Author: Admin

The African Institute of Energy and Sustainability (AIES) has called for urgent reforms in Ghana’s energy sector, highlighting the need for transparency, sustainable policies, and political accountability to ensure reliable power supply. In a recent report, the AIES stressed that while Ghana’s installed generation capacity of 5,492 MW exceeds the system’s peak demand of 3,848 MW (Energy Commission, 2024), persistent financial inefficiencies continue to undermine the sector’s stability. The organization noted that Ghana’s energy sector debt reached US$2.5 billion by the end of 2024, necessitating swift interventions to avert another power crisis akin to the 2013–2016 “dumsor” period of power…

The Finance Minister-designate, Dr Cassiel Ato Forson, has outlined his top priorities as ensuring a stable Ghanaian cedi, reducing the cost of living, and creating jobs. Emphasising the need for sound fiscal and monetary policies to foster economic stability and growth, he highlighted the importance of tackling inflation, which has significantly affected the purchasing power of citizens. Dr Forson pledged to adopt prudent fiscal measures to curb price increases and ensure that the government’s spending aligns with its revenue-generating capacity. “My priority is to achieve a stable cedi, lower prices, and create jobs for our people,” Dr Forson said when…

The knotty issue of tax waivers has returned to the front burner of macro-economic management discourse in Ghana. Under the framework that the newly installed President John Dramani Mahama administration has inherited from its predecessor, Ghana could, this year alone, forgo some US$350 million in revenues, through tax exemptions to be granted primarily to foreign direct investors. That framework, if retained could result in similar forgone revenues in subsequent years as well. But the process for granting such tax waivers has, in recent years, increasingly been mired in controversy, with the outgone Nana Akufo Addo administration committing to cut back…

Adnan Adams Mohammed Energy industry expert, Dr Steve Manteaw, has expressed confidence in the appointment of Edward Abambire Bawa as the Acting Chief Executive Officer of Ghana National Petroleum Corporation (GNPC). This is based on three criteria used in his analysis of the fitness of an appointee to his or her position which are; academic qualifications, relevant experience to the mandate of the particular office and understanding of the challenges of the office. Per these criteria, Dr Manteaw marked the appointee (Mr. Bawa) as fit for the office. Dr Manteaw is an authority in extractive and energy industry management…

Scores of Ghana Post Limited customers were left disappointed during the festive season when their parcels failed to arrive as scheduled. Many customers reported difficulties in tracing their shipments, with some alleging they were told by staff that their parcels had been delivered when they had not. Several customers shared their frustrations with Classfmonline.com, recounting instances where parcels sent before the yuletide were still undelivered weeks later. Others, directed to Ghana Post’s Circle office to retrieve their items, were redirected to the Accra office, only to leave empty-handed. The delays have cast doubt on claims of operational improvements under Ghana…

Stanbic Bank Ghana has been named the Overall Best Bank in Ghana at the 17th edition of the prestigious EMEA Finance African Banking Awards 2024. The bank was also adjudged the Best Investment Bank for the 4th year in a row and the Best Debt House for the 5th time, reaffirming the bank’s leadership in Ghana’s financial sector. The awards, now in their 17th year, celebrate excellence, innovation, and leadership in banking across Africa. Organized by EMEA Finance, a leading financial publication covering Europe, the Middle East, and Africa, the African Banking Awards highlight institutions that demonstrate outstanding performance, robust…

President John Mahama has announced plans to establish committees for National Conferences on constitutional review and education reform to address justice and education challenges in Ghana. He plans to organise two major national conferences aimed at addressing key challenges in Ghana’s governance and education sectors. Speaking at the 92nd Jalsa Salana of the Ahmadiyya Muslim Mission Ghana in Winneba last week, he outlined initiatives to strengthen the justice system and improve the education landscape. Mr Mahama revealed plans to establish a committee to prepare for a National Constitutional Review Validation Conference. The conference will seek to reignite discussions on the…

The consumer price inflation rate climbed to 23.8% in December 2024, far exceeding the government’s target of 15%. This increase was primarily driven by a surge in food prices, according to the Ghana Statistical Service. This represents a slight increase from the 23.0% recorded in November, marking the fourth consecutive month of rising inflation. Food inflation was the primary driver of the increase, jumping from 25.9% in November to 27.8% in December. In contrast, non-food inflation saw a slight decrease, falling from 20.7% to 20.3%. Government Statistician Professor Samuel Kobina Annim explained that the December inflation rate indicated that the…

The government will borrow about GH¢200 billion from the treasury market in 2025. This is below the 2024 estimate of GH¢220 billion, translating to an average weekly uptake of GH¢3.9 billion versus GH¢4.2 billion, respectively. Databank Research said with improving access to international funding and most macroeconomic indicators showing signs of sustained recovery, the government may likely pivot towards longer-term financing options. However, this shift is expected to occur after the first quarter of 2025, as the treasury refinancing needs may keep demand for short-term funding elevated while it navigates maturities from high uptake in the second half of 2024.…

Finance Minister-designate, Cassiel Ato Forson, plans to secure additional IMF funding, cut public spending, and revitalize key sectors. He indicated plans to seek additional funding from the International Monetary Fund (IMF) to stabilize the economy amid ongoing challenges. Forson revealed the intentions during an interview with Reuters on Thursday, January 9, ahead of discussions with an IMF delegation visiting Accra. “We are committed to working with the IMF, but we also want to ensure we can raise additional financing, working with the IMF and other domestic and international partners,” Forson stated. He criticized the country’s reliance on Treasury bills as…