No Result
View All Result
Thursday, May 26, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

BoG’s indices show boost in economy’s real sector

byNerteley Nettey
February 19, 2021
in Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Latest data released by the Bank of Ghana indicate that some selected real sector pointers showed progress in economic activity during the third quarter of 2020 when compared with trends observed during the same period in 2019.

The relative pick-up in real sector activities was mainly due to a gradual recovery from the adverse effects of the novel coronavirus outbreak.

The Real Sector comprises households, non-financial organisations and Non-Profit Institutions serving households involved in the production and distribution of goods and services necessary to meet the consumption demand of an economy.

ADVERTISEMENT

Giving more details, the document titled, The Bank of Ghana Quarterly Bulletin for July to September 2020, stated that economic indicators such as consumer spending, vehicle registration, industry consumption of electricity and port activities went up but tourists’ arrivals declined during the review of the quarter mainly as a result of the closure of the borders and the lockdown.

Consumer spending, measured by domestic VAT collections and retail sales, improved in the third quarter of 2020 compared with figures recorded in the corresponding period of 2019.

“Domestic VAT collections increased by 6.5 percent (year-on-year) to GH¢1,364.72 million, relative to GH¢1,281.65 million collected during the corresponding quarter in 2019. Similarly, domestic VAT grew by 6.6 percent compared with GH¢1,280.39 million collected for the second quarter of 2020,” the statement noted.

Retail sales increased by 45.7 percent (year-on-year) to GH¢286.86 million during the third quarter of 2020 from GH¢196.86 million recorded in the corresponding quarter of 2019.

The comparative improvement in retail sales could be attributed to increased household consumption during the review period.

The report also showed that manufacturing-related activities, as measured by trends in the collection of direct taxes (income, corporate and others) and private sector workers’ contributions to the SSNIT Pension Scheme (Tier-1), posted positive out turns during the third quarter of 2020, compared with what was observed in the same period of 2019.

“Total direct taxes collected increased by 14.4 percent (year-on-year) to GH¢5,278.01 million in the third quarter of 2020, relative to GH¢4,613.69 million recorded for the third quarter of 2019. Total direct tax collected for the quarter under review also grew by 5.2 percent from GH¢5,015.12 million collected in the second quarter of 2020,” the statement added.

In terms of contribution of the various sub-tax categories, Corporate Tax accounted for 54.3 percent, followed by Income Tax (PAYE and self-employed) with 36.2 percent, while other Tax sources contributed 9.5 percent.
Vehicle Registration

Transport-related economic activities, measured by vehicle registration by DVLA, improved by 32.9 percent to 51,703 in the third quarter of 2020 compared to 38,903 vehicles registered during the corresponding quarter of 2019. Similarly, the number of vehicles registered during the review period increased by 23.5 percent relative to 41,879 vehicles recorded in the second quarter of 2020. The comparative improvement recorded in vehicle registration was due to an increase in vehicle importation during the review period.

Industrial Consumption of Electricity

The data shows that the consumption of electricity by industries, which is a substitute for activities within the productive sectors of the economy, went up by 13.3 percent during the third quarter of 2020, compared with the corresponding period of 2019.

Industries utilised 718.58 giga-watts of power in the third quarter of 2020, as against 633.98 giga-watts recorded for the same period in 2019.

Similarly, industrial consumption of electricity increased by 10.4 percent from 650.84 giga-watts utilised for the second quarter of 2020. The relative improvement in the electricity consumed by industries could be attributed to stability in power supply coupled with a rebound in industrial activity following the initial impact of the coronavirus pandemic.

Port Activity

Economic activities at the country’s two main harbours (Tema and Takoradi), as measured by laden container traffic for imports and exports, recorded an improvement during the third quarter of 2020, compared with what was observed in the corresponding quarter of 2019.

Total container traffic for imports and exports went up by 18.7 percent to 183,830 from 154,839 for the third quarter of 2019. Similarly, port activity increased by 25.7 percent when compared to 146,266 laden containers recorded in the second quarter of 2020. The relative improvement in port activities may be attributed to an up-tick in international trade activities during the quarter.

International Tourist Arrivals

However, tourist arrivals into the country fell sharply by 89.3 percent in the third quarter of last year when compared with figures recorded a year ago.

A total of 32,602 tourists entered the country during the review period, as against 304,601 visitors received in the third quarter of 2019.

The decline in tourist arrivals (year-on-year) was mainly due to travel restrictions in the fight against the COVID-19 outbreak during the first- two months of the quarter.

Related Posts

Banking And Finance

Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

byBobbie Osei

Some disgruntled customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment...

Read more

BoG urged African DFIs to enhance credit rating positions to boost investment

Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

Gold exports push Ghana’s trade surplus to $1.3 billion in April

Gov’t expenditure needs to be checked to help deal with inflation – ICAG

Take control of financing on the continent – Ofori-Atta to AfDB

We’ll avert any looming food crisis with effective planning – AfDB Boss

Next Post

COVID-19: Accounts officer creates YouTube channel to teach accounting [Video]

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.