Category: Featured
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IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring
The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has confirmed that Ghana has taken the required steps to secure the long-awaited financing assurance from its external creditors. He added that the IMF is patiently awaiting responses from bilateral creditors. “I have to tell you that whereas it took…
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IMF, World Bank work to accelerate debt treatment for Ghana, others under G20
The International Monetary Fund (IMF) and World Bank are working together to accelerate debt restructuring for Ghana and other countries under the Group of Twenty (G20) Common Framework. Ms Kristalina Georgieva, Managing Director, IMF said this during a plenary meeting at the 2023 IMF/WGB Annual Meetings in Marrakech. “The IMF and the World Bank are…
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Zambia advises Ghana to have restrictive laws on debt accumulation
Mr Situmbeko Musokotwane, Minister of Finance and National Planning, Zambia, has advised Ghana to have restrictive laws on debt accumulation. “We put a law in Parliament which tied my hands to say, going forward, you can’t be like those in the past. So, we tied our hands for Parliament to have more power and restrictions…
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2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs
The government has assured Ghanaians that it will safeguard current economic gains, and make it reflect in the living conditions of everyone in the coming months. To this end, there would be more expenditure reduction measures in the 2024 budget, as well as policies to consolidate macroeconomic gains, ensuring that inflation and exchange rate are…
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Former Capital Bank CEO Ato Essien jailed 15 years
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been sentenced to 15 years imprisonment with hard labour. This follows his failure to pay in full an amount of GH¢90 million he agreed to pay the state despite several lifelines given him since December 2022. Ato Essien pleaded guilty to 16 counts of…
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IMF clarifies Ghana’s growth rate projection
The International Monetary Fund’s (IMF) Resident Representative in Ghana, Dr. Leandro Medina, has clarified that the growth rate for the country has not been revised to 1.2% from the May 2023 forecast of 1.5%. Dr. Medina explained that the latest IMF World Economic Outlook projection of 1.2% growth for 2023 is based on an old…
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World Bank revises Ghana’s growth rate downwards to 1.5 percent
Ghana’s economic growth is expected to decelerate to 1.5 percent this year, fresh projections by the World Bank have suggested. The slowdown is sharp drop from the 3.1 percent growth in 2022. It is also significantly low per the average of 61. percent pre-pandemic growth. The World Bank in its latest Africa’s Pulse report revealed…
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TOR workers demand dissolution of Board of Directors
The General Transport, Petroleum, and Chemical Workers Union of TUC (GPCWU) has urged the government to dissolve the board of directors at the Tema Oil Refinery (TOR). The union highlighted TOR’s achievements since the board’s appointment, tasked with securing a credible, strategic partner for TOR approximately 18 months ago. Nevertheless, the union has noted a…
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World Bank projects Africa’s economy to slow down to 2.5%
Sub-Saharan Africa’s economic outlook remains bleak amid an elusive growth recovery. According to the latest World Bank Africa’s Pulse report, rising instability, weak growth in the region’s largest economies, and lingering uncertainty in the global economy are dragging down growth prospects in the region. Economic growth in Sub-Saharan Africa is forecast to decelerate to 2.5%…
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Pensions regulation to be automated
Mr Ignatius Baffour Awuah, Minister for Employment and Labour Relations, says the Government is working towards automating the regulation of pensions in the country. He said it was leveraging digital technology to introduce new software for the pensions regulator, the National Pensions Regulatory Authority (NPRA). The software, he said, would automate the regulatory processes of…