Category: Business
-
AfDB, EBID sign loan agreement for $50 million and €50
The African Development Bank Group and the ECOWAS Bank for Investment and Development (BID) have signed an agreement for a dual currency line of credit, comprising $50 million and €50 million to support local agricultural businesses in West Africa. Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Solomon…
-
How Ghana’s central bank lost $5bn in one year – BBC
Ghana – once touted as a trailblazing African economic success story – is facing an unprecedented financial crisis. This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn;…
-
GH¢2.11bn T-Bill auction likely to be oversubscribed, GCB Capital Research predicts
GCB Capital Research analysts have indicated that the October 6, 2023 Treasury bills (T-bills) auction could witness significant oversubscription due to its relatively smaller size. The T-bill auction is targeted to issue GH¢2.11 billion. This marks a 17.94 percent decline compared to the previous week’s issuance. The T-bills will encompass various tenors, ranging from 91-day…
-
TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
-
Activities at Ghana’s ports begin to rebound after 2023 slow start
Customs House Agents have reported a noticeable uptick in activities at Ghana’s ports, signaling a rebound after sluggish traffic volumes observed since the start of the year. Data from the latest Composite Index of Economic Activity reveals that approximately 57,000 containers have transited through the ports as of July 2023. While this figure represents a…
-
BoG’s viability analysis framework to safeguard financial institutions – Governor
The Bank of Ghana (BOG) is developing a Business Model and Viability Analysis Framework to protect financial institutions from potential shocks resulting from the Domestic Debt Exchange Program according to the governor. BOG Governor, Dr. Ernest Addison, has reaffirmed the Central Bank’s commitment to ensuring the financial stability of banks across the country. Speaking at…
-
2023 customer service week kicks off at Kotoka International Airport
The Managing Director of Ghana Airports Company Limited (GACL), Mrs. Pamela Djamson-Tettey, has officially launched the 2023 Customer Service Week at Kotoka International Airport (KIA). The global celebration, taking place from October 2 to October 6, 2023, carries the theme “Team Service.” In her opening address, Mrs. Djamson-Tettey called upon all staff and stakeholders to…
-
The geopolitical forces driving today’s oil market
The recent oil price rally has been driven, in large part, by Saudi Arabia’s and Russia’s efforts to cut supply to the global crude market. Both China and the West are negatively impacted by high oil prices and will be eager to bring prices down using all the weapons at their disposal. Ultimately, the price…
-
IMF raises concerns over the energy transition price tag
The energy transition as it is currently being pursued threatens to boost public debt significantly, the International Monetary Fund has warned in a new report. Dubbed Climate Crossroads: Fiscal Policies in a Warming World, the report says that the choice of governments to push the transition forward by using a combination of public investment and subsidies…
-
Prices of petroleum products to rise marginally in October – IES
In the face of a global surge in crude oil prices, resulting in increased costs for refined products in international fuel markets, domestic petroleum product prices in Ghana are set to continue rising according to the Institute of Economic Studies (IES). The IES said the Ghanaian market has seen relative stability in liquid fuel prices,…