World Bank Country Director lauds BoG’s domestic gold purchase programme

The World Bank has lauded the Bank of Ghana’s domestic gold purchase programme, which among others seeks to help shore up the country’s foreign reserves. According to the central bank, the move will enable it buy gold from selected local aggregators and mining firms and pay in the local currency at the prevailing market price. …

Power exports hit record level

Ghana’s electricity exports hit a record level last year, official data have showed. The Energy Commission, which regulates the sector, reported that annual electricity exports climbed by approximately 26 percent to 1,801 GWh (gigagwatt hours) in 2020, from the previous record of 1,430 GWh in 2019. The tremendous growth in exports has been driven by …

Military receives GH¢150,000 support from MiniPlast Limited

Miniplast Limited has donated 500 plastic tables with their complementary 500 plastic chairs to the Ghana Armed Forces (GAF). The items, officials of GAF said, would serve multiple purposes, including being used during promotional examination for officers. The GAF had gone to Miniplast to purchase that quantity of tables and chairs to be used during …

Goldman Sachs sees further policy rate cut in 2021

The economics research department of Goldman Sachs, the global investment bank, is predicting that the Bank of Ghana (BoG) will cut the policy rate by a further 200 basis points (bp) by the close of the year. Earlier this month, the Monetary Policy Committee (MPC) of the central bank announced a surprise rate cut—reducing the …

Ghana woos Rwandan investors

Ghana’s fastest-growing industries—such as cocoa derivatives, cashew, banana, shea butter, processed fish, metals, and edible oil—remain untapped and ready for investments, Mr. Banda Abdallah, Manager at the Ghana Export Promotion Authority (GEPA) Market Hub, has said. Speaking at a business breakfast meeting with a visiting Rwandan delegation in Accra, Mr. Abdallah stated that the country’s …

EIU warns oil sector in for rough ride

The Economist Intelligence Unit (EIU), the London-based research firm, says Ghana’s hydrocarbons sector faces a difficult outlook after the exit of US-based energy major ExxonMobil compounded the sector’s recent woes. ExxonMobil last month announced it was quitting the Deepwater Offshore Cape Three Points oil exploration block amidst reports of lack of a viable oil find. …

Q1 GDP shows slowing post-pandemic recovery

Ghana’s economic growth in the first three months of the year fell to 3.1 percent year-on-year compared to 4.9 percent in the same period last year. The growth was also lower than the expansion of 3.3 percent in the last three months of 2020, when the economy began its recovery from the pandemic. Government Statistician …

Bank of Ghana to buy domestic gold to shore up reserves

The Bank of Ghana (BoG) has commenced buying gold from domestic producers in a move to diversify the central bank’s foreign reserves. Speaking at the launch of the BoG Gold Purchase Programme, Dr. Ernest Addison, Governor, stated that the central bank is targeting to double its gold reserves over the next five years With Ghana …

SIGA to recommend 10 SOEs for listing

The State Interest and Governance Authority (SIGA) will recommend 10 state-owned enterprises (SOEs) for listing on the Ghana Stock Exchange, as the government looks to attract private capital to improve their operations. SIGA is exploring various strategies including divestiture and joint ventures to “enhance the efficiency of performing SOEs and revive the struggling ones,” Director-General …

Cargo movers see AfCFTA driving business recovery

Downed by the coronavirus pandemic, transporters of cargo are now seeing a steady rise in the volume of goods that they cart to landlocked countries which use the nation’s ports. Shocks to supply chains and reduced industrial activities after the coronavirus outbreak curtailed cargo traffic through Ghana’s ports, reducing volumes for both transit and domestic …