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Last week, one of Ghana’s reliable research institute, the Institute of Statistical, Social, and Economic Research (ISSER), counseled the government to exercise fiscal restraint to preserve recent economic progress as the nation heads to elections in December. The Institute flagged the risks posed by election-year spending on the country’s financial stability, stressing that fiscal discipline is critical to protecting improvements achieved this year in inflation, interest rates, and exchange rate stability. ISSER projected “greater growth prospects” for 2024, noting that key macroeconomic indicators, including inflation, interest rates, and exchange rate depreciation, showed marked improvement over 2022 levels. Professor Peter…

Newmont’s Ahafo South operation in Ghana has maintained its position as Ghana’s Best Company and the country’s leading extractive business. The accolade was presented to Newmont at the 21st edition of the Ghana Club 100, held last week, at the Palms Convention Centre in Accra. The Ghana Club 100 ranking recognises the top 100 companies in Ghana for their sustainable operations, growth prospects, and social performance. It is organised by the Ghana Investment Promotion Centre (GIPC), a government agency responsible for facilitating and promoting investment in Ghana as a preferred investment destination in Africa. Newmont’s Akyem operation, located in the…

Ghana may soon source petroleum products from Nigeria’s Dangote Oil Refinery, a move expected to reduce reliance on pricier imports from Europe. Dr. Mustapha Abdul-Hamid, Chief Executive Officer of Ghana’s National Petroleum Authority (NPA), highlighted this potential shift during the OTL Africa Downstream Oil Conference in Lagos last week. With Ghana currently spending around $400 million monthly on fuel imports from Europe, Dr. Hamid expressed optimism that accessing Nigeria’s production could cut costs. “If the refinery reaches its targeted 650,000 barrels per day (bpd) capacity, that volume would surpass Nigeria’s domestic needs, allowing Ghana to import from Nigeria rather than…

Professor Peter Quartey, Director, of the Institute of Statistical, Social, and Economic Research (ISSER), says Ghana needs a debt ceiling to prevent another round of debt restructuring. He said the government must by law borrow at a threshold of 60 per cent of Gross Domestic Product (GDP) to reduce debt servicing in future expenditures. Prof Quartey was launching the State of Ghanaian Economy Report, which was held at the premises of the Institute. The event aligns with ISSER’s commitment to promoting knowledge for evidence-based decision-making and sustainable development. It provided an objective platform to discuss the current economic situation and…

The Food and Beverages Association of Ghana (FABAG) has strongly opposed the recent call by the Association of Ghana Industries (AGI) for new digital tax stamp machines, labeling the move as “misplaced” and potentially financially burdensome for businesses already struggling with economic challenges. This comes after the AGI suggested adopting new digital tax stamp machines to improve tax compliance among industries. However, FABAG argues that these new machines would rather impose undue financial burden on companies, many of which are still recovering from the impacts of the pandemic and facing increasing operational costs. In an interview with GhanaWeb Business, the President of…

Stakeholders at the recently held Ghana Coffee Week have emphasized the need for consistent and sustainable promotion and marketing of Ghana’s Robusta coffee to position it as the country’s foremost coffee brand. The industry players who made these assertions during the six-day event noted that while Robusta coffee had rich nutritional offerings, the apparent lack of publicity around it has placed other brands ahead of it. Larry Attipoe, the National Programme Coordinator for the International Trade Centre, noted that through the conference, some light had been shed on the value of the coffee industry to the country and that stakeholders…

The Chief Executive Officer of Ghana Trade Fair Limited, Dr. Agnes Adu, has announced that the redevelopment of the Ghana Trade Fair site is on track for completion by the end of the year. This ambitious project includes the construction of a major convention center, which is crucial for enhancing the country’s capacity to host international events and trade fairs. Dr. Adu noted that “significant progress has been made on essential infrastructure, with 90% of the roads, drainage systems, power supply, water facilities, and data fiber connections already completed.” “This comprehensive groundwork is critical to ensure that the Trade Fair…

Inflation is a key macroeconomic variable that affects the stability of an economy. It represents the rate at which the general price level of goods and services in an economy rises, eroding purchasing power and affecting various aspects of economic stability. Controlling inflation is a primary goal of monetary policy, and the level of independence granted to a central bank significantly impacts its ability to manage inflation effectively. An independent central bank, free from political influence, can focus on long-term price stability. This article examines the importance of central bank independence, its role in controlling inflation, potential trade-offs, and the…

One effect of Ghana becoming a “lower middle income country” a few years ago is that many donors retreated. The World Bank thus became the country’s most important strategic “development partner”. The role of the World Bank in Ghana’s governance affairs thus require serious scrutiny from public policy analysts and activists. In recent years, the World Bank has had to step in with large pots of money to support the government’s efforts to patch up the country’s banking and financial system due to the lingering effects of a mass shutdown of dozens of financial institutions and the ongoing fiscal crisis.…

An analysis of Ghana’s power generation data from 1st September 2024 to 27th October 2024 by the Institute for Energy Security (IES) reveal significant and consistent shortfalls in meeting daily system peak demand, impacting both domestic energy stability and electricity export potential to neighbouring countries, and forcing power imports from La Cote d’Ivoire to augment shortfalls in domestic power generation. Across the dataset, daily power generation regularly falls below the system peak demand of roughly 3700 megawatts (MW), with generation averaging around 3000 MW and thus missing the target by approximately 700 MW daily. This persistent shortfall suggests underlying issues,…