Ghana may have no option than to return to the International Monetary Fund (IMF) for financial support if its debt continues to rise. The debt, which is presently a little above ¢335 billion, continues to surge and create problems for the economy. According to a Bloomberg survey, the country may have to pay a higher premium if it returns to the international capital market next year to issue a Eurobond.

The Energy Ministry has rejected claims by the opposition National Democratic Congress (NDC) that levies imposed on petroleum products are responsible for the current price hike at the pumps. Communications officer of the NDC Sammy Gyamfi, at a press conference on Monday, argued that the 60% increase in revenue from the country’s oil sector makes it untenable for government to maintain the taxes still.

Government will soon commission four new vehicle assembling plants, a move that will cement the country’s position as a car-manufacturing hub in West Africa. According to a Deputy Minister of Trade and Industry, Nana Ama Dokua Asiamah-Adjei, Ghana’s Home Grown Automotive policy which is among the best on the African continent has enabled this achievement.

Government 3 year bond falls short of target by 26% as liquidity tightens on the market.

The Bank of Ghana is warning the general public to be wary of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”, saying, the scheme is fraudulent and does not reward investors as promised. According to the Central Bank, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.

The month of September 2021 recorded the highest inflation rate of 10.6% since the economy started picking up from the effects of the Covid-19 pandemic. According to the Ghana Statistical Service, the increase in the price of Housing, Water, Electricity, Gas and other Fuels (18.7%) triggered the hike in inflation.

Bringing you updates from the world of business

Bringing you updates from the world of business

Ghana is jointly ranked 13th with Coted’lvoire, out of 19 countries in Fitch Solutions sub-Saharan Africa’s Auto Sales Risk/Reward Index. The country score of about 6% indicates that the vehicle sales market is very low. This is because majority of markets in sub-Saharan Africa are characterized by low incomes and high borrowing costs which impedes the development of new vehicle sales market.

The World Bank has charged African countries including Ghana, Zambia and Angola with high debt levels to urgently improve debt transparency, its 2021 Africa Pulse Report has revealed. It therefor wants the countries to publish more and better debt data as well as improve contingent liability reporting.