The government of Ghana has rejected GH₵2.9 billion in Treasury bill bids following a highly oversubscribed auction, as investors flooded the market with offers totaling GH₵10.6 billion. The Treasury had set a target of GH₵7.3 billion but ended up accepting GH₵7.7 billion, slightly above its goal. The move to reject a significant portion of the […]
A former shareholder of the State Insurance Company (SIC), Larry Kwesi Jiagge, has called on the government to conduct a forensic audit of the company, particularly regarding the allocation of business to a specific company. Speaking on Joy FM’s Super Morning Show on Friday, February 7, Mr Jiagge, who is also a lawyer and a […]
The government has initiated a review of the Gold for Oil policy, holding a crucial meeting with petroleum sector stakeholders amid concerns over potential fuel shortages in parts of the country. On his first day in office, Energy Minister John Jinapor met with key industry groups, including the Bulk Oil Distribution Companies, the Chamber of […]
Fitch Ratings has expressed optimism about the recovery of Ghana’s banking sector, citing strong profits and improved capitalisation after the challenges brought on by the Domestic Debt Exchange Programme (DDEP). The ratings agency forecasts a brighter outlook for the sector as economic stabilisation efforts gain momentum. In its latest report, Fitch highlighted the critical role […]
Petroleum product prices are expected to increase marginally at the pumps from Friday, January 17, 2025. This has been influenced by rising prices of crude oil on the international market and recent pressures on the cedi. The Cedi started 2025 on a losing streak, depreciating marginally by 0.38% to the US dollar in the retail […]
The US Supreme Court has agreed to hear last-ditch legal arguments from TikTok as to why it should not be banned or sold in the US. The US government is taking action against the app because of what it says are its links to the Chinese state – links which TikTok and its parent company […]
Ghana placed 5th in Africa as the largest holder of central banks gold reserves, data from International Statistics has revealed. The country also placed 60th globally, According to the figures, the nation boasts of 28.1 tonnes of gold reserves, about 41.2% of the reserves. The country’s gold reserves have increased steadily since May 2023, when they stood […]
Ghana’s economy grew by 7.2 % in the third quarter of 2024, provisional figures released by the Ghana Statistical Service has revealed. Compared to the second quarter of 2024, the economy grew by 6.9%. The Services sector continues to be the largest of the Ghanaian economy with a share of 42.9% of Gross Domestic Product […]
Tullow Oil has provided an update in its Trading Report released on November 29, 2024, revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). The case centres around a $400 million tax assessment, and a verdict is expected by the close […]
The International Monetary Fund (IMF) Executive Board has completed the third review of Ghana’s 36-month, $3 billion Extended Credit Facility (ECF) program, initially approved in May 2023. The review’s conclusion paves the way for an immediate disbursement of Special Drawing Rights (SDR) 269.1 million (approximately $360 million), bringing total disbursements under the program to around […]
The Institute for Liberty and Policy Innovation (ILAPI) has revealed that the Bank of Ghana (BoG) currently holds a substantial sum in three currencies- Cedis, British Pounds, and US Dollars, all from dormant accounts in financial institutions across the country between 2016 and 2023. In Ghanaian cedis, more than GH₵167.8 million is held by BoG. Additionally, the bank has […]
The commencement of new oil wells under the Jubilee South East project has significantly boosted Ghana’s crude oil production. This has led to a 10.7 per cent increase in output and a record high for the country’s petroleum receipts. According to the 2024 semi-annual report by the Public Interest and Accountability Committee (PIAC), the total […]
