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Ghana Economy

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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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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

Ghanaian cedi notes displayed alongside US dollar bills
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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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Greater Accra

Former German President Backs Ghana’s 24-Hour Economy Initiative.

Former German President Christian Wilhelm Walter Wulff has lauded Ghana’s proposal to establish a 24-hour economy, describing it as a transformative idea for economic growth. Speaking during his visit to AmaliTech, a German IT firm operating in Ghana and Rwanda, he highlighted how this initiative could strengthen global business partnerships.AmaliTech, which has been training and employing Ghanaian youth in digital fields like software development and data science, exemplifies the country's potential to bridge Europe’s digital talent shortage. Wulff expressed admiration for Ghana’s educated workforce and its ability to support German businesses, calling it a "win-win" for both countries.The Director of Operations at AmaliTech, Mathew Opoku-Darkwa, underscored the need for reliable infrastructure to fully implement the 24-hour economy and capitalize on the global demand for digital talent.

Edem 4Style January 13, 2025

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Ahafo

President Mahama Pledges Stable Power Supply and Economic Growth.

President John Dramani Mahama has assured Ghanaians of his administration’s dedication to maintaining a stable power supply, vowing to prevent the recurrence of “dumsor” (intermittent power outages). Speaking at the Annual National Convention of the Ahmadiyya Muslim Mission in Pomadze, he explained that power supply challenges stem from delays in procuring alternative fuels for thermal plants during scheduled maintenance of the West Africa Gas Pipeline. Mahama pledged timely procurement to avert outages.The President also reaffirmed his commitment to tackling economic challenges, expanding the tax net, and implementing policies like a 24-hour economy. He reiterated support for the free Senior High School (SHS) program, promising to address overcrowding issues. Additionally, Mahama outlined his plans to investigate misappropriated resources and pledged to revive the Pomadze poultry farms.The event, themed “Justice and Peace - The Essential Ingredients for National Development,” brought together over […]

Edem 4Style January 10, 2025

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Ahafo

Mahama Prioritizes Economic Relief for Ghanaians.

Felix Ofosu Kwakye, spokesperson for the transition team of President-Elect John Mahama, has assured Ghanaians that the incoming administration is committed to reviving the economy. Mahama’s priorities include stabilizing the cedi, reducing inflation, and easing financial burdens.At a joint transition meeting, concerns were raised about last-minute recruitments and a controversial GH₵240 million payment involving the ECG. To address these issues, a committee is being formed to ensure transparency in financial decisions.Speaking to the Chinese Ambassador, Mahama emphasized strengthening Ghana-China relations and focusing on sustainable economic growth, despite the challenges of debt defaults and inflation.

Edem 4Style December 13, 2024

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