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Tag: Ghana

Ghana president sacks Finance Minister amid economic crisis
Economy

Ghana president sacks Finance Minister amid economic crisis

Ghana’s President Nana Akufo-Addo has reshuffled his cabinet, relieving Finance Minister Ken Ofori-Atta of his responsibilities. According to reports, Mohammed Amin Adam, the current Minister of State at the finance ministry and former deputy energy minister responsible for the petroleum sector, is set to assume Ofori-Atta’s role. This decision unfolds amidst Ghana’s most severe economic […]

Nigeria's inflation will fall to 21% in 2024 - Cardoso
Business

Ghana’s inflation rate drops 35.2 percent

Ghana’s inflation rate fell more than expected, from 38.1% in September 2023 to a 14-month low of 35.2% in October. The Times reported that the cocoa-producing country is in negotiations to renegotiate its obligations with bilateral and commercial creditors as it navigates the greatest economic crisis in a generation. Accra’s annual inflation rate decreased to 35.2% […]

Ghanaian fintech Dash shuts down
Uncategorized

Ghanaian fintech Dash shuts down

A Ghanaian fintech business that aims to link bank accounts and mobile money wallets across Africa, Dash, has announced that it is ceasing operations. The news of the closure was first reported by WeeTracker. Dash, a company established in 2019 by Prince Boakye Boampong, sought to provide interoperability between mobile wallets and bank accounts in […]

Ghana sees decline in headline inflation to 40.1% in August 2023
Business

Ghana sees decline in headline inflation to 40.1% in August 2023

Ghana’s headline inflation rate has dropped to 40.1% in August, the lowest in 10 months to reduce pressure on the central bank to keep raising borrowing costs. According to reports from Bloomberg, the Government Statistician, Samuel Kobina Annim stated that the annual inflation rate dropped to 43.1% in July to 40.1% in the latest data […]

Health startup mPharma lays off 150 workers
News Tech

Health startup mPharma lays off 150 workers

A Ghanaian health startup, mPharma, which supply of prescription drugs for pharmacies and their suppliers, has let go some of its employees. “We took the difficult decision to right-size the team,” Gregory Rockson, the company’s CEO, told TechCabal. The layoffs are in light of the current macroeconomic conditions driven by the devaluation of the naira.” […]

Ghana fights fraudulent loan applications, cyber-bullying
News

Ghana fights fraudulent loan applications, cyber-bullying

Nigerians seem not to be the only ones battling the issues that come with loan applications as the most recent wave of scammers in Ghana are online lending applications that prey on low-income individuals by obtrusively advertising soft loans that put them in danger. Premium Times reported that one victim from Ghana opted to download an […]

IMF backs CBN on interest rate hike
News

IMF grants Ghana $3bn loan

The International Monetary Fund approved a $3 billion loan for Ghana on Wednesday, with the first immediate disbursement amounting to around $600 million. According to Leadership, Ghana is a West African nation suffering from severe economic crisis. The Extended Fund Facility will fund the 36-month program, which was approved by the IMF board. In an IMF […]

Ghana requests debt relief under G20 Common Framework - IMF
News

Ghana requests debt relief under G20 Common Framework – IMF

Ghana has requested debt relief through the Common Framework program, which is backed by the Group of 20 major economies, according to International Monetary Fund Managing Director, Kristalina Georgieva. According to a source familiar with the matter, Ghana asked for a restructure of its bilateral debt on Tuesday under the Common Framework initiative backed by […]

featured News

Ghana halts payment on Eurobond, others

Ghana has declared a halt to debt service payments on its commercial loans, Eurobond loans, and bilateral debts. This was confirmed by the Ghanaian ministry of finance in a press release posted on its website. In order to allow for an orderly restructuring of the impacted liabilities, the government declared that it will stop making […]

featured News

Ghana receives IMF’s $3bn bailout fund

Ghana has signed a $3billion bailout agreement with the International Monetary Fund following months of declining economic revenue. This is a follow-up visit to Accra, Ghana, by an IMF team led by the Mission Chief for Ghana, Mr. Stéphane Roudet. The visit, which lasted from December 1 to 13, 2022, included discussions with Ghanaian officials […]

Debt
Economy

Nigeria, 10 ECOWAS countries in debt distress – Report

A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that Nigeria and 10 other Economic Community of West African States countries are currently in debt distress based on debt sustainability analysis. The 10 other countries are Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea […]

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