Category: Top Stories
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Africans have not fully tapped into regional trade – World Bank
The Managing Director of Operations at World Bank, Anna Bjerde has emphasized the need for Africans to optimize intra- African trade to address the continent’s economic challenges. According to her, Africans have not fully tapped into the regional trade opportunity that exit on the continent. She opines that a lot needs to done to boost…
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Debt exchange on cocoa bills, dollar denominated bonds necessary for debt sustainability – Bokpin
Economist, Professor Godfred Bokpin says the initial Domestic Debt Exchange Programme (DDEP) fell short of expectations, prompting the government to revisit the restructuring of various components of the domestic debt. As part of the second round of the DDEP, the Ghana Cocoa Board (COCOBOD) is extending an invitation to investors who hold cocoa bills, the…
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Tullow oil production at Jubilee south east surpasses 100,000 barrels
Tullow Oil has revealed that gross production from its Jubilee South East project has surpassed 100,000 oil-barrels a day after a second well was brought onstream. The oil-and-gas company said both wells at the project located offshore Ghana are performing in line with expectations and have increased production rates by around 50% compared with the…
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Bank of Ghana gold reserve increases — Governor
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has announced that the central bank has seen an increase in its gold reserves this year. He said by June 30, the BoG had added more than 7.70 tonnes of monetary gold to its gold reserves, of which the mining firms accounted for about 80…
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Central Bank tightens sale of gold regime to address destructive artisanal mining
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said that the central bank, together with the Lands and Natural Resources Ministry, has introduced rigorous measures to curb environmentally destructive artisanal small-scale gold mining and its sale. Dr. Addison made the announcement at the opening of the 4th Ghana Mining Expo in Takoradi,…
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Holders of COCOBOD cocoa bills invited for voluntary debt exchange
The Ghana Cocoa Board (COCOBOD) has extended an invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities. The exchange program being undertaken by COCOBOD is also with a longer-term principal maturity date. Participation in this invitation to exchange is however voluntary. Notwithstanding the invitation to exchange eligible…
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Govt to exchange US$809m in newly announced dollar denominated DDEP
The government has announced a new Domestic Debt Exchange Programme (DDEP) for US dollar denominated bonds targeting to exchange US$ 809 million of the denominated notes and bonds. “The Government of the Republic of Ghana announced today that it is inviting Eligible Holders to exchange approximately USD 809 millions of its U.S denominated domestic notes…
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Standard Chartered Bank, Access Bank Plc announce sale agreements for subsidiaries in 5 African countries
Standard Chartered Bank and Access Bank Plc (Access) have entered into an agreement for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the…
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Presentation of mid-year budget review rescheduled to July 25
The Minister of Finance, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on Tuesday, July 25, 2023. The house had earlier announced that the mid-year budget presentation was slated for July 27. But the Speaker of Parliament, Alban Bagbin wanted the Minister to consider presenting the Mid-year budget review before July…
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Stakeholders push for state actions to drive fair food pricing in Ghana
As high food prices continue to make Ghana’s inflation rate witness marginal increases, players are pushing for collaborative efforts to address inefficiencies in the supply value chain to ensure fair food prices in the country. The main drivers of this inflationary trend are food and non-food items, which account for 54.2% and 33.4% respectively. For…