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The well-known pen company, BIC has moved its pen production activities from Ghana to Ivory Coast as a result of the country's ongoing economic difficulties, according to Dr. Cassiel Ato Forson, the Minority Leader in Parliament.  This move highlights a trend in which businesses that were once founded in Ghana are choosing to relocate their manufacturing sites to nearby nations in order to take advantage of more advantageous economic conditions. Related To This: We Have Not Turned Any Corner – Mahama Disputes Ofori Atta's Claim On Economic Progress On Monday, March 11, at President Akufo-Addo's 2024 state of the nation speech, the Ajumako-Enyan-Essiam MP asked the government to move quickly to address these issues. He emphasized the dissatisfaction among Ghanaian youth regarding the country's economic management, signaling a pressing need for concerted efforts from those in authority to address these concerns comprehensively. Dr. Ato Forson expressed disappointment ove...

During the recent debate on the State of the Nation Address (SONA), the Minority in Parliament raised serious allegations against the management of the Bank of Ghana (BoG), accusing them of engaging in illicit actions related to the write-off of approximately GH¢48 billion in government debt. The caucus claims that these activities have resulted in the insolvency of the central bank. Related To This: BoG's 2022 Losses Were Needed To Save Ghana's Economy - BoG Governor Dr. Cassiel Ato Forson, the Minority Leader, stressed the importance of holding the BoG's management accountable for their actions. He stated, "The Bank of Ghana is now bankrupt and exists in name only. In 2022, the Central Bank reported a staggering loss of over GHȼ60.8 billion and a negative equity exceeding GHȼ55 billion." Furthermore, Forson alleged, "The Governor of the Bank of Ghana and his two deputies unlawfully and excessively printed money to fund the government's inflated expendit...

During an interview on February 29, 2024, Seth Twum-Akwaboah, the Chief Executive of the Association of Ghana Industries (AGI), highlighted that Ghana is losing its competitive edge in the West African region due to escalating business costs.  He attributed this challenge to the burdensome tax regime faced by businesses, forcing some enterprises to relocate operations outside the country in a bid to maintain competitiveness. Related To This: African Presidents Convene In Rome for Italy-Africa Summit Twum-Akwaboah pointed out that Ghana stands out as the most expensive country for doing business compared to its regional counterparts. He emphasized the urgent need for the government to reassess its policy measures to create a more conducive environment for private sector growth. Expressing concern over the high cost of finance in the country, Twum-Akwaboah noted that many enterprises are grappling with the exorbitant borrowing rates, hindering their ability to sustain operations. Des...

The Bank of Ghana (BoG) has announced a significant revision to the balance and transaction limits of customers' mobile money wallets, set to take effect from March 1, 2024. This move comes as a response to the growing trends in transactional activities and evolving customer demands within the digital payment landscape. Related To This: Government Announces The Revision Of The Electronic Transfer Levy. The Ghana Chamber of Telecommunications conveyed this update, highlighting the adjustments aimed at accommodating the increasing volume of mobile money transactions and catering to the shifting needs of customers across the country. In the revised limits, daily transaction thresholds for different account tiers have been adjusted upwards to align with the changing financial behaviors and requirements of mobile money users. Here's a breakdown of the updated limits: Minimum Account - Previous Daily Limit: GH¢2,000 - Revised Daily Limit: GH¢3,000 - Previous Maximum Limit: GH¢3...

President Akufo-Addo has moved to allay concerns regarding the recent reshuffle at the Finance Ministry, assuring Ghanaians that the country's deal with the International Monetary Fund (IMF) remains unaffected. Following the announcement of a ministerial reshuffle on February 14, which included changes at key institutions like the Finance Ministry, questions arose about the impact on Ghana's IMF agreement. Related To This: SONA 2024: Ghana to Launch Performance Tracker for Government Projects In his State of the Nation Address on February 27, President Akufo-Addo emphasized that the new Finance Minister will continue to guide Ghana's economic recovery without deviating from the terms agreed upon with the IMF. The President acknowledged the challenges faced by various sectors of the economy during the recent economic turmoil, particularly the depreciation of the cedi. However, he highlighted significant improvements and stability across these sectors. Key economic indicators...

The International Monetary Fund has acknowledged that Ghana's hard-working reform and policy measures under the program it supports are starting to show promise. The IMF claims that signs of economic stability are starting to show. Director of Communications Julie Kozack said, "Vibrant inflation has been declining quickly, and growth in 2023 has shown to be more resilient than first thought. The nation's external and budgetary conditions have improved, and exchange rate volatility has decreased." Related To This: Commit to Bailout Program Rules - IMF to Ghana She emphasized that progress is being made in the comprehensive debt restructuring by the government and the Bank of Ghana. On January 12 of last year, the domestic debt swap was effectively completed.  The government has reached a preliminary agreement with its official bilateral creditors, and efforts are underway to engage with external private creditors for support. Madam Kozack emphasized, "Looking ahe...

US-based economist, Dr. Dennis Nsafoah, advocates for a meticulous review of the Bank of Ghana's Inflation Targeting (IT) framework, following two decades of moderate success. Dr. Nsafoah underscores the critical need for a comprehensive evaluation, echoing the sentiments expressed by Vice President Dr. Mahamudu Bawumia. He emphasizes that despite the Central Bank's proactive endeavors—ranging from pioneering digital currency initiatives to bolstering debt sustainability—achieving the fundamental objective of price stability remains a persistent challenge. Related To This: Fitch Solutions Predicts BoG to Cut Policy Rate to 28% in March 2024 Notably, Dr. Nsafoah points out the absence of a legal obligation in Ghana mandating regular reviews of the Central Bank's mandate, highlighting the imperative for a sweeping reassessment after the IT framework's 20-year trajectory of moderate accomplishments. The esteemed Assistant Professor at the University of Niagara calls upon ...

The General Agriculture Workers Union (GAWU) has forecasted that food prices will remain high until the harvesting season begins in June, despite a recent decrease in food inflation to 27.1% in January 2024. Related To This: Ghana's Inflation Inches Up to 23.5% In an interview with Joy Business, General Secretary Edward Kareweh cautioned that the current lean season of production, coupled with the absence of widespread rainfall and ongoing lack of foodstuff harvesting across the country, will contribute to sustained high food prices. Kareweh highlighted that staple crops like maize and rice are not being harvested in most regions, and the country is relying on last year's produce for consumption. He emphasized that until the Southern parts of the country begin their harvest around June/July, food prices are unlikely to decrease. Related To This: Food Prices Will Rise Significantly If Imports Of 21 Items Are Restricted - GAWU Additionally, he noted that specific sub-classes, i...

According to Dr. John Kumah, the deputy minister of finance, the government received GH¢1.19 billion in revenue from the E-levy in 2023.  This significant sum has been thoughtfully distributed between programs like the National Entrepreneurship and Innovation Program and the Ghana Enterprise Agency's YouStart Program, which are designed to address unemployment. Related To This: "Scrap E-Levy And Review Covid-19 Levy In 2024 Budget" - Businesses To Government Dr. Kumah stressed the government's resolute commitment to use these monies to give young people access to employment possibilities. Speaking at the Wealth and Jobs Expo Ghana media launch, he urged Ghanaians to trust their government's endeavors to strengthen the country's economy. He said, "Last year, E-levy generated GH¢1.19 billion, and as part of addressing the job situation, the government has allocated funds through YouStart from this E-levy revenue to GEA and NEIP to tackle unemployment in the...

Edward Nana Yaw Koranteng, the CEO of the Minerals Income Investment Fund (MIIF), has been given a seven-day ultimatum by the Mines and Energy Committee in Parliament, which is demanding further information regarding the $12 million that was purportedly spent on the failed Agyapa Royalties deal. By February 27, 2024, Mr. Koranteng has to give the committee the information they have asked. Related To This: Parliament Summons MIIF CEO Over $12 Million Expenditure in Agyapa Royalties Deal Mr. Koranteng disclosed the $12 million expense to the Public Accounts Committee (PAC) of Parliament, attributing the decision to counsel from foreign consultants employed by the Ministry of Finance. Public outcry over the revelation has prompted the National Democratic Congress (NDC), which, should they win the next elections, has promised to look into and bring charges against public servants and anyone connected to the contentious deal.  Sammy Gyamfi, the NDC's National Communications Officer, de...

In response to the government of Ghana's reported expenditure of $12 million on the terminated Agyapa Royalties deal, the Mines and Energy Committee of Parliament has taken action and formally contacted the Chief Executive Officer of the Minerals Income Investment Fund (MIIF) to provide comprehensive information and evidence.  Related To This: Agyapa Deal: MIIF CEO Might be Called to Address More Queries - Atta Akyea The Committee, led by Samuel Atta Kyea of Abuakwa South, acknowledged the public conversation surrounding the matter in a letter dated February 20, 2024, and asked for answers to direct the Committee's next actions. The Committee requested that MIIF provide them with information and proof regarding the purported $12 million spent on the Agyapa Royalties agreement in a letter signed by Senior Assistant Clerk Benjamin Tachie Antiedu.  The Committee set a deadline for the submission of this information by Tuesday, February 27, 2024, emphasizing the importance of acqu...

The chairman of Parliament's Mines and Energy Committee, Samuel Atta Akyea, has hinted that the $12 million cost connected to the canceled Agyapa Minerals Royalties agreement may come under closer examination.  The Minerals Income Investment Fund (MIIF) CEO, Edward Nana Yaw Koranteng, may be asked to provide the Public Accounts Committee (PAC) of Parliament with comprehensive expense breakdowns. Related To This: Government Spent $12 Million Expenditure on Scrapped Agyapa Royalties Deal - MIIF CEO In reaction to charges of wrongdoing pertaining to the transaction, Atta Akyea emphasized the need of accountability when handling public funds. He stressed that issues involving public finances need to be carefully investigated in order to maintain openness and avoid conjecture about the use of large amounts of money. Atta Akyea suggested that inviting Koranteng before the committee would provide an opportunity to dissect the components of the considerable expenditure. Highlighting the im...

The Electricity Company of Ghana (ECG) took the drastic step of disconnecting Accra Academy from the national grid on Monday, leaving the senior high school campus in total darkness.  Students were left to study by torchlight as the blackout raised concerns among guardians and stakeholders, sparking controversy about utility services in second-cycle institutions nationwide. Related To This: Darkness Engulfs Accra Academy as ECG Disconnects School Over Unpaid Arrears Reports indicate that the school has amassed a debt of approximately GHS500,000 in post-paid electricity bills since July 2023. ECG's External Communications Manager stated that the school will remain disconnected until it fulfills specific requirements aligned with the company's revenue collection efforts. Laila Abubakari, speaking on Joy FM, highlighted that one condition for reconnection is settling at least 50% of the outstanding bills. Related To This: Dumsor Has Been Resolved - Deputy Energy Minister Assures...

The Electricity Company of Ghana (ECG) threatened to cut off the electricity to the Accra Sports Stadium because the stadium owes the nation's power distributor GH¢400,000. As personnel try to get the venue ready for Friday's Olympic football qualifier between Ghana's Black Queens and Zambia's women's national team in Paris 2024, the connection was cut off on Monday night. Related To This: Darkness Engulfs Accra Academy as ECG Disconnects School Over Unpaid Arrears ECG has already taken similar legal proceedings against the stadium for outstanding bills. The National Task Force of ECG turned off the stadium's electricity in March 2022 because of a GH¢508,000 deficit. Similar circumstances have already been encountered by other National Sports Authority (NSA)-managed facilities.  For instance, in April 2023, the Northern Electricity Distribution Company (NEDCo) disconnected power to the Aliu Mahama Stadium in Tamale for owing GH¢466,000. Despite the debt-related...

Concerns regarding chronically high perceptions of corruption at Ghana's ports were brought up by Finance Minister Dr. Mohammed Amin Adam during a recent visit to the Commissioner-General of the Ghana Revenue Authority (GRA).  He emphasized the continuous losses in revenue that are a result of the actions of shipping businesses, clearing agencies, and certain customs officers. Related To This: New Finance Minister Reaffirms Ghana's Commitment to IMF Programme After President Akufo-Addo reorganized the cabinet, Dr. Amin Adam took office and stressed the significance of addressing loopholes to optimize revenue production for the country's development. He emphasized the necessity of coordinated efforts to improve the efficiency and openness of revenue collecting procedures during his visit on February 19. Dr Amin Adam urged the expansion of the E-VAT mechanism and the reduction of human contact in revenue processes through a faceless assessment system. He emphasized the urgenc...

Poultry farmers in Ghana are urgently appealing for government intervention to rejuvenate the sector, as the importation of poultry products reached GH¢868.8 million in 2023, constituting approximately 7.7% of total imports. Kwame Anim Somuah, President of the Greater Accra Poultry Farmers Association, highlighted the financial strain on farmers due to high borrowing costs, particularly affecting those reliant on egg production for sustenance. READ ALSO: Ghana's Leading Cocoa Factories Forced to Close due to Shortages He expressed the difficulties faced by farmers in maintaining their businesses without government support, especially when faced with losses and high-interest bank loans. The lack of assistance exacerbates the challenges faced by poultry farmers in Ghana. Isaac Awuzah, CEO of GAPFA, underscored the industry's commitment to enhancing local production and reducing dependence on imports. He mentioned the acquisition of a new machine to significantly increase product...

Ghana's cocoa processing units have fallen silent as a shortage of beans worsens in the world's second-largest cocoa grower. Companies such as Cargill Inc., Cocoa Processing Co. Ltd., and Niche Cocoa Ghana Ltd have had to intermittently shut down their units in recent months, impacting the local industry. Related To This: Ghana Might Lose Its Position As Best Exporter Of Cocoa – Fair Trade Ghana Network The effects of the bean shortage are evident around Cargill's factory in Tema, Ghana, where chimneys stand idle, and machinery remains silent. The absence of the usual chocolate aroma in the air is a stark reminder of the crisis facing the cocoa industry in the region. The situation has been exacerbated by extreme weather conditions, including heavy rains and the scorching Harmattan winds, which have damaged cocoa crops in West Africa. This has led to delays in harvests, the spread of diseases, and a potential decrease in global cocoa supplies, causing concerns about shortag...

Tema Oil Refinery (TOR) Board Chairman David Adomako has submitted his resignation from the board, citing recent refinery events as the catalyst for his decision. Allegations of opaqueness in transactions pertaining to a partnership arrangement between TOR and Tema Energy and Processing Limited (formerly Torentco Asset Management Limited) are the background to Mr. Adomako's resignation. The General Transport Petroleum and Chemical Workers Union (GTPCWU) and other TOR employees have accused management and the Board of being opaque in their handling of this partnership agreement. Related To This: OSP Orders TOR To Abandon Proposed Collaboration With Tema Energy Limited Reasoning Behind Resignation Mr. Adomako wrote to the president expressing a lack of capacity to appropriately address the difficulties the company was facing. He underscored the complex task of resolving TOR’s issues and underscored the critical need for renewed dedication and consensus among various stakeholders for...

Seth Terkper, a former Finance Minister, has raised doubts regarding the appointment of Dr. Mohammed Amin Adam as the new Finance Minister by President Akufo-Addo.  Terkper voiced reservations about the timing of this change, particularly in the context of Ghana's ongoing IMF program. Related To This: Akufo-Addo’s Ministerial Reshuffle is Politically Motivated - Minority Terkper highlighted concerns about Dr. Adam's capacity to influence significant economic policies within the remaining timeframe, especially with the upcoming general elections. Given the President's authority over budget and economic policy decisions, Terkper underscored the potential hurdles Dr. Adam might encounter in effecting substantial policy alterations within the constrained timeframe. In an interview with Accra-based Citi FM on February 15, Terkper advised the Ghanaian public to temper their expectations, suggesting that drastic shifts in economic policies might not be feasible in the current cir...

The chiefs of Mfantseman are advocating for the establishment of factories as part of the Ewoyaa Lithium mining project to generate employment opportunities for the youth in the region. Highlighting the significant environmental impacts of mining, the chiefs stress the need for compensatory measures in the form of job creation to enhance the living standards of communities affected by the mining activities. Related To This: Central Regional House of Chiefs Affirms Support For Lithium Mining Agreement Osagyefo Amanfo Edu VI, the Omanhen of the Mankessim Traditional Area, emphasized the importance of constructing factories to ensure that the local population benefits socio-economically from the mining operations, fostering development within the catchment area. Speaking at a meeting convened by the Environmental Protection Agency (EPA) to facilitate engagement between Atlantic Lithium and the communities regarding the proposed project by Barari DV Ghana Limited, Osagyefo Edu underscored ...