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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

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Standard Bank cuts down Ghana’s 2022 growth rate to 3.1%

byEllen Dapaah
August 8, 2022
in Economy, Top Stories
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Africa’s biggest bank, Standard Bank has revised this year’s projected economic growth rate target for Ghana from 6.2 % to 3.1%.

It has also slashed its 2023 Gross Domestic Product (GDP) forecast for the country to 4.1%, from the earlier 6.8%.
This forecast from the Standard Bank is lower than the government of Ghana’s revised growth rate for this year of 3.7%.

According to the bank’s ‘Africa Market Revealed’ report, the country’s growth now faces a confluence of downside risks in 2022 and 2023.

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“Firstly, the government is running out of external financing options; therefore, public investment in infrastructure is unlikely to underpin growth over the coming year.”

The report added, “Secondly, the Ghana cedi’s plummet since January [2022] has further bumped up inflation, which would soften private household consumption over the coming year [2023]. Therefore, the BoG’s Monetary Policy Committee may have to further raise the key benchmark rate to stem rising inflation expectations as well as support the Ghana cedi.”

Standard Bank said the balance of payment deficit will widen to 4.1% of GDP in 2022, and then narrow to 2.6% in 2023.

“We now expect the C/A deficit to widen to 4.1% of GDP in 2022, then narrow to 2.6% in 2023. Still, financing a wider C/A deficit in 2022 would prove near impossible due to the lack of external funding”.

Furthermore, Standard Bank highlighted the positive impact an agreement with the IMF will have on the Ghana cedi. It however insists till that happens, the cedi will continue to weaken especially as global risk worsens further.

“We expect USD/GHS to rise to 8.29 by Dec. The GHS has been under immense pressure since Jan due to further foreign portfolio outflows. However, after the Mar rate hike, the pair stabilized around 7.50. Still, monetary policy can perhaps only do so much to stabilize the GHS; its selloff has been driven mainly by the concerns around fiscal policy,” the report stated.

The bank also expects the Monetary Policy Committee of the Bank of Ghana to hike its key policy rate by a further 100-150 bps in 2022 amidst the country’s inflationary pressures.

The International Monetary Fund has revised the growth rate of the global economy to 3.2% in 2022, 0.4 percentage points lower than in the April 2022 World Economic Outlook.

The Fund’s July 2022 Economic Outlook report attributed the slowdown in the growth rate to tightening global financial conditions associated with expectations of steeper interest rate hikes by major central banks to ease inflation pressure and spillovers from the war in Ukraine.

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