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...
Category: Business
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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...
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Fuel prices up again: Diesel selling at GH₵15.72, petrol now GH₵14.99 per litre
Some Oil Marketing Companies have started marginally increasing fuel prices following the commencement of the first pricing window in December. Shell has already taken the lead by increasing the prices of both petrol and diesel. A litre of petrol, which previously sold for GH₵14.82 during the second pricing window in November, is now being retailed...
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$360m IMF fund to boost dollar supply and strengthen cedi; one dollar equals GH¢16.50
The anticipated US$360 million disbursement from the International Monetary Fund (IMF) in the coming days is expected to provide a much-needed cushion to Ghana’s reserves and further augment the supply-side interventions of the Ghana cedi. This is expected to bolster the performance of the local currency in the near term. Last week, the Ghana cedi...
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BOG keeps policy rate at 27% to tame currency and inflationary pressures
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 27%. Holding the policy rate steady after it was lowered from 29% in September 2024 is aimed at anchoring inflation expectations and curbing exchange rate volatilities. The decision was taken after the committee reviewed the current economic developments...
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Ghana’s public debt falls by GH¢46.8bn to GH¢761.0bn in October 2024
Ghana’s total public debt fell by GH¢46.8 billion month-on-month to GH¢761.0 billion in October 2024, the Bank of Ghana’ has disclosed in its Summary of Financial and Economic Data. In dollar terms, it went down by $4.2 billion to $27.9 billion at the end of October 2024. According to the report, the total debt is...