…may send some countries into debt-distress
With the continent’s growth expected to shrink by as much as 9 percent as a result of the coronavirus pandemic, the virus is also expected to result in losses of about 30 percent of fiscal revenue - leaving African countries at the mercy of...
While oil contribution to government revenue is expected to drop by nearly US$600million, the sector's total contribution to Gross Domestic Product (GDP) is set to drop by US$2.5billion this year, according to Alex Mould, a former Chief Executive Officer of the Ghana National Petroleum Company (GNPC) and National Petroleum...
Growth in sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak, and is forecast to fall sharply from 2.4% in 2019 to -2.1 to -5.1% in 2020 - the first recession in the region over the past 25 years according to the latest Africa’s Pulse, the World...
The Ghana Statistical Service (GSS) in collaboration with the United Nations Development Programme (UNDP) has rolled out a Business Tracker, which is an online survey targetting businesses with the aim of assessing the socio-economic impact of COVID-19 in Ghana.
The study will also assess measures put in place by businesses...
Gov’t set to absorb GH¢1bn monthly
IPPs owed US$1.5bn
Experts describe move as ‘poorly thought'
Government’s decision to take up 50 percent of electricity bills for residential, commercial and industrial users and free electricity for the poor for the next three months, according to energy and power experts,...
China must do more to help ease the debt burden of African countries facing economic calamity due to the coronavirus pandemic, Ghana’s finance minister has said.
Africa accounts for just a fraction of global cases of the disease, but its countries are already feeling the impact - with the continent’s...
Free power for the poor
Halves electricity bills for commercial and private residents
President Nana Addo-Dankwa Akufo-Addo has taken steps to further reduce the social and economic impact that the coronavirus pandemic has brought on businesses and households, this time, adjusting downwards the cost of power.
Speaking at the seat...
The International Monetary Fund (IMF) Executive Board has approved an immediate debt service relief to 25, including 19 African countries, of the IMF’s member countries under the fund’s revamped Catastrophe Containment and Relief Trust (CCRT).
This relief programme forms part of the fund’s response to help address the impact of...
The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 738 million (about US$1 billion) to be drawn under the Rapid Credit Facility (RCF). The disbursement will help address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and...
The coronavirus pandemic will turn global economic growth "sharply negative" this year, the head of the International Monetary Fund (IMF) has warned.
Kristalina Georgieva said the world faced the worst economic crisis since the Great Depression of the 1930s.
She forecast that 2021 would only see a partial recovery.
Lockdowns imposed by...