Category: Business

The government plans to borrow GH¢6.353 billion through Treasury bills today, Thursday, January 23, 2025, amidst expectations of a potential downward adjustment in interest rates after weeks of steady increases. The borrowing will be achieved through the issuance of 91-day, 182-day, and 364-day bills to refinance GH¢5.60 billion in maturing obligations. Interest rates, which currently...

Edudzi Tamakloe, the newly appointed Acting Chief Executive Officer of the National Petroleum Authority (NPA), has assumed office at a critical juncture. With looming threats of fuel shortages, ensuring nationwide fuel availability is Tamakloe’s top priority. Fuel costs significantly impact businesses and the broader economy, making this a pressing concern. To address logistical challenges disrupting...

Seth Terkper, Ghana’s former Minister of Finance, has been appointed as the Presidential Advisor on the Economy. In this role, he will provide strategic counsel to President John Mahama on critical economic issues, including fiscal policy, debt management, and strategies to boost economic recovery . Terkper’s appointment comes at a crucial time for Ghana, as...

Ghana’s Finance Minister-designate, Dr. Cassiel Ato Forson, has unveiled plans to abolish the controversial E-Levy and Betting Tax within 120 days of taking office. This move aims to ease the financial burden on Ghanaians and promote economic stability. “As part of our 120-day agenda, we will abolish the E-Levy,” he announced. Key Highlights of Dr....

Dr. Cassiel Ato Forson, the Finance Minister-designate, has announced plans to establish an Independent Value for Money Office. This new office will help reduce waste in the public sector by working with parliament to check government expenditure and prevent overspending. Speaking before the Appointments Committee of Parliament, Dr. Ato Forson emphasized that wasteful expenditure is...

Finance Minister-Designate Dr. Cassiel Ato Forson has played down concerns about the economic impact of scrapping the betting tax, citing its relatively minor contribution to the national coffers. The tax generates less than GHC50 million annually, a drop in the bucket compared to the country’s overall revenue. Dr. Ato Forson’s remarks came during his vetting...

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...

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,...

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...

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...