Category: Local Economy
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Govt reopens domestic debt exchange program
Government has reopened its Domestic Debt Exchange Program (DDEP). This to enable individuals who could not sign up to the initial debt restructuring exercise but wish to participate do so now. With this announcement from the Ministry of Finance, the window has been opened for interested investors seeking to hold onto government papers as government…
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Govt must urgently address encroachment of cocoa farms by illegal miners – GAWU
The Ghana Agriculture Worker Union (GAWU) is urging the government to urgently address the encroachment and destruction of cocoa farmlands by illegal miners. GAWU maintains that although the 63.6% upward adjustment of the farm gate price of cocoa is welcome, the major issue plaguing the sector is illegal mining. In an interview with Citi Business…
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COCOBOD to offer cash prizes to eradicate cocoa smuggling
The Ghana Cocoa Board (COCOBOD) has announced plans to offer cash prizes to persons who volunteer information for the arrest of individuals involved in the smuggling of cocoa. This forms part of its key strategies to deal with the prevalence of the menace after 150,000 metric tonnes of cocoa were smuggled out of the country…
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Joe Jackson cautions govt against borrowing from T-bills market at high rates
The Director of Business Operations at Dalex Finance, Joe Jackson is cautioning both government and investors to be cognizant of the implication of high-interest rates on the government’s treasury bills. This he explains could flaw government gains in trying to bring the country’s debt to sustainable levels. The government surpassed its auction target last week…
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Guinness Ghana delivers best year performance despite economic challenges
Leading beverage company, Guinness Ghana, has posted its strongest performance in a financial year since it was set up, 63 years ago. Speaking to investors during the Facts Behind the Figures event organised in conjunction with the Ghana Stock Exchange, Managing Director, Helene Weesie stressed that factors such as inflation, consistent input costs increase, and…
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Treasury bill auction records 13.21% oversubscription; interest rate increases to 31.97 %
The government surpassed its auction target last week as the market continued to experience sufficient liquidity. Treasury bill sales recorded 13.21 percent oversubscription of its target of GHS 2,601 billion. According to figures from the Bank of Ghana, investors presented GHS 2.94 billion as against government’s target of GHS 2.60 billion A chunk of the…
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Bag of cocoa beans to sell at GH¢1,308 in new season
President Nana Addo Dankwa Akufo-Addo has announced a 63.6% upward adjustment of the farm gate price of cocoa beans from GH₵800 to GH₵1,308 per bag for the new cocoa season. According to the president, the increment is the highest in West Africa in the last 15 years. The president made this announcement at Tepa in…
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2022 Best National Farmer to commission Agribusiness School
The 2022 Best National Farmer, Oheneba Nana Yaw Sarpong Siriboe I, who is also the Akyimpimhene of the Juaben Traditional Area in the Ashanti Region, is set to establish an agribusiness school on his farm in the Ashanti Region. The establishment of the school is part of his efforts to reposition the role of youth…
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DDEP: Govt settles pension funds bondholders
The government has announced the successful settlement and conclusion of its alternative offer to Pension Funds bondholders regarding Ghana-denominated notes and bonds. The Ministry of Finance in a statement dated September 7, said “This successful result is a significant achievement for the Government as it pursues its macroeconomic stabilization policies under the IMF-supported Post-COVID-19 Programme…
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ECO currency challenges: Technical committee attributes delays to external shocks, others
The West African Monetary Agency has acknowledged the challenges posed by global macroeconomic shocks and the inability of member states to fully meet the criteria for the complete rollout of the ECO as the single currency in the West African sub-region by 2027. In response, the technical committee has been tasked with reassessing the roadmap…