Category: Top Stories
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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%…
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Pensions regulation to be automated
Mr Ignatius Baffour Awuah, Minister for Employment and Labour Relations, says the Government is working towards automating the regulation of pensions in the country. He said it was leveraging digital technology to introduce new software for the pensions regulator, the National Pensions Regulatory Authority (NPRA). The software, he said, would automate the regulatory processes of…
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Government must adopt ‘‘warlike’’ approach to solve economic challenges – Prof Bokpin
Professor Godfred A. Bokpin, a Professor of Finance at the University of Ghana, says the Government ought to adopt a “warlike” approach to solve the country’s economic challenges. He said economic issues such as corruption, low tax revenues, public expenditure and all economic bottlencks must be dealt with intentionally. Prof Bokpin said this at a…
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GH¢2.11bn T-Bill auction likely to be oversubscribed, GCB Capital Research predicts
GCB Capital Research analysts have indicated that the October 6, 2023 Treasury bills (T-bills) auction could witness significant oversubscription due to its relatively smaller size. The T-bill auction is targeted to issue GH¢2.11 billion. This marks a 17.94 percent decline compared to the previous week’s issuance. The T-bills will encompass various tenors, ranging from 91-day…