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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

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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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

    Telcos to implement 1% E-Levy charge from today

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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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

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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All hands must be on deck to bring Ghana’s economy back on track – BoG

byBobbie Osei
June 13, 2022
in Banking And Finance, Government, Local Economy, News, Top Stories
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With the world economy, including Ghana’s, dealing with the aftershocks of the COVID-19 pandemic and the challenges being posed by the ongoing Russia-Ukraine war, stakeholders in Ghana including the government, the Bank of Ghana, businesses as well as the media are being charged to actively and effectively play their roles to build confidence and facilitate a sustained recovery of the economy.

According to a recent African Development Bank report, despite Ghana’s impressive record of two decades of steady growth, its economic prospects could be dented by the impact of the Covid-19 pandemic and the Ukraine-Russia crisis.

After recording a positive pandemic period growth of 0.4% and a stronger than expected economic expansion of 5.4% in 2021, the hopes of managers of the economy of a further rebound in 2022 were dashed by the Russia-Ukraine war which pushed oil prices to record highs (currently hovering around $120) and has impacted key commodity prices, pushing global and local inflation to record highs.

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Speaking on the current situation and the way forward at a recently held financial literacy training workshop for journalists, the Governor of the Bank of Ghana in a speech read on his behalf by the Director of Research at the Bank of Ghana, Dr. Philip Abradu-Otoo advocated bold action and called for a responsive monetary and fiscal policy regime.

“Going forward, both fiscal and monetary policies should remain vigilant and ready to take additional policy measures as well as structural reform is necessary to improve confidence about the economy to sustain the economic recovery. These include but are not limited to, government’s expenditure-control together with new revenue mobilization measures that would support the fiscal consolidation path and help lift financing constraints, bold policies to improve the business operating environment to attract private capital, In addition, political and macroeconomic stability will contribute immensely to regaining investor confidence.”

The Governor also charged Financial and Business Journalists to disseminate key economic information in a way that engenders confidence in economic actors while positively influencing the economic narrative of the country.

“The press must Inform, Persuade and Influence society. In so doing, the press will have to use all available data at their disposal, to drive analytical discourse and exude confidence. Journalists must go beyond the data provided them and do more interrogation of the data to understand better, the data generating facts. All these work in concert to engender economic confidence and this is where we ought to be moving towards.”

“The media’s role in influencing the economic narrative is even more crucial during periods of heightened uncertainty,” he added.

The residential training workshop for selected Financial and Business Journalists was on the theme “Sustaining the Recovery”: The Role of The Journalist in Building confidence.

The Journalists were taken through courses such as,

  • Monetary Policy Practice in Ghana;
  • Understanding Inflation dynamics in Ghana;
  • Understanding Balance of Payments;
  • Foreign Exchange Market/ Currency Volatilities, Causes and Effects;
  • Regulating Fintechs and payment platforms and education on credit;
  • Interpreting Data Pack; and
  • Engagement on practical financial reporting exercises.

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