Business

Rating agency, Fitch, has given an indication of a further downgrade of Ghana’s credit rating to very deeper junk status. This is coming after it downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘C’ on December 21, 2022 from ‘CC’ as well as the issue ratings on outstanding foreign-currency debt. It has also downgraded the issue rating on ...

The Ghana Revenue Authority has recovered in excess of $93 million and an additional GH¢421 million from multinational and local companies operating in the country through its informants’ reward scheme. These were hitherto taxes that the State could have lost as a result of the firms’ unwillingness to pay until the intervention of these informants who used the Informant Application ...

The Executive Chairman of the Jospong Group of Companies (JGC) has advocated homegrown solutions to address the economic challenges currently bedeviling the country. “The economic challenges that we are facing should rather bring forth our entrepreneurial spirit as we find homegrown solutions to them,” Dr. Joseph Siaw Agyepong made the call at the 2022 Annual Thanksgiving Service of the JGC ...

Newmont Africa says it looks forward to the investigation reports of the Ghana Police Service, and the National Investigation Bureau, to understand and address the root cause of the recent shootings, at Kenyasi, one of its host communities. The company’s statement follows the recent shooting and rioting incident, that unfortunately, claimed the life of one community member and injured four ...

A former Finance Minister, Dr Kwabena Duffuor, has proposed the establishment of a National Economic Rescue Team to help find immediate and lasting solutions to the current economic challenges. He said the depth of the economic crisis and the ongoing attempt to restructure the domestic debt towards macroeconomic stability and recovery of the economy call for the establishment of an ...

The Finance Minister, Ken Ofori-Atta, has hailed the Staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. The agreement was reached after several months of talks between Ghanaian government officials and authorities of the IMF. Addressing Journalists at a press conference on Tuesday, Mr. Ofori-Atta said the ...

The West African Examination Council (WAEC) has released provisional results for the 2022 West Africa Secondary School Certificate Examination (WASSCE). In a statement on Thursday, WAEC said the results relate to only Ghanaian students who took part in the exams this year. According to the examination body, candidates can access the results on its website. However, some 8,486 candidates who ...

The Internal Monetary Fund (IMF) has confirmed that the government of Ghana has declared its intention to conduct a debt operation ( also called debt restructuring) in 2023. According to an update on the fund’s website, “authorities [Ghana] have assessed their public debt as being unsustainable over the medium term. Together with efforts to bring the government deficit down, they ...

Ghana has been downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring. The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with Sri Lanka, which is in ...

The Minority in Parliament has described the 2023 budget statement and economic policy presented by the Minister of Finance, Ken Ofori-Atta, yesterday to Parliament as not encouraging as it provides no hope for the youth because there will be a freeze on employment. It has, therefore, urged the citizenry to brace themselves up for a “maximum hardship” in the coming ...