Energy sector debate heats up — Jinapor’s ECG privatisation plans faces Union backlash
A fresh clash over the future of Ghana’s power distribution sector has emerged as Energy Minister-designate John Abdulai Jinapor’s plans for private sector participation in the Electricity Company of Ghana (ECG) met immediate resistance from the Public Utility Workers’ Union (PUWU). While Jinapor outlined plans for a seven-member committee to explore privatization options during his […]
Fitch optimistic about Ghana’s banking sector recovery amid robust earnings
Fitch Ratings has expressed optimism about the recovery of Ghana’s banking sector, citing strong profits and improved capitalisation after the challenges brought on by the Domestic Debt Exchange Programme (DDEP). The ratings agency forecasts a brighter outlook for the sector as economic stabilisation efforts gain momentum. In its latest report, Fitch highlighted the critical role […]
‘Energy sector faces ‘systematic decimation,’ needs urgent fix’ – ACEP’s Ben Boakye to Mahama
The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has concerns about the dire state of Ghana’s energy sector, describing it as a sector “systematically decimated” by mismanagement and inefficiencies. In an opinion piece addressed to President-elect John Mahama, he outlined the critical challenges that demand immediate action to prevent further […]
Ghana’s economy grows by 7.2 per cent in 2024 Q3
Ghana’s economy grew by 7.2 per cent in the third quarter of 2024, marking a significant recovery compared to the 2.2 per cent growth recorded during the same period in 2023, according to data released today by the Ghana Statistical Service. The growth is the strongest since pre-pandemic levels, with the last comparable performance being […]
IMF flags risks to Ghana’s economic stability amid encouraging recovery
The International Monetary Fund (IMF) has completed the third review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, highlighting significant risks that could derail the country’s economic recovery despite recent progress. While Ghana’s performance under the programme was deemed “generally satisfactory,” the IMF in a press release cautioned that multiple vulnerabilities persist. Key risks […]
Ghana’s trade surplus shrinks amidst steady export growth
Ghana registered a trade surplus of GH₵3.9 billion in the third quarter (Q3) of 2024, marking a continuation of its trade balance gains for the year. However, this figure represents a decline from the GH₵6.1 billion surplus recorded in Q2 2024, according to the Ghana Statistical Service’s (GSS) latest quarterly report. Trade volumes and export […]
Ghana’s inflation hits six-month high driven by rising food prices
Ghana’s annual inflation rate rose to 23 percent in November, reaching a six-month high as food prices continued to surge, the Ghana Statistical Service (GSS) has announced. This marks the third consecutive monthly increase in inflation, up from 22.1 percent in October and driven predominantly by rising costs of staples such as vegetables, tubers, and […]
IMF approves $360million loan disbursal for Ghana
The International Monetary Fund (IMF) Executive Board has approved the third review of Ghana’s 36-month Extended Credit Facility (ECF), paving the way for an immediate disbursement of approximately $360 million. In a statement released on December 2, the IMF lauded Ghana’s “generally satisfactory” performance under the programme, noting that the government’s reform efforts are yielding […]
BoG’s gold coin launched; prices range from GH₵11K to GH₵45K
The Bank of Ghana (BoG) has officially introduced the Ghana Gold Coin (GGC) as a new financial instrument to diversify investment options for the public. As of November 26, 2024, the coins are available in three denominations: 1.00 oz, 0.50 oz, and 0.25 oz. Their prices are set at GH₵45,020.48, GH₵22,409.74, and GH₵11,188.12, respectively. The pricing is based on […]
Ghana to face persistent liquidity pressures in 2025, 2026 – Fitch warns
Fitch Ratings Agency has predicted that Ghana will face significant liquidity pressures going into 2025 and 2026, despite restructuring most of its debt. The UK-based credit rating agency highlighted that Ghana’s interest-to-revenue ratio will remain among the highest in its rated sovereign portfolio. Estimates indicate the ratio will reach 29% in 2025 and 30% in […]