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, 2024. Specifically, the facility classified under concessional lending is offered at low interest rates, with the Poverty Reduction and Growth Trust (PRGT) providing financial support to low-income countries on favourable terms within one to three years. Ethiopia emerged first with an IMF debt of 2.256...
Ato Forson, Ayine Named to Key Roles in President Mahama’s Cabinet
President John Dramani Mahama has unveiled his first set of ministerial appointments, naming key figures to critical positions. According to a statement from the presidency on January 9, 2025, the nominations have been submitted to Speaker of Parliament Alban Bagbin, aligning with Article 78 of Ghana’s 1992 Constitution. Key Appointments: – Minister for Finance Designate: Hon. Dr. Cassiel Ato Baah Forson, a seasoned economist and chartered accountant with extensive experience in public finance and macroeconomics. – Minister for Energy Designate: Hon. John Abdulai Jinapor, a dynamic expert in energy economics, poised to transform Ghana’s energy sector. – Attorney-General and Minister...
Govt misses 2024 inflation target as December rate hits 23.8%
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 slight decrease, from 20.7% to 20.3%. Government Statistician Professor Samuel Kobina Annim explained that “In December 2024, average prices of goods and services went up by 23.8%, indicating that on a year-on-year basis, specifically between December 2023 and December 2024, general price levels of goods...
Ghana is open for business again – Mahama tells business community
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 To achieve this, President Mahama promised to implement strategic reforms and policies designed to attract both local and foreign investments. He acknowledged the challenges businesses have faced in recent years, including economic turbulence that led to heightened inflation, increased production costs, and a volatile exchange...
Dumsor looms, Mahama’s govt must act swiftly – IES
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 looming crisis. Speaking after the inauguration of President John Dramani Mahama in Accra on Tuesday, January 7, 2024, Jinapor revealed that Ghana’s current fuel stock is critically low, with only five hours of fuel supply remaining. He criticized the outgoing administration for failing to secure...
Overwhelming NDC majority poses a challenge to Parliament – Bagbin
Speaker of Parliament Alban Bagbin has acknowledged that the significant number of National Democratic Congress (NDC) MPs in the House presents a challenge to parliamentary proceedings. Bagbin, however, assured that he will work diligently to ensure that parliamentary activities remain free from partisan politics. Speaking to journalists after his swearing-in on January 7, Bagbin emphasized his commitment to upholding the principles of democracy. “I never take anything for granted because the large numbers we have coming from the NDC is also a challenge, and I should be able to get them to focus more on national interests. “The collective interests...
The Electoral Commission has suspended the re-collation of results from the Ablekuma North constituency for the second consective time
The Electoral Commission (EC) has suspended the re-collation of results from the Ablekuma North constituency for the second time in a row. This decision comes after the EC faced challenges in obtaining the required pink sheets from the constituency. Reasons Behind the Suspension The EC cited the absence of 62 pink sheets, which are essential for the re-collation process, as the primary reason for the suspension. Additionally, the Commission expressed concerns about the pressure on electoral officers to declare results prematurely, which led to the initial suspension on December 10, 2024.² Implications of the Suspension The suspension has significant implications...
Traders Warned: Kantamanto Market Reconstruction Prohibited
The Greater Accra Regional Fire Service has cautioned victims of the Kantamanto market fire against immediately reconstructing the destroyed structures. This warning comes after attempts to rebuild the market, which was ravaged by a devastating fire that destroyed thousands of shops. According to ACFO II Rashid Nisawu, Greater Accra Regional Commander of the Ghana National Fire Service, victims must seek professional advice on fire precautions before rebuilding to avoid another fire incident. Nisawu emphasized that without proper guidance, the risk of another fire remains high, and victims will be forced to “tell the same story” of loss and destruction. “As...
NDC vows legal action over disputed constituency results
The National Democratic Congress (NDC) is contesting the results of four outstanding constituencies, with three already declared in favor of the New Patriotic Party (NPP). The Electoral Commission (EC) completed the collation of results for Tema Central, Okaikwei Central, and Techiman South on January 6, with NPP candidates emerging victorious. However, the collation process for Ablekuma North was suspended due to disputes over 20 pink sheets. Dr. Rashid Tanko-Computer, the NDC’s Deputy Director of Elections and IT, expressed concerns about the EC’s actions, describing them as a violation of due process. The NDC’s decision to challenge the results comes after...
NPP Refutes Claims of Secret Talks with A Plus
The New Patriotic Party (NPP) has strongly denied allegations made by A Plus, the Member of Parliament-elect for Gomoa Central, claiming that the party had approached him to form an alliance in Parliament. According to A Plus, the NPP, led by Hon. Kennedy Agyapong, had promised not to contest the Gomoa Central parliamentary seat in the 2028 election if he agreed to align with the party. NPP’s Official Statement In a statement signed by its General Secretary, Justin Kodua Frimpong, the NPP emphasized, “The NPP has not met with A Plus, nor has it authorized anyone to convey any message...