Ghana Financial Market

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Bank of Ghana Suspends Forex License Of Fidelity Bank And First National Bank Ltd

FINES AND SUSPENSION OF FOREX LICENCES OF FIDELITY BANK GHANA LIMITED AND FIRST NATIONAL BANK GHANA LIMITED Bank of Ghana has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. In addition, the Bank has suspended the respective forex licences of…

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Ghana Regains Status As Leading Producer of gold in Africa.

The Ghana Chamber of Mines attributed the development to an increase in production in both small-scale and large-scale mining. But the country is now facing an environmental crisis due to illegal gold mining.  Much of the country’s forests, rivers and other bodies of water, have been damaged by illegal gold mining prompting serious health concerns in mining communities.  Popularly known as…

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Newmont Seals US$19.2 bln Newcrest Takeover Deal To Create world's Biggest Gold Producer

Newmont Corporation has announced that, following the completion of due diligence, it has entered into a binding Scheme Implementation Deed (SID) under which Newmont will acquire 100 per cent of the issued share capital in Newcrest by way of an Australian court-approved Scheme of Arrangement. The deal is worth about A$28.8 billion ($19.2 billion). It will create the world’s biggest gold…

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ETI Shareholders Approve Appropriation Of Profits For 2022

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, has held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, today in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the…

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Ghana To Receive 1st Tranche of US$600 mln IMF Bailout This Week

The first tranche of the International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to be credited to the Bank of Ghana’s account this week. Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023. Part of the first tranche will come in by Friday May…

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Ghana’s Gold Reserves Increase To 14 Tonnes.

Ghana’s domestic gold purchase programme has increased the country’s bullion reserves from eight to 14 tonnes, President Nana Akufo-Addo has said. Speaking at the official opening of the Graphic Natural Resources Stakeholders Dialogue in Accra on Thursday, 11 May 2023, the president said: “For well over the century that we have been mining gold, our gold reserves between the 1980s and June 2021,…

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Ghana Inflation Rate Falls For 4th Month To 41.2%

Ghana’s annual inflation rate fell for the fourth month to 41.2% in April 2023, down from 45% in the prior month and a more than two-decade high of 54.1% in December. It marks the lowest reading in six months amid the relative stability in the cedi since January, due in part to expectations that a final deal with the International Monetary Fund (IMF) or a $3 billion bailout is imminent. Food…

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Ghana’s International Reserves almost empty – IMF

According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end 2023 at approximately three weeks of import cover (0.8 months). This is in contrast to the Bank of Ghana’s Summary of Economic and Financial Data, which estimated Ghana’s reserves for 2023 at 2.7 months of import cover, while the report…

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Ghana Spends US$1.52 bln On Crude Oil Production In 2022– PIAC

Ghana spent a total amount of US$1.52 billion on its three oil producing fields in 2022. This was made up of production costs of US$597.86 million and development cost of US$919.51 million. GNPC’s share of the total costs stood at US$120.63 million. This was made up of production and developments costs of US$79.81 million and US$40.82 million respectively. Crude Oil Liftings Lifting by…

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World Bank Provides US$372 mln Guarantee Payment For Ghana’s 2030 Eurobond After Default

The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond. The payment was made on April 20, 2023. In 2015, Ghana…

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Ghana Bags US$302 mln In Oil Royalties, US$388 mln Corporate Tax – PIAC

The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted. Royalties are early and dependable sources of revenues for the state as it is a charge on gross production. Royalty from the Jubilee…

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Mining Propels Ghana To Beat Growth Estimates in Q4, 2022

Fourth quarter GDP expanded 3.7%; analysts expected 2.6% Mining sector grew 13.4% in the quarter, from year earlier April 19, 2023 at 2:24 PM GMT+4Updated onApril 19, 2023 at 4:00 PM GMT+4 Ghana’s economy grew more than forecast in the last quarter of 2022, even as the nation dealt with inflation well above 40%, a debt-payment moratorium and rising interest rates.  Gross domestic product…

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Ghana’s Annual Inflation Rate Eases To 45%

Ghana’s annual inflation rate eased for the third month to 45% in March 2023, down from 52.8% in the prior month and after reaching a more than two-decade high of 54.1% in December. This was the lowest reading since last October, as a stronger currency was reflected in softer increases in prices of both food (50.8% vs 59.1% in February) and non-food items (40.6% vs 47.9%). On a monthly basis,…

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Ghana Hikes Key Interest Rate To 29.5%

The Bank of Ghana lifted its benchmark monetary policy rate further by 150 bps to 29.5% during its March 27th 2023 meeting, while most analysts had expected it to remain steady at 28%. It marks the second consecutive rate hike this year, pushing borrowing costs to their highest level since at least January 2001, in an effort to re-anchor inflation expectations toward the medium target and thus…

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Gold Fields Ltd Announces US$711 mln Profit (US$0.80 per share) For shareholders

Gold Fields Limited has announced a profit of US$711 million (US$0.80 per share) to the owners of the parent company for the year ended 31 December 2022. This compared with a profit of US$789m (US$0.89per share) for the year ended 31 December 2021. A final dividend number 97 of 445 SA cents per share (gross) is payable on 20 March 2023, giving a total dividend for the year ended 31 December…

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Fitch Upgrades Ghana's Local-currency Debt Rating To “CCC” After Domestic Debt exchange

Ratings agency Fitch on Wednesday upgraded Ghana’s long-term local-currency issuer default rating to ‘CCC’ from ‘restricted default’, after the country started settling payments on outstanding local bonds following a domestic debt restructuring. Ghana defaulted on most of its $29 billion external debt last year, as interest payments and inflation soared, and it still needs to negotiate a…

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Newmont Ghana Pays Gh₵2.76 bln (US$224.4 mln) To Gov’t In Taxes, Royalty, Carried Interest

Mining giant Newmont made a total payment of GHS2.76 billion to the government of Ghana for the full-year 2022. The amount includes corporate tax (GHS1.530.9 million), mineral royalty (GHS548.3 million), and carried interest (GHS222.1 million). The rest include PAYE (GHS261.3 million), withholding tax (GHS164.5 million) and forestry levy (GHS35.5 million). Newmont, in an advertorial, said:…

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