This week in business, Africa’s biggest bank by market capitalization, FirstRand Limited has written off about 57 percent in the value of its holdings in Ghanaian bonds.

The development comes on the back of Ghana’s decision to undertake a debt restructuring programme for its sovereign debt component.

Also, AGM Petroleum Ghana Limited (AGM) and its owners have laid down their tools and voluntarily ceased operations at the South Deep Water Tano (SDWT) block.

A statement signed by the Chief Executive Officer of the company, Per-Kjetil Skare, noted that the move was after "carefully considering all options."

President Nana Addo Dankwa Akufo-Addo whiles delivering the state of the nation address stated that the government’s gold-for-oil policy has started yielding its intended results of reducing fuel prices.

According to him, the price of a litre of diesel has seen a reduction of about ten cedis since the programme commenced.

However, the government secured GH¢4.52 billion from treasury bills in its latest auction issued on March 6, 2023.

The bills were oversubscribed by over GH¢1.82 billion at an average interest rate of 27%. According to the auction results from the Central Bank, the government secured GH¢1.48 billion from the 91-day bill GH¢1.17 billion from the 182-day bill, and GH¢1.89 billion from the 365-day bill.

Watch a wrap of business stories that made headlines this week

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