The Africa Centre for Energy Policy (ACEP) says government’s deal with the Chinese government to export gas to China is not feasible. Finance Minister, Seth Terkper has confirmed the New Patriotic Party’s claims that government intends to offer gas from one of the country’s gas fields to China for a loan from China Development Bank … Read more
The Minister of Finance, Seth Terkper, has confirmed the New Patriotic Party’s (NPP) claims that government intends to offer gas from one of the country’s gas fields to China for a loan from China Development Bank (CNB) for a period of 19 years starting in 2018. Mr. Terkper however downplayed the NPP’s suggestion that the … Read more
The Finance Minister, Seth Terkper has strongly indicated that the government is seriously considering issuing diaspora bonds to raise cheaper funds in a bid to tap into the wealth of Ghanaian emigrants after the country’s first domestic dollar bond issued recently was deemed a success. “Diapora Bonds is feasible. We are looking at it. Everything … Read more
As the contention between some bankers and the Finance Minister continue over the issuance of local dollar denominated bond, Economist, Dr. Eric Osei-Assibey has warned that issuing such bonds must be measured. Criticizing the Finance Minister, the Managing Director of Stanbic Bank, Alhassan Andani cautioned that the move could lure Ghanaians to convert their local … Read more
Although Ghana’s cocoa production fell short of industry forecasts for the 2015/16 growing season, increased investment in seed development programmes and infrastructure upgrades should improve output over the coming years. “Crop production for the 2015/16 growing season, which spans October to September, reached 690,000 tonnes, although this fell short of the 850,000-tonne projection made by … Read more
The country’s debt stock which is currently about GH¢105 billion is expected to decline in 2017, with the economy returning to growth, the Minister for Finance, Mr Seth Terkper, has said. He said that would be possible through the operations of the TEN Field which started producing oil in August, this year, together with the … Read more
Government’s earnings from crude exports witnessed a significant reduction for the third quarter of this year. Latest figures covering petroleum receipts, released and signed by the Finance Minister, Seth Terkper, show that the state got $19.5 million from July to September this year. This represents a significant reduction in the $24 million dollars it got … Read more
A Senior Economics Lecturer at the University of Ghana, Legon, has raised concerns over government’s continuous borrowing strategy, warning the economy could suffocate under high indebtedness. Dr. Eric Osei-Assibey says allocations in the recently approved budget for the first quarter of 2017 shows interest payments takes a chunk of government revenue, a situation he says … Read more
Finance Minister, Seth Terkper, has disclosed that the main propeller of growth next year will be the oil and gas sector with the Jubilee oil field expected to take center stage. Oil production in Ghana’s first oil field, Jubilee, was pegged at over 90,000 barrels per day when running optimum level but technical hitches have … Read more
With the complaint by President Mahama that his ‘transformational message’ is being “blocked or distorted” by the media, the Daily Statesman, Friday 21, 2016, decided to monitor the major news bulletin of GTV, the state broadcaster, at 7pm. And it was revealing to note that even though as many as six activities involving President Mahama … Read more
Government has projected that for the first quarter of next year it will spend GH¢1.88 billion on interest payments, an amount which is 50 percent more than the planned expenditure on capital or infrastructural projects within the said period. According to the expenditure estimates for the first quarter of 2017, government will commit GH¢1.25 billion … Read more
Commercial banks are worried government is competing with them for dollars locally, following the successful issuance of the first domestic treasury dollar bond, which raised some US$94.6 million. “I disagree with Seth Terkper [Finance Minister] on this action. I think it is a wrong move. This is government competing directly with the banks for dollars,” … Read more
Two months to the end of the year, Citi Business News has gathered the Oil and Gas industry is marked to be the main driver of economic growth in 2017. The Ghana National Petroleum Corporation (GNPC) is expected to lead the task as the Gye Nyame Sankofa project progresses, as well as oil production at … Read more
Government is expected to cough about GHC1,889,870,741 to pay interest on loans in the first quarter of 2017 calendar year. This revelation came to light on the floor of Parliament on Thursday, 20 October, 2016 when the Parliament approved a whopping GHC10.9 billion for the country’s expenditure in advance appropriation to help finance “critical government … Read more
Government missed its budget deficit target in the first seven months of 2016 as the government raised less revenue than forecast and exceeded spending plans for goods, services and capital expenditure. An overall budget shortfall of 3.5 percent of gross domestic product was recorded from January through July as against the target of 3 percent. … Read more
A report by Fitch Group, a UK-based research company, has predicted that the flagbearer of the New Patriotic Party, Nana Addo Dankwa Akufo-Addo, will win the December 7 presidential election. The report, however, envisages that his eventual declaration as the president-elect will be made after a run-off. This comes just a day after the Economic … Read more
An Economist and Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, is cautioning Ghanaians not to expect anything good from the governing National Democratic Congress (NDC) in the first quarter of 2017 should the party win the 2016 polls. According to him, Ghana would from January 1 to March 31, 2017, undergo … Read more
Economist, Dr. Lord Mensah has criticized the almost 2 billion cedis budget deficit in the advance expenditure appropriation presented by the Minister of Finance, Seth Terkper. Parliament, on Thursday, October 20, approved the 10.99 billion cedis request by the Finance Minister. This also came after several deliberations both at the Finance Committee level and on … Read more
Ghana’s Parliament has approved a GHC10.9 billion request by the government to help finance “critical government expenditure” in the first quarter of 2017. This follows the recommendation for the approval of the budget by the Finance Committee of Parliament. The request for this amount was in line with Article 180 of the 1992 Constitution and … Read more
The announced presentation of an advanced budget covering government spending for the first quarter of 2017 has been cancelled. According to Starr News’ Parliamentary Correspondent, Kobby Gomez Mensah it is unclear what has accounted for the cancellation of the budget presentation which was expected to be delivered by Finance Minister Seth Terkper in Parliament today. … Read more