Category: Featured
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Ofori-Atta delivers 2023 mid-year budget review today
Barring any last-minute hitches, Finance Minister, Ken Ofori-Atta is expected to deliver the government’s 2023 mid-year budget review later in parliament today. The highly anticipated Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy will be government’s first official statement after receiving a US$ 3 billion bailout approval from the International Monetary Fund…
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Menzgold to pay customers after completion of validation exercise
Defunct gold trading company, Menzgold has announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon. This was contained in a statement issued by the management of Menzgold dated July 29. “Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy…
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…
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IPPs considering shut down of plants as govt fails to settle $2bn debt
The Independent Power Producers (IPPs) in Ghana are facing an imminent crisis as they contemplate shutting down their power plants in the coming days if the government fails to settle their debt, which now stands at over $2 billion. The IPPs had initially decided against shutting down their plants following discussions with the Electricity Company…
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Finance Minister to engage MPs ahead of mid-year budget review
The Finance Minister, Ken Ofori-Atta is expected to have an intensive engagement with Members of Parliament today, July 28, ahead of the presentation of the mid-year budget review next week. The presentation of the mid-year budget review is scheduled to take place on Monday, July 31, 2023. The event is expected to shed light on…
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GCB Capital research predicts sluggish economic activity despite impressive Q1 2023 growth
Analysts at GCB Capital Research have predicted that despite an impressive 4.2 percent real Gross Domestic Product (GDP) growth recorded in the first quarter of 2023, economic activity is expected to remain unimpressive for the rest of the year. Several key factors contribute to this subdued outlook, including the composite index of economic activity, which…
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Ghana’s oil revenue drops to US$540m in first half of 2023
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance. However, this amount represents a decrease compared to the US$731 million recorded during the same period in…
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No license granted for lithium exploitation, production – Lands Ministry
The Ministry of Lands and Natural Resources has denied reports that it had granted mining licences for lithium exploitation and production in the country. The Ministry in a statement disclosed that though there are ongoing explorations for the mineral, the Ministry or any government agency is yet to issue either a lease or permit for…
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There’s a need to revisit structure, nature of taxes – Ken Ofori-Atta
In a crucial meeting with the business community ahead of the mid-year budget review, the Finance Minister, Ken Ofori-Atta addressed pressing issues concerning the country’s fiscal situation. The minister began by acknowledging the challenges faced by the government in recent times, particularly in regard to funding decisions. “To make a turnaround after the government declared…
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Senyo Hosi explains why he resigned as Convener of Individual Bondholders Forum
Finance and Economic Policy Analyst and Entrepreneur Senyo Hosi has disclosed his reasons for resigning from his position as the Convener of the Individual Bondholders Forum. Senyo Hosi resigned as Convener of the Individual Bondholders Forum on Tuesday, July 25, 2023. In a statement signed and issued in Accra on Tuesday, Mr. Hosi said that…