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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Forex reserves overstretched – Deputy BoG Governor

bycitibusinessnews
August 20, 2014
in Business
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Second Deputy Governor of the Bank of Ghana, Dr. Nashiru Issahaku has admitted that the Central Bank’s foreign exchange reserve is overstretched.

He regretted that the nation’s imports supersedes its export potential, hence the pressure on the Central Bank’s foreign exchange reserves.

According to him, the Central Bank’s major challenge is to arrest inflation to restore the nation’s macroeconomic stability.

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Dr. Nashiru was speaking at an awards and dinner night in Tamale to climax the third edition of the Northern Ghana Business and Investment Conference.

He cited the prolonged energy crisis, implementation of the Single Spine Salary Structure and low internal revenue mobilization as the major causes of the nation’s economic meltdown.

He however, allayed fears that the nation’s economy was in an irreparable state.

Dr. Nashiru Issahaku said prospects for stabilizing the local currency were very good.

Executive Chairman of Ghana’s leading fertilizer distributors, Wienco Ghana Limited, Mr. Henri Wientjes said the cedi depreciation was good for local export.

He explained that the high rise of the major foreign currency, Dollar will discipline Ghanaian importers to stop trading in China and invest in the local economy.

Mr. Wientjes reiterated the need for patronizing locally manufactured goods to boost the nation’s ailing economy.

Deputy Northern Regional Minister, Alhaji A.B.A Fuseini ascribed the nation’s economic downtrodden to inefficiency on the part of some public servants.

The Sagnarigu Legislator stated, “If the economy is worse and you inherit it may even grow worse in your hand so is a bounding duty on all of us as Ghanaians to collectively put our shoulders together and work to salvage our economy.”

He thus challenged workers on government’s payroll to change their attitude towards nation building.

Alhaji Fuseini said government was determined to cultivate sugar cane in commercial quantities in the Northern Region for both local consumption and export.

Some deserving individuals and organizations including the Orphans and Windows Movement of the Upper East Region, New Energy, Bonzali Rural Bank, Ghana Shippers Authority and Mrs. Lydia Lariba Bawa received awards for their meritorious contribution to northern investment.

The fourth edition of the annual Northern Ghana Business and Investment Conference is slated for Bolgatanga, the Upper East Regional capital in 2015.

 

By: Abdul Karim Naatogmah/citifmonline.com/Ghana

 

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