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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

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    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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World Bank cuts global growth forecast

bycitibusinessnews
January 14, 2015
in Business, News
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The World Bank has cut its global growth forecast, warning the US alone cannot drive an economic recovery.

In its bi-annual report, the Bank predicted global growth of 3% this year and 3.3% next year, below its June forecast of 3.4% and 3.5% respectively.

“The global economy is running on a single engine…The American one. This does not make for a rosy outlook,” chief economist Kaushik Basu warned.

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[contextly_sidebar id=”4k3whXGEb1VVVvtFGqlehqvBme8W4UEw”]However, it said lower oil prices would benefit some countries.

“The lower oil price, which is expected to persist through 2015, is lowering inflation worldwide and is likely to delay interest rate hikes in rich countries,” said Mr Basu.

“This creates a window of opportunity for oil-importing countries, such as China and India; we expect India’s growth to rise to 7% by 2016,” he added.

However, the Bank warned that lower oil prices would hurt growth in countries which export oil, such as Russia, weighing on its global growth predicitions.

The World Bank expects the Russian economy to contract by 2.9% this year, and to grow just 0.1% in 2016.

‘Sputtering’ eurozone

In contrast, it said economic activity in the US and the UK was “gathering momentum” as interest rates remain low.

But it said the lingering “legacies of the financial crisis’ meant the recovery had been “sputtering” in the eurozone and Japan.

The Bank warned low inflation could persist in the eurozone, and forecast growth of 1.1% in 2015, rising to 1.6% in 2016-17. In Japan, it expects growth to rise to 1.2% in 2015 and 1.6% in 2016.

“The gobal economy is at a disconcerting juncture,” Mr Basu added.

 

Source: BBC

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