Ghana Archives - Page 7 of 29

12 Apr

IMF Revises Ghana’s Average Inflation Forecast To 45.4% In 2023

wontumionlineBusinessGhana, imf, Inflation

The International Monetary Fund has revised its average inflation forecast for Ghana in 2023 to 45.4%. This is in line with the high prices of foodstuffs and other commodities such as crude oil on the world market. According to the Fund’s April 2023 World Economic Outlook Report, inflation in Ghana will however end the year at 29.4%. But in 2024, inflation will average 22.2% and end the year at 15.0%. The report further said global headline inflation has been declining since mid-2022 at a three-month seasonally adjusted annualized rate. “Global headline inflation has been declining since mid-2022 at a three-month…

11 Apr

Ghana Tops Piracy Ranking In Gulf Of Guinea

wontumionlineNewsGhana, Gulf of Guinea, Piracy

With Nigeria recording no piracy incidents in 2022, Ghana and Angola have risen to the top on the list of countries reporting piracy incidents in the Gulf of Guinea, data from the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC) have shown. The data indicated that Takoradi Anchorage and Luanda Anchorage were both included in the IMB PRC’s list of worldwide ports with three or more reported incidents of piracy in 2022, with more than two-thirds of the events occurring while ships were anchored or berthed. The country ranks highest in the percentage of incidents – 33 per cent –…

11 Apr

Help Ghana Shoulder Debt Burden – IMF Pleads

wontumionlineBusiness, NewsGhana, imf, Kristalina Georgieva

The International Monetary Fund (IMF) has doubled down on its plea to wealthier nations to support Ghana and other weaker economies to help such countries extricate themselves from the shackles of debt. The call also comes at a time when the fund has seen a $1. 6 billion shortfalls in its funding in the face of the seemingly global economic crises where funding to debt-distressed countries was at its highest. Speaking ahead of the IMF and World Bank Spring Meetings in Washington, Kristalina Georgieva, the IMF’s Managing Director said the fund and wealthier countries needed to make it easier for vulnerable…

10 Apr

Black Queens Ease Past Senegal In Friendly

wontumionlineSportsblack queens, Ghana

The Black Queens of Ghana scored three first half goals to defeat the Teranga Lionesses of Senegal 3:0 in an international friendly at the Accra Sports Stadium on Saturday. Gifty Assifuah pounced on a rebound from an Evelyn Badu freekick to slot home the opener in the 2nd minute to give the Queens an early lead. Six minutes later, Grace Asantewaa weaved her way through the edge of the penalty box leaving the defense of the opponents nonexistent and scoring a sublime solo goal to double the lead for the Queens. Cynthia Fiindib came to the rescue of the Queens after…

06 Apr

Charges Not Disclosed To Borrowers In Loan Agreements Null And Void – BoG

wontumionlineBusinessBoG, Ghana, lenders

The Bank of Ghana (BoG) has announced that charges that are not disclosed to a borrower in a loan agreement should be considered null and void. Describing borrowers who may suffer such ordeal as victims, the BoG also directed commercial banks and lenders to refund such monies to the borrowers. “Borrowers shall be due a refund of all such charges paid”, the BoG stressed in a statement titled Bank of Ghana’s Responsible Borrowing Guidelines. It added that “victims” must report such acts to the regulator if the lenders fail to reverse the payments. According to the BoG, it is embarking…

05 Apr

World Bank Lowers Ghana’s Growth Rate To Below 2% In 2023

wontumionlineBusinessApril 2023 Africa Pulse Report, Economy, Ghana, world bank

The World Bank has lowered Ghana’s growth rate to under 2.0% in 2023, placing it at the 29th position in Sub-Saharan Africa, its April 2023 Africa Pulse Report has revealed. This is lower than the 2.7% it earlier projected. According to the Bretton Wood institution, the expected low growth rate in the country is due to deleterious global shocks and heightened macroeconomic instability. “In Ghana, more timely data highlight the weakness of economic activity amid the deleterious global shocks and heightened macroeconomic instability”. It further said government consumption has declined on the back of high debt service and restricted access to…

27 Mar

I Intend To Do Work That Will Increase Investment In Africa – Kamala Harris

wontumionlineNews, TrendingGhana, Kamala Harris, Official Visit

The Vice President of the United States of America, Kamala Harris has expressed her intent to reinforce her country’s partnership with Ghana and other countries on the continent. She made this comment when she arrived at the Kotoka International Airport in Accra to begin her Africa tour. According to her, the aim is to hold discussions that will foster opportunities in various sectors of the continent. While delivering her first address, Kamala Harris highlighted the important role Africa plays in global development issues. “In particular on this trip, I intend to do work that is focused on increasing investments here…

23 Mar

Ken Ofori-Atta Leads Delegation To Start Debt Restructuring Talks With China Today

wontumionlineBusinessChina, Ghana, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta is today (23rd, March, 2023) leading government’s delegation to engage a Chinese government team on Ghana’s debt restructuring programme. The engagements are expected to end on Friday 24th March, 2023. The Ghana delegation is made up of Technical Officials from the Ministry of Finance, Ministry of Foreign Affairs and the Bank of Ghana. The team will engage representatives of the Chinese government and their counterparts from China’s Ministries of Finance, and Foreign Affairs as well as the Central Bank of China. Mr. Ofori-Atta leads the team after attending a UNECA High Level meeting in Ethiopia, where he…

22 Mar

IMF Bailout To Depend On Government’s Ability To Achieve 55% Of Debt To GDP – Fitch

wontumionlineBusinessdebt to GDP, fitch, Ghana, imf

The International Monetary Fund support for Ghana will likely depend on the government’s ability to show a path towards bringing the present value of debt to 55% of Gross Domestic Product, international ratings agency, Fitch Ratings, has disclosed that. This will be over the forecast horizon on the basis of the IMF/World Bank debt sustainability analysis and the ability of official bilateral creditors to provide financing assurances in the context of the Common Framework external debt restructuring that the Ghana government has requested. In its comment after upgrading Ghana’s Long-Term (LT) Local-Currency (LC) Issuer Default Rating (IDR) to ‘CCC’ from…

16 Mar

Ghana’s Debt To IMF Unchanged At $1.70Bn In January 2023; Repays $75m Of Loans

wontumionlineBusinessGhana, imf, outstanding loans

Ghana’s outstanding loans to the International Monetary Fund was relatively unchanged at 1.278 billion Special Drawing Rights (SDR 1.278 billion) at the end of January 2023, equivalent to $1.708 billion. According to the Fund’s Quarterly Finances, the country is still ranked as number one in Africa with the largest outstanding debt to the Bretton Wood institution. Ghana’s loan exposure to the Bretton Woods institution is classified as concessional lending. Concessional loan comes with a low-interest financing. The country has so far repaid SDR 53 million, equivalent to $75.7 million to the IMF. According to the data from the Fund, the…