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Ghana Has No Reason To Be Poor-World Bank

Henry Kerali Henry Kerali, World Bank Country Director for Ghana, Liberia and Sierra Leone, has challenged Ghana to institute actionable strategies to exploit the country’s abundant resources to eradicate poverty in the savannah zone. “There is no reason why northern Ghana and for that matter, Ghana as a whole should be poor, many countries do not have a fraction of ...

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GNPC provides guarantee for first power ship

The Ghana National Petroleum Corporation (GNPC) has issued half of the $100-million guarantee required to provide financial security for two emergency power barges to be dispatched from Turkey to the country next month. Documents on the remaining $50 million are being processed with a local bank and should be completed in the next few weeks, the Chief Executive Officer (CEO) ...

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Oil Revenue Disappoints Gov’t

Seth Terkper, Finance Minister The continuous fall in the price of crude oil on the world market has sent shivers down the spine of government officials. Government’s plans of receiving more cash from crude oil production this year to fund its activities have failed to materialize. According to Seth Terkper, Finance Minister, at a news conference in Accra yesterday, the ...

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Cedi crisis pushes prices of foodstuff up

Esoko Ghana has attributed the price increase of commodities in August,2015 in the country to drought and the volatility of the cedi. According to Esoko Ghana, the inability of suppliers to meet market demands contributed to the trend. Commodities like tomatoes, gari, cassava, millet among others saw an increase in prices across the markets in Ghana from July to the ...

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Govt to borrow over 4 billion cedis from domestic market this month

Government is expected to raise in excess of 4.2 billion cedis from the domestic market this month. This is according to the issuance calendar for Government of Ghana securities, for the period July to December 2015. According to the calendar government will raise 2.4 billion cedis from issuing 91 day Treasury bills and 950 million cedis from 182 day treasury ...

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IMF approves second tranche of bailout cash

  The Executive Board of the International Monetary Fund (IMF) has completed its review of Ghana’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement. Completion of the review enables the disbursement of about US$116.6 million, bringing to total disbursements under the arrangement to about US$233.1 million. In completing the review, the Executive Board also granted ...

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Cedi Depreciation: Wheel Barrow-Full Of Cedi Will Buy Bread – Kufour Warns

Former President John Kufuor The cedi has taken another nose dive against the dollar and other trading currencies and now ranked one of the worst on the African continent. The Bank of Ghana and the Finance Ministry are struggling, through various economic policies to stabilise it, but so far, they haven’t worked yet. According to President Kufour, Ghana has to ...

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Ghana Stands To Lose US$100m Stashed In Escrow Account – ACEP warns

The Africa Centre for Energy Policy, ACEP, is worried Ghana could lose an amount of 100 million dollars which has been stashed in an escrow account by the GNPC as guarantee to facilitate the provision of emergency power by Turkish company, KAR-POWER. This according to ACEP is because the ECG, which the GNPC is standing surety for, has a track ...

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Ghana earns $3b in revenue after four years of exporting crude oil

Ghana has earned 3 billion dollars from oil since the beginning of commercial production in April 2011. According to the Petroleum receipts report, this money was earned from the country’s share of crude oil that was exported, as well as taxes paid by companies operating in the country’s oil fields. According to the report, 1.2 billion dollars was used to ...

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Cedi Crashes

As at Saturday, 22 August 2015, a dollar was selling at GH¢4.37 and buying at GH¢4.20 on the forex market. One British Pound was selling at GH¢6.86 and buying at GH¢6.59. The Euro was also selling at GH¢4.94 and buying at GH¢4.74. At the interbank exchange level, a dollar was buying at GH¢4.0172 and selling at GH¢4.0212. The British Pound ...

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