Category: Featured
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Govt expenditure falls by 37.2% despite increase in employee compensation
Government has recorded major decreases in its expenditure line items for the first quarter of 2023. Out of the six expenditure line items, only the compensation of employees increased. The Bank of Ghana in its May 2023 Monetary Policy Report indicated the expenditure performance was partly attributed to a reduced debt service due to the…
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ACEP raises red flags over TOR-Torentco lease agreement
Benjamin Boakye, Executive Director of the Africa Center for Energy Policy (ACEP), has vehemently criticized the government’s decision to lease the Tema Oil Refinery (TOR) to Torentco Asset Management. Boakye said that the deal raises red flags because it was not done through a competitive bidding process. During an interview on Eyewitness News on June…
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Economic crisis: Purchase of luxury items has declined – Ahomka-Lindsay
Former Deputy Trade Minister Robert Ahomka-Lindsay has disclosed that revenue growth in the luxury goods sector has dipped in recent years due to the economic crisis in Ghana. He said that people are now buying more essentials such as clothes and food, and less luxury items. Highlighting the revenue growth, the former Deputy Trade Minister…
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BoG projects inflation to remain above 10% until 2025
The Bank of Ghana (BoG) is projecting a downward trend of inflation until the end of the 2025 barring any unanticipated shocks. However, it anticipates the upper band of 8±2 to remain percent during the same period. This means, inflation will remain above 10 percent till the next two years. These projections were captured in…
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Citi FM/Citi TV present the highly anticipated Management Bootcamp for senior managers
Citi FM, a renowned media organization dedicated to promoting business excellence and professional development, is set to launch the annual Management Bootcamp. This highly anticipated event, targeting senior managers and entrepreneurs, aims to equip participants with essential skills and knowledge in various aspects of business management. The Management Bootcamp, running from Monday, June 26th, is…
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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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World growth holding up, but interest rates to peak higher – Fitch
Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months, says Fitch Ratings in its June Global Economic Outlook (GEO), released today. With monetary policy adjustments and their impact on the economy proving more protracted, the global growth outlook for…
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Ghana’s economy faces mixed performance in first quarter of 2023
The latest data released by the Ghana Statistical Service (GSS) reveals a mixed performance for the country’s economy in the first quarter of 2023. While certain sectors experienced contraction, the services sector emerged as the driving force behind economic growth. According to the report, seven sub-sectors witnessed a decline in performance. The Water Supply, Sewerage,…
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Ghana’s economy grows by 4.2% in first quarter of 2023
According to the Ghana Statistical Service (GSS), Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022. The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 percent increase in the first quarter, surpassing the previous…
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Rating agencies haven’t been reckless with economic downgrades – Prof. Bokpin tells govt
Economist, Professor Godfred Bopkin has countered the assertion made by President Akufo-Addo that the consistent downgrades of Ghana’s economy by international credit rating agencies have contributed to the country’s current economic woes. The President has described such downgrades as “reckless” and are not in the best interests of developing countries like Ghana. He added that…