Author: Bobbie Osei
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Foreign inflows and BoG measures will see cedi depreciate by 4% in 2021 – Economist
Renewed inflow of foreign portfolio investment coupled with some measures by the Bank of Ghana such as the forex forward auctions should see the Cedi depreciate marginally by about 4 percent for all of 2021. That’s according to an economist with Databank Courage Martey. After depreciating by more than 8 percent and 12 percent against…
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Growth rate of bank loan advances slows in 2020 due to COVID-19
The month of December witnessed the slowest annual growth rate in bank advances seen in all of 2020. That’s according to the latest summary of Macroeconomic and Financial data released by the bank of Ghana. Total amount of loans advanced by banks in the country at the start of 2020, stood at GHS46.5 billion, representing…
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We’ll settle debts to LBCs in the coming weeks – COCOBOD
The Public Affairs Manager of the Ghana Cocoa Board (COCOBOD), Fiifi Boafo has assured that his outfit will in a few weeks secure about $200 million dollars to settle the arrears owed some License Buying Companies (LBCs) and farmers across the country. This follows yesterday’s summoning of the CEO of COCOBOD, Joseph Boahen Aidoo by…
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Reduction in cost of debt critical as figure rises to nearly 75% of GDP – Economist
As Ghana’s debt stock continues to rise, reaching about 75 percent of GDP in the first eleven months of 2020, an economist with Databank, Courage Martey has charged managers of the economy to prioritize reducing the cost of debt going forward. What is noteworthy according to the 2020 mid-year budget statement is the fact that…
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Continue with bold financial sector reforms – Nana Otuo Acheampong urges BoG Governor
Banking Consultant, Nana Otuo Acheampong has welcomed the expected renewal of the tenure of office of the Governor of the Bank of Ghana Dr. Ernest Addison by President Akufo-Addo for another 4 years. The President back in 2017, forwarded Mr. Addison’s name to the Council of State for consideration and approval as the Governor of…
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Akufo-Addo renews tenure of BoG Governor, Dr. Ernest Addison
The tenure of the Governor of the Bank of Ghana, Dr. Ernest Addison has been renewed by President Nana Akufo-Addo for another four years. His current tenure which begun on 1st April 2017 will end at the end of March 2021. According to Citi Business News sources at the Central Bank, President Akufo-Addo has given…
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GSE continues to rebound as it gains 4% in January 2021
The positive performance of the Ghana Stock Exchange in the last quarter of 2020 has continued into the first month of 2021, with the local bourse returning to investors a gain of 4.3 % in January 2021. This is the first gain recorded in January since 2018. The years 2018 and 2019 saw the local…
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Ghana’s debt stock rises to nearly 75% of GDP, as COVID-19 expenditure grows
Ghana’s debt situation continues to deteriorate as shown by new figures released by the Bank of Ghana. Total public debt stock at the end of November 2020 rose to GH¢ 286.9 billion representing a year-on-year increase of 33.69% over the total public debt stock recorded at the end of November, 2019, adding more pressure on…
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Lack of UK-GH Brexit deal threatening jobs in tuna industry
The lack of a new trade deal between Ghana and the United Kingdom (UK) post-Brexit, is threatening thousands of jobs in the tuna industry in Ghana. So far, the UK has inked post-Brexit trade deals with 13 African countries including Kenya, Ivory Coast and South Africa among others, which allows them to export some of…
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Shift focus from upscaling to upgrading – Ofosu-Dorte urges businesses
Stakeholders in Ghana’s manufacturing sector are being encouraged to prioritize upgrading over upscaling when it comes to goods and services emanating from Ghana into other African countries as part of the African Continental Free Trade Area (AfCFTA). Trade data from the United Nations Conference on Trade and Development (UNCTAD) shows that a handful of countries…