Tuesday, May 21

Business

Gateway to growth: Absa opens new office in China
Business

Gateway to growth: Absa opens new office in China

From left to right: (Klaus-Dieter Kaempfer - Chief Executive: Absa China, Dr. Siyabonga Cwele - South African Ambassador to the People’s Republic of China, Sello Moloko – AGL Board Chairman, Mr. Zhang Shengbin - the Deputy Director General of the Chinese Absa Group marks a historic milestone with the official launch of a non-banking subsidiary in the People’s Republic of China, fortifying the vital economic bridge between Africa and China. “The African continent is endowed with talent, mineral wealth and a young population – and is poised to play an increasingly influential role in global trade, as investors recognise its status as the last true frontier in global growth. Through this expansion, Absa Group isn't merely acquiring a new location; we're affirming our dedication to ...
MTN Ghana’s CFO Antoinette Kwofie Honoured at the 2024 Women of Impact Awards
Business

MTN Ghana’s CFO Antoinette Kwofie Honoured at the 2024 Women of Impact Awards

Antoinette Kwofie, Chief Finance Officer of MTN Ghana receiving a plaque Antoinette Kwofie, Chief Finance Officer of MTN Ghana, has been recognized as one of the Top 50 Women of Impact Honourees by Evoke Impact. This award celebrates outstanding women who have made significant contributions to their industries and communities through their consistent dedication to work. It also honours women who have broken barriers in non-traditional roles and are paving the way for future generations of female leaders. The citation presented to Antoinette reads—"It is with great honor and admiration that Evoke Impact recognizes you as one of the Outstanding Woman of Impact 2024, celebrating your outstanding achievements and transformative leadership in the field of finance. As an Executive ...
EIU Optimistic Ghana’s Debt-Carrying Capacity Could Improve in the Future
Business

EIU Optimistic Ghana’s Debt-Carrying Capacity Could Improve in the Future

The Economist Intelligence Unit (EIU) has expressed optimism regarding Ghana's debt-carrying capacity, foreseeing potential improvements in the future. According to the London-based firm, Ghana is expected to reach an agreement with its external debt holders soon. However, negotiations have been delayed due to creditors seeking to incorporate contingencies into their deals. Principal Economist and Risk Manager for Middle East and Africa at the EIU, Benedict Craven, highlighted Ghana's improving debt situation during a discussion on "Global Outlook: African Sovereigns at High Risk of Debt Distress." Craven explained, “In theory, there is a natural disincentive to letting things rumble on for far too long. That is the more reason the country gets in a limbo without a deal, the more...
Only 300 Businesses in Ghana Meet Criteria for AfCFTA Participation
Business

Only 300 Businesses in Ghana Meet Criteria for AfCFTA Participation

Shockwaves reverberate through Ghana's business landscape as it emerges that only a mere 300 out of 61,000 businesses in the country meet the criteria to participate in the Africa Continental Free Trade Area (AfCFTA) market, revealed Patrick Adu Osei, Chief Programme Officer of the National African Peer Review Mechanism Governing Council (NAPRM-GC). Speaking at an empowerment workshop for the African Peer Review Mechanism (APRM) District Oversight Committees (DOCs) on targeted review of Ghana and AfCFTA in Tamale, Mr. Osei underscored the imperative for businesses to align with AfCFTA requirements to capitalize on the trade opportunities it presents. The AfCFTA National Coordination Office was established by Ghana to prepare businesses for participation in the trade market, leading ...
Cedi hits GH¢14.18 to a dollar; year-to-date loss reaches 13.45%
Business

Cedi hits GH¢14.18 to a dollar; year-to-date loss reaches 13.45%

The depreciation of the cedi to the dollar continued unabated as the local currency hit GH¢14.18 to the American greenback on the retail market. This is coming despite the Bank of Ghana selling $20 million to the Bulk Oil Distribution Companies (BDCs) in the 51st auction. The local unit has so far lost about 13.45% to the US dollar, making it one of the poor-performing currencies on the African continent in 2024. The local unit began this week selling at GH¢14.05 to the dollar at most forex bureaus. Though analysts expected this auction to soak up some forex demand on the market, the prevailing corporate forex demand pressures continue to weaken the local unit. The local currency also lost major ground against the euro and the pound respectively. However, if Ghana ge...
IMF Urges Ghana to Boost Transparency in Energy Sector
Business

IMF Urges Ghana to Boost Transparency in Energy Sector

The International Monetary Fund (IMF) has called on the Ghanaian government to quarterly publish audit findings of the cash waterfall mechanism, aiming to enhance transparency and accountability within the country's energy sector. Finance Minister Dr. Amin Adam highlighted that this move is in response to an IMF directive aimed at ensuring a steady cash flow within the sector. The energy sector in Ghana is facing significant financial challenges, including a debt burden exceeding one billion dollars owed to independent power producers. The cash waterfall mechanism, introduced in July 2017, was designed to streamline revenue collection and distribution within the energy sector. However, its effectiveness has been limited, leading to challenges in its implementation. To address...
IMF Chief: Ghana’s Economy at Its Worst, But Set for Full Recovery
Business

IMF Chief: Ghana’s Economy at Its Worst, But Set for Full Recovery

By Francis Kyei The International Monetary Fund's (IMF) Mission Chief for Ghana, Stéphane Roudet, has declared that Ghana's economy has hit rock bottom but is now poised for a remarkable turnaround. Speaking in Washington DC, USA, Roudet stated that if the Ghanaian government continues to adhere to the IMF program as rigorously as it has in the past year, the nation will have weathered the worst of its economic storm. Responding to questions about potential economic shocks, Roudet expressed confidence in Ghana's recovery prospects, dismissing concerns about a short-lived rebound. He emphasized that the key to fully restoring macroeconomic stability lies in the government's strict adherence to the IMF program. Roudet went on to laud Ghana's performance under the IMF program...
Finance Minister Reveals Progress in Ghana’s Debt Restructuring Talks
Business

Finance Minister Reveals Progress in Ghana’s Debt Restructuring Talks

Finance Minister, Dr Mohammed Amin Adam, has disclosed that bilateral creditors, through the Official Creditor Committee, have distributed a draft document on Ghana's debt restructuring to members for consideration. This development, he stated, could pave the way for an agreement on the Memorandum of Understanding (MOU) in the near future once the draft is accepted by the creditors. Speaking at a press conference in Washington DC, USA, on the sidelines of the IMF/World Bank Spring Meetings, Dr Amin Adam expressed optimism about the ongoing negotiations. "The Official Creditor Committee has shared the draft document with their members, and as soon as they share the document with us and we are okay with that, then we have an agreement," he explained. Regarding the IMF's role i...
Ghana, Ivory Coast, Plan to Reform Cocoa Industry
Business

Ghana, Ivory Coast, Plan to Reform Cocoa Industry

By Enoch Siaw Ntiamoah Ghana and Ivory Coast have taken a significant step towards strengthening their cooperation in the cocoa sector by establishing a joint Cocoa Secretariat in Accra. This collaborative effort aims to advocate for common reforms in the cocoa industry, ensuring that cocoa farmers in both countries receive the support and benefits they deserve. The Ghana-Ivory Coast Cocoa Secretariat will serve as a platform for coordinating efforts to address key challenges facing cocoa farmers, including issues related to pricing, market access, and sustainability. One of the primary objectives of the Secretariat is to advocate for better payment for cocoa in the international market, ensuring that farmers receive fair compensation for their produce. President Akufo-A...
NDC added more to Ghana’s debt stock than NPP – Danquah Institute
Business

NDC added more to Ghana’s debt stock than NPP – Danquah Institute

The Director of Research at the Danquah Institute, Dr Frank Bannor has said that the main opposition National Democratic Congress (NDC) added more to Ghana’s debt stock when they were in government than the New Patriotic Party administration. Presenting an overview of the debt situation of Ghana at a press conference in Accra on Wednesday, April 17, Dr Bannor stated that governments borrow because revenue projections are made during the beginning of the fiscal year, during the reading of the annual budget statement. However, these revenues do not flow in at a rate to match the rate of expenditures. These in-year fluctuations are managed through short-term debt financing, he said, Following the attainment of the Highly Indebted Poor Countries (HIPC) completion and external ...