Category: Economy
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Ghana Stock Exchange set for worst performance in three years
This year’s performance of the Ghana Stock Exchange is one investors will want to quickly put behind them. The bourse has seen a topsy-turvy performance all throughout the year and it is set to end the year with its composite index, which measures the performance of stocks of listed companies, recording a negative 12.3 percent…
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Parliament approves GH¢98 billion for govt’s 2020 expenditure
Parliament has approved the government’s expenditure of about GH¢100 billion for the 2020 financial year. The approval runs from January 1, 2020 to December 31, 2020. Out of the amount the House approved and authorised GH¢53.294 billion to be withdrawn to finance government operations during the 2020 financial year. This was announced in the Appropriation…
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AngloGold’s Obuasi mine pours first gold after 5-year suspension
AngloGold Ashanti Ghana Limited this week poured its first gold from the Obuasi Gold Mine, five years after mining activities were suspended. The first gold signals the successful redevelopment of the mine into a modern, mechanised mining operation, the company said in a news release. “The Obuasi Redevelopment Project, which seeks to access Obuasi’s 30-million-ounce…
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Oil and Gas capital expenditure to grow by 18 percent in 2019 — GSS
The Ghana Statistical Service is projecting that the total volume of capital expenditure in the oil and gas sector will be in excess of US$3.1 billion by the end of 2019. The projected figure represents an 18 percent increase in the US$2.62 billion recorded in the oil and gas industry in 2018. Total investment expenditure…
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Ghana records slowest GDP growth in 12 months
Provisional figures released by the Ghana Statistical Service shows that Ghana’s Gross Domestic Product, which is the total value of everything produced in the country grew by 5.6 percent in the third quarter of 2019. This is the slowest growth rate for Ghana’s economy since the second quarter of 2018. The economy grew at 5.4…
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Chamber of Mines calls for better engagement with stakeholders to sustain mining sector growth
The Ghana Chamber of Mines has called for prioritization of improved collaboration among all stakeholders in the mining sector in the coming year. This, the chamber says, will ensure sustained growth of the sector, which continues to be a key driver of economic growth in the country. According to the 2020 budget Statement and Economic…
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Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the financial sector clean up prevented about 7,000 people from losing their jobs. The financial sector reforms spearheaded by the Bank of Ghana saw 9 banks lose their licenses as well as 23 savings and loans and finance houses. More than 340 microfinance companies spread across the…
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Boost domestic revenue to achieve Ghana Beyond Aid — World Bank
The World Bank Country Director for Ghana Pierre Laporte says one of the most important things the government needs to achieve its Ghana Beyond Aid target is to improve upon its struggling domestic resource mobilization. “I think for us, we should accompany the country forward to become less dependent on aid which I think is…
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181 projects under 1D1F at various stages of implementation — Trade Minister
Trade and Industry Minister Alan Kyerematen has said the government’s flagship programme, One district, One factory, has so far witnessed about 200 companies that are at various stages of implementation. The projects, Mr. Kyerematen said, cover a spread of 112 districts of the 275 districts in the country. He further explained that the list includes…
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Inflation inches up for the second consecutive month
Inflation has continued its upward trajectory for the second month running, rising to 8.2 percent in November, the Ghana Statistical Service has said. The increase recorded last month, represents a 0.5 percentage points increase in the October 2019 inflation of 7.7 percent. The Statistical Service three months ago, using a new series, announced inflation had…