Today's Ghana Business, Banking and Economic news

Data from the Bank of Ghana has revealed that the balance of trade has narrowed in the first quarter of 2021 to 1.0% of Gross Domestic Product, as imports continued to surge.

The trade balance, the difference between exports and imports, stood at $759 million in April 2021.

Compared to the same period last year, the trade balance was $1.0 billion, which is equivalent to 1.3% of GDP

Total export was estimated at $5.13 billion in the first four months of this year, whilst total imports including oil stood at $4.37 billion.

For exports, the country earned $1.8 billion from gold, $1.2 billion from cocoa and $1.14 billion from oil respectively. Oil had witnessed growth in exports because of the increase in oil prices, which is hovering around $65 on the international market.

Ghana’s Gross International Reserves however hit $10.9 billion in April 2021, from $8.6 billion recorded in December 2020.

Despite the impact of the coronavirus pandemic on global economies, Ghana recorded a trade surplus of $2.015 billion in 2020, data from the Bank of Ghana has revealed.

This was equivalent to 3.0% of Gross Domestic Product.

According to the Bank of Ghana’s January Summary of Economic and Financial Data, total exports was estimated at $14.45 billion, whilst total import was $12.43 billion.

But comparing it to 2019, the country earned $15.6 billion from exports, whereas imports was $13.4 billion.

Some analysts are forecasting that the Monetary Policy Committee (MPC) of the Bank of Ghana’s, will maintain the policy rate at 14.5 percent, for a record seventh consecutive time since it was slashed amidst the pandemic last year.

The Finance Ministry has clarified that the Development Bank loan will not be paid by Ghanaians but rather the institution itself.

Ghana is planning to raise as much as $1 billion through a sale of sustainable bonds, including Africa’s first social debt to fund a flagship policy to broaden access to education.

ECOWAS energy institutions and agencies have held a two-day coordination meeting in Accra to consider the status of energy delivery in West Africa.

The Italian Trade Agency (ITA) today launched the Italy-Ghana Agribusiness Digital Lab project to bring together Italian and Ghanaian companies in the agribusiness sector to develop mutually beneficial business relationships.

The Minerals Commission, as part of efforts to restructure its hierarchy, has undertaken a massive reshuffling of its staff in various parts of the country.

The Ghana Stock Exchange (GSE) Composite Index tumbled by 158.98 points (-6.17%) due to two stocks to close the week at 2,416.36 with a year-to-date return of 24.45%.

Military personnel who are members of the ‘Operation Halt’ taskforce mandated to clamp down on illegal mining activities in the country, have allegedly raided a licensed small-scale mining company in the Atiwa West District of the Eastern Region, Xtra-Gold Mining Limited, and set ablaze a structure that serves as offices at the site.

Agbogbomefia of the Asogli State and Co-Founder and Director of Sunon Asogli Power Ghana Limited, Togbe Afede XIV, has led a four-member investment and technical team to Monrovia, Liberia, to negotiate a deal in the power generation sector of the country.

Politician and business mogul, Dr Paa Kwesi Ndum, and some members of his family have been dragged to a United States District Court in Illinois for allegedly perpetrating a raft of financial crimes.

The average price of goods and services received by domestic producers in the country for their production activities, in the month of April 2021 went up by 11.1%, when compared with the prices received by the producers in April 2020.

The Minister of Finance, Ken Ofori-Atta has provided reasons why the government is establishing the Development Bank of Ghana.

The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a €170 million facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

Ghana’s crude oil production in 2020 fell by 6.3 per cent when compared to 2019 volumes, the 2020 Annual Management Report of the Public Interest and Accountability Committee (PIAC) has revealed.