Spain Ghana CC

Ghana’s economy showing signs of recovery- IMF Staff Mission

The International Monetary Fund (IMF) has indicated that Ghana’s economy is showing signs of recovery after it secured the Fund-Supported programme approved on May 17, 2023. This was captured in a statement issued by the IMF after its Staff Mission led by Stephane Roudet, visited Ghana from June 8 to June 15, 2023. The visit, […]

Monetary policy tightening in US, others poses challenges to emerging markets – World Bank

The swift tightening of monetary policy in advanced economies, especially the United States, in response to high inflation poses grave challenges to emerging markets and developing economies (EMDEs) such as Ghana. According to the World Bank, the tightening of financial conditions in the United States and the associated increase in risk aversion spill over to […]

Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula

The Minister of Communications and Digitalisation, Ursula Owusu-Ekuful, has announced that Mobile Network Operators (MNOs) are working with the Bank of Ghana to facilitate the retrieval of funds for individuals whose monies are locked up in mobile money accounts. Numerous subscribers have voiced their concerns regarding the inability to access their funds on mobile money […]

Update your records or have your names expunged – ORC tells businesses

Businesses entities and other professional bodies risk having their details expunged from the National Register if they fail to update their records with the Office of the Registrar of Companies (ORC). This, the ORC explains has become necessary as the new office was hived from the Registrar General’s Department. Jemima Maama Oware, the Registrar of Companies […]

Justification for 2023 2nd quarter tariff adjustment

Background The Public Utilities Regulatory Commission (PURC) sits between utility service providers and consumers. While PURC ensures that the utilities are financially viable to provide adequate services (by approving adequate revenue requirement for them), the Commission also ensures that consumers get access to reliable and competitively priced services. This means the Commission must balance the […]

Free zones enterprises record US$1.9bn export revenue in 2022

Companies under the Ghana Free Zones Authority (GFZA) generated US$1.9 billion in export revenue last year. In addition to this, the Chief Executive of GFZA, Michael Oquaye Jnr disclosed that the companies have created over 60,000 direct jobs over the years. “We have over 200 companies across various sectors of the economy, generating over US$1.9 […]

BoG to reverse FX control measures

The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has revealed plans to reverse the foreign exchange (FX) control measures implemented last year in response to declining reserves at the time. Those measures included the withdrawal of foreign exchange support for the importation of certain non-critical or essential goods – such as rice, poultry, vegetable […]

Aker sells Pecan field in US$1 upfront payment

…after failing to get US$1.3bn from GNPC Two years after the country’s failed bid to purchase shares in two offshore petroleum blocks owned by Aker Energy for US$1.65billion, the company has entered into a US$1 upfront payment agreement with a subsidiary of its main creditors for one of the blocks – raising questions over Ghana […]