The Ghana Union of Traders’ Associations (GUTA) has expressed cautious optimism ahead of the government’s 2025 Budget Statement, emphasising the need for significant reforms to reduce the cost of doing business. The Association welcomed assurances from the new administration to streamline the tax system and cut down taxes, duties, and levies, which have long been […]
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 […]
Government is intensifying its efforts to bring private sector engagement into the operations of the Electricity Company of Ghana (ECG) as part of a major reform to stabilise the sector’s finances and ensure long-term sustainability. Finance Minister Dr Mohammed Amin Adam highlighted the urgency of these reforms at the recent IMF/World Bank meetings, pointing out […]
The Finance Minister has criticised Sunon Asogli Power for what he described as “bad faith” in the company’s decision to halt operations over a $259 million debt owed by the Electricity Company of Ghana (ECG). Dr Mohammed Amin Adam explained that government was in the process of negotiating an agreement to clear the debts when […]
Fitch Ratings has assigned Ghana’s new US dollar bonds, issued on 9 October 2024, a ‘CCC+’ rating. Fitch also has upgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’. Fitch has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) IDR at ‘RD’. Fitch typically does not assign Outlooks to IDRs of sovereigns with a […]
The Finance Minister, Dr Mohammed Amin Adam, has announced that the government has set aside GH¢8 billion to provide relief and mitigative measures for farmers affected by the recent dry spell. Speaking on the crisis, he acknowledged that while the response may not completely neutralize the impact of the drought, it will play a significant […]
Vice President, Dr. Mahamudu Bawumia says the Ministry of Finance is making arrangements to reimburse clients of companies liquidated by the Securities and Exchange Commission (SEC) during the financial sector clean-up exercise. The move, according to Dr. Bawumia, is aimed at bringing relief to affected investors while promoting transparency and accountability within the financial market. […]
President Nana Addo Dankwa Akufo-Addo has reassigned the Deputy Minister of Trade and Industry and Member of Parliament for Nhyiaeso, Stephen Amoah, as a Deputy Minister of Finance to replace John Kumah, who passed away on March 7, 2024. Mr. Amoah, until his re-designation, was the Deputy Minister of Trade and Industry. The re-shuffle was […]
The Minister of Finance, Dr Mohammed Amin Adam, has charged the Customs Division of the Ghana Revenue Authority (GRA) to put in more efforts to reduce revenue leakages at the entry points. He stated that notwithstanding the successes chalked up by the Customs Division, with the Tema Collection alone mobilising 95.03 per cent of its […]
The International Monetary Fund (IMF) has expressed its commitment to support Ghana’s newly appointed Minister of Finance, Mohammed Amin Adam, in executing reforms aimed at rehabilitating the nation’s economy. Ghana has been under an IMF bailout programme since May 2023. In a congratulatory letter to the Finance Minister, the Executive Director of the IMF, Kristalina […]
The Government has through the Ministry of Finance promised to immediately clear all five outstanding coupons owed pensioner bondholders. Government has also agreed to pay all outstanding principals in two weeks. The decisions follow a meeting Friday between officials of the Ministry of Finance and leadership of the Pensioner Bondholders’ Forum. The parties have scheduled […]
Finance Ministry says payment of coupons and principals in respect of the Domestic Debt Exchange Programme (DDEP) will start on March 13, 2023. According to a release issued by the Ministry, this only applies to old bondholders who did not sign up for the DDEP. “Secondly, in fulfillment of the assurance given by Government to […]
