Author: Admin
Professional services firm, Deloitte, is predicting a persistence reduction in interest rates in 2025 on the back of a sustained disinflationary trend. It is thus forecasting an end-year policy rate of 22.5% in 2025. This will come as a huge relief for households and businesses as cost of borrowing will fall significantly. “The BoG [Bank of Ghana] cut its benchmark interest rate twice in 2024 by a cumulative 300 basis points to close the year at 27% per annum. The return to a neutral monetary policy stance is the beginning of an accommodative posture and was driven by the decline…
The West Africa Competitiveness Programme (WACOMP), implemented by the United Nations Industrial Development Organization (UNIDO) and funded by the European Union (EU), has achieved a significant milestone by supporting the Department of Food Science and Technology Laboratory at the Kwame Nkrumah University of Science and Technology (KNUST) in obtaining ISO/IEC 17025:2017 accreditation for food testing. This accreditation positions KNUST as the first public university in Ghana to achieve this standard in food testing, thereby enhancing its credibility and capabilities in this vital area. The achievement of ISO/IEC 17025:2017 accreditation means that small and medium-sized enterprises (SMEs) in Ghana now have…
Cassius Mining Limited, an Australian gold mining company, has intensified its legal battle with the Ghanaian government by filing a $277 million claim at the London Court of International Arbitration. The dispute revolves around alleged breaches of contract and constitutional conflicts concerning the company’s gold exploration project in Talensi, located in the Upper East Region. The conflict originated in 2019 when the Ghanaian government refused to renew Cassius Mining’s prospecting license, citing constitutional non-compliance. Authorities argued that the license had not been properly ratified under Ghanaian law, rendering it invalid. Cassius Mining strongly disputes this, claiming the government’s actions deprived…
By Elorm Desewu The Bank of Ghana, (BoG) plans to auction US$120 million to the Bulk Oil Distribution Companies (BDCs) in the first quarter of 2025. This is to enable them get enough forex for importation of crude oil into the country as the government has temporally suspended the Gold for Oil Program. According to BoG’s Forex Forward Auction Calendar, the central bank will auction US$40 million to the BDCs in each month of the first quarter of 2025. In each of the months in the first quarter, the BoG will auction US$20 million every fortnight to meet the dollar…
Newmont’s Akyem Mine has donated items to support the cultural festivities within its host communities as part of its community development and cultural heritage standards. The company presented assorted traditional items to the Hweakwae, Amanfrom, and Mamanso communities to support the celebration of its local Akwasidae festival. This collaboration is part of Newmont’s commitment to promote and preserve the cultural traditions of its host communities while fostering social cohesion, unity, and economic development. ‘Our communities hold their cultures and heritage in high esteem, and that makes it a key component of our relationship. We will continue to support initiatives that…
The Economist Intelligence Unit (EIU) estimates that the cedi will end 2024 at GH¢16.07 to one US dollar. It also projects a marginal depreciation of the local currency in 2025 to GH¢17.23 to one American greenback. This was capture in Deloitte’s Report titled “Sneak Preview of 2025”. According to EIU, a decrease in cocoa exports and a higher import bill will spur some weakness in the cedi towards the end of 2024. However, in 2025, the improved investor confidence arising from the relatively peaceful election, the conclusion of the government’s debt restructuring negotiations, periodic International Monetary Fund (IMF) disbursements and…
The Bank of Ghana (BoG) has issued the bancassurance directives as an Exposure Draft to solicit comments and inputs from the banking industry and the general public, in line with the BOG’s Procedures for Issuance of Directives, 2020. According to the BoG, Bancassurance has notably grown in Africa and around the world since the 1980’s by offering banks and other financial institutions (BOFIs), an opportunity to provide more diversified products to their customers whilst earning additional income by providing their distribution channels and other platforms to insurance companies. Insurance companies on the other hand, can have an increased reach to…
Inflation is expected to end 2025 within the range of 10% to 12%. According to Databank Research, this will potentially prompt the Monetary Policy Committee (MPC) of the Bank of Ghana to adopt a cautious approach to policy easing. Professional services firm, Deloitte had already predicted an average inflation of 11.9%t for 2025. Databank Research said it expect Ghana’s monetary landscape to stabilise. This will potentially prompt the Monetary Policy Committee (MPC) of the Bank of Ghana to adopt a cautious approach to policy easing. “We expect Ghana’s monetary landscape to stabilise, with the inflation rate trending towards a target…
The country’s total revenue for 2025 is projected at GH¢209.3 billion, about 17.2% of Gross Domestic Product, IC Research has revealed. This will represent a slower growth of 16.1% as against 33.8% year-on-year estimated for 2024. On the spending side, it stressed that total expenditure (on commitment basis) is projected at GH¢240.9 billion, about 19.8% of GDP in 2025. This will represent a sharper slowdown in expenditure growth to 10.4% year-on-year (versus +32.2% year-on-year estimated for 2024. “While the International Monetary Fund explained that the expenditure forecast assumes full debt restructuring, the Fund also underscored the need to strengthen expenditure…
President-elect, John Dramani Mahama says the country’s energy sector is in dire need of urgent reforms to address the escalating crisis caused by the outgoing government led by President Akufo-Addo. He stressed that, without prompt intervention, the situation could jeopardize the economic growth and development of the country with a current debt of $2.5 billion and non-payment of Independent Power Producers (IPPs). Speaking during a brief meeting with the Canadian High Commission in Ghana following his electoral victory in the December 7 elections, President Mahama has accused the outgoing Akufo-Addo-led government of mismanaging the country’s energy sector resulting in high debt levels,…