Category: Top Stories

The Director General of the World Trade Organization, Ngozi Okonjo-Iweala, has warned that agricultural subsidies worldwide are a ticking time bomb that could reach a trillion dollars by 2030 if action is not taken to curb their growth. Speaking at a discussion hosted by the Institute of Economic Affairs on the theme “Making Globalization Work…

World Bank releases Logistics Performance Index 2023

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The World Bank has released the seventh edition of its Logistics Performance Index (LPI) report, which evaluates countries’ abilities to transport goods across borders with speed and reliability. This report comes after the COVID-19 pandemic caused significant disruptions to global supply chains over the last three years, resulting in longer delivery times. The LPI covers…

Over 11 million unregistered SIM cards to be deactivated on May 31

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The National Communications Authority (NCA) has announced that over 11 million unregistered SIM cards will be deactivated on May 31, 2023. The 11 million SIMs include subscribers who were exempted from the current exercise. These include diplomats, refugees, and Ghanaians on official duties outside the country. Others include subscribers who have registered some of their…

Ghana’s public debt to GDP decreased by 1% despite debt restructuring – Fitch

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Despite a significant redemption reprofiling and a substantial reduction in interest rates, Ghana’s public debt-to-Gross Domestic Product (GDP) has only decreased by one percentage point to just above 100% of GDP, according to rating agency Fitch. This assessment was made using the standard 5% discount rates that apply in the International Monetary Fund/World Bank debt…

Local businesses to be given legal entity identifier to boost participation in global transactions – Bawumia

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During the opening session of the 53rd General Assembly meeting of the World Trade Centers Association (WTCA) in Accra, Vice President Dr. Mahamudu Bawumia announced that Ghana is set to introduce a global legal entity identifier, which will boost the participation of local businesses in global transactions. The legal entity identifier is a unique reference…

WTO DG urges Ghana to ratify agreement on fisheries subsidies

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in Local Economy, Top Stories

The Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala is urging Ghana to speedily ratify the WTO Agreement on Fisheries Subsidies. The WTO Agreement on Fisheries Subsidies, which includes an agreement to curb Illegal, Unreported and Unregulated (IUU) Fishing on the continent marks a major step to end widespread depletion of the world’s fish…

Fitch downgrades Ghana’s long-term local currency to RD

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Fitch Ratings has lowered the Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) of Ghana to restricted default (RD) from ‘CCC’. This action was taken due to missed payments on certain local-currency bonds issued before the domestic debt exchange programme (DDEP). Although last month, Ghana’s LTLC IDR was upgraded to ‘CCC’ from ‘RD’ because of the…

Massive challenges ahead if Ghana fails to secure IMF deal by May – Joe Jackson

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The Director of Business Operations at Dalex Finance, Joe Jackson, says it’s a bad signal for Ghana’s reserves to be almost empty. According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end in 2023 at approximately three weeks of import cover (0.8 months). Only…

Tomato traders blame shortages on insurgencies in Burkina Faso

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