News Archives

Jan 3, 2016

Major Economic Highlights in 2015


Accra, Dec 31, GNA - Inflation rate remains at 17 per cent in December

Accra, Jan. 14, GNA - The December year-on-year inflation rate remained at 17 per cent, same recorded in November.


Third Ghana Economic Outlook and Business Strategy conference launched

Accra, Jan 14, GNA - The Africa Business Media (ABM), publishers of the Ghana Business and Finance Magazine, in collaboration with the Private Enterprises Federation, launched the third edition of the Ghana Economic Outlook and Business Strategy conference.

We’ll change 2015 budget if necessary in light of falling crude oil prices


Accra, Jan. 16, GNA - Mr Seth Terkper, Minister of Finance stressed that his ministry was mindful of the falling crude oil prices on the global market and was currently putting together a report on the impact of the reductions to Cabinet.


French Company establishes Cocoa Processing Factory


Accra, Jan 26, GNA - Cocoa Touton Processing Company Limited (CTPC), a subsidiary of Touton S.A. of France signed a bean supply agreement with Ghana Cocoa Board (COCOBOD) to process cocoa beans locally.


Government to decouple Economic Planning from Finance Ministry


Accra, Jan. 28, GNA – The Government is to decouple Economic Planning functions from the Ministry of Finance and Economic Planning which will strengthen development management by more closely linking plans with budgets.


President Mahama inaugurates Ghana EXIM bank Taskforce


Accra, Feb 11, GNA - President John Dramani Mahama stated that the establishment of a Ghana Export and Import Bank (EXIM) would move the country from import dependent to a large scale exporter.


Inflation rate falls to 16.4 per cent in January


Accra, Feb 11, GNA -The year-on-year inflation rate stood at 16.4 per cent in January, down by 0.6 percentage points from 17 per cent recorded in December on stable food prices and drop in oil prices.


BoG maintains monetary policy rate


Accra, Feb. 18, GNA – The Bank of Ghana (BoG) maintained the monetary policy rate at 21 per cent.


Ghana’s domestic debt now GH¢ 34.6 billion – BoG


Accra, Feb. 18, GNA – Ghana’s stock of domestic debt stood at GH¢34.6 billion or 30.5 per cent of Gross Domestic Product (GDP) at the end of 2014; up from GH¢ 26.7 billion (28.4 per cent of GDP) in 2013.


Many Ghanaian businesses are collapsing – survey

Sunyani, Feb. 19, GNA – A survey conducted by the College of Community and Organisation Development (CCOD), a Sunyani-based Technical University, revealed that four out of every five private business organisations in the country collapsed in the fifth year of establishment.


President Mahama swears-in NDPC governing Board members


Accra, Feb 23, GNA - President John Dramani Mahama said plans were far advanced to migrate the Economic planning sector of the Ministry of Finance to the National Development Planning Commision (NDPC).


Government and IMF agree on Bailout programme worth $940 million


Accra, Feb 26, GNA - Government has agreed on a three-year programme with the International Monetary Fund (IMF) worth $940 million dollars aimed at overcoming the country’s economic challenges, supporting stronger economic growth and lower inflation.


Energy crisis could disrupt Ghana’s economic growth


Accra, Feb 27, GNA - Mr Emmanuel Asiedu Mante, Deputy Governor of the Bank of Ghana, expressed concern about the negative effects of the energy crisis on the Ghanaian economy.


Parliament summons Finance Minister on Powership agreement


Accra, Feb 20, GNA- Parliament summoned the Minister of Finance, Mr Seth Tekper, to appear before the House to clarify the terms of the agreement between the Electricity Company of Ghana (ECG) and Karpowership Company (Ghana) Ltd for the supply of 450 megawatts of power.


DIC fails to recover over 21 million dollars on sale of state enterprises


Accra, March 04, GNA - Finance Minister Seth Terkper disclosed that the Divestiture Implementation Committee (DIC) failed to recover an amount of US$21.3 million and GHc4 million from the sale of five state-owned enterprises to private individuals and institutional investors.


TOR needs US67 million to enhance operations

Accra, March 25, GNA - Petroleum Minister Emmanuel Armah Kofi Buah said that more than US67 million would be needed for the Tema Oil Refinery’s (TOR) plant stabilization and profitability enhancement project.


SG Ghana to increase its stated capital to GH¢100 million through Bonus Issue


Accra, March 31, GNA - Shareholders of Societe General (SG) Ghana Limited approved a proposal by the Bank to raise its stated capital from GH¢62,000,000.00 to GH¢100,000,000.00, in accordance with the Basel II Accord, which requires banks to maintain sufficient capital reserves to support their risk appetite.


President Mahama appeals to AGRA to educate Ghanaians


Accra, April 1, GNA - President John Dramani Mahama called on the Alliance for Green Revolution in Africa to help change the perceptions of young people that agriculture was a subsistence venture reserved for rural folks.


IMF approves 3-year Extended Facility Programme


Accra, Apr 04, GNA - The Executive Board of the International Monetary Fund (IMF) approved a three-year Extended Facility Programme (EFP) amounting to SDR 664.2 million (about US$ 918 million)


BOG institutes measures to enhance corporate governance in banks


Shama, April 26 GNA – The Bank of Ghana (BOG) in a bid to strength the country’s financial institutions instituted measures to enhance good corporate governance, Mr Raymond Amanfu, Director and Head of Other Financial Institutions Department of the BOG announced at Shama in the Western Region.


VRA subsidiary board members inaugurated and sworn in


Accra, May 6, GNA - Dr Kwabena Donkor, Minister for Power swore in three Board Members of subsidiary companies of the Volta River Authority (VRA) to support the VRA market competitive strategy.


USAID launches programme to eliminate barriers to cross-border trade


Accra, May 14, GNA -The United States Agency for International Development (USAID) launched a new programme aimed at eliminating barriers to cross-border trade in staple foods and increase food security within West Africa.


Government to re-engage 400 "galamseyers"


Kyebi, June 17, GNA - President John Dramani Mahama announced that government would engage a total of 400,000 youth under the alternative livelihood programme to dissuade them from engaging in illegal mining.


PURC announces increases in electricity, water tariffs


Accra, June 30, GNA - The Public Utilities Regulatory Commission (PURC) reviewed Electricity and Water tariffs with an increase of 51.73% for Electricity and 15% for Water for third quarter of 2015, effective 1st July 2015.


Parliament okays Petroleum Revenue Management Bill


Accra, Jul 10, GNA – Parliament passed the Petroleum Revenue Management (Amendment) Bill, 2015 into law.


KIA CEPS exceeds revenue target


Accra, Jul 23, GNA - The Kotoka International Airport (KIA) collection of the Customs Excise and Preventive Service (CEPS) exceeded its revenue target for the first two quarters of this year.


Germany signs two financial agreements with Ghana


Accra, Aug 05, GNA - The German government signed two financial cooperation agreements with the Ministry of Finance to support the implementation of the national budget and provide long term finance for agricultural activities


SEND-Ghana disburses GH¢121, 750.00 credits to farmers


Chamba (N/R), Aug.21, GNA – The Chamba Community Cooperative Credit Union Limited with the support of SEND-Ghana, a non-governmental organization disbursed a total of GH₵121,750.00 credit to some small scale farmers in Chamba community in the Nanumba North district of the Northern region.


African Union applauds Ghana’s inclusive approach to Long-term Planning


Accra, Nov. 5, GNA - A delegation from the African Union (AU) applauded the Ghana’s National Development Planning Commission (NDPC) for its inclusive approach to preparing a long-term national development for Ghana.


President Mahama calls for patronage of Ghanaian products


Accra, Nov 24, GNA - President John Dramani Mahama called on Ghanaians to change their mind set and attitudes on consumption of Ghanaian goods and services.


Producer price inflation falls to 2.8 per cent in October


Accra, Nov 25, GNA - The year-on-year inflation from the Producer Price Index (PPI) for all industry was 2.8 per cent in October 2015, representing a 2.0 percentage points decline from the 4.8 percentage points recorded in September, 2015.


GcNet presents dividends payment to Government


Accra, Nov. 25, GNA – Dr Nortey Omaboe, Executive Chairman of the Ghana Community Network Systems (GcNet) presented a cheque of GH¢ 12 million to the Ministry of Finance as its 2015 interim dividend payment due to Government.


Ghana Employers Association advocates for stakeholder dialogue on energy


Accra, Nov 25, GNA -  The Ghana Employers Association (GEA) declared its intention to spearhead a sustained dialogue with government to consider private sector investment in the power distribution network as a way of solving the energy crisis.


Broll Ghana hosts West Africa Property Investment Summit 2015


Accra, Nov.26, GNA - Mr Kofi Ampong, Chief Executive Officer of Broll Ghana Limited, property managers, has described the inaugural West Africa Property Investment Summit 2015, as the milestone in the development of business in Ghana and Nigeria.


Parliament sharply divided on merits of 2016 budget


Accra, Nov 27, GNA - Parliament began debate on the 2016 budget statement and economic policy of government, with a markedly sharp division between both sides of the House on the merits of the fiscal plan.


Financial inclusion is critical for young people - World Bank


Accra, Nov 28, GNA – Financial inclusion is critical for young people in Ghana, Ms Kathleen Beegle, the Programme Leader of the World Bank Country Office in Ghana has said.


NIC unveils new logo


Accra, Nov. 30, GNA - The National Insurance Commission has unveiled its new logo to reposition itself and offer quality service to its clients in an effective and efficient manner.


Ireland seeks lasting business partnership with Ghana


Accra, Dec 7, GNA - Ireland announced the building of lasting business partnership with Ghanaian companies to be part of the country’s future growth, the Minister for Agriculture, Food and the Marine, Mr Simon Coveney said.


PURC announces major tariff increment for domestic consumers


Accra, Dec. 7, GNA - The Public Utilities Regulatory Commission (PURC) reviewed upwards electricity and water tariffs, with hikes of 59.2 percent for electricity and 67.2 percent for water for domestic consumers across board.


Parliament approves 2016 budget


Accra, Dec 09, GNA – Parliament approved the proposed 2016 budget and financial statement of government, with emphasis to establish more Exim Banks to support the nations’ export drive.


Finance Minister launches Citizens’ Budget


Accra, Dec. 15, GNA - The Ministry of Finance launched the third edition of the citizens’ budget, which translates the 2016 national budget into seven local languages to aid easy understanding by citizens.


Government drafts new Public Financial Management Bill


Accra, Dec. 22, GNA – A new Public Financial Management and Accountability (PFM) Bill is being drafted to replace the existing financial administration Act and its regulations of 2013.


Parliament ratifies USD One billion Eurobond


Accra , Dec 23, GNA – Parliament approved a request by government to raise an amount of One Billion dollars from the European Bond Market to support the 2016 budget and to finance the country’s recurrent expenditure.


Petroleum Minister receives Greater Jubilee Full Field development plan


Accra, Dec 23, GNA - Tullow Ghana, operators of Jubilee Field, and Kosmos, operators of Mahogany and Teak presented a Plan of Development (PoD) for the Greater Jubilee Full Field to Government ahead of schedule. – GNA