The Chamber of Petroleum Consumers (COPEC) has alleged that the current shortage of fuel at some GOIL fuel stations could be blamed on the mode of implementation of the Gold for Oil Policy. According to the Executive Secretary of COPEC, Duncan Amoah the government’s Gold for Oil Policy has disrupted the market and may be...
Category: Business
Post
Post
Help Ghana shoulder debt burden – IMF pleads
The International Monetary Fund (IMF) has doubled down on its plea to wealthier nations to support Ghana and other weaker economies to help such countries extricate themselves from the shackles of debt. The call also comes at a time when the fund has seen a $1. 6 billion shortfalls in its funding in the face...
Post
US to push for ‘speedy’ action on debt relief for Ghana
The United States Treasury Secretary Janet Yellen will push for immediate action on requests by Ghana and Zambia for restructuring their sovereign debts during the 2023 Spring Meetings of the International Monetary Fund (IMF) and the World Bank this week. “During the week, Secretary Yellen will also maintain urgency for the speedy resolution of Common...
Post
OPEC+’s surprise oil output cut is test case for Govt of Ghana’s Gold-for-Oil policy – ACEP
The announcement by Saudi Arabia and other OPEC+ oil producers on Sunday of further oil output cuts of around 1.16 million barrels per day is going to be a test case for the Government of Ghana’s Gold-for-Oil policy, energy think tank the Africa Center for Energy Policy (ACEP), has said. According to the Executive Director...
Post
Fuel prices to fall between 2% and 9% from April 1
Fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023 with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times. According to the Institute for Energy Security, LPG will go down by about 9%, whilst petrol and diesel will witness between 2% and 5%...
Post
Interest rates on falling spree; government T-bills oversubscribed by 40%
Interest rates fell once again as government Treasury bills was oversubscribed by about 40.3% to the tune of ¢3.89 billion. According to the auctioning results by the Bank of Ghana, demand for the 91-day T-bill was very high, pushing the yield down. Following the successful completion of the Domestic Debt Exchange Programme, interest rates on...
Post
Ofori-Atta leaves for China for debt restructuring negotiations
Finance Minister Ken Ofori Atta has left Accra for China to have negotiations on debt restructuring with officials of that country. Sources say the Minister left over the weekend via Addis Ababa where he is attending the UNECA High-Level Ministers meeting on Global Financial Architecture. After that meeting, Mr Ofori-Atta is expected to head to...
Post
IES predicts fuel prices to fall between 3% and 10% from March 16
The Institute for Energy Security (IES) is predicting a 3% to 10% reduction in prices of fuel from tomorrow, March 16, 2023. According to the IES, their projection is due to a decline in the activities of price indicators in the last two weeks. The IES in a statement opined that Ghanaians should expect a...
Post
Pensioner bondholders lament govt’s failure to pay matured coupons
The Pensioner Bondholders Forum has expressed disappointment over government’s failure to pay out matured coupons to investors who did not tender their bonds under the Domestic Debt Exchange Programme. This is the second time the government has failed to pay coupons that matured between February 6 and 20. In an interview with Citi News, Dr....
Post
Government’s decision to cut interest rates on T-Bills is laudable – Joe Jackson
Executive Director of Dalex Finance, Joe Jackson, has lauded government’s decision to reject bids made for the 91,182 and 364 day bills with yields over 35% in a recent T-Bills auction on March 3, 2023. This, he notes is a crucial step towards addressing the high interest rates on government securities. Government rejected all the...