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Gas Explosion Rocks Ghana’s Capital Accra, Causing Fatalities

Gas Explosion Rocks Ghana’s Capital Accra, Causing Fatalities

A natural gas station in Ghana’s capital Accra exploded on Saturday evening, killing an unknown number of people, a government official said. “Unfortunately there are some fatalities and we are working to have the numbers,” Deputy Information Minister Kojo Oppong Nkrumah told a local radio station. “There are quite a number also injured.” He added […]

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Lenders will need to raise 9 billion cedis ($2 billion), which the local equity and debt market is too small to supply, according to George Bodo, the head of banking research at Ecobank Capital Ltd. in Nairobi, Kenya. […]

Ghana Orders Security Forces to Clamp Down on Cocoa Smuggling

Ghana Orders Security Forces to Clamp Down on Cocoa Smuggling

Ghana’s cocoa regulator said the nation’s security forces will clamp down on the smuggling of beans as a disparity in producer prices are encouraging illegal trade with neighboring Ivory Coast. The world’s second-biggest cocoa producer is trying to stop smuggling from Ivory Coast, where the chocolate ingredient cost a quarter less than in Ghana. The […]

IMF Approves One-Year Extension to Ghana’s Credit Program

IMF Approves One-Year Extension to Ghana’s Credit Program

The International Monetary Fund has approved a one-year extension of Ghana’s $918 million credit-facility program after a review of the nation’s progress on monetary and fiscal reforms. The extension will give the West African nation more time to achieve targets such as narrowing the budget shortfall. The IMF approved a payment of $94.2 million to […]

Gender Minister Wages War Against Forced Marriages

Gender Minister Wages War Against Forced Marriages

The Minister for Gender, Children and Social Protection, Otiko Afisah Djaba has pledged government’s commitment to fight any forces or socio-cultural practices that are inimical or disadvantageous to the development and welfare of young girls in Ghana, especially child marriage and child labour. The Minister vowed to use every legitimate means (full enforcement of the […]

Ghana Produces Biggest Cocoa Crop in Six Years

Ghana Produces Biggest Cocoa Crop in Six Years

Ghana has recorded its biggest cocoa harvest in six years, according to two people familiar with the matter, after favorable weather conditions boosted output in the world’s second-biggest grower. Graded and sealed deliveries since the beginning of the season in October reached 909,493 metric tons by July 27, said the people, who asked not to […]

The Charts Showing Why Ghana Central Bank May Cut Interest Rates

The Charts Showing Why Ghana Central Bank May Cut Interest Rates

Ghana’s central bank may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the […]

Ghana Signs $10 bln MOU with China for Bauxite Project

Ghana Signs $10 bln MOU with China for Bauxite Project

Ghana has signed a $10 billion memorandum of understanding (MOU) with China to develop its bauxite industry, the country’s Senior Minister Yaw Osafo-Maafo said on Wednesday. Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 percent on […]

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two […]

Ghana: Girls’ Education Network Launched

Ghana: Girls’ Education Network Launched

The renowned Ghanaian educationist, Dr. KwegyirAggrey once famously said “if you educate a male you educate an individual but if you educate a female you educate a nation.” This quote demonstrates the importance and the benefits to the society of female or girl-child education. To give meaning to the above quote and to ensure that […]