Category: Top Stories
-
World Bank provides $372m guarantee payment for Ghana’s 2030 Eurobond after default
The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond.…
-
Govt must be open with stakeholders on DDEP – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson has advised the government to be open and truthful with stakeholders on how it implements the domestic debt exchange programme in order to gain the support of stakeholders for a successful implementation. The financial analyst indicated that the opposition the government has faced with the…
-
Ghana’s Q4 2022 economic growth slowed down to 3.7% in 2022 – GSS
According to provisional data released by the Ghana Statistical Services (GSS), the economic growth in Q4 2022 slowed down to 3.7 percent compared to 5.6 percent in the same period of 2021. The non-oil GDP also declined from 6.9 percent in 2021 to 4.3 percent in Q4 2022. The government had revised its growth projection…
-
AAC signs MoU with UCC to deepen research into rice production in Ghana
The Chief Executive Officer (CEO) of the Asian African Consortium (AAC), Mrs. Adelaide Araba Agyepong, has indicated the need for collaboration between academia and industry to find solutions to the deficit which exist in the rice production value chain in the country. Adelaide Araba Agyepong explains that well-thought-through research will redefine the growth of the…
-
PIAC report: Slowdown in oil production in Ghana worrying – COPEC
Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, according to a report by the Public Interest and Accountability Committee (PIAC). This is the highest revenue generated since the inception of oil production in the country, despite a dip in the number of oil barrels drilled in Ghana’s three oil fields. Reacting…
-
GT Bank slows lending, bond trading in Ghana following $77m loss
GT Bank, Nigeria’s largest bank by market value, has announced that it will be reducing its lending and bond trading activities in Ghana due to a $77 million loss. The bank will instead focus on other high-yielding African markets to increase lending by 15% in 2023. GT Bank plans to expand credit by no more…
-
Ghana bagged $8.8bn oil money between 2011 and 2022 – PIAC report
Data from the Public Interest and Accountability Committee (PIAC) shows that Ghana’s total petroleum revenue between 2011 and 2022 amounted to US$8.8 billion, with the year 2022 recording the highest realized petroleum revenues in the Petroleum Holding Fund (PHF). The total petroleum revenue in 2022 is the highest for a single year since petroleum production…
-
Finance Ministry failed to transfer 5% ABFA to DACF for 2 consecutive years – PIAC report
For two consecutive years, the Ministry of Finance failed to transfer five percent of the Annual Budget Funding Amount (ABFA) to the District Assembly Common Fund (DACF), despite a directive by the Supreme Court in 2019. In 2021, the Ministry of Finance was only able to transfer 1.74% of the ABFA, and in 2022, it…
-
GNPC’s expenditure increased by more than 200% in 2022 – PIAC report
The Ghana National Petroleum Corporation’s expenditure on various line items, mainly administrative expenditure and capital projects, has witnessed significant increases by more than 200 percent, according to the 2022 Annual Report by the Public Interest and Accountability Committee (PIAC) on government’s oil revenue. Despite petroleum revenues recording a historic high in 2022, PIAC recommends that…
-
We’ve generated over GH¢2bn from revenue mobilisation exercise – ECG
The Electricity Company of Ghana (ECG) is gearing up to provide a detailed report on the revenue generated from its mobilisation exercise, which has so far exceeded 2 billion cedis. Samuel Dubik Mahama, the Managing Director of ECG, shared in an interview with Citi News that the announcement will be made next week. The window…