The Chamber of Petroleum Consumers (COPEC) has criticized the Ministry of Transport for its directive to the Ghana Police Service regarding the enforcement of new fares.   On Monday, April 15, the Ministry instructed the Ghana Police Service to monitor commercial drivers who are charging fares exceeding the approved rates. Duncan Amoah, Executive Secretary of […]

The dismissal was communicated through a correspondence dated Tuesday, April 9, 2024. Nana Bediatuo Asante, the Executive Secretary to the President, endorsed the document, instructing Dr. Tenkorang to hand over his duties to Kofi Bosompem Osafo-Maafo by Monday, April 15.   While the reason for the contract termination was not disclosed, excerpts from the statement […]

During the State visit of President Umaro Mokhtar Sissoco Embaló of Guinea-Bissau, President Nana Addo Dankwa Akufo-Addo highlighted the significant progress made by Ghanaian products under the Guided Trade Initiative of the African Continental Free Trade Area.   President Akufo-Addo noted that since the launch of the Guided Trade Initiative in October 2022, over 700 […]

The Bank of Ghana (BoG) is contemplating delegating the implementation of the Gold for Oil Policy to commercial banks, as it evaluates its role in the initiative two years after its inception. The Central Bank aims to streamline its focus on core functions such as monetary policy and price stability maintenance.   According to Dr. […]

The National Petroleum Authority (NPA) in Ghana has decided to suspend the Price Stabilization and Recovery Levy on petroleum products, which is expected to result in higher costs for petroleum consumers.   In a directive issued on April 3, 2024, and circulated among stakeholders in the oil marketing and distribution sector, the NPA instructed the […]

Ghana is poised for its second evaluation under the three-year, $3 billion IMF-backed Post-COVID-19 Programme for Economic Growth (PC-PEG). Beginning today, Tuesday, April 2, 2024, this review follows the successful completion of the initial assessment earlier in January. Over the weekend, a team from the IMF arrived in Ghana to commence evaluating the country’s performance […]

The World Bank has released a US$300 million loan facility to Ghana for budgetary support. This amount was credited to the Central Bank’s account on Wednesday, March 27, 2023.   This disbursement marks the initiation of the first phase of a series of three operations, each amounting to $300 million, from the World Bank. These […]

Paul Kwabena-Amaning, President of the Artisanal Palm Oil Millers and Outgrowers Association of Ghana, has asserted that substantial government investment in the oil palm business has the potential to sustain and enhance Ghana’s economy.   He expressed confidence that Ghana could lead the world in palm oil production with government support and stressed the importance […]

Despite facing a challenging economic climate both locally and internationally in 2023, the Tema Port successfully managed 18 million tonnes of cargo, while the Takoradi Port handled eight million tonnes. This marked a significant improvement in performance during the second half of the year, following a relatively slow start in the first half.   Mr. […]

The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) effective March 18, 2024, for a period of one (1) month. This suspension is in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723). The Central Bank cites […]