ACCRA, Feb 11 (Reuters) – New measures by Ghana’s government
to stabilize the cedi currency, which has fallen sharply
so far this year, will take time to have an effect and inflation
may rise further in the short term, Finance Minister Seth
Terkper said on Tuesday.
Many economists say the currency’s decline is a leading
indicator of broader fiscal problems in a country that exports
gold, oil and cocoa and has acquired a reputation for strong GDP
growth coupled with stable democracy.
ACCRA (Reuters) – Ghana’s central bank raised its main policy rate by 2 full percentage points to 18 percent on Thursday to curb a fall in the cedi currency and combat external pressures, Governor Henry Kofi Wampah told a news conference.
The decision failed to alleviate the concerns of some analysts. Fitch ratings agency said the currency’s slide was a symptom of wider macro-economic problems in Ghana, a country with a reputation for strong growth and stable democracy.
ACCRA, Jan 22 (Reuters) – Ghana’s economic growth slowed in
the third quarter of 2013 as mining and oil production slumped,
amid signs that a government drive to cut the budget deficit
could be hurting consumers.
The slowdown raised questions about whether the West African
state would meet its target for 7.4 percent growth in 2013 and
reach the 8 percent projected for 2014, analysts said.
ACCRA, Jan 17 (Reuters) – Ecobank’s response to criticism of
its corporate governance by Nigeria’s financial watchdog will be
seen as a test case for the African banking industry, closely
watched by potential investors tracking the region’s fast growth
and heady returns.
Growth in sub-Saharan Africa is rising and is projected at 6
percent this year according to International Monetary Fund
figures, yet only an estimated 20 percent of the adult
population has a bank account, the lowest in the world.
ACCRA, Dec 6 (Reuters) – Ghana stands by its fiscal
consolidation plan after Standard & Poor’s and Moody’s revised
their outlook on the country’s sovereign credit rating to
negative from stable, President John Mahama said on Friday.
Ghana is considered one of Africa’s most dynamic economies
because of its stable democracy and rapid growth powered by
exports of gold, cocoa and oil.
ACCRA, Dec 4 (Reuters) – Ghana’s parliament ratified an oil
exploration deal on Wednesday with a subsidiary of private oil
firm AGM Gibraltar after an influential think tank stirred
debate by saying the pact did not serve the country’s interests.
The deal, enabling exploration in the offshore South
Deepwater Tano block, is the latest step in the expansion of the
fast-growing West African state’s petroleum sector, adding to
revenues from gold and cocoa.
ACCRA (Reuters) – Pan-African lender Ecobank has sued a top executive who left the company this month, naming him in a civil complaint in Togo as the author of an anonymous email accusing Chief Executive Thierry Tanoh of mismanagement.
The executive, David Lawson, denied to Ecobank that he wrote the email and said he had been unfairly dismissed. He accused Ecobank executives including Tanoh of hacking his phone and email account in a fruitless search for evidence against him. The company denies wrongdoing.
ACCRA, Nov 26 (Reuters) – Pan-African lender Ecobank has
sued a top executive who left the company this month, naming him
in a civil complaint in Togo as the author of an anonymous email
accusing Chief Executive Thierry Tanoh of mismanagement.
The executive, David Lawson, denied to Ecobank that he wrote
the email and said he had been unfairly dismissed. He accused
Ecobank executives including Tanoh of hacking his phone and
email account in a fruitless search for evidence against him.
The company denies wrongdoing.
ACCRA, Nov 19 (Reuters) – Ghana plans to present a mining
windfall tax bill to parliament, Finance Minister Seth Terkper
said on Tuesday, in a move likely to set up a clash between a
hard-pressed industry and government’s need for increased
Ghana is Africa’s number two gold producer and the commodity
accounted for 27 percent of the country’s foreign exchange in
2012 and contributed more than $700 million to state coffers,
according to data from Ghana Chamber of Mines.
ACCRA, Nov 19 (Reuters) – Ghana will target economic growth
of 8 percent in 2014 and will seek to trim its budget deficit to
8.5 percent of gross domestic product, Finance Minister Seth
Terkper announced in an annual budget speech to parliament on
The government of President John Mahama is under pressure to
rein in its budget deficit, which has cast a shadow over an
economy growing rapidly thanks to oil exports in addition to
gold and cocoa production.