Category: Top Stories
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Fitch downgrades Ghana’s credit rating from B- to CCC
Ghana has suffered another blow as its credit rating has been downgraded by Fitch Ratings from B- to CCC. This rating did not come with an outlook because Fitch typically does not assign outlooks to ratings of ‘CCC+’ or below. This update follows Standard and Poor’s (S&P) downgrade of Ghana’s foreign and local credit ratings…
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Côte d’Ivoire-Ghana Cocoa Initiative clarifies its stance on origin differentials for cocoa beans
The Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) has denied reports regarding its publication of origin differentials for Côte d’Ivoire and Ghana. The Initiative, in a statement, insisted that the two countries still stand by the decision to no longer sell their cocoa at origin differentials below zero, contrary to recent publications by other outlets. Find below…
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Ghana Mines Workers’ Union threatens industrial action
The Ghana Miners Workers’ Union has threatened to embark on an eminent strike action. This threat comes at a time when the country is experiencing dire economic challenges. The General Secretary of the Union, Abdul-Moomin Gbana says government has refused to meet their concerns during stakeholder engagement sessions. Among other things on the table, the…
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Ghana likely to secure US$3 billion from IMF for economic support
Government could obtain a loan of about US$3 billion from the International Monetary Fund as economic assistance. According to Bloomberg, the funding which will come in the form of balance of payment support will be spread within three years. A billion dollars is expected to come in immediately after the Fund approves an economic programme…
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Tax incentive for young entrepreneurs-opportunities and challenges
Introduction Starting a business is not easy, let alone being a young person but the reward is often significant compared to employment. Generally, raising capital, finding first customers, gaining the needed experience and having the conducive business environment in the early stages of a start-up can be tricky. Many young people therefore prefer employment rather…
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GEXIM CEO is one of Ghana’s 100 most influential business leaders
The Chief Executive Officer of the Ghana Exim Bank (GEXIM), Lawrence Agyinsam, was on Friday, 5th August, 2022, named as one of the 100 Most Influential Business Leadership Personalities in Ghana at the second edition of the National Governance and Business Leadership Awards 2022 which took place at the Labadi Beach Hotel. According to the organisers…
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Economist reacts to slash in Ghana’s growth rate forecast
Economist, Dr. Patrick Asuming, says the slash of Ghana’s growth rate forecast to 3.1 percent by Standard Bank is an indication that the government has not gotten a handle on how to save the economy. Africa’s biggest bank, Standard Bank, has slashed Ghana’s economic growth rate forecast for 2022 to 3.1 percent from the earlier…
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Government disappointed by Standard & Poor’s downgrade rating
The government has expressed its disappointment in Standard and Poor’s downgrade of Ghana’s credit rating despite the “bold policies” it implemented in 2022 to address the fiscal challenges confronting the economy. S&P Global Ratings, on Friday, 5th August, downgraded Ghana’s foreign and local currency credit rating from B-/B to CCC+/C with a negative outlook, sighting…
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S&P downgrade: Gov’t urged to quicken pace of fiscal consolidation
Economist with Databank, Courage Martey has reiterated calls for government to hasten the pace of fiscal consolidation in the short to medium term. In an interview with Citi Business News, the economist said this will restore the country back above the current downgraded position that the country is facing. His call comes as international ratings…
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Standard Bank cuts down Ghana’s 2022 growth rate to 3.1%
Africa’s biggest bank, Standard Bank has revised this year’s projected economic growth rate target for Ghana from 6.2 % to 3.1%. It has also slashed its 2023 Gross Domestic Product (GDP) forecast for the country to 4.1%, from the earlier 6.8%. This forecast from the Standard Bank is lower than the government of Ghana’s revised…