Ghana’s new government, led by President John Dramani Mahama, is considering seeking additional funding from the International Monetary Fund (IMF) to support the country’s economy. This move is aimed at cushioning the economy and addressing the challenges it faces. Economic Challenges Ghana’s economy has been experiencing significant challenges, including a high inflation rate and a...
Category: Business
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Ghana ranks second in global IMF poverty loans
Ghana ranks as the world’s second country indebted under the International Monetary Fund (IMF) Concessional Lending and Debt Relief Trust. The country holds an outstanding exposure of 2.242 billion Special Drawing Rights (SDR) representing 17% of the total borrowings from the IMF. This is captured in the IMF’s latest financial statements and quarterly reports ending October 31,...
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Govt misses 2024 inflation target as December rate hits 23.8%
The government has missed its 2024 end-year inflation target of 15% as inflation for December 2024 rose slightly to 23.8%, up from 23.0% in November, primarily driven by increases in food prices. This marks the fourth consecutive monthly rise after a five-month decline. Food inflation jumped from 25.9% to 27.8%, while non-food inflation saw a...
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Ghana is open for business again – Mahama tells business community
President John Dramani Mahama has given the business community a thumbs up, reassuring them that Ghana is open for business and ready to welcome investments. In his inaugural address, he emphasized his administration’s commitment to creating a business-friendly environment that fosters growth, prosperity, and maintains Ghana’s position as a key player in the global economy...
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Dumsor looms, Mahama’s govt must act swiftly – IES
The Institute for Energy Security (IES) has issued a dire warning about an impending power crisis, commonly referred to as ‘dumsor,’ urging the Mahama administration to take immediate action. This follows concerns raised by John Abdulai Jinapor, Member of Parliament for Yapei Kusawgu, who cited a severe fuel shortage as the root cause of the...
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We will rename Agric Ministry to focus on value addition, agribusiness – John Mahama
President-elect John Mahama has revealed that his government will rename the Ministry of Food and Agriculture to help focus government’s policy in the area on value addition and commerce. The move, according to Mr. Mahama will help the ministry concentrate on agribusiness to address challenges of food security. Giving more details on this policy change...
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Current financial year proving challenging for COCOBOD – IMF
Although Ghana Cocoa Board’s (COCOBOD) financial position improved in 2023, the current financial year is proving challenging, the International Monetary Fund has stated. According to the Washington-based multilateral institution, notwithstanding record-high spot market prices, the weak cocoa production in 2023/24 posed significant challenges to COCOBOD’s ability to deliver on existing forward sales contracts. As a...
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Cocoa sub-sector records fifth consecutive contraction
Ghana’s cocoa sub-sector has recorded a 26% contraction in the third quarter of 2024, marking its fifth consecutive decline. This sharp downturn contrasts starkly with the broader economy, which posted an impressive 7.2% growth during the same period.Excluding the impact of oil, Ghana’s economy in current terms expanded to GHȼ254 billion, up from GHȼ194 billion...
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nuisance taxes Mahama is expected to scrap within first 100 days in office
The presidential candidate of the National Democratic Congress (NDC), John Dramani Mahama promised Ghanaians to scrap some nuisance taxes in his first 100 days in office. It is recalled that during the campaign season, he expressed the view that these taxes placed a burden on Ghanaians and needed to be scrapped. The taxes include E-levy,...
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November inflation climbs to 23%, marking third consecutive rise
Inflation for November 2024 edged up to 23.0%, compared to 22.1% in October. This was driven by increases in food inflation. This marks the third consecutive monthly rise following a five-month decline. Food inflation rose from 22.8% to 25.9%, while non-food inflation dropped slightly from 21.5% to 20.7%. The 23.0% rate for November 2024 represents...