Ghana | - Part 6

Ghana to Cut 2017 Spending as It Struggles to Raise Revenue

ACCRA (Capital Markets in Africa) – Ghana plans to cut spending this year as weak revenue collections are the “Achilles’ heel” in getting its accounts to balance, Finance Minister Ken Ofori-Atta said. “We are trying to contain expenditures as much as we can,” Ofori-Atta said at a conference Monday in the capital, Accra. In July, the West African nation trimmed the budget-deficit forecast to this year 6.3 percent of gross domestic product from 6.5 percent. Constant overspending prompted…

Ghana targets five million passengers yearly with AfDB-funded international airport expansion

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The project, funded by the African Development Bank (AfDB) with a $120-million facility, will improve air transport in the country. It is also expected to contribute towards boosting the country’s economy, reduce the cost of doing business, and improve competitiveness. “This terminal is being built for a successful economic future. Its large capacity is a confident statement of intent,” said AfDB President, Akinwumi Adesina during a tour of the…

Ghana Seeks to Rein In Runaway Spending With New Legislation

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ACCRA (Capital Markets in Africa) – Ghana wants to put an end to chronic overspending by making it illegal to propose or implement a budget where the deficit is larger than 5 percent of gross domestic product, Finance Minister Ken Ofori-Atta said. The West African nation’s government will this year ask lawmakers to amend the Public Financial Management Act to limit the budget deficit from 2018, Ofori-Atta said by phone on Thursday. The Finance Ministry will ensure…

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

Interest Rate Cut May Fuel Rally That Made Ghana Stocks World’s Best

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ACCRA (Capital Markets in Africa) – Ghana’s central bank has likely given the world’s best-performing stocks this quarter a boost. It cut its key interest rate for a third straight meeting on Monday and has now reduced borrowing costs this year by 4.5 percentage points to the lowest level since early 2015. That eases funding costs for companies and boosts the appeal of their shares, according to IC Securities Limited, the country’s biggest broker. “Investors are…

Ghana Cuts Key Rate to Lowest Since 2015 as Inflation Slows

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ACCRA (Capital Markets in Africa)- Ghana’s central bank reduced its key interest rate for a third straight meeting as consumer prices rose at the slowest rate in four years and the currency strengthened. The Bank of Ghana cut the rate to 21 percent from 22.5 percent, Governor Ernest Addison told reporters Monday in Accra, the capital. That’s the lowest rate since early 2015. The median of nine economists’ estimates was for a cut to 21.5 percent. Bank surveys on…

Why Ghana Central Bank May Cut Key Interest Rate

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s central bank may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the dollar on March 2, it has strengthened 8.2 percent since then. The median of seven economists’ estimates…

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