A new report has revealed that even though Ghana is experiencing a slowdown after several years of fast-paced commodity-fuelled growth, the country is well positioned for a rebound. Authored by research and consultancy firm Oxford Business Group (OBG), The Report: Ghana 2017 stated: “Global headwinds have had an impact, leading to lower export revenues and … Read more
Ghana’s push to broaden its economic base by adding value to commodity exports and capitalising on its comparative advantages are explored in a new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG). The Report: Ghana 2017 provides in-depth analysis of the country’s bid to foster stronger links with … Read more
Nigeria National Petroleum Corporation (NNPC) has revealed the names of the 39 companies that will buy its crude oil during the year. The announcement follows an international call for tenders launched a few months ago that saw at least 224 bids submitted by companies. The list comprises of 18 Nigerian companies,11 international traders, 5 foreign … Read more
Over the last several years along the Indian Ocean coast in East Africa substantial finds of oil and natural gas resources have been under development. A British exploration corporation, Tullow Oil and its Canadian partner, Africa Oil, acknowledges that it has discovered in excess of 600 million barrels of oil in Kenya. At least eight … Read more
Ghana’s president-elect Nana Akufo-Addo said on Wednesday he would focus on restoring stability, cutting taxes and interest rates and spurring double-digit growth, in his first comments on the economy since winning a Dec. 7 vote. Akufo-Addo, whose New Patriotic Party government is due to be sworn in on Jan. 7, inherits an economy that has … Read more
Ghana’s President-elect Nana Akufo-Addo needs to act fast to deliver on his campaign promise to create jobs, restore rapid growth, build a dam in every village and a factory in every district if he is to satisfy an electorate eager for change. Voters gave President John Mahama just one four-year term before they wielded the … Read more
U. S. opens door to oil exports after year of pressure A domestic drilling boom of the past six years has transformed the U.S into an energy powerhouse. The Obama administration on Tuesday bowed to months of growing pressure over a 40-year-old ban on exports of most domestic crude, taking two steps expected to unleash … Read more
Sixty-six percent of Ghana’s total debt stock since independence has been caused by President John Mahama in his first four-year term, flag bearer of the main opposition New Patriotic Party (NPP), Nana Akufo-Addo has said. Mr Akufo-Addo wrote in an article: “Government borrowing is at an all-time high and the NDC regime has been on … Read more
The Public Interest and Accountability Committee (PIAC) has joined a long list of advocates that have urged government to seriously consider restoring its hedging programme in order to cushion the country against the impact of oil price shocks on the state’s purse. The advice of a Committee established by an Act of Parliament to provide … Read more
The NPP flagbearer is making a third attempt at the presidency in this year’s elections IN this election Ghana is at a crossroads. The current NDC government is throwing away the economic credibility of the nation, and President Mahama’s handling of the economy has raised serious questions that need answers. Where is the Money? There … Read more
The December 7 elections do not pose any major risks to Ghana’s economic rebalancing or its ability to implement the economic stabilisation and reform programme backed by the International Monetary Fund (IMF), a new report issued by Standard Bank Research has stated. The report, which is based on a review of Ghana’s economy said unlike … Read more
Moody’s Investors Service (“Moody’s”) has affirmed the Government of Ghana’s issuer and senior unsecured rating at B3 and changed the outlook to stable from negative. The key drivers of Friday September 23 rating action are: (1) Significant fiscal deficit reduction and institutional reform implementation over the past year under the umbrella of the 3-year IMF … Read more
Rating agency, Moody’s has reviewed Ghana’s issuer outlook from negative to stable, maintaining the rating at B3. The key drivers for the review, according to the rating agency, is the country’s significant fiscal deficit reduction and institutional reform implementation over the past year under the umbrella of the 3-year IMF programme starting April 2015. According … Read more
Abuja (AFP) – Nigeria’s economy nosedived into a recession, official data showed Wednesday, with oil production hammered by militant attacks on pipelines and foreign investment at a “record” low. Output in the three months to the end of June was -2.1 percent with the oil sector reporting a double-digit decline following a wave of attacks … Read more
Warri (Nigeria) (AFP) – Nigerian rebels claimed a Tuesday attack on a state-owned oil pipeline and accused the military of “endlessly harassing” the country’s south as they vowed to intensify their campaign of sabotage. The newly formed Niger Delta Greenland Justice Mandate (NDGJM) group said in a statement that they attacked a Nigerian Petroleum Development … Read more
Ghana’s cedi and Zambia’s kwacha are set to end 2014 as the worst performing African currencies among a small basket that are relatively liquid, as falling commodity prices take a toll on some of the continent’s “lion” economies. The cedi has lost about 27 percent in 2014, one sign of a fiscal crisis in an … Read more