Mark Badu-Aboagye also want the new Mahama administration to address the high rates of VAT.

Speaking on Joy News’ PM Express, Business Edition with George Wiafe, he underscored the burden these taxes place on businesses and their cascading impact on consumers.

“For me, the first tax I expect President-elect John Mahama to take out is the COVID-19 levy. We’ve said it over and over again at the Chamber of Commerce, there is no need for this tax anymore,” he stated.

He also criticised the e-levy, describing it as a “brilliant idea” marred by poor implementation.

“Probably, they also have to take [the e-levy] out because it’s been promised. Now, we are going to hold them accountable for the promises they’ve made to the business community because the taxes themselves are killing businesses,” Mr Badu-Aboagye said.

Harsh Business Environment and VAT Concerns

Mr Badu-Aboagye described the current business environment as “extremely harsh,” attributing much of the strain to Ghana’s tax regime.

He highlighted the cumulative effect of the Standard VAT, which is 15%, and additional levies that push the total rate close to 21%.

“These levies translate directly into the cost of production and have a cascading effect on prices and consumers,” he explained.

“The VAT needs to be reviewed.”

He shared an anecdote from a recent meeting with a Chamber member who expressed frustration over the crippling effect of taxes on their business.

“Yesterday, we met one of our members, and he was complaining about taxes. He told us how import duties and several other taxes have made it nearly impossible for his business to thrive,” Mr Badu-Aboagye recounted.

Holding Leaders Accountable

While welcoming the pledges made in political party manifestos to reduce taxes, Mr Badu-Aboagye expressed caution.

“It’s one thing saying it, and it’s another thing doing it. We were here in 2016 and 2017 when the NPP said they were going to remove nuisance taxes. They did scrap about 15 taxes, but they came back in harsher forms,” he stated.

The GNCCI, he said, will hold the incoming government accountable to its promises.

“Businesses need relief, and we’ll ensure these promises are kept,” he added.

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According to the IMF, COCOBOD has faced difficulties capitalizing on record-high global cocoa prices due to weak production levels during the 2023/2024 cocoa season. This shortfall has hampered its ability to fulfill commitments under existing forward sales contracts.

Data from the Ghana Statistical Service underscores the cocoa sector’s struggles, revealing a significant 26% decline in output for Q3 2024. This marks the fifth consecutive quarter of contraction in the sector.

The IMF also highlighted that Ghana missed a crucial opportunity to fully benefit from rising international cocoa prices because of its forward sales arrangements.

In response to these challenges, the government increased the 2024/2025 farmgate price for cocoa by 50%, aiming to deter smuggling and prevent the conversion of cocoa farmlands into illegal mining sites.

In its latest staff report, the IMF acknowledged the government’s initiatives to stabilize the sector, including the establishment of a dedicated cocoa desk at the Ministry of Finance.

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Aggrieved Menzgold customers appeal to Mahama for financial bailout

Aggrieved Menzgold customers appeal to Mahama for financial bailout

Inflation and economic challenges have left many, from market sellers to taxi drivers, grappling with how to preserve the spirit of Christmas amid financial constraints.

Market sellers feeling the pinch  

42-year-old Christiana Amponsah has sold Christmas hampers at Makola Market for over a decade. This year, however, business is far from brisk.

“Last year, by this time, I couldn’t keep up with orders. Now, people come, look at the prices, and leave,” she lamented.

The cost of items such as canned drinks, biscuits, and chocolates has nearly doubled, making hampers unaffordable for many.

Similarly, 38-year-old Foriwaa Asare, who sells Christmas decorations, is struggling. “People are just not buying like they used to,” she said, holding up a box of Christmas lights. “Last year, I sold these for 50 cedis, but now I have to charge 90 cedis. Most people leave when they hear the price.”

Kwame Boakye, a toy seller, echoes the sentiment. “Parents used to buy multiple toys for their kids. Now they’re asking for the cheapest ones or nothing at all. It’s hard for us because we also need to make a living,” he explained.

Buyers grappling with rising costs  

For many buyers, the soaring cost of living has redefined Christmas shopping. Akosua Mensah, a teacher and mother of two, shared her struggles: “I wanted to buy a dress for my daughter, but it’s too expensive. I’ll have to recycle their old clothes and focus on food for Christmas Day.”

Even putting together a simple Christmas meal has become a challenge. At the Agbogbloshie Market, Emmanuel Owusu, a father of four, remarked, “Rice, oil, and chicken have all gone up. I have to choose between paying bills and celebrating.”

Families like that of Beatrice Appiah, a mother of three, have shifted focus from extravagant celebrations to meeting basic needs.

“Christmas is about family, but it’s hard to ignore the kids’ expectations,” she said. “We’ll stick to jollof rice, chicken, and some soft drinks. Gifts are out of the question.”

Drivers facing high costs  

Taxi drivers are also feeling the pinch. Kofi Asare, a cab driver, noted, “Fewer people are taking taxis because fuel prices are so high, and I’ve had to increase my fares. Even my own Christmas plans are on hold. My family will have to make do with less.”

For trotro operators, the situation is equally bleak. “The price of spare parts and fuel has gone up, but passengers complain whenever we adjust fares,” said driver Yaw Adu. “Christmas will be tough for all of us this year.”

Creativity amid hardship  

Despite the challenges, many are finding innovative ways to celebrate on a budget. In Nima, a group of women is pooling resources to cook a communal Christmas meal.

“It’s not much, but it brings us together,” said organiser Fatima Issah.

Small-scale entrepreneurs like 24-year-old Ebenezer Mensah are adapting to the situation by offering affordable handmade Christmas cards and decorations. “People love it because it’s cheaper than buying imported items,” he said.

Charity brings hope  

Churches and NGOs have stepped up to support struggling families. Rev Mrs Rita Korankye-Ankrah of the Royalhouse Chapel International in Dansoman is distributing food packages and organising a Christmas party for those in need. “It’s our way of bringing hope during these tough times,” she said.

Other organisations, such as the Altar of Victory, are also increasing their charitable efforts. “The demand this year for our services has doubled,” said founder Apostle Israel Blessing. “It’s heartbreaking, but we’re doing what we can.”

A season of resilience  

For many Ghanaians, the economic hardships have cast Christmas in a new light, highlighting its true essence. “Christmas is not about expensive things,” said Nana Ama, a grandmother in Adabraka. “It’s about love, unity, and faith. We will celebrate with what we have and give thanks for life.”

While the lights across Accra may not shine as brightly this year, the resilience and unity of its people remain undimmed.

From sellers to buyers, drivers to community leaders, the determination to keep the season alive is a poignant reminder that Christmas is about hope, togetherness, and finding joy even in the simplest moments.

This caution was issued by Minority Leader, Dr. Cassiel Ato Forson, during a parliamentary sitting on Thursday, 19 December.

Dr. Amin Adams has been absent from Parliament for four consecutive days, leaving the budget for the first quarter of the coming year in limbo.

His absence has raised significant concerns among Members of Parliament, with some accusing the government of neglecting its fiscal responsibilities during this crucial transitional period.

Speaking on the floor of the House, Dr. Ato Forson expressed frustration over the Finance Minister’s continued absence and urged him to carry out his constitutional duties.

He warned that, failing to present the mini-budget on time could have severe legal and political repercussions.

“There are severe penalties for not doing this, including a jail term,” Dr. Forson stated.

He also reminded those in office of their obligations under the Constitution and the Public Financial Management (PFM) Act, which mandates adherence to fiscal procedures to ensure stability.

He called on the Speaker of Parliament to take immediate steps to compel the Finance Minister’s attendance.

The Minister’s absence has drawn widespread criticism, with many viewing it as a lack of commitment to addressing the nation’s economic challenges.

Members of Parliament have reiterated the need for accountability and urged the government to prioritize its responsibilities, particularly as the country transitions into a new fiscal year.

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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 continued by saying that the development in 2022 could slow down “the government’s quest for a national LPG penetration goal of 50% by 2030”

However, despite these challenges, LPG remains the primary cooking fuel for about 40% of Ghana’s population. The convenience, efficiency, and cleanliness of LPG have made it a popular choice for many Ghanaians.

In rural areas, LPG usage increased marginally from 14.8% to 16.5% in 2023, indicating a growing adoption of LPG as a cleaner and more efficient energy source.

Likewise, access to LPG in urban areas increased from 51.3% to 56.1%.

This growth is expected to continue as the government and private sector players invest in expanding LPG infrastructure and promoting its use.

The modest growth in LPG consumption is a positive sign for Ghana’s energy sector, which has faced numerous challenges in recent years.

As the country continues to navigate the complexities of the global energy market, it is clear that LPG will play an increasingly important role in meeting the energy needs of Ghanaians.

Source: Isaac Atta-Osei

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The Ghana Investment Promotion Centre (GIPC) disclosed this in its Third Quarter Report, which highlighted the registration of 108 projects with a total estimated investment value of $325.88 million.

Local investments accounted for $9.88 million, showcasing robust foreign interest complemented by domestic participation.

Out of the 108 registered projects, 85 were wholly foreign-owned, contributing $303.49 million, or 78.7% of the total investments.

Joint ventures between Ghanaian and foreign entities made up 23 projects, representing 21.3% of the total and valued at $22.39 million.

Initial capital transfers during this period amounted to $22.1 million, underscoring strong investor confidence in Ghana’s economy.

The manufacturing sector led the investment inflows, attracting 55 projects worth $190.7 million, making it the top recipient of FDI and a significant driver of Ghana’s industrialization efforts.

The liaison sector followed with $76.3 million in investments, while the general trade sector secured $21 million.

The sectoral breakdown of the projects included 55 in manufacturing, 27 in services, 11 in general trade, 7 in export trade, 3 in agriculture, 2 in tourism, and 2 in building and construction. Liaison services accounted for one project.

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They take over from Mr William Tawiah, CEO of Zen Petroleum (outgoing chairman) and Mr Kwame Osei Prempeh  of Goil (Vice Chairman).

Presently, Mr. Kumi serves as the Vice Chairman of the LPG Marketing Companies Association of Ghana, where he advocates for industry standards, regulatory improvements, and sustainable growth.

He is a distinguished Chartered Marketer (CIM, UK) with a master’s degree in Entrepreneurship from the Ghana Institute of Management and Public Administration (GIMPA).

Throughout his extensive career, Mr. Kumi has demonstrated exceptional expertise, particularly in the downstream oil industry. Over the past 15 years, he has dedicated himself to nurturing and growing the Liquefied Petroleum Gas (LPG) downstream sector in Ghana.

His commitment to excellence and industry growth has been instrumental in shaping the landscape of LPG marketing and distribution in the country.

Currently, Mr. Kumi serves as the Executive Director of Trinity Oil Company Limited, a leading LPG marketing company in Ghana.

Under his leadership, Trinity Oil has not only excelled in the LPG sector but also established itself as the sole distributor of Shield Lubricants in Ghana. His strategic vision and operational acumen have significantly contributed to the company’s success and reputation.

In addition to his executive role at Trinity Oil, Mr. Kumi holds the esteemed position of Vice Chairman of the LPG Marketing Companies Association of Ghana. In this capacity, he plays a pivotal role in advocating for industry standards, regulatory improvements, and sustainable growth within the LPG sector.

Mr. Gabriel Kumi’s profound knowledge, vast experience, and unwavering dedication make him a highly respected figure in the LPG industry. His contributions continue to drive innovation, efficiency, and safety in the marketing and distribution of LPG in Ghana.

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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 framework remain key priorities under the programme.

“The overperformance of reserves accumulation targets is welcome but mainly reflects a significant expansion of the gold for reserves programme, which warrants careful management of related portfolio risks and liquidity implications. Going forward, limiting FX [foreign exchange] interventions remains key to rebuilding external buffers”.

“The BoG made welcome progress in adopting a more robust FX reference rate computation method—which would limit the occurrence of MCPs [Multiple Currency Practices]. Implementation of a formal internal FX intervention policy framework and replacement of bilateral adjudications with a transparent auction-based FX auctions—complying with MCPs policy requirements—are additional important steps to enhance the functioning of the FX market”, it added.

Steadfast and Decisive Progress Needed in Strengthening Financial Sector

The Fund also called for steadfast and decisive progress in strengthening the financial sector.

It pointed out that the BoG has appropriately intensified monitoring and escalated measures to promote timely recapitalization and steps to sustain the viability of banks.

However, it continued that progress is needed on this front as well as on the phasing out of regulatory forbearances. Given the high NPLs, the Fund added that it will also be crucial to implement robust supervisory strategies to bolster credit and operational risk management.

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This the UK-based firm says will reflect a stronger macroeconomic outlook and modest fiscal consolidation balanced against still-challenging financing conditions and political and insecurity risks.

It forecasted Gross Domestic Product (GDP) growth rate to improve driven by reforms.

“We forecast growth will improve driven by reforms and recovery from drought. Momentum in Nigeria and South Africa, the two largest SSA economies, will generate positive spillovers”.

It continued that a tighter policy should help tame inflation whilst improved growth and fiscal reforms should reduce regional government debt/GDP, while lower policy rates will ease domestic financing costs.

However, the median average financing costs will rise further, and interest/revenues will be uncomfortably high for many countries in the region.

It concluded that financing challenges will remain, particularly for those at the lower end of the rating scale including Ghana.

However, the three Common Framework restructurings are expected to be completed in 2025.

This marks a significant increase compared to the 2010–2016 period, during which 27% of Ghana’s revenue was used to service debt.

The 15-percentage-point rise in debt servicing from the 2010 – 2016 to the 2017 – 2022 period underscored the increased fiscal pressures the country faced.

Data from the Ministry of Finance reveals a sharp escalation in interest payments over the years. While GH¢36 billion was spent on debt servicing between 2010 and 2016, the amount soared to GH¢152 billion during the 2017–2022 period.

In total, Ghana’s debt servicing between 2010 and 2022 amounted to GH¢189 billion, with a staggering 81% of that paid in the latter five years.

Also, within 2010 and 2022, the nation’s lowest interest payment was recorded in 2010 which is GH¢1.44 billion and recorded its highest interest payment in 2022 which is GH¢45.69 billion as per the data from the Ministry of Finance.

The 2024 United Nations report on Unpacking Africa’s Debt also identified that the steep increase in debt servicing constrained government spending on public services and eventually led to Ghana’s being classified as one of the world’s 10 most debt-distressed nations.

The IMF revealed that, in 2020, Ghana’s debt to revenue ratio reached an all-time high of 127%, the highest in Sub-Saharan Africa at the time.

Despite the debt to revenue ratio dropping to 117% in 2022, Ghana had to default on its external debts in 2022 with the subsequent restructuring of domestic and foreign debt.

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Speaking on Joy News’ PM Express Business Edition, Terkper stated that Ghana’s current economic challenges underscore the importance of bringing together experts, policymakers, and representatives from diverse sectors to deliberate on practical solutions.

“It is based again on our experience that when you bring together experts and a mix of experts and other strata of society, you can put before them, in more concrete terms, what is needed to achieve the manifesto promises,” Terkper said, citing the Senchi Economic Forum as a successful precedent.

Lessons from Senchi and the Power of Dialogue

Terkper pointed to the 2014 Senchi Economic Forum as a model for the proposed national dialogue.

He credited Senchi with introducing several vital reforms that guided Ghana’s economic policy during the previous Mahama administration.

“Senchi was what produced smart borrowing. It was where concepts like operationalizing the Stabilisation Fund were discussed and implemented,” he explained.

“The Petroleum Revenue Management Act (PRMA) had been passed in 2011, and by 2013 we started operationalising it. We had to explain to the public that if we did this, the outcomes would be positive.”

The former minister lamented that some of these measures were abandoned or underutilized in subsequent years, contributing to the country’s current economic difficulties.

“We have gone through a period of difficulty that could have been averted if some of these things had been done,” Terkper stated.

Tackling Debt and Domestic Borrowing

Addressing Ghana’s borrowing practices, Terkper noted that during his tenure, borrowing was focused on targeted goals, including addressing the costs associated with the Single Spine Salary Structure.

“We were borrowing through domestic bonds primarily to pay for the Single Spine, not just for other purposes. At forums in places like Ho and Takoradi, we explained to labour that arrears would be paid gradually over time to allow government resources to stabilize,” he recalled.

Terkper claimed that this approach to borrowing, combined with fiscal discipline, enabled the Mahama administration to meet its targets within a two-and-a-half-year timeframe.

Energy Sector Reforms and ESLA

The former minister also highlighted the critical role of public consultation and parliamentary engagement in tackling challenges in Ghana’s energy sector.

He recounted the Mahama administration’s introduction of the Energy Sector Levy Act (ESLA) as a targeted intervention to address energy sector debts caused by disruptions in gas supply from Nigeria.

“When the pipeline from Nigeria was breached, leading to non-supply of gas, VRA and others had to ramp up Independent Power Producers (IPPs).

“We went to the public and Parliament and said, ‘Let us use ESLA.’ It had a three- to five-year lifespan, but it provided the strength needed to address the crisis,” Terkper explained.

The Need for Transparency and Public Understanding

Terkper stressed that any meaningful economic recovery plan must involve clear communication with the public about the trade-offs and benefits of proposed policies.

“You need to explain to the public that if we do this, this will be the outcome. That’s the value of dialogue. It builds trust and ensures that everyone is on the same page,” he said.

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Speaking to journalists in Accra on Tuesday, December 17, 2024, Dr. Amin Adam emphasized the resilience and recovery of Ghana’s economy despite recent global and domestic challenges.

“We are handing over a strong economy,” he stated.

“The first four years of this administration were marked by impressive achievements, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances. While challenges arose between 2021 and 2022, the economy has rebounded faster than anticipated.”

He highlighted several key economic indicators, noting that Ghana’s Gross International Reserves now stand at $8 billion—equivalent to 3.5 months of import cover—compared to $6.2 billion in 2016.

He also pointed out that the economy’s growth trajectory has returned to pre-COVID levels, with an average growth rate of 6.3% in 2024, significantly higher than the 3.4% recorded in 2016.

Dr. Amin Adam underscored the recovery in private sector credit, reporting a nominal growth of 28.7% in October 2024, up from a contraction of 7.5% in 2023.

“In real terms, private sector credit grew by 5.5% in October this year, compared to a contraction of 31.6% last year,” he explained.

On external performance, he highlighted a trade balance surplus of $3.85 billion and a current account surplus of 2.6% of GDP for the first nine months of 2024.

“These represent significant improvements from the deficits we inherited in 2016, including a trade balance deficit of $1.8 billion and a current account deficit of 6.6% of GDP,” he added.

Dr. Amin Adam acknowledged ongoing challenges with inflation, which dropped to 23% in November 2024 from a peak of 54% in December 2022.

He assured Ghanaians that measures implemented by the government had stabilized prices and eased hardships.

Dismissing claims that the country is broke as “propaganda,” Dr. Amin Adam asserted that Ghana’s economic fundamentals are stronger now than in 2016.

He urged the incoming government to continue the policies implemented by the NPP to sustain recovery and achieve long-term debt sustainability.

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The local currency gained 3.8% week-on-week to the US dollar last week, narrowing its year-to-date loss to 22%.

It also appreciated 4.36% versus the pound and 3.18% against the euro last week.

At the close of the week’s trading, the cedi quoted at a mid-rate of GH¢15.65 to a dollar on the retail market.  It also begun the week at GH¢15.65 to a dollar.

Again, it went for GH¢14.73 to a dollar on the interbank market.

The boost in the local currency performance was supported by slowing seasonal demand and the Bank of Ghana’s injection of US$237.40 million into the market.

Following the rapid growth in the economy by 7.3% in the second quarter of 2024 and the recent peaceful elections, analysts expect a sustained increase in foreign investor confidence in Ghana.

This will enhance Foreign Direct Investment inflows, bolster Ghana’s foreign exchange reserves and stabilize the cedi in the near term.

Analysts expect the local currency to remain strong on BoG’s market support and improving market sentiments this week.

Source: JoyBusiness

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He is of the view that such a move will bring some relief to households, particularly majority of the population who spend a lot of their income on food.

Data released by the Ghana Statistical Service showed that food inflation increased to 25.9 percent in November 2024 from 22.8 percent recorded on October this year.

Speaking to Joy Business, Prof. Gatsi said cost of foodstuff is a pressing issue that must addressed by the Mahama administration to bring overall inflation down.

“It is very clear that food inflation is an issue. The next administration should deploy its policymakers to address food inflation. That will also mean that you need to step up production of the food items that would have lacked in the production process and that is very important”, he said.

Providing some recommendations, Prof. Gatsi pointed out that investment in agriculture must be targeted to make it effective.

According to him, the Ministry of Agriculture must reassess its operations and set targets that will help reduce food inflation, ultimately impacting the cost of food in the market.

“It is also important that the new administration will now think about how finances would be directed to the rural economy where most of the food production takes place, for me that is key”.

He stressed that investment in agriculture will have a direct link to other sectors of the economy to stimulate growth.

Source: Joy Business

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This honour is a testament to the trust and unwavering support of its clients and industry stakeholders, who continue to inspire us to push boundaries and deliver excellence in redefining real estate in Ghana.

This award underscores BOT Properties’ dedication to creating homes that seamlessly combine stylish, comfortable interiors, stunning city views, and prime locations, all while staying competitive in cost.

A win for BOT Properties is a win for all its clients, and we are committed to building on this momentum to achieve even greater milestones.

As a leading real estate developer, BOT Properties is reshaping urban living in Ghana. From our Apex Suites—a top-tier option for short-stay rentals—to The Equator, our flagship 12-storey apartment building nestled in East Legon, we aim to provide the highest quality living experiences.

The Equator, currently selling off-plan, offers a unique opportunity to own a piece of Accra’s most sought-after neighbourhood. Its luxurious design and modern amenities promise to redefine city living.

Looking to the future, our top-tier residential space project under the project name “The Brick Tower Project”, commencing in 2025, is set to revolutionize the residential space market in Ghana.

This state-of-the-art development will provide top-tier residential facilities, perfectly tailored for persons with great taste for uniquely designed spaces while enjoying the comfort and style that BOT Properties is renowned for.

In addition to residential developments, BOT Properties also provides premium office spaces for rent. We currently offer office facilities at the Zion House in Accra, East Legon and Kumasi.

Our focus extends beyond just building and renting properties. We are deeply committed to providing exceptional service to our tenants and homeowners.

At BOT Properties, we understand the complexities of the rental process and work tirelessly to make it as simple and stress-free as possible. From sales and rental applications to maintenance and repairs, we handle it all, ensuring that you can focus on what matters most.

We believe that the success of our business is directly tied to the satisfaction of our tenants and homeowners. This is why we take a hands-on approach to property management and constantly look for ways to improve our service delivery.

As we celebrate this achievement, BOT Properties remains dedicated to creating homes and office spaces that embody excellence, quality, and a commitment to redefining urban living in Ghana. Here’s to many more wins together!

Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency’s price rise by more than 50% since Donald Trump’s victory in the 5 November election.

The world’s largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.

The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.

On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital currency, similar to the country’s strategic oil reserve.

According to the Washington-based multilateral institution, notwithstanding record-high spot market prices, the weak cocoa production in 2023/24 posed significant challenges to COCOBOD’s ability to deliver on existing forward sales contracts.

As a result, Ghana was unable to take full advantage of high international prices as part of the forward contracts (carrying lower prices than current market prices) had to be rolled over to the 2024/25 season.

The 2024/25 farmgate price was increased by 50%, reflecting the high international prices and the need to reduce incentives to smuggle cocoa and/or use cocoa farmland for illegal gold mining.

COCOBOD also adopted a new financing model to purchase cocoa beans, whereby a combination of self-financing by licensed buying companies and local bank financing will replace the annual international banks’ loan syndication.

The IMF said COCOBOD’s cash flow situation is expected to remain broadly balanced during the current season assuming a rebound in production due to a normalisation of weather conditions—a somewhat realistic assumption based on the latest indications.

In October 2024, the government published the Cocoa Board’s turnaround strategy.

The strategy aims at restoring COCOBOd’s financial sustainability by strengthening financial oversight; maintaining the producer price within the range of 60-70% of international prices to balance the need for a fair distribution of export proceeds to farmers and for covering its financial and operational costs; rationalizing costs and phasing out quasi-fiscal activities entailed by the financing of cocoa roads and fertilizer programmes.

The cocoa desk established at the Ministry of Finance also continues to review COCOBOD’s financial position with a view to improve financial oversight.

Source: JoyBusiness

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According to the Fund, the sector had an estimated stock of arrears (“legacy debt”) of US$2.1 billion or 2.8% of Gross Domestic Product (GDP) at the end of December 2023.

This included the debt perimeter of the Debt Sustainability Analysis for Independent Power Producers and private fuel suppliers.

In addition to the outstanding arrears, the Fund said every year the sector is unable to generate enough resources to cover the cost of generating and distributing energy, thus incurring a deficit (“the energy sector shortfall”).

“This situation has originated from a confluence of factors—including weak governance, significant system and revenue collection losses, high fixed costs, and tariffs significantly below cost recover”.

Since its inception, the Fund-supported programme focused on reforming the energy sector to put it on a financially-viable footing. Specifically, the programme envisages the steadfast implementation of a comprehensive strategy to curb arrears’ accumulation and clear legacy debt under Ghana’s Energy Sector Recovery Programme (ESRP), as well as periodic tariff reviews by the Public Utilities Regulatory Commission to ensure that tariff pricing decisions timely reflect developments in the cost of energy (cedi exchange rate, inflation, fuel and power generation costs).

The ESRP aims at preventing further accumulation of arrears through government payments (included in staff’s baseline); ensuring timely payment of Ministries Departments and Agencies bills and renegotiating power purchase agreements with IPPs to reduce capacity charge; increasing gas consumption to close the supply gap; v) adopting a least-cost fuel procurement strategy and improving payment mechanism via establishing national gas clearing house and imposing the use of a cash waterfall mechanism (CWM).

In addition, the Fund-supported programme has been designed to create the necessary budget appropriations to cover the energy sector shortfall—and hence in principle avoid accumulation of new arrears—and to create space for gradual repayment of legacy arrears by the government.

Energy sector shortfall to exceed programme levels

Despite these efforts, the Fund said the energy sector shortfall will exceed programmed levels in 2024, adding pressures on Ghana’s public finances.

It expects that the shortfall will be 0.6 percentage points of GDP larger than projected at the time of the 2nd ECF Review.

This will bring the estimated total shortfall to 2.2% of GDP this year.

Source: JoyBusiness

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• We won’t abandon IMF programme – Mahama

According to the Bank of Ghana’s T-bill auction results, demand for the short-term instruments soared following successful general elections.

The government got GH¢8.20 billion from selling the short-term instruments.

All the bids were accepted.

A little over GH¢6.740 billion were secured from the 91-day bill, representing 82.1% of the total bids.

For the 182-day bill, GH¢951.67 million were tendered.

The 364-day bill also recorded GH¢508.15 million from the sale of the 364-day bill.

Meanwhile, interest rates neared the 30% mark.

The yield on the 91-day bill increased by 17 basis points to 27.77%.

That of the 182-day bill was 28.49% from the previous week’s 28.32%.

The interest rate on the 364-day bill also went up by 3.0 basis points to 29.94%.

Source: Joy Business

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In an interview with VOA on Saturday, December 14, Mr Mahama emphasized the importance of maintaining the IMF-backed economic reforms while considering potential adjustments to better align with the country’s development needs.

Acknowledging the current economic difficulties facing Ghana, Mahama pointed out that the IMF programme, which was initiated under President Akufo-Addo’s administration, had been instrumental in stabilizing the country’s economy.

“We’ve requested further discussions with the IMF, as we were not part of the negotiations for this programme. We need to ensure that we are all aligned in terms of its implementation,” Mr Mahama explained.

“We are not going to jettison the programme. Let me make that clear. We will not abandon it, but within the framework of the programme, I believe there is room for some adjustments. If we reach an agreement on those adjustments, we will continue the programme until its conclusion,” he added.

Mahama reiterated that the economy would be the primary focus of his administration, as its state has far-reaching implications across all sectors.

“The economy will be our top priority because it impacts everything else. When the economy is in poor shape, it affects education, agriculture, sports, and every other sector of the country. Therefore, stabilizing the economy will be our foremost task,” Mahama stated.

He acknowledged that Ghana faces two major economic challenges: macroeconomic stability and debt sustainability. He noted that in previous instances of IMF engagement, the focus had been solely on macroeconomic stability, but now the country faces a dual crisis.

“Previously, when we engaged with the IMF, it was for macroeconomic stability alone, but now we have twin challenges: macroeconomic stability and debt sustainability. Therefore, we will continue with the IMF programme,” Mahama confirmed.

The $3 billion IMF deal, which Ghana entered into to support its economic recovery, includes measures aimed at reducing the country’s public debt, controlling inflation, and improving fiscal transparency.

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At an event held in Goaso, where young people showcased their creative business concepts, Kofi Sam Foster, CEO of Digital Foundation, noted the rising youth unemployment in the region.

He explained that the government, in partnership with private organizations, is working to train individuals aged 18 to 35 to enhance their entrepreneurial skills and refine their business ideas.

“The training will equip participants with the necessary knowledge and open doors for them in the job market. With the financial support provided, they will also be able to employ others, thereby reducing unemployment,” he stated.

Loice Awotwe, the Programs Manager, elaborated on the progress made under the Young African Innovators initiative in the Ahafo Region, emphasizing the program’s impact on nurturing entrepreneurial talent and creating opportunities for the youth.

Source: Sammy Asare

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In a press release, ADB categorically dismissed the claims as false and defamatory, emphasizing its unwavering commitment to professionalism, transparency, and adherence to regulations.

According to the Bank, the recent termination of employment for certain staff members, which has fueled these allegations, was a decision made by the Board of Directors during a duly convened regular meeting.

ADB clarified that, all decisions within the institution are governed by strict compliance with relevant laws, regulations, and policies.

Mrs. Eno Ofori-Atta, the Deputy Managing Director, was lauded for her high standards of professionalism and exemplary performance since joining the Bank.

“She has consistently upheld the principles of integrity and diligence, which are central to the Bank’s operations,” the statement affirmed.

The Bank further assured stakeholders of its resolve to drive economic growth through agriculture and other developmental initiatives.

It urged the public to disregard the circulating falsehoods, labelling them as malicious attempts to undermine the Bank’s reputation.

“ADB remains focused on its core mission and will not allow baseless accusations to distract from its goals.

“The Bank will not hesitate to pursue legal action against individuals or entities propagating these falsehoods,” the statement concluded.

Stakeholders have been encouraged to treat the misinformation with the contempt it deserves. ADB reaffirms its commitment to fostering economic growth and maintaining the trust of its clients and partners.

The Washington-based multilateral institution, however, said the banking sector’s overall capital adequacy indicators have improved between December 2023 and June 2024.

About two-thirds of banks are now compliant with prudential capital adequacy standards without reliefs based on higher profits and capital injections—including from the Ghana Financial Stability Fund (GFSF) (GH¢4.9 billion) and private stakeholders.

Over the same period, however, it noted that the rise in NPLs outpaced nominal credit growth and the NPL ratio increased to 24.1% at end-June 2024 (18.8% at end-June 2023).

“While NPLs are heterogeneously distributed across banks, the underlying trends reflect the 2022 economic downturn, the impact of exchange rate volatility, and implementation of the findings of Bank of Ghana’s (BoG) review of banks’ asset quality”, it mentioned.

The Bank of Ghana disclosed in its Monetary Policy Report that despite an elevated non-performing loans (NPL) profile, the banking sector remains sound, well capitalized and liquid.

It pointed out that the banking sector continued to record improvements in performance with total assets growing by 42.4% to GH¢367.2 billion at end-October 2024, compared to 3.2% at end-October 2023.

Solvency indicators also improved, with the capital adequacy ratio (with reliefs) increasing to 11.1 (14.2 %) from 7.3% (13.4%) in October 2023.

Credit risk, however, remained elevated, with the NPL ratio rising to 22.7% from 18.3% over the review period.

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The merger of the two heavily indebted firms would be the latest in a recent wave of energy industry consolidation as company boards look to boost performance by increasing scale and cutting costs.

The combined company would have production of more than 130,000 barrels of oil equivalent per day (boepd), based on the two companies’ 2024 guidance, spanning Mauritania, Senegal, Ghana and Equatorial Guinea on Africa’s western coast as well as the U.S. Gulf of Mexico.

Tullow, whose CEO Rahul Dhir stepped down on Dec. 4, announced the Kosmos approach for an all-share acquisition on Thursday.

Kosmos later confirmed the preliminary discussions. It has a deadline of 5 p.m. London time on Jan. 9, 2025, to decide on a firm offer.

Tullow Oil was founded in the late 1980s as an exploration company focused on Africa, Britain and South Asia. It grew rapidly during the 2000s through a series of acquisitions and oil and gas discoveries, including the Jubilee field offshore Ghana.

Riding the energy boom, Tullow became a poster boy for the sector, reaching a market capitalisation of nearly $22 billion in 2012.

But it suffered a dramatic reversal of fortune after a string of operational issues at key oilfields, disappointing exploration results, leadership changes and the loss of investor interest in oil and gas drillers as the focus shifted to the energy transition.

Tullow’s market capitalisation stood at $480 million on Friday, when its shares dipped by more than 7%. It has net debt of about $1.4 billion.

Kosmos, based in the Texan city of Dallas, has a market cap of $1.5 billion. Its shares were down by about 15% after the news of its approach on Thursday.

With net debt of $2.7 billion by the end of September, Kosmos is awaiting the imminent start-up of the BP-operated (BP.L) Tortue liquefied natural gas development offshore Senegal and Mauritania.

“This would be a sensible deal, given the shared assets in West Africa, and with Kosmos having a more diverse asset base and healthier balance sheet, would have the ability to take on the mountain of debt Tullow labours under,” said Panmure Liberum analyst Ashley Kelty.

“The fact that Tullow’s CEO is on the way out also makes the company weaker, with no clear direction on future strategy.”

Tullow’s total production for the first half of 2024 was 63,700 boepd. Kosmos pumped 65,400 boepd in the third quarter. The two are partners in the Jubilee and Tweneboa Enyenra Ntomme (TEN) oilfields in Ghana.

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“Our plans to re-negotiate have also been influenced by the current state of the economy and how the John Mahama administration wants to fast-track measures to fully stabilize the economy”, he said.

Mr Terkper disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe on December 12, 2024.

He said the re-negotiations will likely cover issues around the Primary Balance of the country, and the processes for accounting for it.

He added that the government will take a relook at the country’s debt situation and pursue “smart borrowing” to finance expensive debts and other financial commitments.

“When you look at the current debt situation and the expected payments from 2025, the incoming NDC government has to explore innovative ways to finance these debts”, he said.

He stated that the review will also look at some of the key benchmarks under the programme and the fiscal consolidation measures being implemented.

Background

President-elect John Mahama during a recent meeting with the United Nations Resident Coordinator Charles Abani revealed that his administration will press ahead to review Ghana’s Programme with the IMF and the World Bank.

According to the President-elect, the review is to ensure that the programme is aligned with the country’s current needs.

“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.

Ghana is currently under a 36-month, $3 billion Extended Credit Facility with the IMF and has also signed several agreements with the World Bank, including a $250 million Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme.

Dealing with Investor concerns

Mr Terkper rejected the notion that the decision to go for a renegotiation could result in some negative investor reaction, a development that could hurt the economy badly.

“We have done our engagements and are still engaging these investors on their concerns that will be factored in these re-negotiations”, he assured.

Mr Terkper disclosed that the Mahama team has already engaged development partners on this issue, hence the country will not suffer as a result of the move.

“This is one of the reasons why we are holding a National Consultative Forum on the Economy and all these concerns, including re-negotiating the IMF programme will be discussed as well”.

Proposed tax cuts

President-elect Mahama has promised to remove some taxes. Key among them are the E-levy, the COVID Levy, the 10 per cent betting tax and the Emissions Levy.

Checks by JOYBUSINESS show that the COVID-19 levy brings some GH₵13.91 every year while E-Levy brings some GH₵8.27 and the Betting Tax some GH₵5.1.

Mr Terkper maintained that the team has taken measures to ensure the expected shocks are managed and do not impact badly on the economy.

“We should not forget that all the taxes are put together. It’s about 5 percent of Ghana’s Gross Domestic Product and we can find alternatives to this. We are planning to make sure that the projects will be self-financing, this other will ensure that the economy will not suffer”, he said.

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A standout initiative from SikaFX is its commitment to “Building Communities Together by Sending with SikaFX.” This program empowers users to support social and charitable initiatives in Ghana.

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This action targets businesses and professional organisations that have failed to file annual returns, despite receiving a one-year grace period and consistent reminders.

The Registrar, Jemima Mamaa Oware explained during a stakeholder engagement that the delisting is aimed at enhancing compliance and improve the integrity of the ORC’s business registry.

She noted that the exercise is part of a larger effort to modernise operations, including a transition to digital services in April 2025.

The digital system is expected to streamline processes such as business registration, renewal, and filing of returns, making these services more efficient and accessible.

“For business names, we are dealing with over 500,000. For companies, it’s about 5,000. These are entities we reached out to earlier this year. If they fail to comply by year-end, it indicates they are not operating, and their names will be removed from the register,” Mrs. Oware said.

She added that delisted entities would face restrictions, including a 12-year prohibition on reusing their names without a court order for reinstatement.

The Registrar urged businesses at risk to act promptly by updating their records and filing outstanding returns to avoid delisting.

She emphasised that non-compliance with the Companies Act, 2019 (Act 992) would have severe implications, including restrictions on conducting transactions with both government and private entities.

Transition to Digital Services

Mrs. Oware outlined the ORC’s digitalisation agenda, which is set to launch fully in 2025.

Currently, a pilot programme is running alongside the existing manual system.

Once implemented, the digital platform will allow businesses and organisations, including churches, NGOs, and law firms, to manage various operations online.

The system will integrate with the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG). This integration is to enhance efficiency, reduce manual interventions, and improve service delivery.

Additional features will include simplified access to Tax Identification Numbers (TINs), online payments, and improved verification processes.

The initiative is also expected to provide greater transparency and public access to information on registered businesses and professional organizations.

According to Mrs. Oware, the modernization efforts will accelerate turnaround times, enhance operational accuracy, and facilitate smoother business transactions across Ghana.

The ORC is optimistic that these advancements will contribute to a more robust and streamlined business environment in the country.

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Acknowledging the adverse impact of inflation and the cedi’s depreciation on citizens, Mahama pledged to address these economic challenges head-on.

He expressed confidence that his administration would implement effective strategies to stimulate economic growth, curb inflation, and stabilise the currency.

Speaking during a courtesy call by Algerian Ambassador to Ghana, Mourad Louhaidia, Mahama stressed the need to bolster Ghana’s international relations, particularly with key economic partners.

“We are focusing on bringing Ghana back in terms of economic growth, stabilising the currency, and reducing inflation. This is a critical moment for Ghana to work more closely with its partners, including China,” Mahama stated.

Looking ahead, the President-elect revealed that his government would prioritise technical cooperation with China once the transition process concludes.

He announced plans to mobilise a delegation to engage China on pressing economic matters, underscoring his commitment to swift and decisive action.

Mahama’s remarks signal a proactive approach to tackling Ghana’s economic challenges and fostering stronger international partnerships to drive recovery and development.

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His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX’s valuation leaped to $350 billion based on employee share sales.

Musk’s fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon’s Bezos ($249 billion) and Meta’s Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle’s Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index’s history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk’s other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday’s close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett’s Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg’s Meta.

The electric vehicle maker’s shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Musk’s prominent role in Donald Trump’s campaign, and his emergence as a close advisor to the president-elect who’s tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner’s valuation was previously $210 billion after a secondary share sale in June.

A British hedge fund trader has been sentenced to 12 years in prison in Denmark, after being found guilty of orchestrating a tax fraud that cost the Danish government more than £1bn.

It is the heaviest penalty ever given out in Denmark for a fraud case.

In addition to the prison term, financier Sanjay Shah, who was the founder of London-based hedge fund Solo Capital Partners, received a permanent entry ban to Denmark and will have assets worth $1bn (DKK 7.2bn) seized, as well as a string of properties.

He immediately appealed the decision on the spot. But will remain in custody.

During the inauguration of the transition team in Accra on Wednesday, December 11, to pave the way for the incoming government, the outgoing President Nana Akufo-Addo disclosed that the country’s economy is bouncing back to pre-Covid-19 levels, a development he expressed excitement about.

Speaking to Joy News, Mr Terkper said that after reviewing recent reports by the International Monetary Fund (IMF), he can confirm that there are positive signals.

“There are positive signals, and even the IMF has stated that there are positive signals,” he told Joy News.

However, he clarified that this news about the economy does not mean all sectors of the country are performing well.

“The growth we are talking about is a headline figure, which is the average growth” he explained.

On his part, President-elect John Mahama disagreed with the outgoing president’s statement that the economy is bouncing back. According to Mr Terkper, Mr Mahama’s disagreement is understandable, as not all sectors of the economy are performing well.

“So the caution President Mahama was pointing to is that the headline may be driven by oil, or it may reflect industries picking up, but if you look at the release [IMF’s report], they say some sectors are suffering,” he said.

The former minister added, “So what he [Mr Mahama] is trying to point out is that, yes, the current president may focus on the headline figure, but that is only one index to boldly state that the economy is back on the path to recovery,” he explained.

He emphasized that, despite the positive signals, the country still faces vulnerabilities in certain areas, especially in the export-import sector and the agriculture sector in this quarter of the year, and probably will expand to the first quarter of the new year.

The IMF noted that leading presidential contenders before the December 7 Elections “have also promised vast spending programmes, which will need to be carefully executed to ensure continued adherence to the programme’s fiscal objectives”.

The concerns were captured in the IMF staff report, which was submitted to its board on December 2,   2024, following discussions with government at the end of October 4, 2024.

President-elect John Dramani Mahama has already pledged to review and adjust Ghana’s existing agreements with development partners such as the IMF and the World Bank to align with the country’s current needs and aspirations.

Ghana received some $360 million from the IMF in December 2024 after passing the third review.

The concerns by the IMF is coming at time President-elect John Mahama has indicated that he will move to re-negotiate Ghana’s programme with the IMF and the World Bank.

The IMF staff report was completed on November 13, 2024. However, checks with the IMF have indicated that some of the concerns still stand.

The IMF in the staff report however noted that some of the promises by these presidential contenders, like tackling debt risks, increasing employment, and addressing high costs of living are consistent with the objectives of the current ECF-supported programme.

“Ensuring diligent programme implementation before and after the upcoming elections is paramount and warrants strong commitment from all stakeholders”, he said.

Risk to Ghana’s programme

The IMF in its staff report praised government for the significant progress made under the fund programme.

“The authorities have adjusted macroeconomic policies and launched comprehensive reforms, which have impacted growth and inflation. There is little room for complacency, as vulnerabilities still exit and will require perseverance”, the IMF warned.

According to the IMF, a further reduction in government’s fiscal deficit is needed by boosting domestic revenue and better control government spending.

The IMF also noted that depending on how the political transition is handled, it could impact badly on Ghana’s programme going forward.

“Assurances from the main political parties on policy and reform continuity may help to mitigate these risks”, he pointed out.

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Through their legal representatives, Mayer Brown International LLP, the investors allege significant breaches of the UK-Ghana Bilateral Investment Treaty (BIT) and have called for immediate settlement discussions to prevent the escalation of the dispute.

In a detailed letter addressed to Ghana’s Attorney General, Godfred Yeboah Dame, the investors accuse Ghana of failing to respond to earlier requests for amicable settlement discussions.

They claim that the government has taken actions that exacerbate the dispute, including allowing unauthorised parties to extract and sell valuable gold tailings from the mine. These activities, according to FGRL and BGHL, have caused millions of dollars in losses.

The investors also allege that Ghana has illegally transferred ownership of the mine and associated mining leases to an unrelated third party in violation of both Ghanaian law and international treaty obligations.

Mayer Brown’s letter condemns these actions, citing breaches of provisions under the UK-Ghana BIT, including the obligation to provide fair and equitable treatment and protection to foreign investments.

Calls for Immediate Action

The investors have requested Ghana to:

1. Take immediate steps to safeguard their assets and prevent further illegal activities at the mine.
2. Engage in urgent discussions aimed at reaching an amicable settlement.

Failure to address these demands by 14 January 2025, the investors warn, will lead to the initiation of international arbitration proceedings under Article 10 of the UK-Ghana BIT. This could potentially result in Ghana being held liable for significant damages.

The letter highlights potential consequences for Ghana’s international standing, including possible scrutiny by the World Bank. The investors referenced World Bank guidelines, which urge member countries to resolve disputes over expropriations to avoid adverse impacts on their creditworthiness and eligibility for new loans.

Legal and Diplomatic Responses Awaited

Copies of the letter have been sent to key stakeholders, including President Nana Addo Dankwa Akufo-Addo, the Minerals Commission, and international diplomatic representatives, such as the British High Commissioner to Ghana and the US Ambassador to Ghana.

Mayer Brown’s letter concludes with a call for the Ghanaian authorities to protect the investors’ rights and engage in good-faith negotiations to resolve the dispute.

As of now, the Ghanaian government has not issued a public response.

The Lands and Natural Resources Minister, Samuel Jinapor however, has okayed the transfer of the Mine to Heath Goldfields Ltd.

This development follows a recommendation from the Minerals Commission based on what it said is the company’s demonstrated technical and financial capacity.

The approval, outlined in a letter dated November 12 from the Ministry to the Chief Executive Officer of the Minerals Commission, underscores the government’s commitment to revitalising the mine, which has faced operational and environmental challenges in recent years.

Revitalising the Mine

The ministry has emphasised the importance of this acquisition in securing the employment of mine workers, reviving local economic activities, and preventing potential environmental degradation from prolonged inactivity. In the letter, the ministry directed the Minerals Commission to expedite the process, ensuring compliance with all legal requirements to facilitate the transfer.

“This decision reflects the government’s focus on preserving livelihoods and fostering development in mining communities,” the letter stated, highlighting the national significance of

Local stakeholders, including mine workers and residents of the surrounding communities, are optimistic about the mine’s revival. The Prestea Bogoso Mine has historically been a vital economic pillar in the region, providing employment and contributing to local development.

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This was captured in the International Monetary Fund (IMF) Staff Report released after Ghana passed the third review and board approval for disbursement of some US$360 million.

The IMF in its staff report noted that, Ghana still has the tag due to the near-term breach of the Debt Sustainability Analysis Threshold.

Based on the IMF’s analysis, Ghana will reach a Moderate Risk of debt distress by 2028, when all the targets have been met.

Details on Debt Sustainability Benchmarks for Ghana

Ghana is expected to work to reduce its Present Value of Total Debt to GDP and external debt service to revenue ratios to 55 and 18 percent by 2028.

This will include a revenue based fiscal consolidation with higher spending efficiency.

The IMF also wants a stronger social safety net, as well as structural reforms to support greater exchange rate flexibility, a more diversified economy and stronger growth.

Ghana’s Debt Restructuring

The revelation by the IMF is coming at time government has announced about 90 percent completion of restructuring the country’s debts.

The recent Bank of Ghana Economic and Financial Data report showed that the Ghana’s debt stock has gone down marginally due to progress made by government in restructuring its external debts.

The data showed that the total debt stock reduced by more than 46 billion cedis from September to 761 billion cedis ending October 2024.

“The baseline assumes strong programme ownership and the authorities’ full commitment to implement the Fund-supported programme to restore debt sustainability and bring the debt risk rating to “moderate” in the medium term”, the BoG observed.

This, it said includes the reduction of the PV of total debt-to-GDP and external debt service-to-revenue ratios to 55 and 18 percent, respectively, by 2028.

This entails a revenue based fiscal consolidation with higher spending efficiency and stronger social safety nets, as well as structural reforms to support greater exchange rate flexibility, and a more diversified economy and stronger growth.

Status of Debt restructuring and Negotiations

The Staff report showed that the Official Creditor Committee (OCC) is also working with Ghana on preparing bilateral agreements that can serve as guides for all OCC members to implement the Memorandum of Understanding and the needed agreements are expected to be signed  by end of June 2025, whiles it is hoping to soon finalize negotiations with commercial creditors .

Speaking during a courtesy call by the United Nations Resident Coordinator, Charles Abani, Mr Mahama emphasised the importance of creating partnerships that reflected the realities of today and the vision of his incoming government.

“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.

Transition process guided by law

Underpinning this transition is Section 1 of the Presidential (Transition) Act, 2012 (Act 845), which mandates the formation of a Transition Team within 24 hours after the declaration of presidential election results.

This legal framework ensures continuity and smooth handover between administrations, setting the stage for collaboration with development partners and other stakeholders.

Mr Mahama noted the need for swift engagements with international institutions, particularly the International Monetary Fund (IMF) and the World Bank, to realign ongoing programmes with his government’s priorities.

“Looking at the existing programmes, we need to tweak them to meet the realities of today… One of our main concerns is the issue of debt repayments. We need to see how we can smooth them so that we don’t default again, which will be more catastrophic than the current defaulting,” he remarked.

IMF and World Bank programmes

Ghana is currently under a 36-month, $3 billion Extended Credit Facility with the IMF and has also signed several agreements with the World Bank, including a $250 million Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme. Mr Mahama stressed the urgency of managing debt repayments while working to stabilise the economy.

“I don’t kid myself that it is going to be an easy task; it is going to be quite tough. I anticipated that we were going to win, but I didn’t anticipate the margin by which we were going to win. That is an indication that Ghanaians have very high expectations,” he said, committing to working tirelessly to meet these demands.

Global collaboration and domestic concerns

The President-elect highlighted the critical role of global partnerships in Ghana’s recovery. He lauded the United Nations and its agencies for their longstanding support, particularly in addressing challenges such as food security.

“We are anticipating that there is going to be some problems with the availability of food, and so how we are able to quicken support to ameliorate the situation is something that we would like to work on,” Mr Mahama said.

He expressed readiness to collaborate with agencies such as UNICEF and UNHCR to uplift Ghanaians from the current economic challenges.

UN’s support for Ghana

Mr Abani commended Ghana’s seamless 2024 elections, describing the polls as a hallmark of democratic excellence in Africa.

“This visit is to assure you that the UN stands fully with you and fully with Ghana. We know your presidency is just about to unfold, and I can assure you of our collaboration,” Mr Abani said.

The elections saw Mr Mahama secure 6,328,397 valid votes, representing 56.55%, underscoring his strong mandate.

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According to the New York based firm, debt levels will remain sensitive to growth, fiscal, and balance-of-payments outcomes, including those beyond the June 2026 end date of Ghana’s International Monetary programme.

“We estimate that, post-exchange, foreign currency debt still makes up around 66% of total government debt (assuming a 99% participation rate in the Eurobond exchange, with 91% of holders choosing to swap into the discount notes)”.

It warned that it could lower the outlook on Ghana’s local currency ratings to negative should the country’s fiscal and external outcomes worsen.

On the downside risk, S&P said it could raise the long-term foreign currency rating if Ghana completes the restructuring of the remaining commercial debt, adding, “Our analysis will incorporate the sovereign’s post-restructuring credit factors, including the new terms and conditions of its external debt.

We could raise the local currency ratings if Ghana makes further progress on stabilising its public finances, and accumulating foreign currency reserves”

S&P assigned ‘CCC+’ foreign currency issue rating to Ghana’s five categories of new notes following the completion of the government’s distressed debt exchange on Eurobonds.

The exchange offer received the consent of the required majority of Ghana’s Eurobond holders. The restructuring of Ghana’s $13.1 billion in Eurobonds plus arrears aimed to ease external debt-service pressure and restore public debt sustainability as part of the ongoing Extended Credit Facility (ECF) arrangement with the IMF.

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While Ghana’s performance under the programme was deemed “generally satisfactory,” the IMF in a press release cautioned that multiple vulnerabilities persist.

Key risks identified: 

1. Election-driven policy slippages: With the December 2024 general elections approaching, the IMF warned of potential fiscal slippages, citing Ghana’s history of election-related overspending. “Steadfast program implementation remains essential to fully and durably restore macroeconomic stability and debt sustainability,” the IMF stressed.

2. Energy sector challenges: The IMF flagged the deepening fiscal risks posed by inefficiencies in the energy sector, including accumulated arrears, reliance on expensive fuel imports, and weak governance at the Electricity Company of Ghana (ECG). These issues could undermine efforts to reduce the energy sector shortfall, which is projected to reach 2.2% of GDP this year.

3. Debt sustainability concerns: While progress has been made on restructuring public debt, the IMF noted that Ghana remains at high risk of debt distress in the short term. The completion of external debt restructuring is critical to achieving sustainability targets by 2028.

4. Inflationary pressures: Although inflation has declined, risks remain elevated due to currency depreciation and recent dry spells impacting agricultural output. The IMF revised its year-end inflation projection to 18%, up from earlier estimates.

5. External vulnerabilities: Ghana’s economy faces risks from global shocks, including commodity price volatility, conflicts in Ukraine and the Middle East, and regional instability. These factors could disrupt trade and increase imported inflation.

6. Structural weaknesses: Delays in addressing longstanding challenges in the cocoa sector, implementing energy sector reforms, and recapitalizing financial institutions could further complicate fiscal and economic management.

Call for vigilance and policy continuity  

The IMF urged Ghana’s authorities to stay the course of macroeconomic reforms and maintain fiscal discipline before and after the elections. “Risks to program implementation remain high ahead of the general elections,” the report noted, underscoring the need for strong commitments from all stakeholders.

To mitigate these risks, the IMF recommended:  

– Enhanced Revenue Mobilization: Strengthening tax compliance and reducing exemptions to ensure steady fiscal consolidation.

– Prudent Monetary Policies: Maintaining a tight monetary policy stance to stabilize inflation and rebuild international reserves.

– Debt Transparency: Accelerating the restructuring of external debt and ensuring timely implementation of bilateral agreements.

The IMF also emphasized that addressing vulnerabilities in the energy and cocoa sectors is critical to achieving fiscal sustainability and fostering inclusive growth.

However, the UK firm said the fiscal progress will be constrained by persistent structural challenges.

“In 2024, fiscal slippage occurred in key economies like South Africa, Nigeria and Ghana, in part driven by election-related expenditure and public resistance to government efforts to enhance revenue collection”. It pointed out.

With major elections concluded and cost-of-living pressures easing, Fitch Solutions pointed out that the governments will make more determined efforts towards fiscal consolidation in 2025.

“While the overall SSA budget deficit will shrink from 4.3% of GDP in 2024 to 3.9% in 2025, it will remain well above the 2010-2019 average of 3.2%”.

Indeed, it stressed that 27 out of 49 SSA countries, including Nigeria, Ethiopia, Ghana, the DRC, Côte d’Ivoire and Uganda, will continue to experience higher fiscal shortfalls in 2025.

This is compared to their respective 2010-2019 averages.

Monetary policy cycle to continue

It continued that lower average inflation will see central banks across the region start or continue their monetary easing cycles, leading to greater monetary policy convergence in SSA.

That said, it noted that idiosyncratic factors in large markets (notably Nigeria and Ethiopia) will see regional inflation remain above the 2014-2023 average of 11.4%.

Source: Joy Business

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Former President, John Mahama emerged the winner of the 2024 general elections after polling 6,328,397 representing 56.55%.

The Vice President and presidential candidate of the governing New Patriotic Party (NPP), Dr Mahamudu Bawumia, secured 4, 657, 304, representing 41.61%.

Expectations for cedi

Before the December 7 elections, the Bank of Ghana assured that it had enough dollar buffers to support the cedi.

In addition, there were fears uncertainty surrounding the elections could cause the cedi to depreciate.

However, some observers say events after the December 7 elections will not negatively impact the cedi due to the peaceful nature it was conducted.

It is anticipated that the development could result in the cedi gaining in the coming days.

For many, the peaceful elections also send a positive signal to investors and donor partners about Ghana’s matured democracy.

Some offshore investors engaged by JOYBUSINESS say Dr. Bawumia’s decision to concede defeat signaled a positive path.

Cedi news  

On December 10, 2024, the dollar was going for GH₵16.20 by some forex bureaus.

The British Pound was going for GH₵20. 20.

The Euro was trading at GH₵17.00.

Meanwhile, commercial banks are selling a dollar for GH₵14.80.

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Verdict: False

Explanation: According to a 2023 report by FactCheck Ghana and Bank of Ghana’s Summary of Economic Financial Data(2024), Ghana’s borrowing figures over the years are as follows:

From the data above, Ghana has borrowed over GHS1 trillion between 2017 and 2024, which is more than the GHS622 billion as claimed. The Ghana Fact-Checking Coalition did not find any evidence to support the claim that the Bank of Ghana printed GHS 60 billion illegally.

Source: Ghana Fact-Checking Coalition

Verdict: False!

Explanation

Data from the International Monetary Fund (IMF) and the Ministry of Finance showed that Ghana’s debt-to-GDP ratio was above 72% in 2016 when Mahama exited office, not 57%, as claimed.

Claim 2:  A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s inflation was 15%.

Verdict: True!

Explanation

The Ghana Statistical Service (GSS)’s 2016 year-on-year inflation rate confirmed that the inflation rate, as of December 31, 2024, was 15%.

Claim 3:  A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s unemployment rate was 8%.

Verdict: True!

Explanation

The GLSS 7 survey conducted between October 2016 and October 2017, confirmed Ghana’s labour force comprised 12,244,318 people, with 11,216,724 employed and 1,027,596 unemployed. Using the unemployment rate formula, dividing 1,027,596 by 12,244,318 and multiplying the result (0.0839) by 100%, the unemployment rate for 2016/2017 was 8.39%, rounded to 8.4%. Therefore, the social media user’s claim is true.

Source: Ghana Fact-Checking Coalition

Verdict: False!

Verification: The Global Food Security Index, which evaluates 113 countries based on the affordability, availability, quality, and safety of food, ranked Ghana 7th in Africa in its last report in 2022. Meanwhile, the country ranks 83rd globally with an overall score of 52.6.

Therefore, the claim is false.

Source: Ghana Fact-Checking Coalition

This was contained in a circular issued to investors today, December 5, 2024 in London.

The board in the statement said it has initiated a process to find a successor for Dhir, who was appointed as CEO in 2020.

“Dhir will stay in his role until a date has been determined to ensure a smooth transition”, the company said

Rahul Dhir on his exit

Mr. Dhir described his work at Tullow Oil as privileged, while serving as Chief Executive of the oil firm.

“During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over 1.1 billion dollars in free cash flow and reduced our net debt from 2.8 billion dollars  to c.1.4 billion dollars” he said.

“I am also very proud of our team’s strong culture of ownership and commitment to business delivery. With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth.”

Rahul Dhir was on July 1, 2020 appointed as Chief Executive Officer of Tullow Oil, taking over from Dorothy Thompson. Before his appointment, he was CEO OF Delonex Energy, an African focused Oil and Gas Company.

Tullow Board Chair on Chief Executive

The Non-Executive Chairman of Tullow Oil praised   Dhir for the hard work and dedication over the years, adding that  “since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focused on the delivery of operational and financial performance, debt reduction and positioning the company for future growth.”

Market reactions

The Morning Star of the UK is already reporting that Tullow Oil PLC shares have slumped after the news of Mr. Dhir resignation.

Shares in Tullow, according to the Morning Star were down by  7.0 percent to 22.88 on the London Stock Exchange.

Source: Myjoyonline

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According to the Trade Statistics Report from the Ghana Statistical Service, United Arab Emirates (40.1%) led the destination of gold export followed by Switzerland (30.1%), South Africa (22.2%), and India (6.8%). Together they accounted for 99.2% of gold export from Ghana.

About a third of mineral fuels and oils were also exported to China (29.8%), nearly a quarter of cocoa to the Netherlands (22.2%), vegetable products to Vietnam (17.0%) and iron and steel to Burkina Faso (55.9%).

For five out of the 10 product classifications, China was the leading country of origin.

However, for mineral fuels and oils the main country of origin was the United Kingdom, closely followed by the United Arab Emirates.

Vegetable products were primarily imported from Burkina Faso.

Source: Myjoyonline

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According to the GSS, exports in the third quarter of 2024 amounted to GH₵74.8 billion, while imports totalled GH₵70.9 billion.

This marked a significant improvement, with a turnaround of a trade deficit of GH₵2.3 billion in quarter 3 2023 to a surplus of GH₵3.9 billion in Q3 2024.

In US dollar terms, the total trade amounted to US$9.6 billion, consisting of US$4.9 billion in exports and US$4.7 billion in imports.

Gold Bullion Is Top Exporter

Gold bullion, valued at GH₵46.5 billion, was the top export product in the third quarter of 2024, with a value more than four times that of the second-highest export, crude petroleum, which was valued at GH₵11.6 billion.

Together, the top five export products – gold, crude petroleum, cocoa paste, manganese ores and tuna, accounted for 83.2% of total exports.

The export share of gold increased from 42.5% in the third quarter of 2023 to 62.1% in the third quarter of 2024.

In contrast, the share of mineral fuels and oils has reduced by approximately half over the same period. The share of cocoa beans and products has also decreased from 4.8% to 4.6% over this period.

In the third quarter of 2024, the top two import products, both within the category of mineral fuels and oils, totalled GH₵12.9 billion, with gas oil leading at GH₵ 7.0 billion. Overall, mineral fuels and oils accounted for 22.3% of total imports.

Cereal grains were the fifth-largest import, accounting for 1.7% of imports.

On the other hand, machinery and electrical equipment contributed 16.3% to total imports.

Export products are more concentrated, with the top five accounting for 83.2% compared to 24.8% for imports.

Source: Myjoyonline

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The Mayor has described the claims as false and baseless.

The proposed closure was reportedly suggested by the running mate of the New Patriotic Party (NPP), Dr. Matthew Opoku Prempeh, during a meeting with market representatives at the Kumasi Culture Centre.

The move is alleged to ensure active participation of the traders in the 2024 election, amidst resistance from the market women who have cited severe impact on their business.

However, he indicated intelligence gathered suggests plot by some members of the National Democratic Congress (NDC) to disrupt activities at the market on election day.

He said notably the macroeconomic front for 2024 showed a strong recovery with growth averaging 5.8 per cent for the first half of 2024, which was the highest recorded in the last five years and inflation was trending downwards and the cedi gaining strength.

The Minister was speaking at the monthly briefing to provide an update on developments in the economy since the last engagement in October 2024 in line with the resolve to update the public on the economy

He said it was instructive to mention that, while the nominal size of the Ghanaian economy was 56 billion USD in 2016, by the end of 2023, the nominal size increased to US$76 billion representing an increase of US$20 billion in seven years.

He said the figure was expected to be more by the end of 2024 when the Ghana Statistical Service puts out the end-year data.

Dr Adam said in an election year, the government had maintained fiscal discipline, even with all the massive infrastructure projects dotted across the country.

The Minister said they have completed the debt restructuring programme, both domestic and external; within one-and-half years, in record time, and successfully negotiated a US$3bn 3-year IMF-supported programme and completed three reviews in a row, with the IMF Executive Board approving the 3rd Review on Monday December 2, 2024.

Dr Adam said, “We posted strong external sector balances and improved Gross International Reserves significantly.”

He said whilst they have pursued the path of stability and fiscal consolidation, the government had kept its commitment to implementing programmes that enhanced welfare and social protection, especially for the vulnerable in the society.

“We have strengthened and widened access to all our social intervention programmes, which include among others the number of households receiving cash grants under the LEAP programme increased by 64.4 per cent from 212,917 in 2016 to about 350,000 on the register in 2024,” he said.

He said they have also increased the LEAP cash transfer budget from GH¢50million in 2016 to a GH¢720 million in 2024; indexed the LEAP benefits to inflation for the first time in the history of the programme in 2023 and beneficiaries of the Ghana School Feeding Programme increased from 1,671,777 in 8,326 public basic schools in 2016 to 4,029,580 in 10,832 public basic schools in 2024.

This represents a 141 per cent increase in beneficiaries and 30.10 per cent in the number of public basic schools.

The feeding grant cost per meal per child per day under the School feeding programme was increased from GH¢0.80 in 2016 to GH¢1.50 in 2024 and NHIS expanded its coverage to include childhood cancers, prostate cancer, mental health care, annual health checks, dialysis services, and hydroxyurea for sickle cell patients.

He said the Capitation grant increased per recipient from GH¢5.00 in 2016 to GH¢15.00 in 2024 and Year-on-Year total enrolment under the Free SHS/TVET programmes increased from 813,448 in the 2016/17 academic year to 1,488,575 in 2023/2024 academic year, an increase of 83 per cent over the period.

He said the government increased the number of public Astroturfs across the country from 3 in 2016 to over 150 as of June 2024 and the government introduced the Free Dialyses Programme for all patients across all the health centres providing dialyses services.

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