Category: Featured
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Cedi classified among ‘worst spot returns’ in Africa – Bloomberg
Ghana’s local currency -the cedi has been classified among Africans currencies with the ‘worst Spot Returns. This is according to a Bloomberg report. On the World Currency Ranker the cedis performance placed 17th, depreciating by 11.21 percent. According to Bloomberg although the cedi lost about 11.21% to the US dollar in the first quarter of…
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Pecan Energies approves Plan of Development for Deepwater Tano/Cape Three Points block offshore
On behalf of its partners, Pecan Energies, the operator of the Deepwater Tano/Cape Three Points (DWT/CTP) block offshore Ghana, has announced the successful approval of the Plan of Development (PoD) for the DWT/CTP contract area by Ghanaian authorities. “We are thrilled to receive the approval of the PoD for the DWT/CTP block by the Minister…
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ECG working to disburse cash to IPPs by end of week
The Electricity Company of Ghana (ECG) is confident of settling debts Independent Power Producers (IPPs) by end of this week to avert any disruptions in electricity supply. Despite government’s indebtedness to the power generation companies the ECG and IPPs have reached a unique payment agreement promoting the latter to suspend its plans to cut power…
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GSS pushes for diversification of the local economy
The Ghana Statistical Service (GSS) is pushing for the transformation of the local economy from one driven by micro and small industries to one that is largely supported by a diversification in the medium and large scales industries. According to the Service, this will give a boost to the economy and ensure the growth of…
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Price of diesel and LPG to drop marginally; petrol to remain unchanged – IES
The price of diesel and Liquefied Petroleum Gas (LPG) is expected to fall marginally in the first pricing window of July. This is according to a recent analysis by the Institute for Energy Security (IES). The projection by the Institute for Energy Security, notes that the reduction can be attributed to the 2.6% fall in…
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IBES committee inaugurated to proffer innovative policies for national development
The National Steering Committee of the Integrated Business Establishment Survey (IBES) has been encouraged to ensure that its 2023 report gives innovative backing to businesses across the country. This, according to the Ministry of Finance, will help shape relevant policies to stimulate the profiling of the country’s Gross Domestic Product (GDP) and other critical economic…
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IPPs suspend planned shutdown after engagements with ECG
The Chamber of Independent Power Producers Ghana (IPPs) has suspended its planned shutdown of plants powering the national grid despite debts owed by government. This follows what the Chamber describes as fruitful engagements with the Electricity of Ghana (ECG). To this end, the IPPs have agreed to keep operating their power plants after July 1,…
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Mid-year budget review slated for July 27
Finance Minister, Ken Ofori-Atta is expected to present the Mid-Year Budget review to Parliament on Thursday, July 27, 2023. This is in accordance with Section (28) of the Public Financial Management Act, 2016 (PFMA) Act 921 which requires that the finance minister presents a Mid-Year Review to parliament six months after the presentation of the…
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KY Amoako advocates constitutional changes to bolster economic growth
The African Centre for Economic Transformation (ACET) has identified changes in the constitution as one of the pivotal ways of driving transformation in the face of Ghana’s current economic quagmire. The Centre makes the point that although the constitution shas aided some economic growth, the present situation requires amendments for the tough times ahead stressing…
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GRA seizes tons of carbonated, alcoholic beverages over tax evasion
The Ghana Revenue Authority’s Excise Unit has seized numerous cartons of malt, vodka, Coca-Cola, and various carbonated beverages. The market value of these drinks according to the GRA’s valuation amounts to thousands of Ghana Cedis. The discovery was made in an open market where the products were being sold without the required excise stamp, indicating…