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 […]
External creditors close to giving financing assurances for Ghana’s debt rework talks
Ghana’s official creditors are poised to grant financing assurances and form a committee co-chaired by France and China – key steps for the nation to secure a $3 billion International Monetary Fund (IMF) loan, sources told Reuters. The country’s bilateral lenders are expected to formally grant financing assurances as soon as Friday – confirmation that […]
BoG urges commercial banks to lower lending rates as inflation figures decline
The commercial banks operating in Ghana have been urged by the Bank of Ghana to lower their lending rates while the country’s inflation figures are showing a decline. According to the Ghana Statistical Service, the inflation rate for April 2023 was at 41.2 percent, a drop from the earlier recorded 45 percent in March 2023. […]
AfCFTA implementation: Africa’s logistics sector set to deliver results
The transport and logistics sector in Africa has struggled to support the continent’s increasing population and energetic private sector for far too long. But recent studies have suggested that that phenomenon is about to change and the benefits for the continent’s wider economy could be extremely transformative That change is being made possible through the […]
Economic growth in Ghana, others could permanently decline if world splits into 2 isolated blocs – IMF
Sub-Saharan Africa including Ghana could stand to lose the most if the world were split into two isolated trading blocs centered around China or the United States and the European Union, the International Monetary Fund. In this severe scenario, sub-Saharan African economies could experience a permanent decline of up to 4% of real gross domestic […]
Ghana bags $3.5bn from non-traditional exports in 2022
The Value of Ghana’s Non-Traditional Exports increased to 3.5 billion dollars in 2022 from the 3.3 billion dollars recorded in 2021. This is contained in the annual non-traditional export statistics report 2022 revealed by the Ghana Exports Promotions Authority. The 3.5 billion dollars recorded in 2022 indicates a 6% increase over the 2021 NTE earnings […]
Investor demand for T-bills exceeds target by GH¢12.39bn
Investors’ demand for short-term papers in the primary market continues to exceed targets, recording an oversubscription of GH¢12.39billion on the back of limited investment options and attractive yields on the Treasury bills. Bills tendered by investors totalled GH¢47.3billion, approximately an average of 33 percent higher than the target of GH¢34.91billion – leading to the rejection of […]
IMF Regional Economic Outlook Report: Ghana in Perspective
Sub-Saharan African countries are facing a funding squeeze due to persistent global inflation and tighter monetary policies, resulting in higher borrowing costs and pressure on exchange rates. The interest burden on public debt is increasing due to a reliance on expensive market-based funding and a long-term decline in aid budgets. This lack of financing is […]
Understanding Ghana’s Growth and Sustainability Levy Act of 2023 (Act 1095)
“You don’t pay taxes – they take taxes” – Chris Rock. The Parliament of Ghana on the night of 31st March 2023 passed the Growth & Sustainability Levy bill, into law replacing the National Fiscal Stabilisation Levy Act, 2013 (Act 862). Many Ghanaians woke up to the news on April Fools’ Day. In fact, three new […]