BUSINESS

President Nana Addo Dankwa Akufo-Addo has reiterated that Ghana’s economy was doing well prior to the outbreak of the Covid-19 pandemic and the Russia-Ukraine war. This, he said, is a fact that the Managing Director of the International Monetary Fund (IMF) has recognised. Mr Akufo-Addo indicated that due to political advantage some people are seeking to take, they are unable ...

An Economist, Dr. Sa-ad Iddrisu has explained that China may be willing to negotiate with Ghana bilaterally regarding its external debt cancellation request. He said China would not want to participate in the external debt restructuring programme on a multilateral basis, but rather stage negotiations on a bilateral basis with the country in debt in order to lay down its ...

Official documents seen by JOY NEWS show that the vessel alleged to have shipped 600,000 barrels of Russian crude oil to Ghana had its port of loading in Kazakhstan. Bloomberg first broke the story and tracked the vessel, MT Theseus “from a port in the Black Sea”. JOY NEWS can now confirm the exact port of loading was Aktau, Kazakhstan. ...

Trading activity on the bond market rebounded sharply as total turnover jumped by 453.25% to ¢750.36 million. This is coming following the beginning of trading of new bonds. The new Government of Ghana bonds saw an aggregate traded volume of ¢44.47 million. According to trading activity, the market saw very little activity in the opening days, but witnessed some volumes ...

The Institute for Energy Security (IES) has said it has noted of a roughly 600,000 barrels crude oil consignment that arrived at the Tema port on Friday 26th February 2023 aboard the vessel MT Theseus, which Bloomberg reports as “Russian Oil to be stashed in Ghana as pool of buyers shrinks”. IES said documents it has intercepted suggest that Planton ...

So where is the 600,000 barrels of crude oil from Russia that arrived at the Tema harbour? And who procured that cargo and for what purpose? Three central questions have emerged since Bloomberg broke the story that “a cargo of Russian oil is heading for storage tanks in Ghana”. The questions have become critical because of the clarity with which ...

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0. The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market. This was despite increased ...

Prices of petrol and diesel are expected to fall between 3.7% and 4.04% per litre, beginning Thursday March 1, 2023. According to the Chamber of Petroleum Consumers (COPEC), this follows a decline in the prices of the products on the world market, despite a marginal depreciation of the cedi to the dollar during the period. “These expected drop in prices ...

A cargo of Russian oil is heading for storage tanks in Ghana, a nation that exports crude itself and is on the doorstep of two regional supply powerhouses. The development suggests that traders could be scouring the market for new buyers of Russian barrels after the European Union stopped almost all seaborne imports from the country in December. The bloc’s ...

Representatives of bondholders who did not subscribe to the Domestic Debt Exchange Programme (DDEP) have raised doubts about the assurances given by the Ministry of Finance to pay coupons on old bonds by Monday, March 13. The Ministry, in a statement on Monday, February 27, assured that administrative steps are being taken to ensure that coupons and principals on old bonds are ...