Category: Local Economy
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Economic crisis: US to seek Paris Club’s support for Ghana
The United States government has promised to intervene on Ghana’s behalf with the Paris Club as the country seeks debt forgiveness as part of the International Monetary Fund’s balance of payment support. The US Vice President, Kamala Harris, announced this at a joint Press Conference with President Akufo-Addo. According to Mrs Harris, the US will…
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Bank of Ghana increases Monetary Policy rate to 29.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 150 basis points to 29.5 percent. The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on…
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China assures Ghana of support in servicing debt relief
The Finance Minister of China, Mr. Liu Kun says his country has confidence in the management of the Ghanaian economy, and that his country felt a responsibility to be of help as Ghana seeks debt servicing relief. At a meeting in Beijing with Ghana’s Finance Minister Ken Ofori-Atta last week, Mr. Kun said the Chinese…
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US will increase investments in Africa to propel growth – Kamala Harris
The United States of America intends to increase investments on the African continent to propel economic growth. This was announced by Vice-President Kamala Harris on her arrival in Ghana as part of a nine-day working visit to the continent. She was in the company of her husband Douglas Emhoff and other top officials in the…
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Ghana’s public debt stock still at ¢575.7bn – BoG data
Recent figures released by the Bank of Ghana indicate that Ghana’s public debt stock still remains constant at ¢575.7 billion at the end of November 2022. By this, Ghana’s total public debt stock increased from about GH¢467.4 billion in September 2022 to about GHC575.7 billion in November 2022. According to the latest Bank of Ghana’s…
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Govt pays additional coupons on matured bonds
Government has made payments to bondholders who chose not to exchange their old bonds for new ones under the domestic debt exchange programme. This is the second tranche paid to bondholders after the government announced a payment plan and date to honour the coupons on matured bonds. After much agitation from the Coalition of Individual…
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Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has revealed that conversations with China over Ghana’s debt have been positive and encouraging. Ghana’s finance minister, Ken Ofori-Atta travelled to Beijing on Wednesday to meet Chinese officials to discuss a proposed restructuring of Ghana’s debt, according to a source with knowledge of the talks. China on Thursday revealed that…
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China to seek proper resolution with Ghana over $1.7bn debt
China would like to enhance communications with Ghana to seek a proper resolution of Ghana’s debt issue, its foreign ministry said on Thursday, March 23. Spokesperson Wang Wenbin made the remark in response to a question on Ghana’s finance minister visiting Beijing for a proposed restructuring of Ghana’s debt. Ghana’s finance minister Ken Ofori-Atta travelled…
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GSE signs MoU with MIIF to increase listing of mining companies
The Ghana Stock Exchange (GSE) has signed a Memorandum of Understanding (MoU) with Minerals Income Investment Fund (MIIF). This MoU was signed with the view to establish a practical framework for the development of stronger business relations between the two parties and set forth the procedures to create an asset class and promote the trade…
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Support Ghana’s efforts to restore debt sustainability – IMF to bilateral creditors
The International Monetary Fund (IMF) has called on all bilateral creditors to support Ghana’s efforts to restore debt sustainability, as the country works towards presenting its economic programme for IMF Board approval. Speaking at a news conference in Washington DC, the Director of Communications at the IMF, Julie Kozack, stressed the importance of Ghana securing…