Ghana’s inflation rate is projected to decline gradually but stay above the target range of 8±2% until 2025, according to a May 2023 Monetary Policy Report by the Bank of Ghana (BoG). The report stated that the inflation outlook is mostly skewed to the downside, supported by the relative stability in the cedi exchange rate,
Ghanaian SMEs have made significant gains from participating in the AfCFTA Market entry trade expedition that took place from May 23 to 27, 2023. The event was organized by Ghana’s National AfCFTA Coordination Office (NCO), in partnership with key AfCFTA implementing institutions in Ghana, under the auspices of Ghana’s Ministry of Trade and Industry (MoTI).
Afreximbank, a pan-African financial institution, has agreed to provide a $750 million facility to Springfield Exploration and Production Limited (SEP), a Ghanaian-owned independent energy company. The deal was signed at the Afreximbank 30th Annual General Meetings in Accra, Ghana. The facility will support the development of the West Cape Three Points Block 2, where SEP
AT is the new brand name of Ghana’s most innovative telecom network, formerly known as AirtelTigo. The change took effect from today 22nd June 2023, as part of the company’s promise to simplify its services for its customers. The company was formed in November 2017 by the merger of Airtel and Tigo, two leading telecom
The Ghana Export Promotion Authority (GEPA) has launched a new trade and business center in Kenya called the ‘Ghana Trade House’ as part of its first market trade expedition to the East African country. The center aims to facilitate the export of Ghanaian goods and services to Kenya and promote the implementation of the African
Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has emphasized the need for policies that boost economic resilience and foster trade between Africa and the Caribbean. He made these remarks at the 30th Annual Meetings of Afreximbank shareholders in Accra, Ghana. He said that the two regions have a common history, untapped
Ghana’s economy recorded a robust growth of 4.2% year-on-year in the first three months of 2023, according to the latest data from the Ghana Statistical Service (GSS). This was higher than the 3.2% growth registered in the last quarter of 2022 and marked the fastest pace of economic expansion for the country since the second
The Tema Oil Refinery (TOR) is in talks with Torentco, a local Ghanaian company established in January 2023, to lease its assets for six years. However, this deal has been met with skepticism by the Africa Center for Energy Policy (ACEP), which doubts Torentco’s ability and experience in the oil sector. ACEP’s Executive Director, Mr.
The workers’ union of the state-owned Tema Oil Refinery (TOR) has expressed its backing for the ongoing talks between the board and management of the company and Torentco Asset Management (TAM) as a potential strategic partner. The union said in a statement on Tuesday, June 20 that it believes that the deal with TAM, which
Mobile Money (MoMo) is a popular service in Ghana that allows users to transfer money, pay bills, and buy goods using their mobile phones. However, MoMo fraud is also a serious problem that affects many customers and service providers. According to a report by the Bank of Ghana (BoG), the total amount of money lost
A partnership between the AfCFTA Secretariat and the United Bank for Africa (UBA) will provide US$6 billion in credit to African Small and Medium-sized Enterprises (SMEs) over the next three years. The aim is to boost their production capacities and enable them to participate effectively in the African Continental Free Trade Area (AfCFTA). The credit
Ghana has secured US$1 million from the African Export-Import Bank (Afreximbank) to conduct a feasibility study for its railway development project. The study aims to unlock an estimated US$3.5 billion worth of assets for railway rehabilitation and development, which will boost economic activities and facilitate the transportation of people and goods. The US$1 million grant
The African Export-Import Bank (Afreximbank) has announced that it will provide US$10 billion in funding to support African countries that are part of the African Continental Free Trade Area (AfCFTA). The funding will be used as an adjustment fund to help African countries and their private sector actors to participate effectively in trade under the
A 50MWp Solar PV farm is being built by the Bui Power Authority (BPA) in partnership with the grid operator. The project, which is expected to be completed by the end of 2023, will also include 5km of transmission lines to enhance the power supply in the Dagbon area. This was revealed by Mr Samuel
Ghana missed its target of raising GH¢3.79 billion ($630 million) from selling treasury bills on June 18, 2023. The auction was short of GH¢771 million ($128 million), as investors showed less appetite for the government debt. The government only managed to get GH¢3.01 billion ($502 million) from the auction of treasury bills with different maturities.
The Social Security and National Insurance Trust (SSNIT), the statutory public Trust that administers Ghana’s Basic National Social Security Scheme, wants to amend its Act to collect more pension contributions from workers. According to the Director General of SSNIT, Dr. John Ofori Tenkorang, the amendment will aim to base pension benefits on a worker’s total