Author: Nii Larte Lartey
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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Forex licenses of Fidelity Bank, First National Bank restored – BoG
The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank. The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). Fidelity Bank and First National Bank were fined a…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…
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Ghana’s public debt stock jumps to GHS 569.3bn; represents 71.1% of GDP
Ghana’s public debt has risen to GHS 569.3 billion as of April 2023. Per the Bank of Ghana’s figures, this represents a GHS 134.7 billion increase since January 2023. In dollar terms, the total debt stock stood at US$ 52 billion. The increase amounts to 71.1 percent of Gross Domestic Product (GDP). External debt for…
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Stakeholders push for state actions to drive fair food pricing in Ghana
As high food prices continue to make Ghana’s inflation rate witness marginal increases, players are pushing for collaborative efforts to address inefficiencies in the supply value chain to ensure fair food prices in the country. The main drivers of this inflationary trend are food and non-food items, which account for 54.2% and 33.4% respectively. For…
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ECG disconnects Musahamat Banana Farm and Treasure Island Hotel over debts
As part of the ongoing revenue mobilization by the Electricity Company of Ghana, dubbed “Operation Zero,” the Musahamat Banana Farm in Aveyime and the Treasure Island Hotel have had their power supply disconnected. The Farm Business, which is under the Ada District of the Tema Region of ECG, owes the electricity distributor to the tune…
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17 defunct public enterprises to be disposed of; some to be listed on stock exchange
The Ministry of Public Enterprises says it is planning of disposing of 17 defunct state-owned enterprises. Some of these entities including the State Construction Company, Bonsa Tyre Factory, and Bolgatanga Meat Factory, among others. According to the Ministry, a review of the companies revealed that the enterprises are liabilities to the country because they have…
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Ghana’s road to economic recovery a difficult one – Kwame Pianim
Economist, Kwame Pianim is doubting government’s ability to improve the country’s economic quagmire within the shortest possible time. He attributes the severity of the challenges to government’s incompetence, corruption, and huge appetite for reckless borrowing, insisting that the government must demonstrate commitment to put these in check. Speaking to Citi Business News, Kwame Pianim said…