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Dr Bawumia, who spearheaded the project, highlighted myCreditScore as a critical tool for addressing long-standing challenges in lending.
The percentage revenue rise is the highest half-year earnings since the inception of oil production in Ghana, reflecting a positive trajectory for the sector.
The Agricultural Development Bank (ADB) PLC has hosted its 15th National Farmers Forum in Accra, with a focus on “Building Climate-Resilient Agriculture for Sustainable Food Security.” The event brought together farmers, policymakers, government officials, agricultural experts, financiers, the 2024 National Best Farmer awardees, and other stakeholders to discuss strategies to address climate challenges affecting food security. In his remarks, ADB’s Managing Director, Alhassan Yakubu-Tali, underscored the importance of this year’s theme. “The theme for this year’s celebration is very appropriate as it highlights the need for the state and citizenry to commit to adopting better agricultural practices that address the…
Ghana’s crude oil production has seen a significant return to positive outcome in the first half of the year, as production surpasses that of the same period last year. There has been a 55.6 percent increase in revenue received for the period as a result of higher production, which recorded over 10 percent increase. According to the semi-annual report of the Public Interest and Accountability Committee (PIAC), the increase is influenced by the coming on stream of the new well known as the Jubilee South East. In financial terms, Ghana received 840.7 million dollars in the first half of the…
Fitch Solutions has emphasized a stronger-than-expected economic recovery in Ghana this year. In its latest Sub-Saharan Africa Update, the UK-based firm said robust growth is ahead following strong quarter 2, 2024 figures. It however warned that post-election austerity would dampen the 2025 growth outlook in Ghana. It earlier projected that Ghana’s economy will expand by 4.4% in 2025, lower than the anticipated 5.5% Gross Domestic Product growth in 2024. Although this represents a deceleration compared to 2024, it will remain above the 3.6% it forecast for Sub-Saharan Africa in 2025. This 4.4% GDP growth, Fitch Solutions, pointed out that it…
The Vice President Dr Mahamudu Bawumia, has launched myCreditScore, a personalised credit reference and scoring system for Ghanaians. Backed by the Central Bank, this Credit Scoring System offers individual Ghanaians the opportunity to demonstrate their creditworthiness transparently, helping them access credit more easily. Through this system, individuals who display good credit behaviour and earn high scores will be rewarded by financial institutions, enabling them to access larger credit amounts and benefit from their financial responsibility. At the launch event in Accra on Thursday, Dr Bawumia described the credit scoring system as a “momentous occasion” and a “step forward in building…
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…