Category: Top Stories
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IPPs considering shut down of plants as govt fails to settle $2bn debt
The Independent Power Producers (IPPs) in Ghana are facing an imminent crisis as they contemplate shutting down their power plants in the coming days if the government fails to settle their debt, which now stands at over $2 billion. The IPPs had initially decided against shutting down their plants following discussions with the Electricity Company…
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Finance Minister to engage MPs ahead of mid-year budget review
The Finance Minister, Ken Ofori-Atta is expected to have an intensive engagement with Members of Parliament today, July 28, ahead of the presentation of the mid-year budget review next week. The presentation of the mid-year budget review is scheduled to take place on Monday, July 31, 2023. The event is expected to shed light on…
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GCB Capital research predicts sluggish economic activity despite impressive Q1 2023 growth
Analysts at GCB Capital Research have predicted that despite an impressive 4.2 percent real Gross Domestic Product (GDP) growth recorded in the first quarter of 2023, economic activity is expected to remain unimpressive for the rest of the year. Several key factors contribute to this subdued outlook, including the composite index of economic activity, which…
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Ghana’s oil revenue drops to US$540m in first half of 2023
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance. However, this amount represents a decrease compared to the US$731 million recorded during the same period in…
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No license granted for lithium exploitation, production – Lands Ministry
The Ministry of Lands and Natural Resources has denied reports that it had granted mining licences for lithium exploitation and production in the country. The Ministry in a statement disclosed that though there are ongoing explorations for the mineral, the Ministry or any government agency is yet to issue either a lease or permit for…
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There’s a need to revisit structure, nature of taxes – Ken Ofori-Atta
In a crucial meeting with the business community ahead of the mid-year budget review, the Finance Minister, Ken Ofori-Atta addressed pressing issues concerning the country’s fiscal situation. The minister began by acknowledging the challenges faced by the government in recent times, particularly in regard to funding decisions. “To make a turnaround after the government declared…
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Senyo Hosi explains why he resigned as Convener of Individual Bondholders Forum
Finance and Economic Policy Analyst and Entrepreneur Senyo Hosi has disclosed his reasons for resigning from his position as the Convener of the Individual Bondholders Forum. Senyo Hosi resigned as Convener of the Individual Bondholders Forum on Tuesday, July 25, 2023. In a statement signed and issued in Accra on Tuesday, Mr. Hosi said that…
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Standard Chartered posts strong income growth in 2022; affirms commitment to Ghana
Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoing commitment to Ghana, whiles supporting its clients in the market to achieve their ambitions. The Bank’s annual report highlighted a…
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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GIPC launches 20th Ghana Club 100 awards; first investment and trade week
The Ghana Investment Promotion Centre (GIPC) has launched the 20th edition of the prestigious Ghana Club 100 Awards and the inaugural Ghana Investment and Trade Week in collaboration with the MIE Group, Dubai – organizers of the China Trade Week. Themed “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA,” this year’s event aims…