Ghana’s Electoral Commission has officially released the results of the 2024 presidential election, with one constituency’s results still pending. According to the updated results, National Democratic Congress (NDC) candidate John Mahama secured victory with 6,591,790 votes, representing 56.42% of the total votes cast Mahama defeated his closest contender, Dr Mahamudu Bawumia of the New Patriotic Party (NPP), who received 4,877,611 votes, representing 41.75% of the total. Nana Kwame Bediako, popularly known as Cheddar, the leader of the New Force Party, emerged as the leading candidate among the smaller parties, garnering 88,944 votes, or 0.76% of the total. The Electoral Commission’s...
Gov’t to borrow GHȼ200bn from T-bill market in 2025 – Report
The government is expected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH₵220 billion in 2024, according to Databank Research. This projection reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in the previous year. In its 2025 Ghana Market Outlook report, Databank Research attributes the decline in short-term borrowing to improved access to alternative funding sources and a strategic pivot toward long-term securities. This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, offering the government greater flexibility in exploring...
ORAL has gathered sufficient evidence on looted state properties – Ablakwa
The Member of Parliament for North Tongu and Chairman of the Operation Recover All Loot team, Samuel Okudzeto Ablakwa, has announced that the team has gathered substantial evidence of looted state assets by appointees of the previous administration. According to Ablakwa, the collected evidence will soon be presented to President John Dramani Mahama for further action. Weeks ago, President Mahama appointed Ablakwa, alongside Nathan Kofi Boakye, Martin Kpebu, Raymond Archer, and Daniel Domelevo, to investigate and compile evidence of state capture and asset misappropriation. Speaking to journalists in the Eastern Region, Ablakwa expressed confidence in the team’s progress, describing their work as...
Ato Forson Announces Plans to Seek More IMF Support for Ghana
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 large public debt. The country defaulted on most of its external debt in 2022, leading to a painful restructuring process. The new government has inherited an economy emerging from its worst crisis in a generation. IMF Funding The IMF has already approved a three-year program...
Ghana ranks second in global IMF poverty loans
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...