Category: Top Stories
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WTO Boss hails Ghana for DDEP but warns against fiscal indiscipline
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has applauded Ghana’s Finance team for its efforts to restructure the country’s debts. Speaking at a discussion hosted by the Institute of Economic Affairs on the theme “Making Globalization Work for Africa,” Dr Okonjo-Iweala, who has twice served as Nigeria’s Finance Minister, praised Ghana’s Finance…
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Less than a quarter of petroleum revenue earmarked for industrialization – PIAC
Only a tiny fraction of the petroleum revenue earmarked for priority areas under the Annual Budget Fund Amount (ABFA) was allocated to the industrial sector in 2022. Out of the total GH¢4.41 billion of petroleum revenue, only GH¢9.29 million (0.20% of the total amount disbursed under the ABFA and 4.29% of the GH¢216.3 million budgeted…
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Banks to experience GH¢6.1bn in losses over DDEP – Banking specialists
Further examination of the Domestic Debt Restructuring reveals that 23 banks operating in the country are projected to suffer an additional loss of GH¢6.1 billion. This loss is due to the reduction in coupon rate and an extension of the maturity period from five to 15 years, a report by Banking Consultant, Dr. Richmond Atuahene…
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Akufo-Addo gives Ghana Gas greenlight to acquire Ghana Cylinder Company
President Nana Addo Dankwa Akufo-Addo has given the Ghana National Gas Company Limited (Ghana Gas) the green light to acquire the Ghana Cylinder Manufacturing Company. The acquisition of the company will help it acquire the necessary resources to run efficiently. This was captured in a letter the Presidency wrote to the Managing Director of the…
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Bond payment default: Govt acted in bad faith – Individual Bondholders
Convener of the Individual Bondholders Association of Ghana (IBHAG), Martin Kpebu, says government acted in bad faith in defaulting on bond payments. Payments of matured coupons and principal payments have been in arrears for over two months now. The association on Monday, April 24, recused itself from the deliberations of the Technical Committee of the…
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Contractors threaten to sue gov’t over unpaid debts
The Chamber of Construction Industry has warned that the government could soon face legal action from a number of its members over unpaid contracts. Despite their efforts to recover payment, Chamber members have been left with no other options. Some of the due funds stretch back to 2017, and the government’s outstanding debt to contractors…
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WTO Director-General Okonjo-Iweala arrives in Ghana today
Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), will visit Ghana from today, Tuesday, April 25. The purpose of the two-day visit is to meet policymakers, business leaders and civil society representatives while underscoring the WTO’s commitment to reinforcing support to Sub-Saharan Africa. She is expected to meet Ghana’s President, Nana Addo…
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T-bills oversubscribed by almost 30% as govt generates GH¢2.53bn
The Treasury market saw its fourth consecutive week of rising interest rates as the government sought more funds to cover its short-term liabilities. According to the Bank of Ghana’s latest auction, rates increased across the yield curve. The 91-day T-bill rose by 0.07% to 19.96%, while the 182-day bill increased by 0.10% to 22.57%. The…
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Individual Bondholders Association recuses itself from DDEP committee
Individual Bondholders Association of Ghana (IBHAG) has recused itself from the deliberations of the Technical Committee of the government’s Domestic Debt Exchange Programme (DDEP). According to the association, its decision to withdraw from the technical committee is necessitated by the deliberations which do not serve the primary interest of its members. The group argued that…
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Ghana’s international reserves almost empty – IMF
According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end 2023 at approximately three weeks of import cover (0.8 months). This is in contrast to the Bank of Ghana’s Summary of Economic and Financial Data, which estimated Ghana’s reserves for 2023 at 2.7 months…