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BUSINESS NEWS | GHANA AND BEYOND

Ghana’s total exports exceeded imports by US$780 million as at February this year, representing 1.1 percent of the total value of all goods and services produced in the country. This year’s figure is also an increase compared to the US$378 million or 0.6 percent of Gross Domestic Product (GDP), recorded in February 2019. According to data provided by the Bank of Ghana, this was due to the fact that the country’s imports declined for the period, while it also benefited from increase in some prices of commodities like gold and cocoa. For February 2020, Ghana raked in a total of US$2.76 billion from the export of traditional commodities like cocoa, gold and oil. This is an increase from the US$2.67 billion recorded in the previous year.

The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) has waived off charges on electronic payments services used by its partner financial service providers. This initiative is in collaboration with banks, fintechs and mobile money operators across the country. According to GhIPSS, the suspension of charges is in line with the measures outlined by the Central Bank of Ghana to contain the impact of Coronavirus pandemic on the Ghanaian economy. “This waiver is regardless of the volume and value of transactions, until further notice,” GhIPSS said. A statement released by GhIPSS and copied to GhanaWeb said, from Monday, March 23, 2020, all banks, fintech and mobile money operators, leveraging the following platforms to offer electronic payment services to the general public shall not incur any service charges:

Ghana is to modify its water sector information system to incorporate scientific and local knowledge systems in response to the country’s highly variable climate. This will be included in the National Water Policy which provides an opportunity for users to avoid quick fixes and focus on cross-sectoral efforts and strategies that are based on a solid understanding of the impacts of climate change on water resources. In a message to mark World Water Day the Minister of Sanitation and Water Resources Cecilia Dapaah said illegal mining popularly known as ‘galamsey’, and improper liquid and solid waste disposal, among others, have affected the quality of water bodies.

Gold mining company, Golden Star Resources (GSR), is planning to invest some US$10 million to revive operations at its Prestea Mine and to position it for profitability. The new capital will be invested in machinery, operation of a second level underground mining operation, access development, extensional drilling and other operations to get the mine to the next level and to enhance efficiency. Mr Andrew Wray, Chief Executive Officer of Golden Star Resources, told journalists in Accra that although there were challenges at the Prestea Mine, the potential was there for it to be successful.

Based on the average price prediction of US$40 per barrel for crude oil in 2020, Ghana could realize US$743 million from crude oil sales this year, the African Centre for Energy Policy has projected. This is against the expected US$1.567 billion, anchored on a price prediction of US$62.61 per barrel, according to the 2020 Budget. The shortfall is about 53% and is expected to affect the fiscal economy significantly [physical infrastructure and debt servicing]. Ghana’s infrastructure development programme is heavily dependent on oil revenues; about 80% of government’s domestic revenue for its capital budget is to be sourced from the Annual Budget Funding Amount (ABFA).

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