BUSINESS

The Ghana Cocoa Board (COCOBOD) has revised the deadline for its debt exchange programme to Thursday August 3 from the initial announcement of August 4 2023. This, the Board explains is in compliance with the directive regarding the observation of August 4 as a statutory public holiday. On July 14, the Ghana Cocoa Board (COCOBOD) launched a debt securities exchange ...

Fuel prices have seen upward adjustments at the pumps barely 24 hours after the Minister of Finance, Ken Ofori-Atta, presented government’s mid-year budget review. A visit to the pumps by 3news.com on Tuesday, August 1 showed that Petrol and Diesel are selling at GH¢12.95 per litre from the previous GH¢12.45. Speaking in an exclusive interview on TV3‘s New Day on ...

A Professor at the University of Ghana Business School Godfred Bokpin has observed that the Bank of Ghana which is supposed to be the lender of a last resort is in need of a bailout programme from a government that is running a programme with the International Monetary Fund (IMF). He explained that if banks need liquidity support, they all ...

Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has warned the government against actions that can disturb the release of the second tranche of the 3 billion IMF cash. This was after he said that the Mid-Year budget review that was presented by Finance Minister Ken Ofori-Atta was a rehash of the International Monetary Fund ...

The government of Ghana has initiated an alternative offer for pension funds exchange, inviting holders of domestic notes and bonds from the central government, E.S.L.A Plc, and Daakye Trust Plc. The aim is to exchange approximately GHS 31 billion principal amount of eligible bonds for a package of new bonds. In a statement released on Monday, 31 July 2023, the ...

Mr Joseph Yeebo Sampana, the fifth prosecution witness in the trial of Prince Kofi Amoabeng, Chief Executive Officer of the defunct UT Bank Ghana, others said the three of Ghana Exim Bank’s investments with the UT Bank were consolidated by the GCB. He said these investments amounted to GH₵ 25,877,825 and aside from that amount, GCB also took over another ...

The Bank of England has estimated it will require the Treasury to transfer a total of £150bn by 2033 to cover expected losses on the central bank’s quantitative easing programme, up from a previous calculation of £100bn. The transfers represent both the continuing cash flow losses on the QE scheme — under which the BoE bought large volumes of gilts ...

Former Finance Minister Seth Terkper has said that the proposed changes in Ghana’s fiscal accounting from cash to commitment basis as announced in the mid-year budget review presented by Finance Minister Ken Ofori-Atta, is retrogressive. Presenting the mid-year budget, Mr Ofori-Atta told Parliament that Ghana’s economy is showing signs of stabilization. He said the implementation of on-going fiscal adjustments and ...

Ghana’s total petroleum receipts (i.e. proceeds from liftings and other petroleum receipts) as of December 2022, amounted to US$1.43 billion, Finance Minister Ken Ofori-Atta has told parliament in his mid-year budget review on Monday, 31 July 2023. This amount comprises receipts from: the 63rd to the 68th liftings from the Jubilee field; the 20th and 21st liftings from the Tweneboa ...

The Minister of Finance Ken Ofori-Atta has said that overall first-quarter growth for 2023 was 4.2 percent, up from 3 percent recorded for the same period in 2022. This growth, he said, largely reflected an increase in the Services Sector which recorded a growth of 10.1 percent. Presenting the 2023 mid-year budget review in Parliament on Monday, July 31, he ...