Ghana Archives - Page 9 of 29

08 Feb

Fiscal Policy To Remain Constrained In Ghana Due To Elevated Funding Costs – Rand Merchant Bank

wontumionlineBusinessFiscal Policy, Ghana, Rand Merchant Bank, Zambia

Rand Merchant Bank is warning of constrained fiscal policy in African countries such as Ghana and Zambia due to elevated costs of funding. The two countries are presently undertaking debt restructuring to bring their debt levels to sustainable levels. In its forecast for the year 2023, the South African based research arm of First National Bank, said it expects further reliance by African countries on multilateral and domestic funding to support the various country deficits. “Fiscal policy will remain constrained across most markets, partly due to elevated costs of funding. Nevertheless, we expect further reliance on multilateral and domestic funding…

06 Feb

Ghana To Securitise $3.3bn In Central Bank Loans

wontumionlineBusinessBoG, Ghana, imf, loans, securitise

Ghana plans to convert an estimated ¢40 billion ($3.3 billion) of loans owed to its central bank into bonds, making it the single biggest holder of domestic government securities and exposing it to an ongoing debt restructuring, according to people familiar with the matter. The bonds, due to be issued by the finance ministry, will also cover interest owed to the Bank of Ghana, said the people, who asked not to be named because they’re not authorized to speak publicly on the matter. The people didn’t provide details on a timeline for the securitisation, but Ghana is seeking to conclude…

02 Feb

We Are Optimistic Ghana Will Secure IMF Board Approval In quarter 1, 2023 – Fitch Solutions

wontumionlineBusinessFitch solutions, Ghana, imf, IMF lending arrangement, Mike Kruninger

Fitch Solutions, has expressed optimism of a likely International Monetary Fund Board approval for a programme for Ghana in the first quarter of 2023. In its January 2023 Sub-Saharan Africa Macroeconomic Update, it said the country has made significant progress on the Domestic Debt Exchange Programme, a key condition for the $3 billion Balance of Payment support from the Fund. Senior Country Risk Analyst at Fitch Solutions based in London, Mike Kruninger said “the first thing I should say is that, the IMF Executive Board approval will happen in the coming weeks”. He, however, warned that should the approval fail…

02 Feb

We Are Optimistic Ghana Will Secure IMF Board Approval In Quarter 1, 2023 – Fitch Solutions

wontumionlineBusinessFitch solutions, Ghana, imf, Mike Kruninger, Sub-Saharan Africa Macroeconomic Update

Fitch Solutions, has expressed optimism of a likely International Monetary Fund Board approval for a programme for Ghana in the first quarter of 2023. In its January 2023 Sub-Saharan Africa Macroeconomic Update, it said the country has made significant progress on the Domestic Debt Exchange Programme, a key condition for the $3 billion Balance of Payment support from the Fund. Senior Country Risk Analyst at Fitch Solutions based in London, Mike Kruninger said “the first thing I should say is that, the IMF Executive Board approval will happen in the coming weeks”. He, however, warned that should the approval fail…

01 Feb

Ghana’s Economy To Rebound In 2024 – IMF

wontumionlineBusinessDaniel Leigh, Economy, Ghana, imf, World Economic Forum

The International Monetary Fund (IMF) is anticipating a rebound in the Ghanaian economy in 2024. This is due to expected improve economic activities, particularly in the extractive sector, which will boost growth. The Fund projected a 2.8% Gross Domestic Product for Ghana in 2023, but expects the growth rate in 2024 to be better. Answering questions from the press at the just ended World Economic Forum in Davos, Switzerland, Division Chief at the Research Department, Daniel Leigh, said growth will slow down this year, partly because of the global headwinds which will affect the Ghanaian economy. “On Ghana, we do…

30 Jan

CHAN 2022: We Didn’t Deserve To Lose – Annor Walker On Defeat To Niger

wontumionlineSportsBlack Galaxies, CHAN 2022, Ghana, Niger

Black Galaxies head coach, Annor Walker, says his team didn’t deserve to lose to Niger in their fixture at the ongoing African Nations Championship in Algeria. Ghana suffered a shocking exit from the tournament following a 2-0 loss to Niger in the quarterfinal on Saturday, January 28. The loss was the second the team had suffered in three games at the CHAN 2022 tournament after the opening game defeat to Madagascar. Following the exit, Walker said his side deserved better from the game against Niger and didn’t have to be on the losing end. “When they (Niger) got an early…

27 Jan

Ghana Bags $696.8m From Oil Receipts In Second-Half Of 2022

wontumionlineBusinessGhana, Ghana Heritage Fund., Ghana Petroleum Funds, Ghana Stabilisation Fund, Petroleum Holding Fund

Ghana bagged $696.815 million from oil lifting, corporate tax and other income in the second-half of 2022, the Ghana Petroleum Funds report has disclosed. About $492.186 million was secured from oil lifting between July 2022 and December 2022. In all, five liftings took place with the Sixty-sixth Jubilee recording the highest amount of $119.83 million. Also, $202.55 million was received by the State as corporate tax between July 2022 and December 2022. The corporate tax were paid by Tullow Oil, Kosmos and PetroSA. Interest income accrued from the Petroleum Holding Fund was, however, estimated at $2.07 million. According to the…

26 Jan

We’ll Address Issues Raised In COVID-19 Auditor General’s Report –Finance Ministry

wontumionlineBusinessCOVID-19, Ghana, ministry of finance

The Ministry of Finance has assured that it will address all issues raised in the report on the audit of the government’s Covid-19 expenditure by the Auditor-General. The report revealed some infractions in government’s expenditure for Covid-19 from March 2020 to June 2022. Some of the corrupt practices that were uncovered include; paying a total of $607,419.02 out of $4,049,460.12 for the purchase of 26 ambulances that were never delivered, paying an unapproved amount of ¢151,500 by the Information Ministry to its own staff as Covid-19 insurance, and paying for $80 million worth of vaccines by the government that was…

25 Jan

CHAN 2022: Black Galaxies Face Niger Test In Quarterfinal

wontumionlineSportsBlack Galaxies, CHAN 2022, Ghana, Niger

The Black Galaxies will face Niger in the quarterfinal of the 2022 African Nations Championship (CHAN) following the latter’s 1-0 win over Cameroon on Tuesday night. Ousseni Badamassi’s 69th-minute strike ensured Niger toppled Cameroon to finish top in Group E, setting up an exciting showdown with the Black Galaxies. Annor Walker’s side finished their group stage campaign in second place after losing their opening game to Madagascar. However, with six points in their last two fixtures, Ghana booked a place in the last eight of the competition where they will now face Niger. The quarterfinal game between the two teams…

24 Jan

CHAN 2022: Madagascar Tops Group C As Ghana Finishes Second

wontumionlineSportsCHAN 2022, Ghana, Madagascar

Madagascar ended their group campaign as the leaders in Group C following a thumping win over Sudan in their final game. The southern Africans scored three goals in the first half of the game on Monday night and held on to complete the game without conceding a goal. Olivier Tokinantenaina opened the scoring just 13 minutes into the fixture before Solom Raza and Lalaina Rafanomezantsoa got onto the scoresheet to extend the lead for Madagascar. The win sees Madagascar take nine points from three games having been awarded three points for Morocco’s no-show at the tournament while also beating Ghana…