Author: Edna Agnes Boakye

The Director General of the World Trade Organization, Ngozi Okonjo-Iweala, has warned that agricultural subsidies worldwide are a ticking time bomb that could reach a trillion dollars by 2030 if action is not taken to curb their growth. Speaking at a discussion hosted by the Institute of Economic Affairs on the theme “Making Globalization Work…

World Bank releases Logistics Performance Index 2023

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The World Bank has released the seventh edition of its Logistics Performance Index (LPI) report, which evaluates countries’ abilities to transport goods across borders with speed and reliability. This report comes after the COVID-19 pandemic caused significant disruptions to global supply chains over the last three years, resulting in longer delivery times. The LPI covers…

Ghana’s public debt to GDP decreased by 1% despite debt restructuring – Fitch

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Despite a significant redemption reprofiling and a substantial reduction in interest rates, Ghana’s public debt-to-Gross Domestic Product (GDP) has only decreased by one percentage point to just above 100% of GDP, according to rating agency Fitch. This assessment was made using the standard 5% discount rates that apply in the International Monetary Fund/World Bank debt…

Local businesses to be given legal entity identifier to boost participation in global transactions – Bawumia

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During the opening session of the 53rd General Assembly meeting of the World Trade Centers Association (WTCA) in Accra, Vice President Dr. Mahamudu Bawumia announced that Ghana is set to introduce a global legal entity identifier, which will boost the participation of local businesses in global transactions. The legal entity identifier is a unique reference…

Fitch downgrades Ghana’s long-term local currency to RD

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Fitch Ratings has lowered the Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) of Ghana to restricted default (RD) from ‘CCC’. This action was taken due to missed payments on certain local-currency bonds issued before the domestic debt exchange programme (DDEP). Although last month, Ghana’s LTLC IDR was upgraded to ‘CCC’ from ‘RD’ because of the…

WTO Boss hails Ghana for DDEP but warns against fiscal indiscipline

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in Local Economy, Top Stories

Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has applauded Ghana’s Finance team for its efforts to restructure the country’s debts. Speaking at a discussion hosted by the Institute of Economic Affairs on the theme “Making Globalization Work for Africa,” Dr Okonjo-Iweala, who has twice served as Nigeria’s Finance Minister, praised Ghana’s Finance…

Less than a quarter of petroleum revenue earmarked for industrialization – PIAC

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Only a tiny fraction of the petroleum revenue earmarked for priority areas under the Annual Budget Fund Amount (ABFA) was allocated to the industrial sector in 2022. Out of the total GH¢4.41 billion of petroleum revenue, only GH¢9.29 million (0.20% of the total amount disbursed under the ABFA and 4.29% of the GH¢216.3 million budgeted…

Banks to experience GH¢6.1bn in losses over DDEP – Banking specialists

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Further examination of the Domestic Debt Restructuring reveals that 23 banks operating in the country are projected to suffer an additional loss of GH¢6.1 billion. This loss is due to the reduction in coupon rate and an extension of the maturity period from five to 15 years, a report by Banking Consultant, Dr. Richmond Atuahene…

T-bills oversubscribed by almost 30% as govt generates GH¢2.53bn

Apr 25, 2023

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