Author: Admin
President-elect John Dramani Mahama says Ghana has always upheld the one-Ghana policy. The President-elect said this when Mr Tong Defa, the Chinese Ambassador to Ghana, paid a courtesy call on him in Accra to formally congratulate him on his victory in the December 7 polls. The One China principle is the position held by the People’s Republic of China (PRC) and the ruling Chinese Communist Party (CCP) that there is only one sovereign state under the name China, with the PRC serving as the sole legitimate government of that China, and Taiwan is an inalienable part of China. President-elect Mahama…
President-Elect John Dramani Mahama has stated that one of his main focuses, as he assumes office, will be to stabilise the cedi and ensure Ghana is set back on a positive growth trajectory. According to him, Ghana’s current economic challenges include inflation and the depreciation of the cedi, leading to harsh economic conditions. Mahama said this when the Algerian Ambassador to Ghana, Mourad Louhaidia, paid a visit to his residence to congratulate him on his re-election in the December 7 election. “We are looking to focus and bring Ghana back up in terms of economic growth, in terms of stabilising…
Ghana has risen to become the fifth-largest holder of central bank gold reserves in Africa, with 28.1 tonnes as of October 2024. This marks a significant increase from May 2023, when its reserves stood at just under 9 tonnes, reflecting consistent efforts to bolster its holdings. According to data sourced from the World Gold Council’s October 2024 Central Bank Gold Statistics and the International Financial Statistics (IFS) December 2024 report, Ghana now ranks 60th globally in central bank gold reserves. This achievement places Ghana behind South Africa, which holds 124.4 tonnes as the fourth-largest gold reserve holder in Africa and…
Future Global Resources Limited (FGRL) and Blue Gold Holdings Limited (BGHL) have issued an urgent appeal to the government of Ghana over what they describe as the unlawful expropriation of their investments in the Bogoso Prestea Gold Mine. Through their legal representatives, Mayer Brown International LLP, the investors allege significant breaches of the UK-Ghana Bilateral Investment Treaty (BIT) and have called for immediate settlement discussions to prevent the escalation of the dispute. In a detailed letter addressed to Ghana’s Attorney General, Godfred Yeboah Dame, the investors accuse Ghana of failing to respond to earlier requests for amicable settlement discussions. They…
Legal practitioner and property investment expert Alex K. Osei-Owusu advised individuals to seek legal consultation before acquiring properties, particularly in real estate development, to avoid potential litigation. Mr Osei-Owusu has led a team of real estate developers, insurance companies, and financial institutions to assist diaspora communities interested in acquiring and investing in property in Ghana. According to him, “Litigation is expensive everywhere in the world. Apart from the financial cost, it also involves emotional strain and wasted time. We always go by the saying: ‘Prevent litigation rather than resolve it.’ Our advice is that, before buying any land or property…
The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, has highlighted the importance of Development Finance Institutions (DFIs) in expanding capital to finance economic growth. He made the remarks during a series of public lectures on the topic “Shaping Africa’s Development Finance Landscape: Challenges and Prospects” held at the University of Development Studies (UDS) School of Business in Tamale, Ghana. Addressing the financing constraints faced within capital markets, the President of EBID pointed out that where private credit may struggle in response to economic crises, DFIs are…
Former Minister of Finance Seth Terkper has indicated that the next Mahama administration will take advantage of various infrastructure developments to create jobs for the youth. According to him, this is pertinent to addressing the unemployment menace in the country. Speaking on PM Express Business Edition, he explained that investing in infrastructure can stimulate economic growth and unleash job creation across the country. “I believe strongly the jobs the Terminal 3 created was higher than Terminal 1 and 2 put together. I think if we maintain it and also build other infrastructures strategically, we can create more jobs”. “When you…
Africa is ending 2024 on an economic upswing as many economies and key sectors continue to rally, the Economist Intelligence Unit (EIU) has revealed. According to the UK-based firm, economic imbalances show signs of improving, and the worst of the region’s sovereign debt pressures appear to be over. Ghana’s economy is expected to expand by 4.0% in 2024. The EIU said the external debt and servicing burdens are however still high, but the larger and most exposed markets have sought and secured additional assistance or restructuring deals. “However, the economic performance varies considerably across the continent, as disruptive regional rivalries…
Global cocoa prices have skyrocketed in 2024, reaching unprecedented levels amid persistent supply shortages and adverse weather conditions. Key producers like Ghana and Ivory Coast, which account for approximately 60% of the world’s cocoa, are at the center of this global market turmoil. In April 2024, cocoa prices surged to nearly $10,000 per ton, a historic peak, driven by declining harvests and soaring demand. The 2023/2024 season is projected to end with a global deficit of 475,000 tons, significantly higher than earlier estimates. This shortfall is largely attributed to climate change, El Niño-induced weather disruptions, and fungal diseases such as…
Finally, Ghana’s crucial and fiercely contested 2024 general elections have been held. As at the time this edition of Economy Times was going to press, voting had closed, but the votes were still being counted and collated. Both presidential candidates of the leading contenders – the incumbent New Patriotic Party and the biggest opposition party, the National Democratic Congress –have made various promises, that would resonate with voters and thus influence their voting decisions in their favour. But the next President and his government – whoever it is – will have to face tasks that go beyond populism and address…