Author: Admin
The coalition argues that ECG’s recent engagement of Fidelity Bank as the “single account” custodian, alongside its large-scale foreign exchange transactions with the bank involving millions of dollars, should have been subjected to public procurement procedures.
Ms Awadzi emphasised that beyond encouraging women to open bank accounts, there should be incentives for them to use these accounts to grow their businesses.
The leader of Ghana’s delegation, Governor of the Bank of Ghana (BoG), Dr. Ernest Addison and his team engaged with Dr. Heike Harmgart, Managing Director for Sub-Saharan Africa at the EBRD.
The International Monetary Fund (IMF) has projected Ghana’s Debt-to-GDP ratio to end 2024 at 82.9 percent. This was contained in the 2024 Fiscal Monitor Report released on the sidelines of the annual IMF/World Bank Meetings in Washington DC USA. The Bank of Ghana’s Economic and Finance Data ending September 2024 puts Ghana’s Debt to GDP ratio in July this year at around 75.7 percent. Ghana’s total revenue mobilized at the end of 2024 as a percentage of GDP will hit 16. 9 percent. This represents a marginal increase from what the IMF projected in 2023. The revenue data also…
A former board member of the Public Utilities and Regulatory Commission (PURC), Dr Nii Darko Asante, has placed the blame for the failure of the Cash Waterfall Mechanism (CWM) squarely on the Electricity Company of Ghana (ECG). On Joy News’ PM Express on October 21, he expressed frustration over ECG’s role in undermining the financial distribution framework designed to ensure fairness in Ghana’s energy sector. “What you’re observing was expected to happen from day one when the Cash Waterfall was set up. It’s not a surprise that matters got worse over time,” Dr. Asante said. He stated that ECG had…
The Association of Ghana Industries (AGI) is making a strong case for an improvement in Ghana’s macroeconomic indicators. Chief Executive Seth Twum Akwaboah says this could aid in sustaining the industry sector growth of 8.2 percent recorded in the second quarter of 2024. Speaking to Joy Business at the Inclusive Business and Green Business Forum, he called for conducive business environment for small businesses to thrive. He expressed concern over underutilization of local production capacities, urging stronger enforcement of trade policies to create a level playing field for domestic manufacturers. “So many factors contribute to this and the key thing…
The IMF has projected the country’s Gross Domestic Product, (GDP) growth at a rate of 4 percent for 2024, according to the World Economic Outlook Report released in Washington, D.C., last week during the IMF/World Bank meetings. The new forecast is is slightly higher than the government’s forecast of a 3.1% GDP growth for 2024. A senior IMF official stated, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.” The World Bank, in its Africa Pulse Report released earlier this month, projected that Ghana’s growth rate could…
Mr Pierre-Olivier Gourinchas, the IMF’s Chief Economist, said global headline inflation, which peaked at 9.4% in the third quarter of 2022, is expected to drop to 3.5% by the end of next year.
This resulted in an outright debt cancellation of about $5 billion and debt service relief of $4.3 billion, bringing total savings to approximately $12 billion.
The elevated interest payments, which has brought a situation of tight external and domestic financial conditions since 2022, will created a budget financing gap.