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Energy sector not advancing enough – ACEP

  The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has expressed concerns over the state of the country’s energy sector. According to him, the country currently relies on approximately 150 megawatts, leading to ongoing load shedding across major cities, commonly referred to as Dumsor. The power sector is not as robust as we need it to be, and therefore we face these kinds of challenges. We currently have a deficit, which is not as significant as it was a couple of months ago; we now have about 150 megawatts of load to share,” he said while discussing the frequent power outages in the country on Monday, November 4, 2024, with Kojo Yankson on Joy FM’s Super Morning Show. Boakye added that low voltages and total power outages sometimes occur due to the energy sector’s inability to manage the situation effectively. The reality is that the system also has a deficit that needs to be managed, and from our [ACEP] tracking, the power providers are moving it
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Economy is growing below potential – IEA

 The Institute of Economic Affairs (IES) has alluded that Ghana’s economy is generally growing below its potential due to several factors. This includes low public investments, macroeconomic instability and the high cost of doing business. In its latest bi-monthly Economic Outlook, the IEA said achieving higher growth will require, in particular, leveraging the country’s huge natural resource wealth to increase investments in physical and human capital, lowering the cost of doing business and sustaining macroeconomic stability. Data published by the Ghana Statistical Service (GSS) showed that economic growth was generally on the upward trend between the second quarter of 2023 and the second quarter of 2024, with year-on-year Gross Domestic Product growth increasing from 2.5% to 6.9%. Non-oil GDP growth followed a similar trend as overall GDP growth during the period, increasing from 3.1% to 7.0%. In terms of sectoral growth, agriculture showed a fairly steady positive growth throughout

Ghana detects 34,000 new HIV infections within nine months of 2024

  The National HIV and AIDS Control Programme of the Ghana Health Service has reported over 34,000 new HIV infections detected from January to the third quarter of 2024. Dr. Stephen Ayisi Addo, the Programme Manager, emphasized the importance of public testing and screening, revealing that approximately 1.3 million people were screened during this period. Between January and the third quarter alone, the number of people we identified as positives through our testing activities was 34,000,” he noted. Dr. Addo disclosed this during the launch of the 2024 World AIDS Day, organized by the Ghana AIDS Commission, which included a solemn candlelight procession in memory of those who have lost their lives to AIDS. World AIDS Day, celebrated annually on December 1, serves as a critical reminder for countries to renew their commitment to preventing new HIV infections and providing essential services for all individuals living with HIV globally. The theme for 2024 World AIDS Day is “Take the Righ

Inflation for October 2024 increases marginally to 22.1 percent

 Inflation for the month of October 2024 has increased marginally to 22.1 percent from 21.5 percent recorded in September 2024. According to the Ghana Statistical Service, food and non-food inflation went up by 22.8 and 21.5 percent respectively. Also, locally produced items went up to 24. 6 percent compared to the 23.4 percent recorded in September. Imported items saw a drop to 16.3 percent compared to the 17.0 percent recorded in October. More soon...

Cocoa Processing Company records $13m loss in third quarter of 2024

  The state-owned Cocoa Processing Company Limited (CPC) continues to grapple with deepening financial challenges, posting a substantial $13.08 million loss for the nine-month period ending September 30, 2024. This marks a 5.6% increase from the $12.38 million loss recorded in the same period last year. The increase in losses is primarily attributed to escalating operational costs, especially in selling, distribution, and financial expenses. According to its September 2024 Unaudited Financial Statement, CPC’s total revenue for the third quarter  of 2024 declined to $31,096,542, down from $32,344,232 for the same period last year, reflecting a 3.86% decrease. Additionally, the company’s production significantly dropped during the period under review. Cocoa beans processed plummeted to 3,256 metric tonnes from 7,051 metric tonnes in 2023. Semi-finished products packed fell to 2,483 metric tonnes from 5,836 metric tonnes, and confectionery products packed also declined, recording 1,429 me

Gold purchase alone won’t solve Ghana’s exchange rate challenges – IMANI

  IMANI Africa has expressed concerns over the feasibility of the New Patriotic Party’s (NPP) proposed Gold Purchase Programme as a solution for stabilizing the cedi, arguing that it may be insufficient to address Ghana’s currency and economic challenges. Speaking at IMANI’s “2024 IMANIfesto,” Dennis Asare, a senior research associate at IMANI Africa, outlined key issues with the programme, which has been highlighted in the NPP’s manifesto by flagbearer Dr. Mahamudu Bawumia. The initiative involves the Bank of Ghana purchasing gold from the local market, particularly from small-scale mining operations, to strengthen national reserves and support the cedi. While the programme aims to stabilize the cedi by backing it with gold reserves, Asare questioned its efficacy, pointing out that initial implementation only reduced the exchange rate by a modest 3%. He suggested that without additional structural reforms, the programme alone would likely have minimal long-term impact on currency stab

Cedi remains volatile amid election uncertainty; trading at GHS17.20 to a dollar

  Market analysts are projecting continued volatility for the cedi, which has now surpassed GHS 17 against the US dollar amid uncertainty surrounding the upcoming general elections. They warn of potential sharp fluctuations, with the local currency facing further upward pressure. In October 2024, the cedi depreciated by 3.95% against the dollar, marking a cumulative decline of nearly 29% since the beginning of the year. This contrasts with recent remarks by Bank of Ghana Governor Dr. Ernest Addison, who expressed confidence that the cedi would soon gain ground against the dollar. Last week, the cedi also weakened by 1.50% against the British Pound and 0.69% against the Euro, adding to economic strain. The dollar is rising, making it harder to buy goods abroad,” a shop manager at Lapaz told Citi Business News, calling on the government to act quickly, especially as Christmas approaches. The cedi’s depreciation is adding to inflationary pressures, affecting everyday costs like transporta