Author: Pius Amihere Eduku
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Ghana’s informal sector valued at GH¢45.2 bn; grows by 5.9% in 2019
Ghana’s informal sector recorded a growth of 5.9% in 2019; which is the second highest following the rebasing of the economy. In relation to prices of commodities with reference to 2013 which is the base year for calculating Ghana’s economic year, the informal sector’s worth reached 45.2 billion cedis, which is the highest value for…
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Ghana records 2nd highest GDP growth of 6.5% in 2019 after rebasing economy
Ghana’s economy grew by an estimated 6.5% for 2019. This is the second highest figure recorded after the economy was rebased in 2017. The country’s economy grew by 8.1% and 6.3% in 2017 and 2018 respectively. According to the Ghana Statistical Service, the total value of all goods and services for last year also reached…
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BoG offers $25 million to forex dealers in April auction
The Bank of Ghana in its latest auction of forex, accepted $25 million in bids. This represents 31.74% of the total amount of $78.75 million that forex dealers bid for. In a report published by the central bank in controlling the supply of dollars, the BoG said a total of 108 bids were submitted in the…
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Gov’t to raise GH¢17.96bn in bonds from domestic market for second quarter
Government is seeking to raise a total of 17.96 billion cedis in bonds, from the domestic market for the period spanning April to June, 2020. This is about 6% less than the 19.09 billion cedis targeted for the first quarter of 2020, from January to March. Per the issuance calendar published by the Bank of…
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World Bank Group to support Ghana’s COVID-19 response with $100m
The World Bank is providing $100 million to Ghana to assist the country in tackling the COVID-19 pandemic. This $100 million will be made available to the government and the people of Ghana as short, medium and long-term support. This financing package includes $35 million in emergency support to help the country provide improved response…
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Tourism industry players hopeful of stimulus package after GTA’s economic impact assessment
Operators in the country’s tourism and hospitality sector say they are expecting an intervention by government when the regulator, the Ghana Tourism Authority, completes an economic impact assessment of the COVID-19 on their operations. The coronavirus has not only slowed economic activities due to restricted movements, but has also led to some redundancies across sectors…
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Ghana returns Accra-bound BA flight seeking to evacuate people to UK
As Ghana intensifies its ban on travels in and out of the country’s borders to prevent the spread of the coronavirus, a British Airways bound flight to Ghana, was on Monday, March 23, returned to the UK despite an initial permission for the British High Commission to evacuate over 300 people mostly UK nationals from…
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Veep launches Universal QR Code & Proxy pay to boost digital payments
Vice President, Dr. Mahamudu Bawumia, says the launch of the Universal GH QR Code and the Proxy Pay platform should ease the difficulties associated with payment for goods and services. The two platforms are part of plans to enhance digital payments as the government pursues a cash-lite agenda. Already, the COVID-19 pandemic has partially impacted…
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Car rental firms hit by impact of COVID-19 as workers are laid off
As the economic impact of the coronavirus spreads across several sectors, some car rental dealers in Accra say they have also been affected. According to them, they have had to lay off some workers due to low patronage as more people are observing the social distancing protocol and limiting public gatherings and movements. Since Ghana…
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COVID-19 impact: Control borrowing options to bridge revenue gap – Economist to gov’t
Economist, Dr. Adu Owusu Sarkodie, has advised government to be measured in its borrowing in a bid to mitigate the likely impact of the coronavirus on Ghana’s economy. The Finance Minister, Ken Ofori-Atta, has indicated that government will resort to various measures such as the use of money from the stabilization fund as well as…