President-elect John Dramani Mahama has expressed concerns about the health of Ghana’s economy stating that despite President Akufo-Addo’s optimistic outlook on third-quarter growth, the economy remains “very sick.” Speaking during a courtesy visit by the Ghana Pentecostal and Charismatic Council, Mahama stressed the critical need for reforms in the energyContinue Reading
The International Monetary Fund has revealed in its Third Review of the Economic Credit Facility programme that the energy sector is a major source of fiscal risk in Ghana, According to the Fund, the sector had an estimated stock of arrears (“legacy debt”) of US$2.1 billion or 2.8% of GrossContinue Reading
The government recorded a 19.75% over-subscription of treasury bills barely a week after President Mahama won the presidential elections. According to the Bank of Ghana’s T-bill auction results, demand for the short-term instruments soared following successful general elections. The government got GH¢8.20 billion from selling the short-term instruments. All theContinue Reading
Global cocoa prices have skyrocketed in 2024, reaching unprecedented levels amid persistent supply shortages and adverse weather conditions. Key producers like Ghana and Ivory Coast, which account for approximately 60% of the world’s cocoa, are at the center of this global market turmoil. In April 2024, cocoa prices surged toContinue Reading
Telecommunications giant, Telecel Ghana has rolled out a new phone auction service – Bid2Win. As a first-of-its-kind service in Ghana, Bid2win is transacted via SMS, USSD platforms and Telecel Cash, with the aim of driving the purchase of discounted 4G smartphones on the Telecel network while offering customers an engagingContinue Reading
The General Manager of Corporate Affairs at the West African Gas Pipeline Company (WAPCO), Dr. Isaac Adjei Doku, has assured Ghanaians that gas supply to the power plant will resume shortly. Speaking on Thursday, December 12, Dr Doku explained that the delay was due to routine pipeline maintenance, which included anContinue Reading
Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye has warned that the incoming Mahama administration will not have the luxury of a “honeymoon” due to the pressing challenges confronting the country, particularly in the energy sector. “The energy situation demands a careful, surgical examination to ensureContinue Reading
Beyond 2024, Ghana’s Gross Domestic Product (GDP) growth is projected to gradually increase to its potential level of about 5.0%. This is consistent with many forecasts by international research institutions. According to the International Monetary Fund (IMF) Country Report on Ghana, the macroeconomic outlook remains positive. Notwithstanding headwinds from theContinue Reading
Ghana placed 5th in Africa as the largest holder of central banks gold reserves, data from International Statistics has revealed. The country also placed 60th globally, According to the figures, the nation boasts of 28.1 tonnes of gold reserves, about 41.2% of the reserves. The country’s gold reserves have increased steadilyContinue Reading
Ghana recorded a trade surplus of GH₵3.9 billion in quarter three of 2024, the Ghana Statistical Service (GSS) has stated. According to the GSS, exports in the third quarter of 2024 amounted to GH₵74.8 billion, while imports totalled GH₵70.9 billion. This marked a significant improvement, with a turnaround of aContinue Reading