Today's Ghana Business, Banking and Economic news

The nation’s pursuit of becoming a central hub for data and technology in the sub-region has received impetus from the formalisation of a partnership between Africa Data Centres (ADC) – a subsidiary of Cassava Technologies, a pan-African technology group – and the United States International Development Finance Corporation (DFC).

Finance Minister Ken Ofori-Atta has announced that Ghana has secured assurances from China and France to proceed with a Memorandum of Understanding (MoU) for the restructuring of Ghana’s external bilateral debts.

Attention:

1. Bank of Ghana (BoG)

2. Securities and Exchange Commission (SEC)

Fuel prices across the country are expected to decrease starting Monday, October 16, 2023, as predicted by the Chamber of Petroleum Consumers (COPEC).

Bank of Ghana (BoG) Governor Dr Ernest Addison has pushed for a fast-track debt restructuring for vulnerable Group of Twenty (G20) members, including Ghana, Ethiopia, and Malawi.

The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPMCs) for illicit distribution of petroleum products.

SUSTINERI ATTORNEYS PRUC, a Ghanaian law firm focused on legal services that promote the sustainable interest of businesses in Ghana has released the Q3 2023 Ghana Business Sustainability Report.

The rate of inflation in the country has dropped for a 2nd straight month as the Ghana Statistical Service (GSS) has pegged the September 2023 rate at 38.1%.

Finance Minister Ken Ofori-Atta has reminded metropolitan, municipal and district assemblies (MMDAs) to ensure expeditious completion of ongoing projects to avoid expenditure commitments crystallising into judgment debts.

Sub-Saharan Africa will have a “stronger voice” at the International Monetary Fund as it will get a third seat on the global lender’s executive board, IMF chief Kristalina Georgieva has told AFP.

Ghana’s economy is on the path of recovery with Fitch Solution projecting that economic growth will accelerate to 3.7 percent in 2024.

The Board of Directors of the Tema Oil Refinery (TOR) has rejected allegations levelled against it by the refinery’s staff.

Ken Ofori-Atta, Finance Minister, has expressed confidence in the government securing a Memorandum of Understanding (MoU) with its external creditors by November.

The International Monetary Fund (IMF) says it has reached a preliminary agreement with the Ghanaian authorities on the economic policies and reforms to conclude the first review of the $3bn (£2.45bn)-bailout fund the country is currently receiving.

The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement regarding economic policies and reforms to conclude the first review of Ghana's three-year program under the Extended Credit Facility.