Report: banks need robust deposit growth to finance large fiscal deficit

The ability of financial sector institutions to finance the government’s large fiscal deficit would rely on robust deposit growth, a report by the Institute of International Finance (IIF) has said. The report, which examined fiscal developments in eight sub-Saharan African countries, said Ghana was among the top three countries where banking institutions had taken on […]

Ghana sells US$3.025bn bonds, including first zero-coupon debt

The government on Monday issued US$3.025bn worth of Eurobonds to international investors in four different tranches—a four-year zero-coupon bond and 7-, 12-, and 20-year bonds. The zero-coupon bond, which is the first of its kind to be issued by an emerging market country, had a face value of US$525m and will not attract regular interest […]

Parliament to probe collapse of UT, UniBank

The Speaker of Parliament, Alban Sumana Kingsford Bagbin has directed the leadership of parliament to set up a seven-member committee to probe into factors leading to the revocation of licenses of defunct UT Bank and UniBank. His request comes after the two businessmen Prince Kofi Amoabeng of defunct UT bank and Dr. Kwabena Duffour of […]

Banks ready to ease credit stance for private sector

Banks have signalled their readiness to extend credit to the private sector following months of sluggish credit demand and supply conditions due to the pandemic, the latest credit conditions survey by the Bank of Ghana has shown. Private sector credit growth slowed in the first two months of the year due to constrained demand for […]

Economic activity rebounds strongly, but taxes a concern

Latest data from the Bank of Ghana (BoG) reveal that the Ghanaian economy is on a strong rebound, brushing off concerns that the second wave of the Covid-19 pandemic could hamper its recovery. The Composite Index of Economic Activity (CIEA), which the BoG relies upon to gauge the strength of economic activity, recorded an annual […]

Lands Minister pledges close ties with large-scale mining firms

The Minister for Lands and Natural Resources, Samuel Abu Jinapor, has underscored his strong commitment to work closely with large-scale mining companies to build a sustainable, viable mining industry. “I intend to work closely with large-scale mining companies as partners to ensure we realise the vision of the President, which is to build here, in […]

Int’l trade revenue to decline by 19% on AfCFTA implementation

Subsequent to the implementation of the African Continental Free Trade Area (AfCFTA) agreement, revenue derived from international trade is expected to decline by 19 percent to GH¢6.6bn this year. Last year, taxes on international trade, which earned GH¢8.1bn or 50 percent above the outturn in 2019, were the main driver of non-oil tax revenue. This […]

Tax expert urges gov’t to resurrect exemptions bill

A tax expert with audit firm PwC, Abeku Gyan-Quansah, says government must aggressively pursue the rationalisation of tax exemptions if it is to meet this year’s revenue target. According to the 2021 budget presented to Parliament last week, government wants to raise nearly GH¢71bn in domestic revenue—a target which is more than 32 percent of […]

Private sector must invest in, own and push AfCFTA to succeed—Mangeni

The African Continental Free Trade Area (AfCFTA) provides a large market for trade, investments, innovation, equal trade and economic transformation that could give the continent’s youth the needed jobs and opportunities but it would require the commitment of all, especially the private sector, according to Francis Mangeni, Head of Trade Promotion and Programmes at the […]

Tullow to drill 4 wells to support production

Tullow Oil is targeting to drill four wells in Ghana by the close of the year in an effort to increase production from its Jubilee and TEN fields to offset anticipated near-term output declines. Addressing investors on the company’s 2020 performance and outlook, Chief Executive Officer Rahur Dhir said, “Given the scale of the resource […]