Author: Nerteley Nettey
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PPI drops to 30.3% for May 2023 – GSS
Recent data from the Ghana Statistical Service (GSS), indicates that the Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3%, recorded in April. This figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The month-on-month change in the…
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Monetary policy rate likely to be increased marginally – Economists predict
As the Bank of Bank of Ghana (BoG) prepares to make major pronouncements on its assessment of the Ghanaian economy today [May 22], some economists are forecasting a marginal increase in the policy rate. This comes amid calls from the International Monetary Fund (IMF) for the Bank of Ghana (BoG) to continue tightening monetary policy…
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Analysts welcome IMF approval; advise gov’t against fiscal recklessness
Financial sector analysts have applauded government’s efforts at securing the approval of the $3 billion balance of payment extended credit facility from the International Monetary Fund (IMF). The final approval was made during the Executive Board’s crunch meeting held on Wednesday, May 17, 2023, following Ghana’s official financing assurances from the Paris Club and other…
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We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders
The Vice President, Dr Mahamudu Bawumia, has highlighted the need for more investments in crucial infrastructure by African governments and businesses to facilitate trade under the African Continental Free Trade Area, (AfCFTA). Dr Bawumia noted that critical investment in infrastructure will help ensure continued productivity and sustainable economic growth on the continent. Speaking at the…
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Effect of cedi depreciation on inflation expected to continue – GSS
The Ghana Statistical Service has cautioned that the continuous depreciation of the local currency could continue to adversely impact the country’s inflation. Recent Data released by Service shows that the continuous hikes in prices of food, transport, water, and other fuels pushed Ghana’s inflation rate to hit 40.4 percent for the month of October. Addressing…
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Continuous hikes in food prices push inflation for October to hit 40.4%
Continuous increases in prices of food, housing, transport, water, electricity and other fuels have pushed Ghana’s inflation rate to hit 40.4 percent for the month of October 2022. This represents a 3.2 percentage point increase over the 37.2 percent recorded in September 2022. This was captured in the Consumer Price Index (CPI) data released by…
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Incorporating ESG principles in your operational framework, key to future of banking – BoG to banks
The Bank of Ghana has highlighted the importance of Environmental, Social and Governance, ESG, issues and the need for banks to have processes in place to assess the impact on their businesses. This, the Central Bank notes will help financial institutions to survive the current disruptive challenges facing the banking sector and the economy as…
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Defunct BEIGE Bank’s CEO hit with new charges of theft, money laundering
Michael Nyinaku, the founder of the defunct BEIGE Bank, is facing new charges of theft and money laundering. Before these new charges, he was already arraigned and accused of stealing over GH¢340 million at a circuit court. According to the facts of this new case at the High Court, when Beige Bank’s license was revoked…
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BoG revokes license of two popular forex bureaux in Accra
The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. The…
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Sacking Ofori-Atta not enough; size of gov’t must also be reduced – Bokpin
A lecturer of economics at the University of Ghana Business School, Prof. Godfred A. Bokpin has stressed that the demand for the removal of the Finance Minister, Ken Ofori-Atta isn’t enough to turn around the country’s economic woes. Some Members of the Majority Caucus in Parliament have joined in the demand calling for his head…