Category: Top Stories
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Fitch affirms Ghana’s rating at ‘RD’; expects agreement with official creditor to be reached by end-2023
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDR) at ‘RD’. Fitch on February 21, 2023, downgraded Ghana’s LTFC IDR to ‘RD’ from ‘C’ due to a missed Eurobond coupon payment. According to Fitch, Ghana has since made progress with official creditors for external debt restructuring, aiming to…
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![Mid-year budget review 2023 [Full statement]](https://citibusinessnews.com/wp-content/uploads/2023/06/ken-ofori-Attah.jpg)
Mid-year budget review 2023 [Full statement]
The Minister of Finance, Ken Ofori-Atta on Monday, July 31, 2023, presented the mid-year budget review in Parliament. The presentation happened after it was postponed twice from July 25 to July 27 and finally to July 31. Mr. Ofori-Atta in his presentation disclosed that Ghana is currently making modest gains in turning the economy around…
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Govt launches GHS 31 billion pension funds domestic exchange
Government has commenced an alternative offer for pension funds exchange inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust Plc. The government is seeking to exchange approximately, GHS 31 billion in principal amount of the eligible bonds for a package of new bonds. “This invitation is intended to…
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Govt revises macroeconomic targets downwards: Real GDP growth adjusted to 1.5%
Finance Minister, Ken Ofori-Atta, during the presentation of the 2023 mid-year budget review today, July 31, announced significant revisions to the country’s macroeconomic and fiscal frameworks. The revision aims to align with the targets of the IMF-supported PC-PEG due to recent developments and global economic conditions. Notable revisions include a decrease in overall Real GDP…
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2022 was my most difficult year as Finance Minister – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta says 2022 was his worst year as the manager of Ghana’s public purse. Presenting the 2023 mid-year budget review in Parliament on Monday, July 31, Mr. Ofori-Atta indicated that the aftermath of the COVID-19 pandemic posed a great challenge for him and the governing New Patriotic Party forcing the…
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Economic crisis: We’ve turned the corner – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is currently making modest gains in turning the economy around after experiencing severe economic hardship in 2022. During the 2023 Mid-Year Budget Review presented in Parliament on July 31, Mr Ofori-Atta highlighted that the government’s plans and programmes are starting to yield positive results. In his…
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IPPs anticipating provision for payment in mid-year budget review
The Chamber of Independent Power Producers and Bulk Consumers is demanding that the government captures the payment of the about US$ 2.3 billion debt owed them in the mid-year budget review. The continuous accumulation of the debt, according to the chamber, is impeding its ability to sustain power generation. Ghana may face an impending power…
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Ofori-Atta delivers 2023 mid-year budget review today
Barring any last-minute hitches, Finance Minister, Ken Ofori-Atta is expected to deliver the government’s 2023 mid-year budget review later in parliament today. The highly anticipated Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy will be government’s first official statement after receiving a US$ 3 billion bailout approval from the International Monetary Fund…
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Menzgold to pay customers after completion of validation exercise
Defunct gold trading company, Menzgold has announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon. This was contained in a statement issued by the management of Menzgold dated July 29. “Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy…
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…