Investors advised to diversify equity holdings
Amid renewed investor participation in the equities market, the Portfolio Manager at EcoCapital Investment Management Limited, Elliot Amponsah, has advised investors to diversify their investments in the stock market to mitigate risks. According to him, equities come with a higher level of risk than other asset classes – making it appropriate for investors to purchase […]
We will move swiftly to approve Ghana’s IMF programme – IMF MD assures
The Managing Director of the International Monetary Fund, Kristalina Georgieva, has given the Fund’s firm assurance that it will act swiftly to approve Ghana’s programme request as soon as a deal is reached with its creditors. According to her, “we are sure that the creditors are going to move swiftly at next week’s meetings and […]
Ghana’s IMF programme: Paris Club, China, other creditors agree to form OCC
The Paris Club, China, India, Saudi Arabia, and Turkey have agreed to form the Official Creditor Committee (OCC) and provide financing assurances for Ghana to the International Monetary Fund as soon as possible, in order to clear the path for a Fund Executive Board approval by early May 2023. This was divulged by Finance Minister, […]
Ghana records $752.8m trade surplus in first 2 months of 2023
Ghana recorded a trade surplus of $752.8 million in the first two months of 2023, about 1.0% of Gross Domestic Product, data from the Bank of Ghana has disclosed. This is far more than the surplus of $205.8 million recorded during the same period in 2021. The significant growth in trade surplus was due to […]
Bank of Ghana increases Monetary Policy rate to 29.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 150 basis points to 29.5 percent. The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on […]
Proposed tax measures not new; will boost fiscal economy – Finance Ministry
The Ministry of Finance has justified its new proposed taxes, indicating, it will shore up revenue domestically and boost Ghana’s fiscal position following the shocks of Covid-19 and the Russian/Ukraine war. The Ministry has laid three revenue papers – the Income Tax Amendment Bill, Growth and Sustainable Bill and the Excise Amendment Bill to parliament […]
Get financing assurances from creditors, partners before Board approval – IMF to Ghana
The International Monetary Fund (IMF) has indicated that it is necessary for Ghana to secure financing assurances from its partners and creditors before the country can present its programme request to the Executive Board for approval. The Fund was responding to a question at a news conference in Washington DC, U.S.A on the status of […]
9 banks could be insolvent from impact of domestic debt exchange – Report
If the International Financial Reporting Standard (IFRS) nine is applied in a stricter sense, nine Ghanaian banks could be insolvent from the impact of the Domestic Debt Exchange Programme on their operations. However, six banks may not experience any capital losses, while eight banks may experience mild capital losses. According to a paper by banking […]
Volkswagen takes over the responsibility of vehicle assembly in Ghana
Volkswagen is reaffirming its commitment to the development of the automotive industry in Ghana with the opening of a new vehicle assembly facility in Accra. With this move, Volkswagen also takes over the new vehicle assembly responsibility from its licensed importer in Ghana, Universal Motors Limited (UML). UML was awarded the assembly contract when Volkswagen […]
GBFoods expands factory in Ghana, commits $5m in state-of-the-art tomato canning line
GBFoods, a leading food manufacturing company and producer of Ghana’s favourite Gino and Pomo range of products, has today expanded its production line by commissioning a state-of-the-art tomato canning line in Tema. Built at a total cost of $5 million, this state-of-the-art tomato canning is aimed at reducing the number of raw materials imported in […]