Category: Economy
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Gross insurance premiums decline in H1; but industry outlook remains positive
Gross premiums in the country’s insurance sector have declined in the first six months of 2023. As of the end of June 2023, the gross premiums have fallen to GHS 2.76 billion from the GHS 3.07 billion posted during the same period last year. However, recent developments in the insurance sector as captured in the…
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Attack on BoG leadership over GH₵60bn loss needless – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has emphasized that the primary objective of the Bank of Ghana, like all central banks, is not to generate profit. In an article titled “Standing Strong With The Bank of Ghana,” he addressed the importance of managing the central bank as a financially sustainable institution, rather than focusing solely on…
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Kumasi: GUTA threatens mass protest over alleged GRA extortion
Members of the Ghana Union of Traders (GUTA) in the Ashanti region have reiterated their decision to stage a massive demonstration if the government and all relevant stakeholders do not take immediate and decisive measures to address what they describe as ongoing discrimination and intimidation by officials of the Customs Division of the Ghana Revenue…
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EU partners government to launch Circular Economy Competition
The European Union (EU) in partnership with the Ministry of Finance and the Ministry of Environment, Science, Technology has launched the 2nd edition of the Circular Economy Competition to support Ghana’s gradual transition to a circular economy. The Circular economy competition is a contest that helps small businesses and start-ups in the circular economy in…
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DDEP: Economist urges government to strengthen industrialization policies
Economist and currency analyst at GCB Capital Limited Courage Boti is urging government to strengthen its industrialization policies as it moves to negotiate with China for debt forgiveness. He demystifies perceptions that China may seize the opportunity to take over the local industries if the negotiations are successful. However, Finance Minister, Ken Ofori-Atta, has disclosed…
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AfCFTA: AB&David projects more opportunities for businesses in a volatile economy
AB & David Africa, a pan-African business law firm is hopeful that business avenues are likely to spring up for more companies on the continent if the Africa Continental Free Trade Area is optimized. The Pan African firm maintains that although some businesses have struggled to find their feet even after the COVID-19 pandemic, there…
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Economist optimistic IMF bailout program will boost investor confidence
The Director of the Institute of Statistical, Social and Economic Research at the University of Ghana, Prof. Peter Quartey is optimistic that the interest being shown by the International Monetary Fund (IMF) to save Ghana’s economy will boost investor confidence in the country. The Ministry of Finance on Monday confirmed that its officials and of…
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Fitch downgrades Ghana again; moves country from ‘CCC’ to ‘CC’
Ghana’s credit ratings have seen another downgrade. The latest downgrade by Fitch Ratings saw Ghana’s long-term local and foreign-currency issuer default ratings (IDRs) drop to ‘CC’, from ‘CCC’. This comes almost a month after the country suffered a hit when its credit rating was downgraded by Fitch Ratings from B- to CCC in August 2022.…
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4.8% increase in GDP growth rate not surprising – Economist
The announcement of the expansion of Ghana’s economy does not seem to come as a surprise to some stakeholders in the finance space. Economist, Prof. Lord Mensah, is not impressed with the growth, asserting that the growth of the economy at the macro level does not reflect in the pockets of Ghanaians. The Ghana Statistical…
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GDP growth rate exceeds target; increases by 4.8% in 2022 second quarter
Ghana’s economy has expanded by 4.8% year-on-year in the second quarter of 2022. “Provisional real quarterly gross domestic product (QGDP) growth rate, including Oil and Gas, is 4.8 percent (year on year) in the second quarter of 2022. In the same period of 2021, the growth was 4.2 percent.” Data from the Ghana Statistical Services…