Category: Local Economy
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Help us get the $3bn IMF bailout – Akufo-Addo to diplomats
President Nana Addo Dankwa-Akufo-Addo has called on the Diplomatic Corps to help Ghana’s bid for a $3 billion bailout at the International Monetary Fund (IMF). Addressing members of the Diplomatic Corps at the Peduase Lodge on Tuesday, the President said with the cooperation received from the Paris Club, he is confident that the IMF deal…
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GIPC wins best FDI destination for 2022 award
Yofi Grant, the esteemed CEO of the Ghana Investment Promotion Centre (GIPC), has been honored with the prestigious title of African Business Personality of the Year 2022 by International Investor Magazine. This coveted award recognizes Yofi Grant’s outstanding leadership and contributions to promoting investment and economic growth in Ghana and across Africa. Furthermore, GIPC, representing…
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IES raises doubts on claimant to 600,000 barrels Russian oil
The Institute for Energy Security (IES) has raised doubts over the claimant to the 600,000 barrels of Oil that arrived in Ghana on Friday from Russia. A release by the IES indicated that the consignment aboard the vessel MT Theseus is being stashed in Ghana as the pool of buyers shrinks after Russia was blacklisted…
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help…
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Finance Ministry expects improved credit ratings to enhance engagements with external creditors
The Ministry of Finance says it expects improvement in Ghana’s local currency sovereign credit ratings to enhance engagement with external creditors on its debt treatment. This comes after S&P Global Ratings on Friday, February 24, 2023, raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. “This acknowledges the completion of the…
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Payment of coupons, principals of old bonds to resume on March 14 – Govt
As part of efforts to ensure bondholders who did not tender their old bonds are paid, government has promised to pay matured coupons and principal of old bonds beginning March 13, 2023. This comes after it defaulted on the payment of coupons that matured on February 6 and 20, 2023. In a statement issued on…
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Fuel prices likely to drop in March – COPEC
The Chamber of Petroleum Consumers (COPEC) has predicted that fuel prices are likely to see a decline in the first pricing window of March 2023. According to COPEC, prices of both petrol and diesel have all declined marginally within the period while crude price has also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61%). With the…
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Ghana’s local debt score raised by S&P as domestic default cured
The rating on Ghana’s local-currency debt was upgraded by S&P Global Ratings as the country settled its domestic debt exchange with bondholders. The nation’s foreign debt remains rated in default. Ghana’s local credit score was raised to CCC+ from SD — or selective default — by S&P after new domestic debt securities were delivered to…
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DDEP: Economist urges government to strengthen industrialization policies
Economist and currency analyst at GCB Capital Limited Courage Boti is urging government to strengthen its industrialization policies as it moves to negotiate with China for debt forgiveness. He demystifies perceptions that China may seize the opportunity to take over the local industries if the negotiations are successful. However, Finance Minister, Ken Ofori-Atta, has disclosed…
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Stakeholders in the maritime sector urged to sustain competiveness for youth
Stakeholders within the maritime space are being urged to sustain the competiveness of the sector to ensure that the teeming youth on the African Continent find ready jobs in the industry. This according to the Registrar of the Regional Maritime University (RMU), Dr. Baboucarr Njie is part of efforts to accelerate the growth of the…