Category: Local Economy
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Fitch downgrades Ghana’s creditworthiness to ‘Restricted Default’ from ‘C’
International rating agency, Fitch, has further downgraded Ghana’s Long-Term creditworthiness to Restricted Default (RD) from ‘C’. The issue ratings on local-currency bonds issued domestically have also been downgraded to Default (D) from ‘C’. In a statement, Fitch also affirmed Ghana’s Long-Term Foreign Currency (FC) IDR at ‘C’. Fitch typically does not assign Rating Outlooks to…
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Govt swaps over GH₵82bn bonds for new ones under DDEP
The Ministry of Finance has revealed that it has successfully swapped GH₵82,994,510,128 worth of old bonds from a possible GH₵ 97,749,624,691 under the domestic debt exchange programme. The amount represents an 84.91% success rate exceeding the Finance Ministry’s intended target of an 80 percent participation rate. Meanwhile, the government has extended the settlement date for…
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IMF assigns resident financial adviser to Bank of Ghana
The International Monetary Fund (IMF) has appointed Leonard Chumo as a financial adviser to the Bank of Ghana upon request. Funded by Switzerland’s State Secretariat for Economic Affairs (SECO), the resident adviser is expected to provide technical assistance and help build the capacity of the banking supervision function in the country. A press release from…
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Fuel prices likely to drop in February second pricing window – IES
The Institute for Energy Security (IES) is projecting a marginal drop in the prices of fuel for the second pricing window in February. IES projects the price of Gasoil to drop by about 4.26% from GH¢15.90 to about GH¢15.25 in the second week of the pricing window. The price of liquefied petroleum gas is also…
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Debt exchange programme recorded over 80% participation – Govt
Government says the Domestic Debt Exchange Program (DDEP) officially closed on Friday, February 10, 2023, with over 80% participation of eligible bonds. This was announced in a statement issued by the Finance Ministry on Tuesday, February 14, 2023. Government in the statement thanked the people of Ghana for their “forbearance and support throughout these very…
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Advertisers Association of Ghana swears in new council members
The Advertising Association of Ghana (AAG) has installed new council members at its 8th Investiture ceremony in Accra. The colourful ceremony which attracted key industry players saw the induction of Mr. Andrew Ackah as its new president. He takes over from Mansa Amoa-Awuah. Speaking at the 8th Investiture Ceremony of the Advertising Association of Ghana,…
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Push for local processing and consumption of cocoa intensifies
The 2023 National Chocolate Week Celebrations has been launched with a renewed purpose to empower artisanal cocoa processors to take advantage of the new incentives within the consumption campaign to become more competitive to meet market demands. Launching the celebrations at the Accra Tourist Information Centre, the Minister of Information, Hon Kojo Oppong Nkrumah acknowledged…
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Eighty-six queen mothers to converge at 5th “Gathering of the Royals”
About eighty-six (86) paramount and sub queen mothers from across the sixteen regions of the country, together with representatives from academia, policy, government, development agencies and agric institutions, will be converging in Accra, for the 5th edition of the “Gathering of the Royals” event. Organized by Agrihouse Foundation, the development-focused interventional event, annually, focuses on…
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G4O policy: Continuous and repetitive purchase of gold not sustainable – COPEC
The Chamber of Petroleum Consumers does not think government’s gold-for-oil policy is sustainable. COPEC in a statement said the policy has mandated the Precious Mineral Marketing Company (PMMC) to buy all gold from small-scale miners, community miners and a percentage from large-scale miners. It further explained that although small-scale miners contribute about 34% of all…
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BoG justifies funding government’s 2022 budget with ¢44.5bn
The Bank of Ghana (BoG) has given reasons for financing of the government’s 2022 budget with about ¢44.5 billion. This is coming after renewed discussions in the media regarding the Bank’s funding of the budget in 2022. A statement issued by the Central Bank notes that, its net claims on the government increased by about…