Category: Local Economy

Former Deputy Finance Minister Mona Quartey has said that the government’s downward revision of the Appropriation Bill from GH¢227.7 billion to GH¢206 billion should not be celebrated as a major economic achievement. She argued that the government is already cash-strapped and is left with no other option than to be measured in its spending. The…

Mid-year budget review 2023 [Full statement]

Aug 1, 2023

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The Minister of Finance, Ken Ofori-Atta on Monday, July 31, 2023, presented the mid-year budget review in Parliament. The presentation happened after it was postponed twice from July 25 to July 27 and finally to July 31. Mr. Ofori-Atta in his presentation disclosed that Ghana is currently making modest gains in turning the economy around…

Govt launches GHS 31 billion pension funds domestic exchange

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Nii Larte Lartey

Government has commenced an alternative offer for pension funds exchange inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust Plc. The government is seeking to exchange approximately, GHS 31 billion in principal amount of the eligible bonds for a package of new bonds. “This invitation is intended to…

Govt revises macroeconomic targets downwards: Real GDP growth adjusted to 1.5%

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Edna Agnes Boakye

Finance Minister, Ken Ofori-Atta, during the presentation of the 2023 mid-year budget review today, July 31, announced significant revisions to the country’s macroeconomic and fiscal frameworks. The revision aims to align with the targets of the IMF-supported PC-PEG due to recent developments and global economic conditions. Notable revisions include a decrease in overall Real GDP…

IPPs anticipating provision for payment in mid-year budget review

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Nii Larte Lartey

The Chamber of Independent Power Producers and Bulk Consumers is demanding that the government captures the payment of the about US$ 2.3 billion debt owed them in the mid-year budget review. The continuous accumulation of the debt, according to the chamber, is impeding its ability to sustain power generation. Ghana may face an impending power…

Ofori-Atta delivers 2023 mid-year budget review today

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Nii Larte Lartey

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…

BoG posts GH¢60.81bn losses in 2022

Jul 29, 2023

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in Banking And Finance, Featured, Local Economy, Top Stories

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…

IPPs considering shut down of plants as govt fails to settle $2bn debt

Jul 28, 2023

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in Featured, Local Economy, Oil And Gas, Top Stories

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…

Finance Minister to engage MPs ahead of mid-year budget review

Jul 28, 2023

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