The ministry of finance has affirmed that ongoing negotiations regarding debt restructuring with creditors have not culminated in failure. Through a tweet, the ministry clarified that an interim agreement has been reached between Ghana and bondholders, but adjustments are necessary to align with IMF debt sustainability targets. “Ghana and Bondholders reached an interim deal, which […] The post
By Ebenezer Chike Adjei NJOKU ([email protected]) Indigenous financial services provider, CalBank is aiming to raise GH¢600 million in fresh capital through a renounceable rights issue. This capital injection will aid the lender’s recovery from the effects of the Domestic Debt Exchange Programme (DDEP) and fuel its future growth plans. The move will offer existing shareholders […] The post
By Dr. Richmond ATUAHENE Abstract The present paper examines the issue of the current Ghana’s public debt crisis, its underlying causes and lessons for the present and the future. After providing a historical discussion, we show that the austerity of the last four years has been unsuccessful in stabilizing the debt while, at the same […] The post The
By Ebenezer Chike Adjei NJOKU [email protected] The Ghana Stock Exchange (GSE) is pushing for the reinstatement of the capital gains tax exemption on listed securities, with Managing Director Abena Amoah confident it would deepen investor participation and solidify the bourse’s gains. She believes the tax break, coupled with tax incentives for listing companies, would significantly […] The post
By Joshua Worlasi AMLANU In a comprehensive update on Ghana’s debt restructuring programme, Finance Minister Dr. Mohammed Amin Adam has highlighted the government’s ongoing efforts to restore fiscal sustainability and foster economic recovery. Speaking at a press briefing, the Minister emphasised the significance of upcoming discussions with bondholder representatives to advance restructuring engagements. “In the […] The post
Professor John Gatsi, economist and Dean of the University of Cape Coast Business School, has maintained that the indicative exchange rate used by the Bank of Ghana (BoG) is not reflective of the cost structure of business in the country. According to the central bank, the cedi depreciated at 6.8 percent against the US dollar […] The post Relative
Dext Technology Limited, a prominent education technology company in Ghana, has signed a memorandum of understanding with the University of Education, Winneba to enhance trainee teachers’ access to practical STEM tools. Through this partnership, Dext Technology Limited and the University will collaborate to explore various opportunities, including direct supply of STEM tools to the Department […] The post UEW
The latest data from the Bank of Ghana (BoG) has revealed that Ghana’s public debt climbed to a staggering GH₵610 billion as of December 2023. This figure reflects an Read More... The post Ghana’s Public Debt Hits
The government paid a total of GH¢300,385,317.52 as judgement debt between 2017 and 2022. The Ministry of Finance made this known in an updated information on judgement debt payment dated August 2023. The Ministry revealed that the payments were made to over 60 individuals and organisations. For instance, in 2017, Albert Osei was paid GH¢279,412.83; […] The post Over
The Deputy Health Minister-designate and Member of Parliament for Akim Oda in the Eastern Region, Alexander Akwasi Acquah, has proposed a strategy to address the issue of unemployed nurses by suggesting their training and exportation to generate funds for the country. Amid concerns raised by stakeholders about health professionals leaving Ghana due to unfavourable working […] The post Unemployed
Golden Star Wassa Ltd, through its Golden Star Development Foundation, on Thursday, February 1, 2024, cut sod to commence a series of development projects in its host communities. The beneficiary communities are Akosombo, Akyempim, Brofoyedur, Kubekro, Odumasi, Accra Town, Old Subri, Juaben, and Anyinabriem. The projects are estimated to be more than one million US […] The post Golden
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Recapitalisation efforts on track, profitability rebounds Stability Fund offers additional support Bank of Ghana Governor Dr. Ernest Addison has stated that recapitalisation of banks following the Domestic Debt Exchange Programme (DDEP) should continue without any significant hitches, on account of their performance in 2023, as well as the Ghana Financial Stability Fund (GFSF). Speaking during […] The post Banks
The World Bank Group yesterday, in principle, welcomed the agreement on key parameters of the proposed debt restructuring for Ghana reached by the Official Creditors’ Committee under the G20 Common Framework. This agreement, which is consistent with the Joint WB-IMF Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability in the country. “This […] The post
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The government is urgently seeking to build on the momentum of its debt restructuring efforts, following the recent agreement with official creditors to restructure debts extended to the country up until December 2022. Having overcome this hurdle, Reuters reports that government officials will re-engage with its international bondholders from next week, seeking to continue discussions […] The post
The government has announced that it has reached an agreement with its Official Creditors in restoring debt sustainability in line with the International Monetary Fund (IMF) programme targets. The government is seeking to secure the 2nd tranche of the IMF bailout after securing the 1st tranche in 2023. The government embarked on a Domestic Debt […] The post IMF
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