Category: News
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Full-Scale Emergency Simulation Exercise Set to Test Response Capacity at Kotoka International Airport
A comprehensive emergency simulation exercise, named ‘Operation Ogboole 2023,’ is scheduled to take place at Kotoka International Airport (KIA) on Thursday, October 12, 2023, from 0800 to 1200 noon. This exercise, designed to simulate a mass casualty evacuation following an airplane crash into the sea off the Osu landing beach, is being conducted in collaboration…
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AGI moves to reduce cost of energy for industries
In its quest to cut rising energy costs for industries, the Association of Ghana Industries-Energy Service Centre (AGI-ESC), has launched a network to promote the use of renewable energy to reduce cost in energy usage within Ghana’s industrial sector. Dubbed “Energy Efficiency Network (EEN)”, it will provide a platform for industries in Ghana to improve…
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AfDB, EBID sign loan agreement for $50 million and €50
The African Development Bank Group and the ECOWAS Bank for Investment and Development (BID) have signed an agreement for a dual currency line of credit, comprising $50 million and €50 million to support local agricultural businesses in West Africa. Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Solomon…
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Government Exceeds Auction Target by GHS 466m, Pushing 364-day Bill Yields to 33%
In the latest auction of treasury bills with maturities of 91, 182, and 364 days, the Government of Ghana has exceeded its initial target of raising GHS 2.10 billion. During the auction of these short-term securities, the Government surpassed its target by a notable GHS 466 million, successfully raising GHS 2.57 billion from the debt…
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Finance Minister Announces Successful First Review of IMF-Supported Program for Economic Growth
In a joint press conference with the International Monetary Fund (IMF), Ghana’s Minister for Finance, Hon. Ken Ofori-Atta, declared the successful conclusion of the first review of the IMF-supported post-COVID-19 program for economic growth. The program, which commenced on May 17, 2023, was approved as a 36-month IMF program under a $3 billion Extended Credit…
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IMF Reaches Staff-Level Agreement on Economic Policies and Reforms with Ghana
The International Monetary Fund (IMF) staff, led by Mr. Stéphane Roudet, Mission Chief for Ghana, has successfully reached a staff-level agreement with Ghanaian authorities. This is a step towards concluding the first review of Ghana’s 36-month Extended Credit Facility (ECF)-supported program. The performance in meeting the program’s targets and reform objectives, according to IMF staff,…
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How Ghana’s central bank lost $5bn in one year – BBC
Ghana – once touted as a trailblazing African economic success story – is facing an unprecedented financial crisis. This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn;…
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World Bank revises Ghana’s growth rate downwards to 1.5 percent
Ghana’s economic growth is expected to decelerate to 1.5 percent this year, fresh projections by the World Bank have suggested. The slowdown is sharp drop from the 3.1 percent growth in 2022. It is also significantly low per the average of 61. percent pre-pandemic growth. The World Bank in its latest Africa’s Pulse report revealed…
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TOR workers demand dissolution of Board of Directors
The General Transport, Petroleum, and Chemical Workers Union of TUC (GPCWU) has urged the government to dissolve the board of directors at the Tema Oil Refinery (TOR). The union highlighted TOR’s achievements since the board’s appointment, tasked with securing a credible, strategic partner for TOR approximately 18 months ago. Nevertheless, the union has noted a…
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World Bank projects Africa’s economy to slow down to 2.5%
Sub-Saharan Africa’s economic outlook remains bleak amid an elusive growth recovery. According to the latest World Bank Africa’s Pulse report, rising instability, weak growth in the region’s largest economies, and lingering uncertainty in the global economy are dragging down growth prospects in the region. Economic growth in Sub-Saharan Africa is forecast to decelerate to 2.5%…