Category: Markets
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MIIF to invest an initial $32.9 million into Ghana’s first lithium mine
The Minerals Income Investment Fund (MIIF) has agreed a two-part capital investment totaling $32.9 million in the first ever lithium mine to be developed in Ghana. MIIF announced its intention of investing in Atlantic Lithium, which trades on the alternative market on the London Stock Exchange (LSE) and the Australian Stock Exchange (ASX) at the…
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Dannex Ayrton Starwin Plc records over GHS 95 million revenue in 2022
Pharmaceutical company, Dannex Ayrton Starwin PLC remains resolute in restoring profitability after it achieved a revenue of a little over GHS 95 million in 2022 surpassing the over GHS 74 million recorded in 2021. The company however recorded exchange losses of about GHS 9.1 million under the year of review. Delivering his address at the…
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Treasury bill auction surges; records 15 percent oversubscription
The government surpassed its auction target for last week as market continued to experience sufficient liquidity. Treasury bill sales recorded 15.10 percent oversubscription of its target of GHS 3,064 million. According to figures from the Bank of Ghana, a chunk of the bids came in from the 91 Day Bill. A total of GHS 2,…
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Govt misses T-bills target marginally by 3.6%
The government’s treasury bills target of GHS 2.262 billion fell short of about 3.6 percent. The Bank of Ghana results show that the government secured GHS 2.179 billion as against a target of GHS 2.261 billion. This 3.6 percent decrease in target does not directly impact strong investor demand as interest rates continued to surge…
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NPA to commence Cylinder Recirculation Model in September
The National Petroleum Authority (NPA) will, from September, begin the implementation of the revised cylinder re-circulation policy. This first phase is being rolled out six years after the approval of the model. According to the NPA, four bottling plants are ready for takeoff hoping to increase capacity by 50 percent by 2030. The NPA adds…
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Ghana records trade surplus of US$ 1.6bn in April 2023 – BoG
Ghana has recorded a trade surplus of US$ 1.6 billion in the first four months of 2023. In comparison, the figure which represents roughly 2.2 percent of GDP is also higher than the US$ 1.15 billion recorded during the same period in 2022. The Bank of Ghana’s (BoG) Summary of Economic and Financial Data for…
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Import duties will continue to drive inflation if not checked – Importers and Exporters Association
The Importers and Exporters Association of Ghana says prices of goods will continue to increase uncontrollably should government fail to reduce import duties at the ports The association has revealed that there have been huge differences in import duties and taxes at the port in the past days due to some differences in the exchange…
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![Traders blame increased food prices on rising cost of fuel, others [Video]](https://citibusinessnews.com/wp-content/uploads/2022/03/yam-in-the-market.png)
Traders blame increased food prices on rising cost of fuel, others [Video]
For weeks now, several economists and stakeholders have predicted that prices of fuel and food will continue to rise following tensions between Ukraine and Russia and the cedi’s depreciation against the dollar. The prices of some key commodities have been on the rise, and the cost of food and fuel has increased astronomically. With fuel,…
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Economist charges gov’t to boost domestic food production to check rising inflation
Economist with Databank, Courage Martey, is asking government to put in measures, to boost domestic food production to bring the cost of food down in order to check the rising inflation rate in the country. Food inflation was one of the main influencers for the recent rise in inflation in the country. The rate for…
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Government rejects Moody’s downgrade of Ghana’s credit rating
The government is unhappy with credit rating agency, Moody’s, for downgrading Ghana’s Long-Term Issuer and Senior unsecured bond ratings to Caa1 from B3. According to government, it believes that the recent fiscal consolidation measures announced by the Finance Minister and the 2022 budget, which are anchored on debt sustainability and a positive primary balance, largely…