Author: Edna Agnes Boakye
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Ghana’s international reserves almost empty – IMF
According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end 2023 at approximately three weeks of import cover (0.8 months). This is in contrast to the Bank of Ghana’s Summary of Economic and Financial Data, which estimated Ghana’s reserves for 2023 at 2.7 months…
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World Bank provides $372m guarantee payment for Ghana’s 2030 Eurobond after default
The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond.…
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Ghana’s Q4 2022 economic growth slowed down to 3.7% in 2022 – GSS
According to provisional data released by the Ghana Statistical Services (GSS), the economic growth in Q4 2022 slowed down to 3.7 percent compared to 5.6 percent in the same period of 2021. The non-oil GDP also declined from 6.9 percent in 2021 to 4.3 percent in Q4 2022. The government had revised its growth projection…
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PIAC report: Slowdown in oil production in Ghana worrying – COPEC
Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, according to a report by the Public Interest and Accountability Committee (PIAC). This is the highest revenue generated since the inception of oil production in the country, despite a dip in the number of oil barrels drilled in Ghana’s three oil fields. Reacting…
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GT Bank slows lending, bond trading in Ghana following $77m loss
GT Bank, Nigeria’s largest bank by market value, has announced that it will be reducing its lending and bond trading activities in Ghana due to a $77 million loss. The bank will instead focus on other high-yielding African markets to increase lending by 15% in 2023. GT Bank plans to expand credit by no more…
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Ghana’s New Taxes: How businesses, owners and consumers can thrive despite the challenges
As Ghana’s economy continues to face significant challenges, the government recently introduced three new taxes – the Excise duty amendment bill 2022, the Growth and sustainability levy bill, and the income tax amendment bill 2022 – to raise revenue and meet the criteria for a $3 billion IMF programme staff-level agreement. However, these new taxes…
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Ghana bagged $8.8bn oil money between 2011 and 2022 – PIAC report
Data from the Public Interest and Accountability Committee (PIAC) shows that Ghana’s total petroleum revenue between 2011 and 2022 amounted to US$8.8 billion, with the year 2022 recording the highest realized petroleum revenues in the Petroleum Holding Fund (PHF). The total petroleum revenue in 2022 is the highest for a single year since petroleum production…
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Finance Ministry failed to transfer 5% ABFA to DACF for 2 consecutive years – PIAC report
For two consecutive years, the Ministry of Finance failed to transfer five percent of the Annual Budget Funding Amount (ABFA) to the District Assembly Common Fund (DACF), despite a directive by the Supreme Court in 2019. In 2021, the Ministry of Finance was only able to transfer 1.74% of the ABFA, and in 2022, it…
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We’ve generated over GH¢2bn from revenue mobilisation exercise – ECG
The Electricity Company of Ghana (ECG) is gearing up to provide a detailed report on the revenue generated from its mobilisation exercise, which has so far exceeded 2 billion cedis. Samuel Dubik Mahama, the Managing Director of ECG, shared in an interview with Citi News that the announcement will be made next week. The window…
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Ghana’s oil production drops by 6% but revenue hits record high in 2022
Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, the highest since the inception of oil production in the country. This was despite a dip in the number of oil barrels drilled in Ghana’s three oil fields –Jubilee, Tweneboa, Enyera, and Ntomme (TEN) and Sankofa, Gye and Nyame (SGN). This was contained…