Business
IMF reaches Staff-Level Agreement on 2nd review of extended credit facility with Ghana
The International Monetary Fund (IMF) has reached the staff-level agreement on review of the extended credit facility with Ghana. The IMF in a statement released on Saturday April 13, 2024, said Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF […]
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Business
Cedi-dollar depreciation for first four months of 2024 nears 10%
The depreciation of the Ghanaian cedi against the US dollar continues its upward trend on the commercial forex market, with the loss in value nearing 10% for the first four months of 2024. Since the beginning of the year, the cedi has experienced marginal depreciation marking a year-to-date depreciation of approximately 9.37%. However, this marks […]
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Featured
Ghana’s dependence on IMF, World Bank, a lazy man’s approach – IEA
Dr. John Kwakye, the Director of Research at the Institute of Economic Affairs (IEA), has criticized the Akufo-Addo government for its dependence on funds from the International Monetary Fund (IMF), World Bank, and other donor agencies to strengthen the local currency. He labelled the government’s heavy reliance on foreign aid, including Eurobonds and cocoa syndicated […]
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Banking & Finance
Editorial: Credit crunch affecting private sector
Fresh data from the Bank of Ghana (BoG) shows banks still favour investments in government securities over and above extending credit to the private sector, meaning that businesses have access to less purchasing power in real terms. Governor Ernest Addison, in a press briefing for the 117th Monetary Policy Committee (MPC) meetings, revealed that compared […]
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Business
Addison explains why Ghana’s economy is growing but the Cedi is depreciating
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has explained why the local currency, the Cedi depreciated against the major trading ones, the Dollar, Pounds, and Euros, at a time when the local economy was expanding. Recently, the Government Statistician, Professor Samuel Kobina Annim announced that Ghana’s economy grew by 2.9% in 2023, […]
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Business
Cedi Largely Stabilised Since 2023
The Minister of Finance, Dr. Mohammed Amin Adam, has said the Cedi has been largely stabilised since early 2023 against the major trading currencies. According to him, the cedi cumulatively
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Business
Cedi continues to recover its value despite seasonal pressures – Governor Addison
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that the foreign exchange market came under some seasonal pressures in February and early March 2024. However, he said, the Ghana cedi continues to recover its value. The pressures, he explained, emanated mainly from the strengthening of the United States dollar in international […]
The post Cedi continues
Business
Cedi Continues To Recover Value
The foreign exchange market though came under some seasonal pressures in February and early March this year, the local currency continues to recover its value. According to the Bank
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Business
$3bn IMF bailout: Ghana on course to meet targets – Amin Adam
The Finance Minister, Dr Mohammed Amin Adam, has announced that Ghana is making significant progress towards achieving the targets outlined in the 3-year, US$3bn IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG). During his first monthly press briefing on the economy in 2024, held on Tuesday, Dr Amin Adam disclosed, “The Ministry of Finance […]
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Business
Cedi has largely stabilized since 2023 – Amin Adam
The Ministry of Finance has emphasized the progress of the cedi since 2023, asserting that the currency has exhibited stability against major currencies. Finance Minister Dr. Mohammed Amin Adam highlighted this achievement during the Ministry’s Monthly briefing in Accra on Tuesday, March 26, 2024. Dr. Adam pointed out that from February to December 2023, the […]
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Business
Cedis is relatively stable in Q1, we expect stability to continue – BoG Boss
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that the Cedi was relatively stable in the first quarter of 2024 against the major trading currencies, especially the Dollar. He says they expect the stability to continue. Answering questions at the 117th Moneyray Policy Committee (MPC) press conference in Accra on Monday […]
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General
Manso-Tontokrom residents appeal to govt for Community Mining Scheme
Inhabitants of Manso Tontokrom in the Amansie South Municipality of the Ashanti Region have intensified demands for the government to register the area under its Community Mining Scheme. The youth and opinion leaders in the area believe this will reduce rising unemployment and also save the environment and water bodies from the threats of illegal […]
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Columnist
Carbon credits hold the key to combating deforestation
By Roselyn Fosuah ADJEI Over the past few years, intense media scrutiny has prompted a growing number of companies to pursue high-quality carbon credits. Seeking to avoid accusations of ‘greenwashing’, many of these firms are no longer content with merely offsetting their emissions and have been actively seeking credits that deliver tangible benefits to local […]
The post Carbon
General
Bompieso community mining scheme launched; over 500 direct jobs to be created
Economic and social activities in Bompieso, in the Prestea-Huni Valley Municipality of the Western Region, came to a standstill on Friday, 1st March 2024 when the Deputy Minister for Lands and Natural Resources, responsible for Mines, Hon. George Mireku Duker, led a delegation to officially launch the Bompieso Community Mining Scheme. This initiative is expected […]
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Columnist
West Africa’s ‘Brexit’ moment could fuel regional turmoil
On January 28, Niger, Mali and Burkina Faso announced their withdrawal from the 15-member Economic Community of West African States (ECOWAS) – from which all three had been suspended following the military coups that overthrew their democratically elected governments. This represents the greatest crisis the bloc has faced since its establishment in 1975. The three […]
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