Connect with us

Business

Ghana records $8.98 billion in Gross International Reserves —BOG

Published

on

• Dr Addison (middle) speaking at the event
• Dr Addison (middle) speaking at the event

The  country at end of 2024 recorded $8.98 billion in Gross Internation­al Reserves (GIR), covering four months of import cover.

This nearly double the figure recorded in 2023 which stood at $5.92 billion, covering 2.7 months of import cover.

The Governor and Chairman of the Monetary Policy Com­mittee (MPC) of the Bank of Ghana (BoG), Dr Ernest Addi­son, speaking at the 122nd press conference of the MPC after its regular meeting noted that GIR reserves build-up was faster than programmed in 2024.

“GIR increased to a stock posi­tion of US$8.98 billion at the end of 2024 and was enough to cover 4.0 months of imports, exceed­ing targets under the IMF pro­gramme,” the Governor explained.

The 2024 GIR, he said, com­pared favourably with the end-De­cember 2023 GIR of US$5.92 billion.

At the yesterday’s press con­ference, the MPC’s for the third consecutive time maintained its policy rate at 27 per cent, citing positive macroeconomic stability strong growth.

Dr Addison said economic activity was stronger with high­er-than-projected growth in the first three quarters of 2024.

“The latest data from the Gha­na Statistical Service showed that real Gross Domestic Product ex­panded at an annual rate of 6.3 per cent during the first three quarters of 2024, relative to 2.6 per cent during the corresponding period in 2023. Non-oil Gross Domestic Product grew by 6.2 per cent from 3.3 per cent over the same compar­ative period,” he stated.

He indicated that the strong growth outturn was mainly driven by gold production in the industry sector.

Dr Addison said the Bank’s Composite Index of Economic Activity (CIEA) in the last quarter of last year suggested that growth would remain strong, driven in large parts by international trade activities, increased credit to the private sector by banks, construc­tion activities, and tourist-related spending.

He further noted that the latest confidence surveys conducted in December 2024 showed an im­provement in both consumer and business confidence.

“Consumer confidence improved largely on account of optimism about future economic conditions. Business confidence also picked up as firms met their short-term targets and expressed positive sentiments about company and industry prospects in line with improving macroeconomic condi­tions,” the Governor stated.

The Chairman of MPC also outlined that the country’s external sector conditions remained pos­itive, with sustained and stron­ger-than-programmed rebuilding of reserve buffers, contributing to the stability of the domestic currency.

Additionally, he said the perfor­mance of the external sector was mainly driven by strong growth in gold exports, which also largely im­pacted positively on growth.

“In the outlook, the exter­nal sector is expected to remain strong as commodity prices remain favourable amid improvements in production,” the Chairman of MPC stated.

However, he said while the external sector conditions were expected to provide an anchor to exchange rate stability, key risks in the outlook including challenges in the energy sector would have to be closely monitored.

“The external sector position improved significantly in 2024 on account of increased trade surplus and lower capital outflows,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

 Telecel Ghana rolls out ‘2Moorch Money’ promo

Published

on

• Consumers are expected to pay one cedi levy on every litre of fuel at the pumps
• Consumers are expected to pay one cedi levy on every litre of fuel at the pumps

 Telecel Ghana has launched its most rewarding consumer promotion, Telecel 2Moorch Money, a nationwide cash give­away campaign set to reward customers daily, weekly and climax with a staggering grand prize of GH¢ 1.2 million.

The promo, which runs from June until September, will reward over 10,000 customers with daily, weekly, and grand prize draws.

Throughout the duration of the promotion, 120 customers will each win GH¢ 100 daily; up to eight winners will receive GH¢ 20,000 every week; and at the end of the campaign, the luckiest Telecel user will take home the life-changing sum of GH¢ 1.2 million.

Speaking at the launch held in Accra yesterday, Aneth Muga, Acting Director of Consumer Business at Telecel Ghana, highlighted the telco’s commitment to rewarding its loyal customers.

“Our customers are at the heart of everything we do, and the 2Moorch Money promo is our way of showing apprecia­tion for their continued trust

and loyalty. This year, we’ve taken the rewards a notch higher with more cash, more winners, and more reasons to smile every day on the Telecel network,” she said.

All draws are conducted under the supervision of the Na­tional Lottery Authority (NLA) on the Caritas Lottery platform ensuring fairness, transparency, and full regulatory compliance.

At the launch, Beryl Adom, Marketing Executive of NLA, reiterated the organisation’s role in safeguarding the integrity of the promotion.

“As regulators, our role is to ensure that each draw is secure, random, and above all, fair. Telecel customers can participate with full confidence knowing the process is credible and transpar­ent. We take this opportunity to encourage all Ghanaians who wish to participate to do so responsibly and within their means.”

Daily winners will be credit­ed directly via Telecel Cash and notified via SMS only, with no phone calls. However, only week­ly and grand prize winners will be contacted directly by an official Telecel representative, with a 48-hour window to claim their prize after which the prize will move to the next winner.

Customers are reminded never to disclose their PINs or make payments to claim prizes, plus it is essential to have an active Telecel Cash account to receive winnings.

Ellen Oparebea Akoi, the grand prize winner of last year’s More Money campaign, shared her experience of how the cam­paign transformed her life.

“Winning GH¢ 1 million in last year’s promo really changed my life. I will advise customers to join as it can also turn their lives around like it did mine. The 2Moorch Money promo can be your stepping stone in life,” she said.

The Telecel 2Moorch Money Promo is an enhanced version of last year’s highly successful Telecel More Money campaign and is designed to reward the telco’s loyal customers across the country.

The promo is open to all prepaid, hybrid, and enterprise customers with users simply opting in for free and participat­ing by recharging their airtime or buying bundles on the network.

 BY KINGSLEY ASARE

Continue Reading

Business

 Find innovative ways to clear power sector debt —COPEC urges govt

Published

on

Consumers are expected to pay one cedi levy on every litre of fuel at the pumps

 The Chamber of Petroleum Con­sumers (COPEC) has asked govern­ment to develop innovative ways to clear the power sector debt and not unnecessarily burden petroleum consumers with the one cedi fuel levy.

Government as part of mea­sures to clear the power sector debt introduced the one cedi levy on every litre of fuel at the pumps.

The levy, which was assented to by President John Mahama was met with criticisms for lack of engagement with key stakeholders, including the Oil Marketing Companies. The Ghana Revenue Authority has subsequently postponed the im­plementation of the levy to June 16, 2025.

Speaking to Joy Business in Accra yesterday, the Executive Secretary of COPEC, Duncan Amoah criticised government for imposing the levy on consumers, pointing out that it will increase hardship on Ghanaians.

He advised government to prioritise efficiency in the power sector and cut down financial and technical losses.

“It is as if the Electricity Company of Ghana (ECG) has money that they can use for cor­rupt things in the power sector and we have allowed them to misuse the money and then they come back to tell us there is no money to pay for the Indepen­dent Power Producers and fuel. So Ghanaians must pay through levies,” he said.

Listing some major challeng­es influencing the power sector debt, Mr Amoah stressed the need to address revenue leakages and transmission losses, particu­larly on the part of the ECG.

“The power sector debt is not out of vacuum. Something let to the accumulation of the

 debt. The transmission losses is one, poor revenue generation and collection, is two, and the use of the revenue is three,” he said.

He added that it was time to punish staff of ECG engaged in acts of corruption that lead to the power distributor making losses.

“The procurement breaches and corruption and blatant disre­gard for the laws and sometimes even common sense. We must check that,” he said.

Continue Reading

Business

Finance Minister tranfers funds to DACF, NHIS and GETFUND

Published

on

The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.

Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.

While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.

The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.

In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.

He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.

In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.

For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.

This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.

The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.

Continue Reading

Trending