BUSINESS

Renowned US Professor of Economics, Steve Hanke has chastised Finance Minister Ken Ofori-Atta for mismanaging the Ghanaian economy. Professor Hanke who is a hard critic of Ghanaian authorities in a tweet was surprised about Mr Ofori-Atta’s position that he’s disappointed foreign lenders have been slow to act in supporting Ghana’s quest to get a programme from the International Monetary Fund. ...

Former Deputy Employment Minister Austin Akufo Gamey says the approach the Minister of Finance, Kenneth Nana Yaw Ofori-Atta, and the government, by extension, are using to implement the new debt restructuring programme “is not good enough”. “If I were the Minister of Finance, my approach will be 100 percent different from what they are doing now,” he said on Midday ...

Mining giant Newmont made a total payment of GHS2.76 billion to the government of Ghana for the full-year 2022. The amount includes corporate tax (GHS1.530.9 million), mineral royalty (GHS548.3 million), and carried interest (GHS222.1 million). The rest include PAYE (GHS261.3 million), withholding tax (GHS164.5 million) and forestry levy (GHS35.5 million). Newmont, in an advertorial, said: “During the fourth quarter of ...

Energy Minister Dr. Matthew Opoku Prempeh has asked investors and decision-makers gathered at the North Africa and Europe Energy Exhibition and Conference (NAEPEC) to explore several opportunities in Ghana’s energy sector for the mutual benefit of both Ghana and the investors. Speaking as a keynote speaker on the topic: “Ghana’s current Energy Sector initiatives, the global energy transition, and opportunities available in ...

Interest rates remarkably fell significantly within just a week, following the government’s decision to reject bids with higher yields. According to the latest auction by the Bank of Ghana, the 91-day yield fell once again to 19.04% from 24.16% last week. From a high of 35% a week ago, interest rates on the short term securities have dipped significantly on ...

The government exceeded its Treasury Bills (T-Bills) target by some 33 percent, recording GHS3.2 billion in the latest treasury auction. The auction results showed that the government got extra GHS800,000 although it had targeted to raise about GHS2.4 billion to refinance treasury bill maturities. LEARN AND TRADE FOREX WITH GOLIGFX WATCH THE VIDEO BELOW: The majority of the bids came ...

Treasury bills witnessed another high patronage even as government measures to correct interest rate anomalies pushed the yields significantly lower from the 35 percent levels. Yields on the 91-day bill ticked lower by more than 1,000 basis points to 24.1% from a week earlier, according to the auction results by the Bank of Ghana. The 182-day fell by 850 bps ...

President Nana Addo Dankwa Akufo-Addo has reiterated that Ghana’s economy was doing well prior to the outbreak of the Covid-19 pandemic and the Russia-Ukraine war. This, he said, is a fact that the Managing Director of the International Monetary Fund (IMF) has recognised. Mr Akufo-Addo indicated that due to political advantage some people are seeking to take, they are unable ...

An Economist, Dr. Sa-ad Iddrisu has explained that China may be willing to negotiate with Ghana bilaterally regarding its external debt cancellation request. He said China would not want to participate in the external debt restructuring programme on a multilateral basis, but rather stage negotiations on a bilateral basis with the country in debt in order to lay down its ...

Official documents seen by JOY NEWS show that the vessel alleged to have shipped 600,000 barrels of Russian crude oil to Ghana had its port of loading in Kazakhstan. Bloomberg first broke the story and tracked the vessel, MT Theseus “from a port in the Black Sea”. JOY NEWS can now confirm the exact port of loading was Aktau, Kazakhstan. ...