Kofi Ahovi

  The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of $360 million to Ghana under its $3 billion Extended Credit Facility (ECF). This follows the successful completion of Ghana’s third review under the program, as announced on Monday, December 2, 2024. The latest disbursement brings Ghana’s total receipts from the ECF to $1.92 billion. The funds are expected to be credited to the Bank of Ghana by the end of the week. Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve”, the IMF said in a release. The statement added that the “Ghanaian authorities have continued to make remarkable headways on their public debt restructuring. After successfully restructuring domestic debt last year and reaching an ...

 Sex workers in Belgium are now entitled to formal employment contracts, which include sick pay and maternity leave, under a landmark law that went into effect Sunday. Under the  law , which Belgian lawmakers passed in May, sex workers signing such a contract also become entitled to a raft of other rights and protections that normally apply to workers employed in other industries, such as health insurance and unemployment benefits. This is a world first in the sense that it is the first comprehensive legislative framework that grants sex workers equal rights (with other employees) and protects them from risks inherent to the (job),” Daan Bauwens, director of the Belgian Union of Sex Workers, told CNN. Sex workers signing a formal employment contract now have “every kind of social protection” granted to the majority of employees in Belgium, according to Quentin Deltour, public relations manager at Espace P, a group advocating for sex workers’ rights in Belgium, which helped dra...

 The Minister for Employment, Labour Relations and Pensions, Hon. Ignatius Baffour Awuah has announced an extension of the tenure of the current Board of Trustees of the Social Security and National Insurance Trust (SSNIT). The Board, whose tenure expired on August 9, 2024, has been granted an extension until January 6, 2025. The approval for the extension of the tenure of the Board members was granted pursuant to Section 35 (1) (2) of the National Pensions Act,2008 (ACT 766). The Minister made this announcement during a meeting with the SSNIT Board of Trustees on Thursday, November 28, 2024, at the Ministry’s Conference Hall. The Minister explained that instead of the reconstitution of a new Board, it will be prudent for the existing Board to continue their work until 6th January, 2025. Hon. Awuah noted that the extension of the tenure of the Board is aligned with the tenure of the President.

 Data from the Bank of Ghana indicates a notable rise in mobile money transactions, reflecting the growing adoption of digital financial services across the country. The total number of mobile money transactions increased from 705 million in September 2024 to 728 million in October 2024, marking a significant surge within a month. This rise also led to a corresponding increase in the total value of MoMo transactions, which grew from GHS 284.9 billion to GHS 298.6 billion. However, the balance of float — the amount of money held in mobile money accounts — declined from GHS 25.1 billion to GHS 24.2 billion during the period under review. The increase in mobile money usage in October 2024 can be attributed to positive shifts in market dynamics, despite ongoing economic and regulatory challenges, including calls for the scrapping or reduction of the E-levy rate. Regarding mobile money interoperability, the total transaction value rose from GHS 2.5 billion to GHS 2.8 billion. The total ...

Ghana’s trade surplus reached an impressive $3.8 billion at the end of October 2024, according to the Bank of Ghana’s latest Summary of Economic and Financial Data for November 2024. This achievement underscores the country’s sustained export growth despite challenging global economic conditions. The surplus reflects a positive balance between exports and imports, driven by robust performances in key export commodities, particularly gold, cocoa, and oil. Gold exports saw a remarkable surge, climbing to $9.58 billion in October from $8.44 billion in September. Cocoa, a cornerstone of Ghana’s export portfolio, also experienced significant growth, with revenues rising from $989 million in September to $1.15 billion in October. This increase is attributed to favourable global market dynamics and improvements in supply chain efficiencies. Oil exports followed a similar upward trajectory, with earnings increasing from $3.05 billion in September to $3.33 billion in October. Meanwhile, non-tra...

 The Ghana Shippers’ Authority (GSA) has launched its 50th-anniversary celebrations marking five decades of dedication to the growth and transformation of Ghana’s shipping and logistics industry. This took place on Friday, November 29, 2024, at the Marriott Hotel in Accra. Themed “Celebrating 50 Years of Resilience; Honouring Our Legacy and Inspiring Innovative Excellence,” the event reflected on the Authority’s achievements while laying out ambitious plans for the future. In his keynote address, the Minister for Transport, Kwaku Ofori Asiamah, praised the GSA’s pivotal role in Ghana’s economic development. The Ghana Shippers’ Authority has been a cornerstone in facilitating international trade, reducing costs, and protecting shippers’ interests,” he said. The Minister also highlighted the Authority’s achievements, such as the annual cocoa freight negotiations and the construction of the Boankra Inland Port. Speaking on the significance of the recently enacted Ghana Shippers’ Autho...

  Production from Ghana’s Jubilee oil field dipped to 89,000 barrels per day (bpd) in October 2024, slightly down from 90,000 bpd in July, according to Tullow Oil’s latest trading update. The decline is attributed to operational setbacks – with the key element being outstanding debts owed by the government. The report revealed $40 million in overdue gas payments from the Government of Ghana, which Tullow says is critical for strengthening its liquidity amid operational pressures. Other production challenges affecting overall cashflow include issues with the J69-P well, unplanned downtime at the Ghana Gas Company’s onshore plant and power outages affecting water injection. Tullow has outlined corrective measures to stabilize output in the coming months. A 4D seismic programme is set for January 2025 to enhance data quality and optimize drilling locations to boost medium-term production. Despite these challenges, the company remains optimistic about achieving a stronger year-end perf...

  Ghana’s public debt has fallen to GH¢761 billion as of October 2024. This is a GHS46.8 billion decrease compared to the GH¢807.8 billion recorded in September 2024. According to latest data from the Bank of Ghana, the new public debt figure represents 74.6% of Gross Domestic Product (GDP). In dollar terms, the total debt stock stood at US$46.8 billion during the period under review declining from the US$51 billion the previous month. However, on a year-on-year basis, the report indicates a GHS 175 billion rise in public debt. These are according to the Bank of Ghana’s Summary of Economic and Financial Data for November 2024. External debt accounted for GH₵453.7 billion (US$27.9 billion), while domestic debt accounted for GH₵307.3 billion. The primary balance recorded a deficit of 1.8% of GDP.   Ghana’s economy was valued at GH¢1.020 trillion as of October 2024, according to the data set. The decline, though modest, reflects efforts to manage the country’s rising debt burden ...

  The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 27%. Holding the policy rate steady after it was lowered from 29% in September 2024 is aimed at anchoring inflation expectations and curbing exchange rate volatilities. The decision was taken after the committee reviewed the current economic developments in the country. Inflation projections show a slightly elevated profile driven by high and unstable food prices, pass-through of previous exchange rate pressures, fuel prices and utility tariff adjustments. The price increases in food items have been steep in the course and together with a fast-paced depreciating currency earlier on in the year have altered the inflation trajectory and stalled the disinflation process”, the MPC said in a press statement to announce the rate on Friday, November 29, 2024. In the assessment of the committee, the combination of economic uncertainty tied to the upcoming elections and heightened demand for f...