Author: Admin
Economic activity in the country has begun to pick up, according to data released by the Bank of Ghana, (BoG). In the third quarter, the Bank’s high frequency real sector indicators pointed to a sustained pick-up in economic activity. The updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of 2.2 percent in September 2024, compared to a contraction of 0.4 percent in the corresponding period of 2023. Major drivers of the improvement in economic activity include increased port activity, households and firms consumption of goods and services , construction activities, credit to the private sector, and…
Production on the Jubilee Oil Field slowed marginally to 89, 000 barrels per day (bpd) at the end of October 2024. This was captured in the November 2024 Trading Update released by Tullow Oil last week, November 28, 2024. Daily Crude Production on the Jubilee field was above 90,000 barrels a day at the end July this year. Reasons Tullow Oil in the trading statement linked the challenge to issues with some of its wells on the Jubilee Field, a development that affected total production from the area. It revealed that “The end of October update fell below expectation primarly…
A Global Financial Integrity (GFI) report, which examined 16 cases involving 24 properties and 510 acres of land, identified corporate structures, corruption, theft, and drug trafficking as common predicate crimes associated with Real Estate Money Laundering (REML) in Ghana.
The Greater Jubilee Field accounted for a substantial share of this increase, with gas exports rising by 4.6% to 18,043.31 MMSCF in H1 2024.
Science, research, and institutional capacity must be given preeminence in Ghana’s efforts at reversing the negatives and re-setting its blue economy as a major lead to economic recovery. Mr Richster Nii Amarh Amarfio, the Executive Director of the Blue Economy and Governance Consult, said to achieve that goal, the country needed to effectively collaborate with key research institutions to build credible data on the major pillars of the blue economy. He said this in an interview with the Ghana News Agency (GNA) in commemoration of the 2024 World Fisheries Day, which is celebrated annually on November 21. “Collaborative Governance for…
Digital payment systems in Africa have grown by 37% in transaction volume over the past five years, reflecting a major shift in the continent’s financial ecosystem. ‘ This is according to the 2024 SIIPS Report, launched in Accra on Wednesday November 20, 2024. The report also reveals that there are 31 operational Instant Payment Systems (IPS) across 26 countries, with 27 more nations preparing to roll out similar systems. Despite this progress, the report highlights persistent challenges in achieving financial inclusion, particularly for women and other vulnerable groups, who face barriers such as fraud concerns and limited recourse mechanisms. Commenting…
Private capital investment across Africa recorded a combined value of $2.27 billion in the third quarter of 2024, out of which equity investment dominated debt, according to a report by Stears. The ‘Stears Private Capital in Africa Report for Q3 2024’ disclosed that out of the 73 recorded private market deals, equity was the most preferred choice. It said, “75 percent of the transactions included an equity component, with 71 percent being strictly equity-based, compared to 19 percent utilising debt.” Investopedia, a financial research platform, defines equity private capital as the ownership or interest in a company that is not…
A banking consultant, Dr. Richmond Atuahene, has warned that Ghana is likely to require another debt restructuring within the next three years if fundamental economic reforms are not implemented. Dr. Atuahene’s comments come in the wake of the Bank of Ghana’s commissioning of a new $250 million headquarters building amidst the ongoing debt restructuring process. On Wednesday, November 20, the Bank of Ghana commissioned a new headquarters called the “Banking Square” in Accra, costing a substantial $250 million amidst the significant debt burden on Ghana. This has fueled debate about the government’s priorities and its commitment to fiscal responsibility. Speaking on Starr Today,…
The Chief Investment Officer of Jospong Group of Companies (JGC), Mr. Noah Gyimah, has emphasised the need for capacity building in carbon financing. At a 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate (UNFCCC) side event panel discussion on November 14, 2024, he highlighted capacity building’s crucial role in carbon financing for developmental projects, during the session “New World of Carbon Markets: The Potential of Existing Infrastructure and Impact of Investments in the Green Economy.” “Developing capacities in both the private and public sectors is essential for understanding which projects attract carbon financing,” he noted.…
Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that he is filled with optimism that the new headquarters of the BoG, The Bank Square will remain a significant investment in the collective future as a nation. He said this would also push the Bank towards new frontiers in central banking and demonstrate what we as a nation are capable of achieving. “We remain committed to delivering on our mandate, and this new facility should enable us to do so effectively,” Dr Addison said during the commissioning of the new facility in Accra last week. He further…