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I will stop Ghana’s $ 4 bn loss to corruption – Ken Ofori Atta

Ken Ofori Atta - Finance Minister Nominee

Confronting the 4 billion dollars loss to corruption should create enough buffers to meet the infrastructure development agenda of the NPP government, Finance Minister Nominee, Ken Ofori Atta has said. According to him, reducing the high incidences of corruption if not eradicating the canker completely should assist government address the infrastructure deficit facing the country. Mr. Ofori Atta made the ...

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Ghana crosses deadly 70% mark with ¢120 bn debt

debt

Ghana’s total debt stock has reached 119.9 billion cedis as at November 2016, figures from the Bank of Ghana have shown. The debt also represents 71.9 percent of the country’s Gross Domestic Product (GDP). According to the Bank of Ghana’s Economic and Financial Data, the country’s debt ballooned from 112.3 billion cedis in September 2016 to the current figure. By ...

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Ghana will re-negotiate IMF deal – Osafo-Maafo

Yaw Osafo-Maafo

Senior Minister Designate Yaw Osafo -Maafo has stated that the new government will re- negotiate  Ghana’s deal with the International Monetary Fund (IMF). ”Now the IMF program will certainly be reviewed and there are two main reasons why the IMF program must be reviewed I have already hinted to one of the bosses of the IMF. Now President Nana Akufo ...

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Gold output up by 2.3% in 3rd quarter of 2016- Minerals Commission

File Photo

Contrary to reports that gold output fell by 7 percent by the third quarter of  2016, the Minerals Commission has disclosed that gold output rather went up by over 2 percent in the same period. Earlier reports suggested that the production of gold went down by 7 percent to 1.9 million ounces by the third quarter of 2016 compared to ...

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BoG to issue new GHS5 notes on March 4

File photo

The Second Deputy Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has disclosed that the central bank will unveil new banknote in five-cedi (GH¢5) denominations. According to him, the banknote will be legal tender as well as a collector’s item. “The note will have new durable security features which can be easily identified by the public as well ...

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Mixed reactions meet BoG’s $ 120m auction

dollars

There are mixed reactions over the Bank of Ghana’s decision to auction 120 million dollars to commercial banks between January and March this year. A calendar issued by the central bank said it will auction 40 million dollars monthly, to the commercial banks between the three month period. The move follows a similar one carried out by the central bank ...

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IFS cautions against terminating IMF deal

IMF-620x330

The Institute for Fiscal Studies (IFS), has cautioned of massive cuts in foreign aid and grants should government terminate the agreement with the International Monetary Fund, IMF. According to the Institute, Ghana’s stay with the IMF program has sustained support from some donor agencies. “Complete termination is not advisable because most of our development partners disperse their grants based on ...

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GNPC defends decision to invest outside core business

GNPC CEO, Alexander Mould

The Ghana National Petroleum Corporation(GNPC) has justified its decision to invest outside its core mandate. The corporation insists the move is only a strategic one targeted expanding the opportunities of the corporation. The Public Interest and Accountability Committee (PIAC) in its 2016 report lashed out at the GNPC for refusing to adhere to a directive not to invest its proceed ...

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Reducing Ghana’s debt levels; MMDAs must generate their own funds – IFS

debt

Government has been impressed upon to adopt fiscal decentralization policies and reduce the stress on the national budget. Proponents of this policy believe the overdependence of local governments on the national budget has contributed to increasing government obligations and subsequently the rising debt levels of the state. In its latest report on the economic priority areas for the new government, ...

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New govt must follow roadmap to settle VRA debt- GNPC CEO

Alex Mould-GNPC 600x330

The Chief Executive Officer of the Ghana National Petroleum Corporation(GNPC), Alex Mould has charged the new government to ensure that money owed by the Volta River Authority (VRA) is retrieved as soon as possible. “Government of Ghana has to do what they have to do. They have to ensure that SOE,ECG and the power sector abide by the rules of ...

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