President Nana Addo Dankwa Akufo-Addo says Ghana’s discussions with the International Monetary Fund (IMF) have advanced for a bailout. To this end, the country is eyeing conclusions for a fund support program by end of 2022 according to the President. “I am able to report to you, my fellow Ghanaians, that the negotiations to secure...
Category: Business
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$1.13bn Cocoa Syndicated Loan: First tranche expected to hit BoG account today
The first tranche of the $1.13 billion cocoa syndicated loan is expected to hit the account of the Bank of Ghana today, October 26, 2022. Sources indicate that about $790 million is expected to come in from the consortium of banks. The $790m forex to be received by the BoG, is expected to bolster the...
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Construction Chamber joins calls for the removal of Finance Minister
There have been recent calls for the removal of the Finance Minister, Ken Ofori Atta from office and the Ghana Chamber of Construction Industry believes his sacking has been long overdue. Chief Executive Officer of the Ghana Chamber of Construction Industry, Emmanuel Cherry, believes the top job must be handed to a more competent person....
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Cedi depreciation, high inflation temporary – BoG expresses confidence in Ghana’s economic outlook
The Second Deputy Governor the Bank of Ghana Elsie Addo Awadzi has said the fall of the Cedi against the Dollar and also the high inflation rate (32.7%) are temporary. She expressed confidence of a positive outlook for Ghana’s economy. Speaking at the 21st Annual National RCB CEOs conference on the theme ‘Positioning Rural banking...
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Business slows in Accra as traders close shops in protest
The protest by the Ghana Union of Traders Association (GUTA) over Ghana’s forex challenges and the cost of living crisis has been largely met with support from traders. While most of the traders joined the protest by locking their shops, a significant number of traders had opened their shops for trade. At Tudu, for example,...
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Decisions from IMF discussions will be incorporated into 2023 budget – Ofori-Atta
An International Monetary Fund staff-level agreement is expected to be reached with Ghana this week for a possible 3 billion dollar bailout. Details of the agreement are expected to form the basis for Ghana’s 2023 budget to be presented in the middle of November. Finance Minister, Ken Ofori-Atta who is leading the Ghana team in...
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1$ equals ¢11.62 as cedi depreciation pressures rise
The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th. Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling...
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‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’
The International Monetary Fund (IMF) has predicted a tough 2023 as it cut growth predictions and forecast economic contraction in a third of the world. “The worst is yet to come,” the global financial institution’s World Economic Outlook report said. “For many people 2023 will feel like a recession,” it added. A downward revision of...
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Local contractors to drag government to court over 10 billion debt
The Ghana Chamber of Construction Industry has threatened to take legal action against government, for failing to pay over 10 billion cedis accrued debt it owes contractors. The contractors lament that for over four years now, government has stalled in paying contractors for work done. A situation they say is having a negative toll on...
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Ghana ranks 1st with highest food price increases of 122% in Sub-Saharan Africa
Ghana is ranked 1st by the World Bank with the highest food prices in Sub-Saharan Africa in 2022. According to the Bretton Wood institution’s October 2022 Africa Pulse Report, food prices have since January 1, 2022, gone up by 122%. Since the start of 2022, food prices have increased sharply in many countries, largely due to...