The Ministry of Finance has transferred GH¢350 million from the Contingency Fund to the National Disaster Management Committee to support emergency relief and flood mitigation efforts following the recent devastating floods that affected parts of the country. The release of the funds follows a directive by President John Dramani Mahama to Finance Minister Dr Cassiel […]
Government has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved. Central banks globally are increasingly stockpiling bullion as soaring prices boost its appeal as a reserve asset. Ghana, Africa’s top […]
An International Monetary Fund (IMF) staff mission is expected in Accra from April 29, 2026, for Ghana’s sixth and final review under its Extended Credit Facility programme. The mission is expected to stay in the country for about two weeks, with the first official engagements likely to begin on Thursday, April 30, 2026. JOYBUSINESS understands […]
An Associate Professor of Finance at Andrews University in the US has urged Ghana to urgently establish a Gold Stabilisation Fund to protect the economy against future shocks from falling gold prices. Speaking on Joy News’ PM Express on Wednesday, Prof. William Kwasi Peprah said Ghana’s new Gold Board framework is a good idea but […]
Government has paid GH¢10 billion in interest under the Domestic Debt Exchange Programme (DDEP), marking a major milestone in the country’s fiscal consolidation efforts. The payment, announced on Wednesday, is the sixth coupon settlement under the programme and the second made entirely in cash, with no Payment-In-Kind component. The full cash settlement covers cedi-denominated DDEP […]
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. […]
