Author: Nii Larte Lartey
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GHEITI introduces beneficial ownership addresses for transparency in extractive licensing procedures
The Ghana Extractive Industry Transparency Initiative (GHEITI) says enough progress has been made in tackling the issues of obscure licensing procedures and concealed ownership. Dr Steve Manteaw, the Co-Chair of the GHEITI, at a dissemination workshop, highlighted the significant progress that was made in promoting transparency and accountability within the extractive industry, leading to solving…
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Government secures GH₵3.9bn in reopened DDEP
The government has secured GH₵3.9 billion in the reopened domestic debt exchange programme, the Ministry of Finance announced on Tuesday. This represents a significant achievement for the government, which is seeking to fully implement its COVID-19 programme for economic growth in the face of the prevailing economic situation. The Finance Ministry in a statement added…
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Monetary policy rate held steady at 30%
The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After…
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Ghana’s total exports decline by 9%
Ghana has recorded a nine percentage points drop in its total export earnings. As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022. Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting…
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Cedi depreciates against the dollar by 22.5%
The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023. One will now need GHS 11.07 to exchange a dollar on the interbank market. In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also…
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Financial sector withstood 2022 shocks; positive signs ahead – BoG
The assessment of the country’s financial system has shown strong signs of resilience. Per the Bank of Ghana’s 2022 Financial Stability Review, the financial sector is on the path to recovery with the rebound expected to be sustained further in the short to medium term. The Central Bank in the review maintains that the Domestic…
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Excise tax amendment shows positive signs; rakes in GHS 140m
A revenue of GHS 140,245,004.48 has been collected since the implementation of the Excise Duty Amendment Act, 2023 (ACT1093) from May 1 to September 20, this year as compared to GHS 107,998,254.64 last year. Mr. Edward Bagyiri, Chief Revenue Officer, Import and Export Unit, Ghana Revenue Authority (GRA), Customs Division made this known at a…
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Ghana records over $200m trade surplus in two months
New figures from the Bank of Ghana (BoG) show that, Ghana’s trade balance increased by US$231.9 million between June and August. This means, Ghana’s trade balance grew by about 13 percent from the US$ 1.78 billion recorded in July 2023. It brings the country’s total trade balance to US$ 2.01 billion as at August 2023…
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Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
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114th MPC meeting: Economic assessments begin amidst marginal inflation fall
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has commenced its regular meetings to review developments in the economy. This is the 114th meeting of the Committee and is expected to decide on steps to ensure financial and economic stability. Dominating the MPC meeting will be the policy rate decision aimed at…