Author: Admin
Ghana restructured $13 billion in Eurobond debt, achieving a 98% participation rate from bondholders, paving the way for the resumption of payments.
Ethiopia, Ghana, and Nigeria are among the worst-performing in Africa this year, with their currencies continuing to weaken under mounting pressure for foreign exchange,” the report stated.
The report unveiled alarming trend of fraud committed by internal staffs of banks among others.
As we can unanimously agree, Artificial Intelligence is no longer a futuristic concept; it is a transformative force that is actively reshaping the future of numerous industries worldwide. While most of the world has recently become more aware of AI due to generative AI tools like GPT, Midjourney, and Gemini, the field collectively referred to as AI has been in development since the 1970s—and the financial sector, unsurprisingly, has been paying attention. For those who haven’t until now, there are no more excuses. The integration of AI in finance is crucial not just for staying relevant but for driving revenue,…
The Ghana Association of Banks (GAB) has unveiled a series of initiatives aimed at strengthening the banking sector’s defences against increasingly sophisticated fraud schemes. This follows the release of the Bank of Ghana’s (BoG) Fraud Report, which analyzed fraud trends from 2019 to 2023, revealing vulnerabilities that require urgent attention. A key component of GAB’s recommendations is the investment in advanced technologies such as artificial intelligence (AI) and machine learning for fraud detection. These tools can analyze vast amounts of data in real-time, identifying suspicious patterns and transactions before fraud is executed. Additionally, GAB advocates for the adoption of a…
The Executive Board of the International Monetary Fund (IMF) has completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries. In a statement on October 15, 2024, Kristalina Georgieva, Managing Director of the Fund announced: “Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.” “The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the…
Three civil society organisations (CSOs), Wacam, Centre for Public Interest Law (CEPIL), and Centre for Environmental Impact Analysis (CEIA), are calling for a collective action against the devastating effects of surface mining, including galamsey in the country. They stated that this action must involve diverse stakeholders, such as clergy, churches, workers, market women and men, media, and traditional authorities, to hold governments accountable. In a joint statement signed by the Executive Directors: Augustine Niber of CEPIL, Dr. Samuel Obiri of CEIA, and Kwaku Afari, Technical Director of Wacam, the groups highlighted the destructive impact of Ghana’s current mining boom, known…
The President of the African Coconut Group (ACG), Davies Korboe, has called on business leaders to explore opportunities in Ghana’s coconut industry, citing its vast potential as a sustainable investment option and future leading export commodity. Speaking to journalists ahead of the 2024 edition of the International Coconut Festival Ghana, Mr. Korboe emphasized that investing in coconut production and processing offers numerous benefits, including high returns on investment, job opportunities as well as the diversification of Ghana’s export base. With Ghana’s favourable climate and vast arable land, the coconut industry is poised to become a significant player in the global…
Stakeholders in the oil and gas sector, including players from the public and private sectors have made recommendations to help reverse the oil production decline recorded over the last four-year period. The recommendations were captured in a communique released at the end a two-day technical consultative workshop to address the issue. The event was organised by the Public Interest Accountability Committee (PIAC) with representatives from the Ghana National Gas Company Limited, the Kwame Nkrumah University of Science and Technology, Ghana National Petroleum Corporation, Ministry of Energy, and the Petroleum Commission, among others In a communique read by Emerita Professor Elizabeth…
Across Ghana, many towns and neighborhoods are languishing due to neglect, economic migration, and a lack of investment. Yet, these very areas hold immense potential to become hubs of economic activity, job creation, and wealth generation if intentionally revitalised. Towns like Hohoe, Nkawkaw, Nsawam, Sogakope, Techiman, Mankesim, Kpong, and Afienya—strategically situated along major highways and often serving as rest stops—are ripe for transformation. Equally important are old urban communities within our cities, such as Adabraka, Osu, Kaneshie, Kokomlemle, and Jamestown in Accra. Once vibrant centers of commerce and culture, these neighborhoods are now in decline due to economic migration and…