International reserves
Dr. Addison further disclosed that the country’s gross international reserves position remained strong in the first half of 2024. According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023. This represented 3.1 months of import cover. The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.522 billion in June 2024, from $4.32 billion in April 2024. The net international reserves was however slightly lower at $4.500 billion, as against $2.332 billion a year ago.Trade balance records higher surplus of $1.805bn
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Inflation for October 2024 increases marginally to 22.1%
Inflation for October 2024 increased marginally to 22.1% from 21.5% recorded in September 2024.
According to the Ghana Statistical Service (GSS), food and non-food inflation went up by 22.8 and 21.5 percent respectively.
Also, locally produced items went up to 24. 6 percent compared to the 23.4 percent recorded in September. Imported items saw a drop to 16.3 percent compared to the 17.0 percent recorded in October.
Addressing journalists, Government Statistician, Prof. Samuel Annim explained that the 22.1 percent that has been recorded for the month of October 2024 is a 0.6 percentage point increase relative to the year on year inflation that was recorded for September 2024.
“Desegregating overall rate of inflation from your food and non-food perspective, we did record 22.8 percent for food inflation and 21.5 percent for non-food inflation for the month of October 2024”.
He pointed out that food inflation has increased by 0.7 percentage point recording 22.1 percent in September 2024 and increasing to 22.8 percent for October 2024.
“Non food inflation has also increased by 0.6 percentage point, increasing from 20.9 percent for the month of September 2024 to 21.5 percent for the month of October 2024.
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BOST Initiates Major Depot Upgrades to Improve Operational Efficiency
The Managing Director of Bulk Energy Storage and Transportation Company Limited (BOST) Dr. Edwin Alfred Provencal has revealed that BOST is expected to complete Phase 1 of the Accra Plains and Kumasi depots project.
He emphasized that the upgrades along with broader network improvements, aimed to create a more resilient and responsive oil supply chain in Ghana.
“This upgrade is not just about improving our infrastructure but about setting a new standard for operational excellence across our sector”, he said.
Dr. Provencal made the disclosure at the Minister’s Press Briefing in Accra Today.
He noted that the company’s dedication to enhancing Ghana’s fuel infrastructure will reach a major milestone with these improvements.
Dr. Provencal stressed that the upgrades are a crucial step toward achieving the company’s long-term vision and also boost operational efficiency.
“We believe this will enhance our capacity to meet Ghana’s fuel demands efficiently and sustainably,” he stated.
He stated that the upgrades represent a strategic shift for BOST as it moves from traditional oil storage and transportation toward a broader energy storage model that includes cleaner and more sustainable energy sources, such as solar and Compressed Natural Gas (CNG).
“This shift aligns with BOST’s rebranding from Bulk Oil Storage and Transportation to Bulk Energy Storage and Transportation”, he said.
He reiterated that the completion of Phase 1 is expected to reduce inter-depot loading times from four hours to one hour and 30 minutes, while barge loading times have been cut from seven days to just one.
Dr. Provencal emphasized that these improvements would have a direct impact on service delivery and customer satisfaction, strengthening BOST’s reputation as one of Ghana’s leading state-owned enterprises.