Gold Fields Halts Operations at Damang Mine in Ghana Following Court Order
In a significant development for the mining sector, Gold Fields, a prominent player in the global gold industry, has been ordered to cease operations at its Damang mine located in Ghana. This directive comes as a result of a ruling issued by a local court, which has raised concerns about the legality of the company's mining activities.
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Ghana's New Central Bank Governor Shocks Markets with Unexpected Rate Hike
In an unforeseen move that has sent ripples through financial markets, Ghana's newly appointed central bank governor has announced a significant interest rate hike. This decision, executed shortly after taking office, has raised eyebrows and sparked discussions about the country's economic direction amidst ongoing inflationary pressures.
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Ghana's Central Bank Chief Asiama Takes a Stand Against Inflation with Rate Decision
In a pivotal move aimed at combating rising inflation rates, Ghana’s Central Bank Governor, Ernest Asiama, is committed to holding interest rates steady. This decision comes at a time when the nation grapples with economic challenges, threatening the livelihoods of countless citizens and the stability of its financial system. The Monetary Policy Committee (MPC) gathered recently and unanimously agreed to maintain the rate at 19 percent. Their deliberations reflect a cautious approach, balancing the need to mitigate inflation while supporting economic growth.
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Tullow Oil Targets Ghana to Slash Debt Below $1 Billion
In a strategic move aimed at strengthening its financial standing, Tullow Oil is intensifying its focus on Ghana as part of a broader initiative to reduce its crippling debt below the $1 billion mark. This comes amid an ongoing evaluation of its assets and a commitment to invigorate its operational framework in the West African region.
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Ghana's Economic Downturn: Cocoa Production Falls in Fourth Quarter
Recent economic data has revealed troubling signs for Ghana as the country’s economic growth slowed down significantly in the last quarter of 2023. The growth rate plummeted to an annualized 2.9% during this period, marking a stark decline from the previous quarter's robust expansion of over 9%. This contraction can be largely attributed to a notable drop in cocoa production, a cornerstone of Ghana's economy and its largest export.
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Ghana's Inflation Declines for Second Month, Rate Cut on the Horizon?
Ghana is witnessing a notable easing of inflationary pressures as new data reveals a continued decline in its inflation rate for the second consecutive month. This trend sparks discussions among economists and policymakers regarding the potential for an interest rate cut by the Bank of Ghana in upcoming meetings, potentially stimulating economic growth.
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Ghana's Central Bank Responds to Alarming Bad Loan Ratios Among Lenders
The Bank of Ghana has launched a proactive outreach initiative aimed at addressing the increasing concerns over the rising levels of non-performing loans (NPLs) among financial institutions in the country. This move comes in response to troubling reports of bad loan ratios that have surged to an unsettling 8.1%, a percentage that has become a matter of great concern for regulators and the economy at large.
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Ghana's New Central Bank Governor Halts Gold-for-Oil Program
In a significant shift in monetary policy, Ghana's newly appointed central bank governor has decided to suspend the controversial gold-for-oil program initiated by the previous administration. This decision has been met with mixed reactions, as stakeholders and analysts assess its implications for the nation's economy and energy sector.
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Ghana Rescinds Order Mandating Eni’s Merger with Local Producer
In a significant reversal of its previous stance, Ghana's government has annulled an order that would have required the Italian energy giant Eni to merge its offshore oil field operations with those of a local producer. This move has been hailed as a crucial step for Eni, which has been focusing on maintaining its operational autonomy amid Ghana’s evolving energy landscape.
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Ghana's New Central Banker Pledges Proactive Approach to Combat Inflation
In a fresh initiative to counter the escalating inflation in Ghana, the newly appointed central bank governor has pledged a vigorous and proactive strategy to stabilize the nation’s economy. The announcement comes amid a backdrop of rising consumer prices that have raised concerns about the economic well-being of Ghanaians.
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