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Ghana is working hard to restore its economic momentum after the COVID-19 pandemic disrupted its growth path, according to the Vice President, Dr Mahamudu Bawumia. He said the government was focusing on boosting the economy to overcome the current challenges facing the country. He made these remarks at the third Ghana Investments and Opportunities Summit
June 10, 2023
The Energy Deputy Minister, Herbert Krapa, has urged mining companies to adopt and use clean energy in their operations. He made this appeal at the Mining and Energy Summit and Exhibition, which had the theme; “Harnessing Mining and Energy Potential for Sustainable National Development”. He said the mining industry must play its part in cutting
June 10, 2023
The Council of State has expressed confidence in the economic prospects of Ghana following its positive growth trend under the International Monetary Fund (IMF). The council praised the government for its efforts in securing a swift IMF deal to help revive the economy after the COVID-19 pandemic. The Chairman of the Council of State, Nana
June 10, 2023
The government of Ghana has initiated a special programme to support businesses owned by persons with disability (PWD) as part of its efforts to boost micro-, small-, medium enterprise (MSME) development in the country. The programme, known as the PWD Enterprise Support Programme, is funded by the World Bank through the Ghana Economic Transformation Project
June 9, 2023
The EU-Ghana Pact for Skills project is a joint initiative between the German government, the European Union, and the Government of Ghana to transform Technical and Vocational Education and Training (TVET) in Ghana. The project will invest €16 million to enhance skills development and employment opportunities for Ghana’s workforce, especially the youth. The project will
June 9, 2023
A US$1.3 billion fertiliser plant is set to be built in Takoradi, Ghana, as part of a joint venture between the Ghanaian government and OCP Group, a Moroccan firm. The project, which will use Ghana’s natural gas reserves as feedstock, is expected to be completed within three years and will help diversify the economy and
June 9, 2023
GOIL PLC, a leading oil marketing company in Ghana, increased its profit by 26% in 2022, reaching GH¢123.89 million. This was higher than the GH¢98.38 million recorded in 2021. The company also announced a final dividend of ¢0.056 per share for its shareholders for the 2022 financial year, which was 19% more than the previous
June 8, 2023
Ghana has submitted a plan to restructure its foreign debt to its official lenders, according to sources familiar with the matter. The plan is not legally binding and is only a starting point for more detailed negotiations that will likely involve multiple proposals. The West African nation is seeking to reduce its external debt burden
June 8, 2023
Ghana’s economy is expected to grow by only 1.6% in 2023, according to the World Bank’s latest Global Economic Prospects Report. This is much lower than the average growth rate of 3.2% projected for Sub-Saharan Africa. Ghana ranks 42nd among the countries in the region in terms of economic growth. The World Bank attributes the
June 8, 2023
The global economy is facing multiple challenges that are slowing down trade growth significantly, according to a new report by Fitch Ratings. The report says that after a strong rebound in 2021 and 2022 following the pandemic, global trade is now losing steam due to factors such as monetary tightening, reduced fiscal stimulus and service
June 7, 2023
Ghana’s Economic Recovery Programme (ERP) will be assessed by a mission staff from the International Monetary Fund (IMF) who will arrive in the country today, Wednesday, June 7. The visit is the first of its kind since Ghana received a $3 billion loan from the IMF on May 17, 2023. The loan was meant to
June 7, 2023
Ghana’s government plans to borrow GH¢2.63 billion this week to pay off its maturing bills of about GH¢2.50 billion. The borrowing will be done through treasury bills with maturities ranging from 91 days to 364 days. Experts and traders predict that money market rates will go up slightly, as the higher yield on Bank of
June 7, 2023
A new financing scheme based on credit guarantees has been proposed by GIRSAL Ltd, a non-banking financial institution, for future programmes that subsidize fertilisers (FSP) in Ghana. The aim of the scheme is to support the growth of the agricultural sector by making fertilisers more affordable and accessible for farmers. The CEO of GIRSAL Ltd,
June 6, 2023
Pierre Frank Laporte, the Word Bank’s country director for Ghana, has stated that his organization is satisfied with how the government of Ghana utilized the over $430 million it provided to combat COVID-19. He explained that the fund was not part of Ghana’s budget, but was managed by a project team comprising officials from both
June 6, 2023
Ghana’s government recorded an oversubscription of its treasury bills sales by about 15% after lowering its target amount to GH¢2.08 billion. The Bank of Ghana data showed that the government received GH¢2.4 billion from investors for the 91-day and 182-day T-bills. Most of the bids came from the 91-day bill, which attracted GH¢1.59 billion. The
June 6, 2023
The Africa50 Group, an initiative of African governments and the African Development Bank (AfDB) to boost infrastructure investment on the continent, has received a $20 million equity injection from the AfDB. The funds will go to the Africa50 Infrastructure Acceleration Fund I, a private equity fund that aims to raise up to $500 million from
June 5, 2023