Economy

Cedi seen wobbling in first quarter

west africa

The cedi is expected to continue to wobble in the first quarter of the year as demand pressure increases, although analysts believe the instability will be short-lived. From November to now, the cedi has depreciated by over 10percent, and has already done a year-to-date depreciation of 1.8percent against the US dollar, largely due to low commodity prices and low foreign ...

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Gov’t begins work on digital property address system

Digital Property addressing

Plans by the Government to digitally record all state properties and citizen’s data in a centralised national database have been kickstarted. At a meeting with key stakeholders including the Minister for Local Government and Rural Development, Hajia Alima Mahama, on Monday February 6, 2017, the Vice President, Dr Mahamudu Bawumia announced the formation of two committees; a legal committee and ...

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Investors keen on rail sector

Joe Ghartey - Railway Minister

Investors are queuing to partner government in the rehabilitation and expansion of the country’s rail network from the south to Paga in the Upper East Region, following a bold attempt by the Akufo-Addo-led administration to transform the sector. Joe Ghartey, Railway Development Minister told the Appointments Committee of parliament that: “Due to the government’s pro-business policies, investors have shown interest ...

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Finance Minister Ken Ofori Atta Assumes Office Today

Ken Ofori Atta on GDP

Finance Minister, Ken Ofori Atta has assumed office as Ghana’s Finance Minister after been sworn-in on January 27, 2017, by the President. He brings to the Ministry over 30 years’ experience in Ghanaian and international financial sector. Mr Ofori Atta and twelve other Minister designates were approved by Parliament on Thursday, January 26, after going through a successful vetting process ...

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Power Compact II is a concession, not a sale of ECG -Agyarko

ecg

The Minister nominee for Energy, Boakye Agyarko has described the Millennium Power Compact II as a concession and not a sale of the Electricity Company of Ghana (ECG) to the Millennium Development Authority(MiDA). Reacting to questions on whether the compact was a sale or not at the Appointment Committee of parliament, Mr Agyarko insisted that the compact will only lease ...

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Ghana crosses deadly 70% mark with ¢120 bn debt

debt

Ghana’s total debt stock has reached 119.9 billion cedis as at November 2016, figures from the Bank of Ghana have shown. The debt also represents 71.9 percent of the country’s Gross Domestic Product (GDP). According to the Bank of Ghana’s Economic and Financial Data, the country’s debt ballooned from 112.3 billion cedis in September 2016 to the current figure. By ...

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Bank of Ghana to issue new GHS5 note

5 cedis denomination

The Second Deputy Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the central bank will unveil new banknote in five-cedi (GH¢5) denominations. According to him, the banknote will be legal tender as well as a collector’s item. “The note will have new durable security features which can be easily identified by the public as well ...

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Renegotiate aspects of Ghana’s IMF deal – Kusi

Kusi

The Executive Director of the Institute of Fiscal Studies (IFS), Professor Newman Kusi, has called for the renegotiation of aspects of Ghana’s Extended Credit Facility (ECF) agreement with the International Monetary Fund (IMF). According to him, the programme must be allowed to run to its fullest, “however there is the need to renegotiate some aspects.” Prof Kusi made the call ...

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Election year deficit blues….Terkper misses mark by 2%

After trying so hard to hem in election-year budget overruns, Finance Minister, Seth Terkper, has conceded that this year’s projected budget deficit of 5.1 percent could be breached by about 2percent. Government’s desire, under the ongoing 3-year International Monetary Fund (IMF) bailout programme, has been to contain over-expenditure, especially when previous election years have presented with large deficits. Mr Terkper, ...

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Ghana and India sign $422.87m loan agreements

Ghana has signed two separate loan agreements with the Export Import Bank of India, totalling $422.87 million for financing the construction of a railway line and a sugarcane development and irrigation project. The first agreement of $398.33 million buyers credit will be used to finance the construction of 84.8 kilometre – Tema to Akosombo railway line while $24.54 million will ...

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