Author: Admin
In an unusual situation, the Ghana National Chamber of Commerce and Industry (GNCCI) has down played fears of a potential impact of the recently announced increase in electricity tariffs on prices of goods and services. Their seeming support for the tariff hike follows criticism from some Civil Society Organizations against the Public Utilities Regulatory Commission (PURC) for the 2.45 percent tariff hike effective July 1, 2025, citing a lack of transparency, inadequate stakeholder engagement, and a disregard for economic indicators that should have warranted a reduction. The adjustment follows the Commission’s routine quarterly review. Meanwhile, water tariffs will remain unchanged…
Ghana and Côte d’Ivoire are set to commence the construction of a 330-kilovolt (kV) double-circuit transmission line as part of the West Africa Power Pool (WAPP) initiative. The 243-kilometre cross-border project is designed to boost electricity exchange between the two countries and enhance grid stability across the wider West African region. Feasibility studies have confirmed the project’s technical and financial viability within Ghana. The total estimated cost of the project is €154.4 million, covering environmental and social impact mitigation, construction supervision, and project management. Speaking at a ministerial committee meeting on Wednesday June 25, 2025, Chief Executive Officer of the…
The Director of Presidential Initiatives in Agriculture and Agribusiness (PIAA) at the Office of the President, Dr. Peter Boamah Otokunor has announced that the 2nd World Shea Expo 2025, will be hosted at Tamale in the Northern Region. The event is being organized in partnership with Savanna Golden Tree Limited, the Ghana Export Promotion Authority and the Northern Regional Coordinating Council. He made this announcement during an official visit to Nuts for Growth Ltd, a leading agro-industrial factory that is engaged in the processing of shea and soya, and a major employer of women and youth in northern Ghana. “The…
The Government of Ghana has fallen short of its treasury bills target for the fifth consecutive week, with investors continuing to favour Bank of Ghana (BoG) bills that promise higher returns. According to auction results released by the Bank of Ghana, the government missed its target by a narrow margin of 5.61%. The Treasury raised GH¢3.64 billion against a target of GH¢3.86 billion. The bulk of the bids came from the 91-day bill, attracting GH¢2.869 billion and accounting for 75.04% of total subscriptions. For the 182-day bill, investors tendered GH¢616.79 million, out of which GH¢385.82 million was accepted. A little…
The Finance Minister, Dr Cassiel Ato Forson, has said that key lessons from the Annual Budget Performance Report (BPR) as part of the Public Financial Management Act, 2016 (Act 921), as amended, will guide the government’s choices in the post-2024 era as they work to reset economy towards the “Ghana we want.” Dr Forson says that “We must, and we will, build a new culture that promotes and sustains fiscal discipline.” In a statement he issued on the 2024 Consolidated MDAS Annual Budget Performance Report, he recounted that the years prior to 2024 proved to be very difficult globally. “In…
Ghana has been ranked 12th in Africa among 23 countries with the highest cost of living, according to data released by Numbeo. The country scored 30.6 on the cost of living index, with a rent index of 12.1 and a grocery score of 33.3. Ethiopia topped the continental rankings with a cost of living score of 43.2, followed by Botswana (39.5) and Mozambique (38.9). Ivory Coast (38.8), Somalia (38.7), Cameroon (36.2), Mauritius (35.6), Zimbabwe (34.7), Rwanda (34.6), Zambia (33.8), and Tanzania (31.8) completed the top 11 before Ghana. The report noted, “Food, housing, transportation, and healthcare not only raise the…
The International Police (Interpol) has estimated that, the cost of cybercrime across Africa is in excess of US$4.0 billion annually. This is evident locally as the Bank of Ghana reports indicates that, in 2022, Ghana recorded over 21,000 cyber fraud attempts in the financial sector, most targeting digital platforms. First Deputy Governor of the Bank of Ghana, Dr Zakari Mumumi has posited that, cybercrime is not a distant risk; it is a present danger, recalling that, in 2018, the bank issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols,…
Banks in Ghana wrote off GH¢654.2 million as bad debt in the first four months of 2025. This marks a drop compared to the GH¢863.4 million recorded in April 2024 and GH¢1.087 billion in April 2022, according to the latest Domestic Money Bank Report by the Bank of Ghana. The bad debt provision, as noted in the report, was classified under loan losses, depreciation, and other items. The report also observed that the industry’s exposure to credit risk improved between April 2024 and April 2025. This was reflected in a decline in the non-performing loan (NPL) ratio over the period,…
The World Bank has approved a $360 million financing package to support Ghana’s economic rebound, signalling renewed confidence in the country’s path to recovery and reform. The funding, approved under the Second Resilient Recovery Development Policy Operation (DPO), is geared towards restoring macroeconomic stability, reviving investor confidence, and reinforcing structural reforms to secure long-term resilience. The announcement was made by the World Bank Board of Executive Directors and is seen as a major boost for Ghana’s ongoing efforts to emerge from its fiscal crisis. Channelled through the International Development Association (IDA), the support targets urgent reform areas such as fiscal…
The Ghana Customs Division of the Ghana Revenue Authority has received two specially trained English Springer Spaniels, Albi and Halter dogs to enhance border security and improve the detection of illicit goods at entry points across the country. The dogs, bred and trained in the United Kingdom, are highly skilled in detecting narcotics, firearms, and concealed currency. Their deployment is expected to significantly boost the Customs Division’s capacity to combat trans-border crime, deter smuggling activities, and improve revenue collection at borders and international ports. The initiative is part of a broader international collaboration supported by the German Development Cooperation (GIZ),…