Ghana Archives - Page 5 of 29

28 Jul

Ghana To Reach Debt Deal With External Creditors In Quarter 2, 2024 – Fitch Solutions

wontumionlineBusinessBoG, external creditors, Fitch solutions, Ghana, Interest rates

Fitch Solutions believes that Ghana will reach a debt deal with its external creditors in the second half of 2024. According to the UK-based firm, this should provide tailwinds to the exchange rate and further limit imported price pressures. “Indeed, we believe that Ghana will reach a debt deal with its external creditors in H224 [half-year 2024], which should provide tailwinds to the exchange rate and further limit imported price pressures”. It added that real Gross Domestic Product growth will remain well below trend on the back of fiscal consolidation efforts under the IMF programme. However, the Central Bank will…

25 Jul

Ghana, US Strengthen Ties To Promote Tourism Growth

wontumionlineBusinessGhana, Tourism, US

Ghana and the United States of America (USA) have committed to working together to promote and grow the tourism potentials that exist locally, as they continue to explore areas of investment in the sector for mutual benefit. The Minister for Tourism, Arts and Culture, Ibrahim Mohammed Awal, at a meeting with a 30-member delegation from the USA led by the Mayor of Houston (USA) Mr. Sylvester Turner, who has committed to lead the face of tourism for Ghana in the USA. To this end, he said, his outfit is seeking to create some 1.5 million jobs as part of the…

19 Jul

Paris 2024Q: We Should Have Scored More Than Four Against Guinea – Nora Hauptle

wontumionlineSportsblack queens, Ghana, Guinea, lawrence Baidoo, Olympic games

Despite her satisfaction with the performance of her team, Nora Hauptle believes the Black Queens should have scored more than four goals against Guinea. Ghana thrashed their West African colleagues at the Accra Sports Stadium on Tuesday, July 18, recording a resounding 4-0 win. Evelyn Badu scored twice on the day with Princella Adubea and substitute Firdaus Yakuba also adding their names to the scoresheet. But the score could have been more disastrous for the Guineans had the Ghanaians been more efficient in front of their spectators. Speaking after the game, Nora said: “All in all, I think it was…

19 Jul

Cocoa Prices Hit Highest In 12 Years In New York

wontumionlineBusinessCocoa, Ghana, ivory coast, Price

Chocolate-making raw material cocoa’s prices rose to the highest in more than 12 years in New York on Tuesday, only a few weeks after its prices jumped to the highest in 46 years in London, as traders and chocolate producers face restricted supplies. Prices for the benchmark cocoa contract at the Intercontinental Exchange in New York rose to $3,429 per metric ton earlier in the trading session, the highest since mid-March 2011, closing later at $3,407, or up 1.4%. Cocoa is currently among the hottest agricultural commodities, mostly due to an unusual fall in production in the western part of…

12 Jul

Ghana Ranked 9th In Africa As Most Financially Secretive Country – Report

wontumionlineBusinessGhana

A Financial Secrecy Index released by Tax Justice Network has shown that Ghana placed 9th as the most financially secretive country in Africa. Ghana, however, ranked 70th with a Financial Sector Index Share of 0.49% globally. The report noted that in the FSI value - which measures how much financial secrecy the jurisdiction supplies, Ghana scored 167. "The FSI Value is a measure of how much financial secrecy the jurisdiction supplies, resulting from the combination of the jurisdiction’s Secrecy Score and Global Scale Weight," a myjoyonline report sighted by GhanaWeb Business stated. In terms of percentage, Ghana scored 53% in secrecy, 27%…

12 Jul

Ghana Places 9th In Africa As Most Financially Secretive Country

wontumionlineBusinessFinancial Secrecy Index, Ghana, Tax Justice Network

Ghana placed 9th in Africa as the most financially secretive country, according to the Tax Justice Network’s Financial Secrecy Index. However, globally, it was ranked 70th with an FSI Share of 0.49%. According to the report, Ghana scored 167 in terms of the Financial Sector Index Value. The FSI Value is a measure of how much financial secrecy the jurisdiction supplies, resulting from the combination of the jurisdiction’s Secrecy Score and Global Scale Weight. The country scored 53% with respect to the Secrecy Score. It got 27% for Banking Secrecy, 50% with respect to Trust and Foundations Register, 15% in terms of Recorded Company…

12 Jul

Ghana Overtake Egypt With Highest Interest Rates Among 15 Top African Countries

wontumionlineBusinessBoG, Egypt, Ghana, Interest rates

Ghana overtook Egypt with the highest interest rates among 15 top African countries. According to the Weekly Fixed Income Update compiled by some investment firms, the rates of about 24.39% and 26.03% for the 91-day and 182-day treasury bills were the highest among these top African economies. Despite the rates falling significantly in March 2023 due to the Domestic Debt Exchange Programme, they have gone up consistently to almost 30% (364-day bill) since then, and are also classified among the highest globally. The 91-day bill and 182-day bill have fallen by 10.97% and 9.95% since March 2023. Again, average lending…

14 Jun

Inflation For May 2023 Increases Marginally To 42.2%

wontumionlineBusinessGhana, Inflation, Prof. Samuel ANNIM

The year-on-year Inflation for May 2023 has increased to 42.2% from 41.2 % recorded in April 2023. The marginal increase was largely influenced by a spike in food Inflation during the period. According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7 percent in April 2023 to 51.8 percent for the month of May 2023. However, the Non -Food Inflation decline from 35.4 percent in April to 34.6 percent in May 2023 . The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region. Prof. Annim explained that the contribution of the…

06 Jun

IMF Mission Staff To Arrive This Week To Track Ghana’s Programme Progress

wontumionlineBusinessGhana, imf

An International Monetary Fund (IMF) staff is expected in Accra this week as part of a mission visit to track progress of Ghana’s Economic Recovery Programme. The team will also engage various stakeholders helping to implement Ghana’s programme. This will be the first visit after Ghana secured a programme with the Fund on May 17, 2023. “This is not a review of Ghana’s Programme, but a regular Mission Visit to track progress of the country’s programme,” a source told Joy Business. The IMF team will examine government’s progress on meeting end of June 2023 targets. The team is expected to leave…

05 Jun

Encourage Aquisition, Mergers Of Banks And NBFIs If Needed – IMF Tells Government

wontumionlineBusinessBanks, Ghana, imf, Merge Banks

The International Monetary Fund (IMF) has proffered three policies including acquisitions and mergers of banks and non-banks to mitigate the possible systematic financial instability in Ghana. These policies captured under the Risk Assessment Matrix contained in the recent IMF country report on Ghana, aim to mitigate risks and ensure the stability of the banking and Non-Bank Financial Institutions (NBFIs). The first policy suggests strengthening financial safety nets and closely monitoring the liquidity and asset quality of banks and NBFIs. The second policy involves designing an appropriate strategy to recapitalize banks and NBFIs. Lastly, the IMF encourages acquisitions and mergers as…