Ghana Business, Banking and Economic news

Ofori-Atta announces Mutual Prosperity Dialogue to woo private sector

Date: 05 June 2023

A plan by government dubbed the ‘Ghana Mutual Prosperity Dialogue’ that will provide a platform to identify and prioritise private sector participation and court investments into the country as part of economic recovery is expected to be outdoored soon, Finance Minister, Ken Ofori-Atta has disclosed.

Oil prices rise as Saudi Arabia pledges output cuts

Date: 05 June 2023

Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.

Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

Date: 04 June 2023

Pierre Frank Laporte, the World Bank (WB) Country Director to Ghana, says Ghana’s energy sector debt is a major contributor to the country’s debt woes.

Ghana to receive $300m first tranche of $1bn World Bank budget support funding in September

Date: 02 June 2023

Ghana is poised to receive a significant financial boost as it prepares to receive the first tranche of $300 million out of a total $1 billion budget support funding from the World Bank.

NPA closes down 4 fuel retail outlets in Western Region

Date: 02 June 2023

The Western Region office of the National Petroleum Authority (NPA) in collaboration with some security agencies has closed down and revoked the licenses of four filling stations for failing to meet the requirements of the Authority.

Gold Fields appoints new non-executive director

Date: 02 June 2023

The Board of Directors of Gold Fields Limited has appointed Carel Smit as a Non-Executive Director of the company with effect from June 1, 2023.

New electricity and water tariffs take effect today

Date: 01 June 2023

Ghanaians will from today, Thursday, June 1, 2023, pay more for electricity and water tariffs as the increment announced by the Public Utilities Regulatory Authority (PURC) takes off.

Gov’t targets $397m reduction in public sector employee salaries

Date: 30 May 2023

In a concerted effort to achieve fiscal discipline and propel the country towards sustainable economic growth, the Ghanaian government has set its sights on reducing public sector compensation by 0.5% of the nation’s GDP.

ECG begins five-day nationwide revenue mobilisation exercise today

Date: 29 May 2023

The Electricity Company of Ghana (ECG) will from today May 29 embark on a five-day nationwide revenue mobilisation exercise.

GRA begins VAT ‘upfront payment’ in June

Date: 29 May 2023

The Ghana Revenue Authority (GRA) will from June 6, 2023, begin implementing a compliance tool, known as “Upfront Payment” to encourage persons required to register for VAT to do so, and file tax returns.

Fitch Solutions projects 5.5% cut in monetary policy rate for 2024

Date: 29 May 2023

In a bid to bolster economic activity and counter the headwinds faced by Ghana’s economy, the Bank of Ghana (BoG) is expected to embark on an aggressive monetary easing cycle, according to a recent report by Fitch Solutions.

Going to IMF was a painful decision - Akufo-Addo

Date: 29 May 2023

President Akufo-Addo says instructing Finance Minister Ken Ofori-Atta to seek the IMF’s support for a bailout programme was a painful decision.

Aker Energy sells Pecan field in US$1 upfront payment

Date: 26 May 2023

Two years after the country’s failed bid to purchase shares in two offshore petroleum blocks owned by Aker Energy for US$1.65billion, the company has entered into a US$1 upfront payment agreement with a subsidiary of its main creditors for one of the blocks – raising questions over Ghana National Petroleum Corporation’s (GNPC) prior purchase intention.

5 African countries which have received loans from the IMF in 2023

Date: 26 May 2023

The International Monetary Fund is a 189-member country organization that seeks to promote international monetary cooperation, ensure financial stability, ease trade between nations, encourage high employment and sustainable economic growth, and lessen poverty worldwide.

IMF directs BoG to phase out special forex auctions to BDCs

Date: 26 May 2023

In a move that signifies a significant shift in foreign exchange policy, the International Monetary Fund (IMF) has directed the Bank of Ghana (BoG) to gradually phase out the special forex auctions designed to provide Bulk Oil Distributors (BDCs) with access to dollars at lower rates.

Today's Ghana Business, Banking and Economic news

Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.

Pierre Frank Laporte, the World Bank (WB) Country Director to Ghana, says Ghana’s energy sector debt is a major contributor to the country’s debt woes.

Ghana is poised to receive a significant financial boost as it prepares to receive the first tranche of $300 million out of a total $1 billion budget support funding from the World Bank.

The Western Region office of the National Petroleum Authority (NPA) in collaboration with some security agencies has closed down and revoked the licenses of four filling stations for failing to meet the requirements of the Authority.

The Board of Directors of Gold Fields Limited has appointed Carel Smit as a Non-Executive Director of the company with effect from June 1, 2023.

Ghanaians will from today, Thursday, June 1, 2023, pay more for electricity and water tariffs as the increment announced by the Public Utilities Regulatory Authority (PURC) takes off.

In a concerted effort to achieve fiscal discipline and propel the country towards sustainable economic growth, the Ghanaian government has set its sights on reducing public sector compensation by 0.5% of the nation’s GDP.

The Electricity Company of Ghana (ECG) will from today May 29 embark on a five-day nationwide revenue mobilisation exercise.

The Ghana Revenue Authority (GRA) will from June 6, 2023, begin implementing a compliance tool, known as “Upfront Payment” to encourage persons required to register for VAT to do so, and file tax returns.

In a bid to bolster economic activity and counter the headwinds faced by Ghana’s economy, the Bank of Ghana (BoG) is expected to embark on an aggressive monetary easing cycle, according to a recent report by Fitch Solutions.

President Akufo-Addo says instructing Finance Minister Ken Ofori-Atta to seek the IMF’s support for a bailout programme was a painful decision.

The International Monetary Fund is a 189-member country organization that seeks to promote international monetary cooperation, ensure financial stability, ease trade between nations, encourage high employment and sustainable economic growth, and lessen poverty worldwide.

In a move that signifies a significant shift in foreign exchange policy, the International Monetary Fund (IMF) has directed the Bank of Ghana (BoG) to gradually phase out the special forex auctions designed to provide Bulk Oil Distributors (BDCs) with access to dollars at lower rates.

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