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Govt spending exceeds revenue for seven months

Government ended the first seven months of this year spending slightly more than revenue mobilized. Latest figures covering fiscal operation from January to August shows that it missed out slightly on the expenditure target. According to the figures, government ended first seven months of this year, spending almost GHC1 billion more than the GHC23.7 billion projected. The excess spending were ...

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Africans pay too much for power – AfDB

The cost of power in Africa is on the high side, President of the African Development Bank (AfDB) Dr. Akinwumi Adesina has bemoaned. Although the continent is home to the least reliable access to power as compared to the rest of the world, the cost of power in Africa is the highest, he maintained. He said the entire continent generates ...

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Gov’t Borrows GH¢5.3bn To Pay Debts

Seth Terkper, Finance Minister Government is still contracting loans from both the local and international markets to service debts. A recent one is the issue of a 3-year fixed rate bond to the general public to mobilize GH¢1.5 billion for the restructuring of government debt and also for maturity settlement after it floated a $1 billion (approximately GH¢3.8 billion) Eurobond ...

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GNPC provides $100m guarantee for power barges

The Ghana National Petroleum Corporation, GNPC, has confirmed paying the 100 million dollar guarantee for the deployment of the Kar-Power barges from Turkey on behalf of the ECG. The amount expected to be put in an escrow account is a requirement for the barges. Speaking at a press conference, Chief Executive of the GNPC Alex Mould said ECOBANK is currently ...

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Booming Ivory Coast Faces Elections With Confidence

From Abidjan airport’s packed arrivals hall to the hotels and plush villas mushrooming across the city, Ivory Coast is booming, a rare African bright spot as the world’s biggest cocoa producer bounces back from years of turmoil and civil war. With elections due in a month, many Ivorians had expected a pause in the post-conflict growth spurt, but such is ...

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Government and COCOBOD cheating us – Cocoa Farmers

Some cocoa farmers in the Western Region in a rather sharp turn have kicked against the recent increase in the producer price of cocoa announced by the government, describing it as a slap in the face and cheating tactics deployed by COCOBOD and government. They say it will be in the interest of COCOBOD and government to increase the price ...

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COCOBOD Secures $1.8bn For Cocoa Purchases

Dr. Stephen Opuni (2nd left) signing the agreement The Ghana Cocoa Board (COCOBOD) has signed a loan agreement with a consortium of international financial institutions for an amount of $1.8 billion to purchase cocoa beans for the 2015/ 2016 crop season. The fully underwritten loan facility was arranged by Barclays Bank Plc, Commerzbank, Aktiengesellschaft, Deutsche Bank AG, Natixis, Standard Bank Group ...

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Ghana Officially Classified HIPC

After months of speculations, the country is now officially classified as Highly Indebted Poor Country (HIPC), data from the Bank of Ghana indicate. New Bank of Ghana data shows that the country’s debt is now about 71 percent of the total value of the economy. According to World Bank parameters, if a country’s debt-to-GDP ratio crosses the 70% debt mark, ...

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Minority Demands Halt Of IMF Disbursements

Dr Anthony Akoto Osei The Minority in parliament is demanding that the International Monetary Fund (IMF), freezes further disbursements of monies to Ghana, alleging that the deal with the fund was not constitutional because it did not receive parliamentary approval. At a press conference on Tuesday, the Minority Spokesperson on Finance, Dr Anthony Akoto Osei and legal practitioner, Afenyo Markin, ...

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IMF raises concern over Ghana’s ballooning public debt

The country’s public debt now exceeds pre-HIPC levels, according to the International Monetary Fund (IMF) report after a review of Ghana’s performance under the bailout deal. The IMF is projecting that Ghana’s debt levels – which has hit about 90 billion Ghana cedis as at June this year – could increase further in the coming months. According to a GNA ...

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