Ghana Business, Banking and Economic news

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.

British Airways increases Accra-London flights

Date: 25 May 2023

British Airways is increasing the number of flights between Accra and London, with the addition of three return services a week.

Pay your bills to avoid disconnection - ECG to go after customers from next week

Date: 23 May 2023

The Electricity Company of Ghana (ECG) has called on all its customers to pay their bills to avoid disconnection as it’s set to embark on another nationwide revenue mobilisation exercise.

BoG maintains policy rate at 29.5%

Date: 23 May 2023

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 29.5 percent.

Nigeria commissions Dangote refinery, seeks to end fuel imports

Date: 22 May 2023

Nigeria commissioned Dangote Refinery on Monday amid hopes of transforming the country into a net exporter of petroleum products, but analysts said securing crude supplies could affect it achieving full production this year.

Cedi records 21.7% depreciation against the dollar in May 2023

Date: 20 May 2023

In the latest release of the Bank of Ghana’s May 2023 Summary of Economic and Financial Data, the Ghanaian Cedi has come under significant pressure, recording a depreciation rate of 21.7% against the US dollar.

First tranche of $600m IMF loan hits Ghana's account

Date: 20 May 2023

The first tranche of $600 million out of the $3billion IMF programme has hit the account of the Bank of Ghana.

Water tariffs to go up effective June 1

Date: 19 May 2023

The Public Utilities Regulatory Commission (PURC) has approved a tariff adjustment for water services, which will take effect from June 1, 2023.

$3billion IMF deal: Ghana to receive $600 million today

Date: 19 May 2023

The first tranche of $600 million out of the $3billion IMF programme is expected to hit the accounts of the Bank of Ghana today, May 19, 2023, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said.

Ghana IMF loan: Will $3bn solve the economic crisis?

Date: 19 May 2023

Ghana, one of the world's biggest producers of both gold and cocoa, is suffering its worst economic crisis in a generation, with the price of goods rising at an average of 41% over the past year.

IMF Executive Board approves Ghana’s $3billion bailout

Date: 17 May 2023

Today's Ghana Business, Banking and Economic news

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.

British Airways is increasing the number of flights between Accra and London, with the addition of three return services a week.

The Electricity Company of Ghana (ECG) has called on all its customers to pay their bills to avoid disconnection as it’s set to embark on another nationwide revenue mobilisation exercise.

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 29.5 percent.

Nigeria commissioned Dangote Refinery on Monday amid hopes of transforming the country into a net exporter of petroleum products, but analysts said securing crude supplies could affect it achieving full production this year.

In the latest release of the Bank of Ghana’s May 2023 Summary of Economic and Financial Data, the Ghanaian Cedi has come under significant pressure, recording a depreciation rate of 21.7% against the US dollar.

The first tranche of $600 million out of the $3billion IMF programme has hit the account of the Bank of Ghana.

The Public Utilities Regulatory Commission (PURC) has approved a tariff adjustment for water services, which will take effect from June 1, 2023.

The first tranche of $600 million out of the $3billion IMF programme is expected to hit the accounts of the Bank of Ghana today, May 19, 2023, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said.

Ghana, one of the world's biggest producers of both gold and cocoa, is suffering its worst economic crisis in a generation, with the price of goods rising at an average of 41% over the past year.

Ghana has secured the long awaited $3billion financial support from the International Monetary Fund (IMF).

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