Tag Archives: DEBT

Ghana’s economy is still faced with significant financing challenges despite the government’s debt restructuring activities, a recent report by Fitch has indicated. As a result, the rating agency kept Ghana’s rating at a level that indicates that the country is effectively in default on its foreign debts. This rating, known …

The Electricity Company of Ghana (ECG) is considering disconnecting power supply to the Parliament of Ghana on Wednesday, February 21, due to an outstanding debt exceeding GH₵23 million. This potential action is part of the ongoing “Operation Zero Balance” initiative which aims to recover unpaid debts from various customers. The …

The Accra Academy Senior High School (SHS) is currently without power due to disconnection by the Electricity Company of Ghana (ECG) over alleged unpaid arrears. Citi News‘ Fauzu Masawudu reported that as of 8:40 pm when he arrived, the entire campus was in darkness, with students using torchlights in their …

The minority in Parliament has issued a directive to Dr. Ernest Addison, the governor of the Bank of Ghana, demanding the reinstatement of over 32 billion cedis in government debt that was previously written off under the DDEP. The directive comes amid revelations that the Bank of Ghana incurred losses exceeding 60 billion …

The Russian Government is to allocate more than US$90 million as assistance to lower Africa’s debt burden. The aid, announced at the Second Summit of the Russia-Africa Economic and Humanitarian Forum, is to help the continent to tackle its debt issues. African countries’ debt issues before the East European giant …

A court ruling ordered Ghana Premier League giants Asante Kotoko to settle their debt of GH₵69,000 Noks Hotel in Kumasi, according to Kessben FM’s Frank Naro, on Friday, July 21. The Porcupine Warriors had some club officials and players stayed at the Kumasi-based hotel between 2018 and 2020 which has …

The local currency has experienced a reversal of its recent gains, losing 1.48 percent. It traded at GH¢10.98 to the United States (US) dollar at the end of last week. Initially, positive market sentiments prevailed and were attributed to approval of the US$3billion International Monetary Fund (IMF) bailout programme. However, an increase …

Ghana’s public debt stood at GH¢434.6 billion as of December 2022 according to the Bank of Ghana’s Summary of Economic and Financial Data for April 2023. This is a reduction of GH¢141.1 billion in the country’s public debt. This represents 71.6% of the country’s Gross Domestic Product. This is a reduction …

The government has urged the PURC to defer at least 35% of the next electricity tariff adjustment owing to the current economic challenges faced by Ghanaians. Ahead of the PURC’s expected quarterly adjustment of electricity tariffs, Government Officials are reported to be impressing on the regulator to be measured in …

A 35-year-old painter named Dandu has allegedly set fire to Kofi Kumi 39 in the Bibiani Ahwianso Bekwai Municipality of the Western North Region. Yaa Foriwaa, the deceased mother, explained that her son (Kofi Kumi) went to a nearby community (Kojina) to mortify a dead body and stopped at a …