Category: Business

Fuel prices have seen a marginal increase at the pumps as a litre of petrol which sold at GH¢12.65 is now selling at GH¢13.20 while diesel which retailed at GH¢12.84 is also selling at GH₵13.20. The upward adjustment has been attributed to the increase in the price of crude which has gone up by about...

The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023. Mr Ofori Atta speaking to Eurobond holders at an Investors Presentation Forum said Ghana has made significant progress in terms of restructuring its debt...

The International Monetary Fund is projecting a marginal reduction in Ghana’s fiscal deficit to Gross Domestic Product (GDP) of 7.3% in 2023, from the 9.9% recorded in 2022. This is coming despite a significant cut in government expenditure and expected improvement in revenue. According to its April 2023 Fiscal Monitor Report, the fiscal deficit will...

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...

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...

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...

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...

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%...

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...

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...