Category: Top Stories
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Fuel prices to go down by 10% – IES
The Institute for Energy Security, IES, is projecting prices of petrol and diesel to go down between 10% and 8% from Thursday, December 1, 2022. This, the IES attributes to the 13.45% fall in the price of gasoline, the 11.63% fall in the price of Gasoil, and the 1.88% fall in the price of LPG.…
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Moody’s downgrades Ghana’s credit rating from Caa2 to Ca
Ghana has been downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring. The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with…
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Major mining companies were consulted on gold for oil policy
Governor of the Bank of Ghana, Dr. Ernest Addison has refuted claims that the major gold mining companies in the country were not consulted on its gold for oil policy. Vice President, Dr. Mahamudu Bawumia recently disclosed government’s intention to use gold to make purchases for oil on the commodity market. This move by government…
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Bank of Ghana increases Monetary Policy Rate to 27%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 27 percent The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on…
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Tullow Ghana committed to skills transfer – Managing Director
Tullow Ghana has reiterated its commitment to skills transfer and the actualisation of the dream of Ghanaian entities acquiring the requisite capacities to lead oil and gas activities with an organic team from Ghana to ensure rapid national development. Speaking during a panel discussion at the 2022 Local Content Conference and Exhibition in Takoradi, the…
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Trade surplus hits $1.87 billion in October
Latest figures from the Bank of Ghana indicate that Ghana’s total balance of trade recorded a surplus of 1.87 billion dollars in the first ten months of the year. This, according to the Central Bank’s Summary of Economic and Financial Data is equivalent to about 2.8% of Gross Domestic Product (GDP). The surplus recorded is…
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Gov’t to barter gold for oil – Bawumia
The Vice President, Dr. Mahamudu Bawumia, has hinted at a policy to use gold to make purchases of oil on the commodity market. Speaking at the AGI Awards night in Accra, Dr. Bawumia said this barter of sustainably mined gold for oil is key in addressing the economic crisis confronting the country. The cedi depreciated…
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Ghanaians to pay more for goods, services as VAT goes up 2.5% in 2023
Ghanaians will from 2023 pay more for goods and services, as government has reviewed upwards the Value Added Tax (VAT) by 2.5 percent. This was announced by the Finance Minister, Ken Ofori-Atta on Thursday when he delivered the 2023 budget statement in Parliament. The Finance Minister said this review was part of a seven-point agenda…
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![2023 budget statement and economic policy [Full text]](https://citibusinessnews.com/wp-content/uploads/2022/11/ken-ofori-atta-before-censure-committee-1140x570-1.jpg)
2023 budget statement and economic policy [Full text]
The Finance Minister, Ken Ofori-Atta presented the 2023 budget in Parliament on Thursday. In the budget, he among other things announced a 2.5% rise in VAT from next year and the reduction in the e-levy rate from 1.5% to 1%. Below is the full statement read by Mr. Ofori-Atta. 2023 BUDGET SPEECH 24TH NOVEMBER 2022…
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Cedi loses 53.8% of its value as gov’t adds GH¢93bn debt in 2022
Ghana’s Cedi has declined by 53.8% in value against major currencies, since the beginning of 2022, Finance Minister Ken Ofori-Atta has said. Presenting the 2023 Budget in Parliament on Thursday, Mr. Ofori-Atta blamed the demand for foreign exchange as one of the reasons for the decline of the cedi. “The demand for foreign exchange to…