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The Ministry of Employment and Labour Relations (MELR) has revealed that the Ghana Labour Market Information System (GLMIS) will be ready by September 2023. The GLMIS is a digital platform that will provide all kinds of data and services related to the labour market in Ghana. It will help job seekers from both the formal and
June 19, 2023
On June 30, 2023, the Ministry of Finance will pay all due coupons to members of two groups representing individual bondholders in Ghana. This follows a memorandum of understanding signed by the ministry and the Individual Bondholders Forum (IBF) and Individual Bondholders Association of Ghana (IBHAG) on May 16, 2023. The agreement is part of
June 19, 2023
The International Monetary Fund (IMF) has expressed confidence in the Ghanaian economy, saying that it is showing signs of stabilization. This comes after the IMF Executive Board approved a $3 billion extended credit facility (ECF) for Ghana in May. The IMF staff team, led by Stéphane Roudet, visited Ghana from June 8 to June 15
June 16, 2023
The central bank of Ghana is working with security agencies to stop more than 90 illegal entities that are offering loans to customers through electronic platforms with higher interest rates. The Assistant Director of Fintech and Innovation Office of the Bank of Ghana, Clerence Blay, said on the Super Morning Show that some of the
June 16, 2023
The Bank of Ghana (BoG) has revealed that fraud cases in the banking and SDI sectors rose by 27.74 per cent in 2022, reaching 2,998 incidents, compared to 2,347 in 2021. However, the losses incurred by these fraud cases dropped by 7.88 per cent, from GH¢61m in 2021 to GH¢56m in 2022. This is according
June 16, 2023
Starting from Friday June 16, 2023, motorists in Ghana will have to pay more for petrol and diesel. However, there will be no change in the cost of Liquefied Petroleum Gas (LPG). This will mark the second time in a row that petrol and diesel prices have increased since the beginning of June 2023. The
June 15, 2023
Nigeria’s naira currency plunged by more than 36% against the dollar on Wednesday on the official market, after authorities in Africa’s largest oil producer scrapped multiple exchange rates that had been widely criticised. The central bank announced that all foreign exchange transactions would now take place at its Investors and Exporters (I&E) window, where buyers
June 15, 2023
Ghana’s annual inflation rate rose slightly to 42.2% in May 2023 from 41.2% in the previous month, mainly driven by a surge in food prices. The Ghana Statistical Service (GSS) reported that food inflation increased sharply from 48.7% in April 2023 to 51.8% in May 2023, while non-food inflation declined to 34.6% from 35.4% over
June 15, 2023
The Ghana Revenue Authority (GRA) has discovered that over 10 million holders of the Ghana Card, a national identity card issued by the National Identification Authority (NIA), have not registered as taxpayers. The GRA received 15.99 million Ghana Card records from the NIA database, but only 3.08 million of them matched with its existing 5.74
June 14, 2023
Fitch, a rating agency based in the UK, said that Ghana still has a lot of work to do to restructure its debt, which is more than GH¢400 billion. The agency also said that there might be another round of the Domestic Debt Exchange Programme (DDEP), which Ghana launched to swap $10.5 billion in local
June 14, 2023
The Bank of Ghana has published data that shows that cocoa prices experienced a positive trend in the first four months of 2023, due to a combination of factors that affected the global cocoa market. According to the Central Bank, the prices went up from $2,539.86 per tonne in December 2022 to $2,924.37 per tonne
June 14, 2023
Ghana’s local currency long-term issuer rating has been raised to Caa3 from Ca by Moody’s Investors Service (Moody’s), with a stable outlook. The local currency senior unsecured MTN programme rating has also been raised to (P)Caa3 from (P)Ca. Moody’s has lowered its expected future losses on local currency debt after the government completed its main
June 14, 2023
Dr. Lynette Holder, Chairperson of Caribbean Export Development Agency’s Board of Directors, has announced plans to boost trade and investment volumes between West African countries and the Caribbean to US$1billion per year through exports. She said that Africa – especially Ghana – offers opportunities for Caribbean businesses to establish themselves and access the rest of
June 13, 2023
The government raised GH¢2.79 billion from treasury bills sales on June 9, 2023, exceeding its target of GH¢2.63 billion by GH¢168.53 million. The auction attracted high demand despite the rising interest rates on the bills. The government sold GH¢1.50 billion of 91-day bills, GH¢982.71 million of 182-day bills, and GH¢308.36 million of 364-day bills. The
June 13, 2023
Ghana’s gold output rose by 32% in 2022, making it Africa’s top producer of the precious metal once again. The country had lost its position to South Africa in 2021 due to a sharp decline in production. The increase in gold production was driven by both the large-scale and small-scale mining sectors, which contributed 3.1
June 12, 2023
Ghana is set to have its first electric vehicle assembling plant by 2024, according to Vice President Dr Mahamudu Bawumia. He revealed that a local company is planning to establish the plant, which will be a pioneer in West Africa. He made this announcement at a conference for NPP International Women on Saturday, June 11,
June 12, 2023