Gold-for-oil: Govt spent $40m on first consignment – NPA
The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the Gold-for-oil policy were valued at US$40 million. The clarification by the NPA comes after several calls by industry experts including the Institute of Energy Securities for the government to provide details on how much it […]
5 important things to know about the African Continental Free Trade Area agreement
The African Continental Free Trade Area (AfCFTA) which unites the 55 members of the African Union (AU) and eight Regional Economic Communities (RECs), is the largest free trade area in the world. It has an overarching goal of establishing a single continental market with a combined GDP of around US$3.4 trillion and a population of […]
BoG justifies funding govt’s 2022 budget with ¢44.5bn
The Bank of Ghana (BoG) has given reasons for financing the government’s 2022 budget with about ¢44.5 billion. This is coming after renewed discussions in the media regarding the Bank’s funding of the budget in 2022. A statement issued by the Central Bank noted that its net claims on the government increased by about ¢44.5 […]
Policy Rate increased by 100 basis points; now at 28%
The Bank of Ghana has increased the Monetary Policy Rate by 100 basis points to 28 percent. This was announced after the Monetary Policy Committee of the Central Bank held its first meeting of the year to review developments in the economy. The prime rate, which is of keen interest to businesses, signals the rate […]
AGI unhappy with level of tariffs increment for beverage sector; warns of collapse of industries
The Association of Ghana Industries (AGI) has registered its dissatisfaction at the level of increment in utility tariffs for the beverage sector under industry. It has also rejected the last major water tariff review in August 2022. In a statement signed by its Chief Executive Officer, Seth Twum Akwaboah, the AGI said it noticed the […]
GHANA AND EU LAUNCH AGRIBUSINESS PLATFORM TO INCREASE INVESTMENTS
The European Union delegation to Ghana in partnership with the European Chamber of Commerce and the Chamber of Agribusiness Ghana has launched the Ghana-EU Agribusiness Platform in Accra. The platform will serve as a convenient space for agribusiness actors and stakeholders in Ghana and the EU to connect and exchange for wider business and partnership […]
DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after […]
Ghana bags $696.8m from oil receipts in second-half of 2022
Ghana bagged $696.815 million from oil lifting, corporate tax and other income in the second-half of 2022, the Ghana Petroleum Funds report has disclosed. About $492.186 million was secured from oil lifting between July 2022 and December 2022. In all, five liftings took place with the Sixty-sixth Jubilee recording the highest amount of $119.83 million. […]
Adjust fiscal measures and save ¢83.5bn; don’t touch our funds – IBF to government
The Individual Bondholders Forum (IBF) has proposed some fiscal measures it say can help government save ¢83.5 billion, insisting the Ministry of Finance must not touch their funds. According to the group, government can save ¢20 billion from privatizing selected State Owned Enterprises to Tier-2 pension funds to drive efficiency and productivity. “The measures proposed, […]
Technical committee formed to ensure continuous engagement on debt programme
The Minister of Finance, Ken Ofori-Atta says a technical committee will be formed to ensure continuous engagement with all stakeholders involved in the domestic debt exchange programme. He made the announcement after meeting leaders of individual bondholder groups and other stakeholders at the Finance Ministry on Wednesday, January 18, 2023. The meeting between the Minister […]