Ghana reserves position remains strong; trade surplus increased to $1.805bn in June 2024
Ghana’s gross international reserves position remained strong in the first half of 2024. According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023. This represented 3.1 months of import cover. The Gross International Reserves […]
SSNIT announces shift to fixed-income-focused portfolio
The Social Security and National Insurance Trust (SSNIT), the largest institutional investor in the economy, has announced a transition to a fixed-income-focused portfolio. SSNIT’s portfolio totals GHS 16.7 billion, with 49.3 percent in equities, 34 percent in alternative investments, and only 16.7 percent in fixed income. However, SSNIT plans to significantly rebalance its portfolio in […]
Spanish Embassy launches book on Ghana’s Cultural Heritage
The Spanish Embassy in Ghana has launched a book on Ghana’s cultural heritage, with a call for collaboration and innovation to preserve and promote the country’s heritage. Titled “A Panorama of Ghana’s Heritage,” the two-part 110-page book which is the second edition, is published in English and Spanish. The first part features images of Ghana’s […]
Government institutes monthly stakeholder dialogue to ease doing business in Ghana
The government has instituted a new monthly stakeholder dialogue with both local and foreign businesses to fast-track the processes of doing business in Ghana more conducive. The engagement would feature a survey, which will track the progress made on the implementation of measures to ease doing business in the country, as well as ways to […]
KPMG report: GRA paid SML GH¢1.4bn from 2018 to 2023
The full report by audit firm, KPMG on the contract between the Strategic Mobilisation Limited (SML) and the Ghana Revenue Authority (GRA) released by President Akufo-Addo on Wednesday, May 22 has disclosed that GRA paid SML a gross amount of GH¢1,400,202, 403.56 from 2018 to 2023. The report confirmed the GH¢1,061,054,778.00 net amount paid to […]
Ghana risks financial obligations if it terminates SML deal – KPMG report
Audit firm KPMG says the revenue mobilization transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML) can be terminated by either party. However, the firm, in its full report on the contract, states that the termination could trigger financial implications for the Government of Ghana (GoG) and the GRA. “Upon termination, […]
Market analysts project Cedi to range between GH¢15 and GH¢16 by end of year
The woes of the Ghana cedi may be far from over as market watchers predict it could reach between 15 and 16 Ghana Cedi to the dollar by the end of the year. The forecast comes in the wake of persistent volatility of the local currency, causing concern among Ghanaians. Bloomberg, a prominent financial and […]
Govt to expand tax base and improve revenue mobilization
To boost economic growth and increase revenue mobilization, the Ghanaian government is implementing measures to improve the country’s tax-to-gross domestic product (GDP) ratio. Abena Osei Asare, the Minister of State at the Finance Ministry, has stated that while efforts to increase tax mobilization in the formal sector have been made, plans are advanced to widen […]
Ghana to get new alumina refinery as Akufo-Addo announces GIADEC’s strategic partner for Project 3A
Ghana is set to benefit from a new alumina refinery following the successful selection of a strategic partner that will work with the Ghana Integrated Aluminium Development Corporation (GIADEC) to deliver Project 3A, one of four (4) projects being executed under the Integrated Aluminium Industry (IAI) projects. President Akufo-Addo who witnessed the signing of the […]
We’ll sustain reforms driving economic recovery – BoG Governor assures
The Bank of Ghana (BoG) is prepared to continue the necessary structural reforms to revive the country’s shaky economy. It emphasizes the importance of vigilance and commitment in realigning the country’s economic situation. Following the approval of the second $600 million tranche from the International Monetary Fund (IMF), Dr. Ernest Addison, Governor of the Bank […]