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06/06/2024

CEMENT PRICES SHOOT UP

Here are some key points elaborating on the recent surge in cement prices in Ghana

- Despite the Minister of Trade and Industry's directive to the Cement Manufacturing Development Committee to reverse the recent price hikes, cement prices continue to rise

- A 50kg bag of cement now sells between GH₵75 and GH₵110, depending on the brand and location

- The price increase is attributed to the high cost of production, transportation, and demand-supply dynamics

- The development is causing concerns in the construction industry and pushing rental costs up, especially in Accra

- The following are the current prices of different cement brands

- Dzata cement (42R): GH₵108
- Cimaf (42R): GH₵107
- Cimaf (32R): GH₵87
- Ghacem (42R): GH₵110
- Diamond cement: GH₵75 and GH₵85
- Dangote: GH₵92 and GH₵94

06/01/2024

BANK OF GHANA RECORDS ANOTHER LOSS

Here are some more details about today's date, June 1, 2024:

- The Bank of Ghana reported a loss of GH₵10.50 billion for the financial year ending in 2023

- The loss was primarily due to the increase in interest expenses on open market operations, which rose by GH₵6.7 billion

- The Bank of Ghana and its subsidiaries had total liabilities exceeding total assets by GH₵65.36 billion as of December 31, 2023

- Total operating expenses for 2023 were GH₵19.2 billion, a decrease from GH₵66.9 billion in 2022

05/28/2024

WHAT MAHAMA SAID TODAY REGARDING THE ECONOMY

Here are some key points from John Mahama's keynote address to the 8th Ghana CEO Summit ¹ ²:

- *Economic crisis*: Mahama said that Ghana has become a bankrupt and collapsed economy due to the poor leadership of almost eight years.

- *Unemployment*: He said that unemployment has jumped to 14.7% from 8.5% in 2017, the highest level recorded in the history of the 4th Republic.

- *Inflation*: Inflation is above 25% and the current interest rates range between 30% and 50%.

- *Exchange rate*:
The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi.

- *Government spending*:
Despite the crisis, the government remains unconcerned and unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward.

Mahama's address emphasized the need for economic diversification, investment in infrastructure, and a supportive business environment to reignite business and economic growth in Ghana.

The address also sparked a debate with Vice President Dr. Mahamudu Bawumia, who joined the summit remotely and countered Mahama's points, highlighting the current administration's achievements in digital transformation, financial inclusion, and infrastructural development.

05/25/2024

Here is some information about Ghana's total debt:

- *Ghana’s public debt*:
Ghana’s public debt has seen a significant increase of GH¢47.4 billion within the first two months of 2024, reaching a total of GH¢658.6 billion.

- *GDP*:
This accounts for 62.7% of the Gross Domestic Product (GDP) by February 2024.

- *External debt*:
The external debt stands at GH₵380 billion, which is equivalent to 36.1% of the GDP.

- *Increase in debt*:
The increase in debt can be partially attributed to the depreciation of the cedi against major trading currencies.

The IMF had previously acknowledged improvements in Ghana’s fiscal economy. The IMF has projected a steady decline in Ghana’s debt-to-GDP ratio over the next six years.

05/23/2024

Here are the details of CBG opening more branche:

- *New locations*:
Consolidated Bank Ghana (CBG) has opened five new branches in Hohoe, Nkawkaw, Berekum, Navrongo, and Winneba.

- *Modern banking facilities*:
Each new branch is equipped with modern banking facilities to offer customers a seamless and efficient banking experience.

- *Wide range of services*:
The new CBG branches will offer a wide range of services, including personal and business accounts, loans, foreign exchange transactions, digital banking solutions, and advisory services.

- *Customer education initiatives*:
Each branch will prioritize customer education initiatives aimed at empowering individuals and small businesses with the necessary financial knowledge to make informed decisions.

- *Commitment to financial inclusion*:
The expansion of CBG’s branch network reflects the Bank’s commitment to financial inclusion and its vision to make banking services easily accessible to all Ghanaians.

CBG's expansion into these five new locations marks a significant milestone in its mission to extend its reach and provide accessible banking services to Ghanaians.

With modern banking facilities and a wide range of services, CBG aims to provide a seamless and efficient banking experience for its customers.

05/17/2024

This is a press statement from the Minority in Parliament, expressing their concern about the imminent collapse of Ghana's energy sector under the current government. They highlight the following points:

1. The energy sector is deteriorating rapidly, with every sector in the value chain struggling to survive.
2. Ghana's energy sector risks total collapse by the end of the year if urgent action is not taken.
3. The senior staff of the Volta River Authority (VRA) have raised concerns about the government's mismanagement of the sector, including starving VRA of funding and attempting to cartelise and undermine the sector.
4. The Minority has previously pointed out the government's financial mismanagement and incompetence in the energy sector, but their warnings have been ignored.
5. The government's actions have led to a resurgence of "dumsor" (power outages) and an inability to maintain power exports to neighboring countries, undermining Ghana's bilateral agreements and obligations.
6. The VRA has only received 32% of their total bill, threatening their long-term viability.
7. The government is planning to sell off VRA's thermal assets, which will have severe consequences for Ghanaians.

The Minority is calling on the government to:

1. Respect and activate the provisions of the Cash Waterfall Mechanism (CWM) without delay.
2. Desist from attempting to cartelise the sector and control VRA for unwarranted profits.

They assure the Senior Staff of VRA and workers of their unwavering support and commitment to their cause and promise to resist any attempts to sell off or privatise VRA.

Signed by Hon. John Abdulai Jinapor, Ranking Member-Mines and Energy Committee.

03/19/2024

Woow

03/18/2024

Truly amazing

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