Category: Local Economy
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Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022
Ghana Airports Company Limited (GACL) has earned the prestigious title of “Most Profitable State-Owned Enterprise” for the year 2022 at the Public Enterprises League Table (PELT) Awards, an event organized by the State Interests and Governance Authority (SIGA). In a citation presented at the ceremony, GACL was commended for achieving the highest profitability parameter under…
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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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September inflation falls to 38.1% from 40.1%
Ghana’s inflation rate fell to 38.1% in September 2023, from 40.1% in August, according to the Ghana Statistical Service (GSS). The GSS said the decline in inflation was due to a decrease in the prices of food and non-food items. Food inflation fell from 51.9% in August to 49.4% in September, while non-food inflation fell…
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Gold Coast Fund Management customers spend night at Finance Ministry
Customers of the collapsed Gold Coast Fund Management Company spent the night at the entrance of the Finance Ministry to press home their demand for the release of their locked-up funds. According to the group an amount of GH¢8.6 billion which was approved by Parliament to settle its members, has not yet been given to…
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The effect of the Israel-Gaza conflict and national census ripples across SA’s economy
The South African currency fell on Monday as the unrest in the Middle East fueled risk aversion in global markets, and traders anticipated the outcome of the national census, which is due this week. At 1510 GMT, the rand was trading at 19.4100 per dollar, down 0.6% from its Friday close. “Trade in the rand…
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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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Government must adopt ‘‘warlike’’ approach to solve economic challenges – Prof Bokpin
Professor Godfred A. Bokpin, a Professor of Finance at the University of Ghana, says the Government ought to adopt a “warlike” approach to solve the country’s economic challenges. He said economic issues such as corruption, low tax revenues, public expenditure and all economic bottlencks must be dealt with intentionally. Prof Bokpin said this at a…