Author: Admin
The Managing Director of the Ghana Water Company Limited (GWCL), Mutawakilu Adams, has assured residents of Ho and its surrounding communities that steps are being taken to resolve their ongoing water crisis. According to Adams, the company has ordered two new machines to replace the old and faulty ones at the Kpeve headworks, which has suffered multiple breakdowns in recent weeks, disrupting water supply across the municipality. The frequent failure of the Kpeve headworks pumps in January has led to a severe water shortage, forcing residents to travel long distances in search of water. Hospitals, schools, and other institutions have…
A delegation from the International Monetary Fund (IMF) has arrived in Accra, Ghana for crucial discussions with government officials. The week-long visit will focus on the state of the economy and preparations for the 2025 Budget, which is anticipated to be presented in Parliament in March. The IMF team is expected to assess the government’s progress on negotiations with external commercial creditors and strategies for managing the country’s energy sector debts. Additionally, the delegation will seek clarification on the government’s approach to tackling the nation’s energy challenges, including talks about potentially privatizing parts of the Electricity Company of Ghana’s (ECG)…
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has described the global economy’s ability to reduce inflation without sparking a recession as unprecedented. Speaking at the World Economic Forum Annual Meeting in Davos, Switzerland, Georgieva noted that previous inflationary periods often led to aggressive interest rate hikes, resulting in economic downturns. However, she highlighted that the current approach has kept inflation in check while maintaining economic growth. “This is the first time inflation is coming down, interest rates remain somewhat high, and yet we still have growth—though below historic averages,” she said. “We have…
The government has announced plans to reassess the operations of the Tema Oil Refinery (TOR) as part of efforts to revamp the facility with a strong emphasis on Ghanaian participation. This initiative aligns with the country’s local content policy, aimed at empowering indigenous businesses in key economic sectors. Minister for Energy and Green Transitions, John Jinapor, has been engaging industry stakeholders, emphasizing the need for local entrepreneurs to play a leading role in any restructuring or investment efforts at the refinery. “Our refinery is also a key integral part of what we intend to do. Our vision is that…
This policy proposal presents actionable strategies for reforming electricity tariff determination in Ghana to ensure the financial independence of the Electricity Company of Ghana (ECG) and long-term sustainability of the power sector. The recommendations include removing VAT on electricity, indexing tariffs to exchange rates, enforcing operational efficiency, optimizing natural gas utilization, and leveraging idle generation capacity for regional exports. These measures aim to improve financial stability across the electricity supply value chain while enhancing competitiveness and sector sustainability. The power sector in Ghana faces a dual challenge: ensuring affordable electricity for consumers while maintaining financial sustainability across the value…
Dean of the University of Professional Studies, Accra (UPSA) Law School, Professor Ernest Kofi Abotsi has stated that the new Governor of the Bank of Ghana (BoG), Dr Johnson Asiama faces huge monetary policy challenges. He highlighted the struggles of the Cedi, currency printing issues and borrowing from the government as some of the policy issues he faced. Prof Abosti urged him to herald a new dawn as he takes office. “A new governor assumes the leadership of the BOG in February. He comes to the office facing a mountain of monetary policy challenges -a cedi in flight, currency printing…
Minister-designate for Government Communications, Felix Kwakye Ofosu has said that the newly nominated Governor of the Bank of Ghana, Dr Johnson Asiama is overly qualified for the job. He said Dr Asaiama is a known economic and finance expert with significant acumen. “He has worked in a previous capacity as the second deputy governor of the BoG and therefore is uniquely qualified to hold the position of governor of the BoG. “That is what President Mahama considered in appointing him to the position, and we believe that he will do a very good job,” Ofosu stated. He emphasised that the…
President John Dramani Mahama, and Eni’s Chief Executive Officer, Claudio Descalzi, last week, met in Accra to discuss the company’s activities in the country. Mr. Descalzi illustrated the achievements of the Offshore Cape Three Points project (OCTP), the biggest investment made by a private company in Ghana, completed ahead of schedule and under budget, with first oil in 2017 and first gas in 2018. Gas from OCTP is entirely destined for Ghana’s domestic consumption, ensuring a safe and reliable energy source to meet internal needs, contributing around 70% of Ghana gas domestic production. Additionally, Eni has also brought to the…
The Ghana National Gas Company Limited (GNGL) is facing a debt crisis, primarily due to the inability of the Volta River Authority (VRA) to meet its debt service obligations. As of June 30, 2024, GNGLC’s debt to the Ghana National Petroleum Corporation (GNPC) soured above US$626 million, a significant jump from over US$559 million in the same period last year. This represents a concerning 12.1 % growth in debt, much higher than the 7.4% recorded in the first half of 2023. The increase, as highlighted in a Public Interest Accountability Committee (PIAC) report for the first half of 202,4 is…
Mining giant, Asante Gold has reported a significant ramp-up in activity to accelerate growth initiatives at its Bibiani mine. This is supported by the immediate deployment of proceeds from the initial US$100 million gold forward sale. In a statement to investors and the general public, it said the acceleration of stripping activities at the Main pit and the Russel pit, with 300% increase in monthly material movement is expected by June 2025 compared to recent levels. The Bibiani monthly gold production is expected to increase to 9,000 ounces by February 2025 and to 23,000 ounces by September 2025. Dave Anthony,…