The Ministry of Finance (MoF) has granted letters of commencement to the three development authorities to commence the full implementation of the $1-million per Constituency pledge under the Infrastructure for Poverty Eradication Programme (IPEP) for the 2020 fiscal year. The commencement certificate makes available GH¢1.66 billion (equivalent of $320 million) for the 275 constituencies across the country. This covers $275 ...

The Economist Intelligence Unit (EIU) has predicted that the government may overspend its budget in 2020. According to the EIU government may struggle to lower its expenditure in the run-up to the 2020 general elections. The London-based business advisory firm expects the government to record a 5.5 percent budget deficit come next year even though they have passed the Fiscal ...

The general price levels of goods and services, for the second time since the beginning of the year, has seen another drop – making a strong case for the central bank to consider a policy rate cut later this month. Data released by the Ghana Statistical Service (GSS) show that inflation for June has decreased by 0.3 percentage points to ...

The Ghana Growth Fund, a subsidiary of Groupe Ndoum, has sued the Finance Minister over debts that have left it unable to pay investors’ funds. Included in the suit is the Attorney-General, Minister for Roads and Highways and Agyakot Company Limited. Lawyers for Ghana Growth Fund Limited, which invests the money on behalf of Gold Coast Fund Management, are demanding ...

The United Kingdom High Commissioner to Ghana, Mr Iain Walker, has pledged the UK government’s support to the Kumasi Metropolitan Assembly (KMA) to make Kumasi a leading industrial hub of West Africa. He said Kumasi occupied a very important place in Ghana’s development for which reason the UK would continue to put the city’s development in focus. Mr Walker said ...

Ghana has received $200 million from the World Bank to help transform and diversify its economy through the promotion of private investment and robust growth in its non-resource base sectors. The fund, to be administered through an integrated programme is set to build the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP). The project, from ...

Mining giant, Anglo Gold Ashanti says it is planning to recruit about 2,500 workers following its resolve to resume full-scale operations at its Obuasi mine. The Managing Director of the company, Mr. Eric Asubonteng made this known at a Town Hall meeting organized by the mining giant with stakeholders in Obuasi. The program which was held at the Obuasi Sports ...

No contractor building any of the irrigation dams in farming hamlets in northern Ghana should be paid for shoddy work done, Vice-President Dr Mahamudu Bawumia has ordered. The Vice-President’s warning on Thursday night comes on back of media reports that some of the beneficiary communities are complaining of poor job done. Delivering a keynote address at the 2019 Northern Ghana ...

The Bank of Ghana has revoked the licences of 347 insolvent microfinance companies, saying the institutions continue to pose risk to the entire financial system. “Given the risks that these institutions continue to pose to the entire financial system, and the need to protect depositors, the Bank of Ghana is sanitising this sector through the orderly resolution of the failed ...

The Bank of Ghana has revoked the licences of 39 insolvent microcredit companies for regulatory violations and other supervisory concerns. A statement from the Central Bank said severe under-capitalization, poor lending and risk management practices, and poor corporate governance practices were among many other reasons accounting for the poor performance and eventual collapse of the 39 failed institutions. Following the ...