate a comprehensive transition in the country’s energy sector. The key components of the plan include scaling up renewable energy, introducing ...

The Bank of Ghana (BoG) has announced that it will gradually phase out the Gold for Oil policy, implemented in February 2023 to stabilize fuel prices. The Central Bank believes that the programme has achieved its purpose and is no longer necessary. “The Gold for Oil policy was a crisis management policy. We came in at the time in 2022 ...

Businesses and individuals want the government to scrap the E-levy and review some tax laws, a survey of businesses’ expectations in the 2024 budget statement has revealed. The businesses also expect a review of the COVID-19 levy, petroleum levy, and the growth and sustainability levy which was recently introduced as part of the government’s conditions to access the IMF bailout. The ...