Author: Ellen Dapaah
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Trade surplus to widen to 4.4% of GDP in 2022 – Fitch predicts
Despite the current poor economic situation and predictions of a worse situation due to further depreciation of the cedi and high inflation rate, Fitch Solutions believes elevated global commodity prices will cause Ghana’s trade surplus to widen to 4.4% of GDP in 2022 from 1.4% in 2021. Ghana recorded a trade surplus of $1.43 billion…
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2022 light crop season to close on September 8 – COCOBOD
The Ghana Cocoa Board has announced that purchases for the 2022 light crop season will cease at close of business on Thursday, 8th September 2022. According to the Board, returns on the declared purchases will be accepted up to 4:00 pm on Thursday, 15th September in order to assist the Licensed Buying Companies (LBCs) to…
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Fitch projects 43% depreciation of the cedi, higher inflation in 2022
The hope of Ghanaians to see an end to the sharp rise in inflation and the wanton depreciation of the local currency has further been dashed as Fitch Solutions forecasts a further weakening of the local currency throughout the year. In its latest ‘Ghana’s Private Infrastructure Investment Set for Medium-Term Recovery’ report, Fitch is predicting…
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Bank of Ghana to clamp down on forex bureaus trading illegally
The Bank of Ghana has disclosed plans to begin closing down forex bureaus flouting the laws governing foreign exchange operations. This is part of efforts meant to stop all market practices fueling the cedi’s fast depreciation. The local currency has crossed the GH¢10 to US$1 mark on the retail market. A visit by Citi Business…
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E-cedi will not affect MoMo business – Bank of Ghana
The Bank of Ghana has assured that its quest to implement the digital currency, also known as the e-cedi, will not disrupt or collapse the mobile money (MoMo) system. According to the regulator, the implementation will rather be a positive one in the MoMo value chain. Speaking at the MTN Momo Stakeholder Forum organised which…
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Farmers worried about possible unfair distribution of MoFA machines
Some farmers have expressed worry over the last tranche of US$95 million machinery received by the Ministry of Food and Agriculture to boost farming productivity. The Ministry on Wednesday commissioned farm processing machines worth $95 million in a bid to boost the efficiency of large-scale farming in the country. The over 2,000 pieces of machines…
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Bank of Ghana to widen its scope on cryptocurrency
The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency. The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest. Speaking at the MTN…
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Importers, Exporters Association calls for sympathy for Labianca following corruption claims
The Importers and Exporters Association has jumped to the defence of Labianca Company Limited after it was implicated in corruption-related activities. In a statement, it called for the criticism of Labianca to be measured because of its contribution to the economy. “Even though we do not condone any act of unhealthy business transactions by any…
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Côte d’Ivoire-Ghana Cocoa Initiative clarifies its stance on origin differentials for cocoa beans
The Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) has denied reports regarding its publication of origin differentials for Côte d’Ivoire and Ghana. The Initiative, in a statement, insisted that the two countries still stand by the decision to no longer sell their cocoa at origin differentials below zero, contrary to recent publications by other outlets. Find below…