Kofi Ahovi

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Maintain a tight monetary policy stance – IMF to BoG

The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation while doing more to advance the Fund’s advice on safeguards. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures—stemming from the dry spell and the recent cedi depreciation—do not de-anchor inflation expectations while inflation gradually returns within the BoG target band. In its country assessment of Ghana after the third review of the Economic Credit Facility programme, the Bretton Woods institution said continued progress in addressing the Fund’s safeguard assessment recommendations is needed to strengthen central bank independence and operational efficiency. Rebuilding Reserves Key Priorities Under Programme It continued that rebuilding international reserves and accelerating reforms to enhance BoG’s foreign exchange intervention fra...

LPG consumption increases by 4% in 2023

Despite facing significant challenges in 2022, Ghana's Liquefied Petroleum Gas (LPG) consumption saw a modest increase of 4% in 2023. According to recent data by the Ghana Chamber of Bulk Oil Distributors’ 2023 Industry Report, LPG consumption rose from 305,076 metric tons in 2022 to 317,465 metric tons in 2023. The surge is attributed to a rebound in economic activities in 2023 after a slow-down in 2022, when the rapid depreciation of the cedi led to negative growth in LPG consumption. The significant 86% hike in LPG pump prices in 2022 forced many Ghanaians to explore alternative energy sources, leading to a decline in LPG demand. In the report, the Ghana Chamber of Bulk Oil Distributor’s explained that “LPG consumption declined significantly in 2022 due to the cedi depreciation in 2022. A cursory analysis of the LPG monthly consumption vis-à-vis average monthly prices indicates that generally the relationship between LPG consumption and prices are inversely related.” It ...

FIFA Rankings: Ghana ends 2024 77th in the world, maintains 14th position in Africa

Ghana will end the 2024 football calendar year in 77th on the FIFA World Rankings after the latest update. Ghana, however, maintains their 14th position in the African rankings. The Black Stars dropped four places in the November rankings following a disappointing end to their 2025 Africa Cup of Nations (AFCON) qualification campaign. Ghana previously occupied the 73rd position in October and 14th in Africa in the last two months finding themselves behind continental giants such as Morocco, Senegal, and Egypt. The senior national team picked up just three wins from 15 matches across all competitions during 2024 with only two coming in official games. The year under review also saw them fail to qualify for the AFCON for the first time in 20 years after failing to win a game in the qualifiers. Ghana's best FIFA ranking in 2024 was 67th, achieved in February. Since then, the team has experienced a steady decline, culminating in their current 77th position. Despite this, their 14th s...

MTN Ghana Directors Acquire 6.1m Shares at GHS 10.98m

Scancom PLC (MTN Ghana) has announced that several non-executive directors of the company have acquired ordinary shares as part of efforts to increase Ghanaian shareholding in the telecom giant. Effective August 16, 2024, Investcom Consortium Holdings SA, the majority shareholder, made the shares available for purchase following an independent due diligence process. The shares were offered at an execution price of GHS 1.77 per share to both directors and independent third parties. MTN Ghana confirmed that the transactions were conducted in compliance with relevant laws, including the Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Securities and Exchange Commission’s Corporate Governance Code, 2020. Additionally, the transactions adhered to MTN Ghana’s Insider Trading Policy and the rules of the Ghana Stock Exchange (GSE). The company emphasized that the shares were acquired under the same terms as those offered to other independent third partie...

Tourism and Hospitality sector gears up for festive boom

As the festive season approaches, the tourism and hospitality industry is poised to play a pivotal role in driving economic activity. Key players in the sector are ramping up efforts to attract and serve tourists, ensuring a boost to local economies and businesses. The National President of the Ghana Hotels Association, Dr. Edward Ackah Nyameke maintains that anticipated increases in tourist arrivals during this period present a significant opportunity for revenue growth. In an interview with Citi Business News , he stressed that the industry remains committed to delivering top-notch services to both domestic and international visitors thereby cementing its role as a critical pillar of Ghana’s economic recovery and growth. We have had a peaceful elections but for the pockets of challenges heard. And I am sure Ghanaians are looking forward to a very peaceful and enjoyable Christmas,” he said. He added that: "This means that there’s going to be high patronage of hotel faciliti...

$147M e-gate system an example of ‘create, loot, and share’ – Agbodza

The Minority in Parliament has voiced concerns over alleged corruption surrounding the government’s decision to engage a private entity for the activation of the newly commissioned E-gate system at Kotoka International Airport (KIA). The $147 million project aims to streamline passenger arrivals and reduce turnaround times, but the Minority claims the agreement lacks transparency and is fraught with irregularities. Addressing journalists in Accra on Wednesday, Minority Chief Whip Governs Agbodza criticized the arrangement, describing it as a blatant case of “create, loot, and share.” He questioned the rationale behind committing $147 million for the E-gate system when the entire airport cost $250 million to construct. Why on earth would the whole airport, which cost $250 million to build? And you will be trying to get into an agreement with an entity to run an e-gate service for almost $147 million. This can be at the peak of create, loot and share…people are at the Bank of Ghana...