Category: Local Economy
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Fuel prices to go down by 10% – IES
The Institute for Energy Security, IES, is projecting prices of petrol and diesel to go down between 10% and 8% from Thursday, December 1, 2022. This, the IES attributes to the 13.45% fall in the price of gasoline, the 11.63% fall in the price of Gasoil, and the 1.88% fall in the price of LPG.…
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Moody’s downgrades Ghana’s credit rating from Caa2 to Ca
Ghana has been downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring. The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with…
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Major mining companies were consulted on gold for oil policy
Governor of the Bank of Ghana, Dr. Ernest Addison has refuted claims that the major gold mining companies in the country were not consulted on its gold for oil policy. Vice President, Dr. Mahamudu Bawumia recently disclosed government’s intention to use gold to make purchases for oil on the commodity market. This move by government…
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ADB Bank PLC appoints Alhassan Yakubu-Tali as Managing Director
Agricultural Development Bank PLC (ADB) has appointed Alhassan Yakubu-Tali as its new Managing Director, effective 1st December 2022. His appointment follows a successful approval by shareholders as well as regulatory approval received from the Bank of Ghana (BoG) respectively, after the retirement of Dr. John Kofi Mensah whose tenure ends on the 30th November 2022.…
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MD of Agricultural Development Bank PLC Dr. John Kofi Mensah retires
Managing Director of the Agricultural Development Bank PLC (ADB), Dr. John Kofi Mensah, is set to retire from his position, effective end of November 2022, after serving for five years in the role. Appointed in August 2017, ADB PLC has seen a significant transformation from a loss making Bank in 2015/16 to a consistent profit…
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Bank of Ghana increases Monetary Policy Rate to 27%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 27 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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Trade surplus hits $1.87 billion in October
Latest figures from the Bank of Ghana indicate that Ghana’s total balance of trade recorded a surplus of 1.87 billion dollars in the first ten months of the year. This, according to the Central Bank’s Summary of Economic and Financial Data is equivalent to about 2.8% of Gross Domestic Product (GDP). The surplus recorded is…
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Gov’t to barter gold for oil – Bawumia
The Vice President, Dr. Mahamudu Bawumia, has hinted at a policy to use gold to make purchases of oil on the commodity market. Speaking at the AGI Awards night in Accra, Dr. Bawumia said this barter of sustainably mined gold for oil is key in addressing the economic crisis confronting the country. The cedi depreciated…
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Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications
The Ghana Chamber of Telecommunications has cautioned that its members are ready to deactivate all SIM cards yet to be registered by November 30, 2022. In a statement, it said its members, AirtelTigo, MTN and Vodafone, have begun complying with the recent directive from the Ministry of Communications and Digitalization. On November 11, 2022, the…
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Use 2023 Budget to lay foundation for long-term sustainability – IEA to Gov’t
Government is being urged to use the 2023 Budget and Economic Statement to help chart a new path and restore macroeconomic stability for the country. This, the Institute of Economic Affairs believes this will help build back the Ghanaian economy. The Institutes call comes as the country is experiencing one of its worst economic crises…