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Greater Accra

Shai Hills Industrial Park: $500M Investment Set to Revamp Ghana’s Economy

Ghana is set to receive a major economic boost with the development of the Shai Hills Industrial Park, backed by a $500 million investment. This initiative promises to transform the nation's economy by attracting industries, creating jobs, and fostering economic growth. The project aims to capitalize on Ghana's strategic location and growing industrial sector, making it a hub for local and international businesses. The Shai Hills Industrial Park is expected to play a key role in the country’s long-term development goals.

Muhammad Saminu April 5, 2025

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General

Ghana Scraps E-Levy and Other Taxes in 2025 Budget

Ghana, 2025 Budget, E-Levy, Tax Reform, Business GrowthIn a significant move, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, unveiled the 2025 budget with a major tax overhaul aimed at easing financial pressures on citizens and fostering business growth. The government has decided to remove several taxes, including the controversial Electronic Transfer Levy (E-levy) and the Betting Tax, which have been major points of contention in recent years.The scrapped taxes include:A 10% withholding tax on lottery winnings (Betting Tax)A 1% E-levy on digital transactionsThe 10% withholding tax on betting activitiesEmissions Levy on industries and vehiclesVAT on motor vehicle insurance policiesA 1.5% withholding tax on unprocessed gold by small-scale minersThese tax removals, originally introduced to expand the government’s revenue base, are now being reversed to alleviate financial burdens on households and support business operations. Dr. Forson emphasized that the aim is to […]

Edem 4Style March 11, 2025

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General

Bank of Ghana Seeks GH₵53 Billion Bailout to Address Financial Challenges

In a significant announcement during the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025, Finance Minister Dr. Cassiel Ato Forson revealed that the Bank of Ghana (BoG) is requesting a GH₵53 billion bailout to resolve its financial difficulties caused by negative equity.Dr. Forson highlighted the central bank's dire need for substantial financial support to stabilize its operations and address the ongoing challenges. He explained that the bailout request is critical to help restore BoG’s financial health and ensure it can continue its functions effectively.Fiscal Pressures and Government ArrearsDr. Forson also addressed the wider fiscal challenges the government faces. He disclosed that as of December 2024, Ghana's total arrears had risen to GH₵67.5 billion, equivalent to 5.2% of the country’s GDP. A significant portion of this amount—GH₵21 billion—is attributed to the road sector.The Finance Minister expressed […]

Edem 4Style March 11, 2025

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General

Falling Treasury Bill Rates: What It Means for Ghana’s Economy

Ghana’s Treasury Bill (T-bill) rates have been declining for weeks, offering relief for government borrowing but raising concerns for investors and the broader economy.Despite falling yields, demand for T-bills remains high, as they are one of the few available investment options amid the inactive local bond market. However, the government has rejected over GHS 24 billion in bids to drive rates lower, reducing its debt servicing burden.For investors, lower T-bill returns mean shrinking profits, which could push them toward equities, corporate bonds, or foreign investments. On the other hand, businesses and borrowers may benefit from lower interest rates, making credit more affordable and boosting economic activity.The government is expected to reintroduce long-term domestic bonds in 2025, aiming to restore confidence in the market. However, inflationary risks could impact this strategy, making the coming months critical for economic stability.

Edem 4Style March 6, 2025

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ASHANTI

Mahama Gov’t Borrowed GH¢67bn from T-Bills in Two Months – Gideon Boako

Dr. Gideon Boako, MP for Tano North, has revealed that the Mahama administration has borrowed GH¢67 billion from the Treasury Bill (T-bill) market in just two months.In a Facebook post on March 2, 2025, Boako highlighted the government's heavy reliance on short-term borrowing, raising concerns about its fiscal strategy. He warned that excessive borrowing could drive up interest rates and inflation while limiting private sector access to credit.The revelation comes ahead of Finance Minister Dr. Cassiel Ato Forson’s 2025 budget presentation, where many expect the government to outline measures to reduce dependence on domestic debt and stabilize the economy.The coming weeks will be crucial in determining whether alternative revenue sources will be introduced to ease pressure on the T-bill market and ensure long-term financial stability.

Edem 4Style March 3, 2025

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Greater Accra

Ghana’s Youth Losing Faith Due to Corruption – Dr. Yamson Warns

Dr. Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee, has raised concerns about the growing frustration among Ghana’s youth, blaming economic mismanagement and corruption for their loss of hope in the country’s future.Speaking at the 2025 National Economic Dialogue in Accra, Dr. Yamson described many young Ghanaians as "Generation Hustlers," who no longer see opportunities at home and are eager to migrate in search of better prospects. He warned that years of poor governance, weak institutions, and self-serving politics have led to rising unemployment and economic instability.While acknowledging external factors like the COVID-19 pandemic, he insisted that Ghana's biggest challenges are "homegrown and self-inflicted." He urged leaders to take decisive action to reset the economy, cautioning that failure to do so would have dire consequences.The two-day forum, themed “Resetting Ghana: Building the Economy We Want Together,” aims to […]

Edem 4Style March 3, 2025

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Greater Accra

Mahama Government’s Net Borrowing Stands at GH₵7.1bn – Finance Minister

Finance Minister Dr. Cassiel Ato Forson has revealed that the Mahama administration has received GH₵89.7 billion in Treasury Bill bids since assuming office on January 10, 2025. Of this amount, GH₵59.5 billion was accepted—mostly to roll over inherited debt—while GH₵30.2 billion worth of bids were rejected.Dr. Forson clarified that the government’s net borrowing stands at GH₵7.1 billion, mainly as a buffer for servicing debts from the previous administration of Nana Akufo-Addo and Dr. Bawumia. He emphasized that “actual debt accumulation under the Mahama government is virtually zero.”The Finance Minister highlighted a significant decline in the 91-day Treasury Bill rate, which dropped from 28.34% to 20.79% within 50 days, attributing it to improved investor confidence under the current leadership.

Edem 4Style March 2, 2025

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EASTERN

Local Rice Farmers Struggle as Imports Flood Market

Rice farmers at the Kpong Irrigation Scheme are facing tough times due to rising costs, labor shortages, and stiff competition from imported rice. Despite their ability to produce high-quality seeds and harvest up to three times a year, market conditions have made it difficult to sustain production.Solomon Buenor, General Secretary of the Seed Growers Association, criticized the government's timing of large rice imports, which flood the market just as local farmers are ready to sell. He also lamented the lack of financial support from banks, including the Agricultural Development Bank, making it hard for farmers to expand their operations.Labor shortages have also hit the farmers, leaving only two out of nine seed growers able to plant this season. The absence of harvesting equipment further slows down production.However, a major boost came in 2017 when the Japan International Cooperation Agency (JICA) […]

Edem 4Style February 21, 2025

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Ahafo

Boankra Inland Port Phase I Set for Completion by March 2025.

The Boankra Inland Port Project in the Ashanti Region is progressing, with contractors confident that Phase I will be completed by the end of March 2025. This phase includes essential infrastructure such as storage facilities, a security zone, roads, and the port terminal. The full completion of the project is anticipated by 2026.Dr. Justice Amo, CEO of Justmoh Construction Limited, highlighted the support from both the government and the Asantehene, Otumfuo Osei Tutu II, in pushing the project forward. The inland port is a critical infrastructure designed to serve importers and exporters in central and northern Ghana while facilitating transit traffic to neighboring countries.Launched by former President Nana Akufo-Addo in 2020, the Boankra Inland Port is expected to play a significant role in enhancing Ghana's position within the African Continental Free Trade Area (AfCFTA). The project will alleviate traffic congestion […]

Edem 4Style January 25, 2025

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Ahafo

Cedi Slides Against Dollar but Gains on Pound.

The Ghanaian cedi experienced a challenging week, depreciating by 0.48% against the US dollar and increasing its year-to-date loss to 1.27% as of January 13, 2025. The local currency ended the week at a mid-rate of GH¢15.68 per dollar and began the new week trading at GH¢15.85.However, the cedi managed a slight gain of 0.26% against the pound while losing 0.62% to the euro.The Bank of Ghana plans to auction $20 million to Bulk Oil Distribution Companies (BDCs) this week to ease demand pressures. Despite this, analysts predict that strong forex demand will keep the cedi under pressure throughout the week.

Edem 4Style January 14, 2025

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