Category: Economy
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2022 budget: Analyst calls for judicious use of finances to sustain Ghana’s debt
As the Finance Minister, Ken Ofori-Atta engages stakeholders in preparing the 2022 budget which will be presented before Parliament in the coming days, stakeholders in the finance sector are calling for stringent measures to avert conditions that may push Ghana into the category of a debt distressed nation. As of July this year, data from…
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Dr. Bawumia calls for stakeholder collaboration to improve intra-African payment systems
Vice President, Dr. Mahamudu Bawumia has charged Central Bank governors across Africa to facilitate collaboration amongst key stakeholders to help with the integration of payment systems on the continent. According to the World Economic Forum, payments which have always been the lifeblood of trade will be key for intra-African trade, which covers 55 countries with…
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Former President Mahama calls for increased funding of SMEs to reduce unemployment
Former President, John Mahama has charged African leaders to actively offer funds and tax waivers to Small and Medium-Sized Businesses on the continent to help reduce unemployment as the continent tries to recover from the impact of the Covid-19 pandemic. He made the remarks while delivering the keynote address at the 3rd annual edition of…
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Use 2022 budget to reduce revenue and expenditure gap – Government urged
Government has been urged to use the 2022 budget statement and economic policy to reduce the gap between revenue and expenditure. The 2021 budget had a total revenue target of GH¢ 72.45 billion, while expenditure was set at GH¢ 113.75 billion, bringing the overall balance to GH¢ 41.298 billion. According to the 2021 mid-year budget…
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Rising inflation may adversely affect purchasing power of consumers – Economist
Economist with Databank Courage Martey says the rising level of inflation if unchecked could impact the purchasing power of Ghanaians. The current year-on-year inflation rate of 10.6% for the month of September is the highest since July 2020 and higher than the government’s end of year target of 8 percent. For four months in a…
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Economist backs World Bank’s 9.8% end-of-year inflation rate projection for Ghana
The World Bank has projected that Ghana would end this year with an inflation rate of 9.8 percent. This forecast in the Africa Pulse Report by the World Bank falls within the Bank of Ghana’s target of 8 +/-2%. “In Ghana, weak domestic currency combined with a rise in food prices pushed headline inflation from…
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New petroleum hub will give economy a major boost – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has expressed confidence in the ability of the upcoming petroleum hub, saying it will drastically improve the fortunes of Ghana’s petroleum industry. Parliament last year passed the Petroleum Hub Development Corporation Bill, to facilitate the establishment of a petroleum and petrochemical hub in the country, which will be provided with…
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Banking clean-up: Government charged to retrieve locked-up cash from indicted persons
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged government to pursue and retrieve all monies from persons found culpable of taking monies from banks, following the banking sector clean-up exercise. Governor of the Bank of Ghana, Dr. Ernest Addison disclosed back in May 2021 that…
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Economist calls for prudent spending as IMF’s $1 billion SDR allocation hits BoG’s account
Sources at the Bank of Ghana have confirmed to Citi Business News that the $1 billion dollars interest-free money expected from the International Monetary Fund (IMF) as part of the Special Drawing Rights (SDR) program, has hit the accounts of the Bank of Ghana. The Board of Governors of the IMF at the start of…
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Prof. Quartey urges new BoG board to push for a reduction in loan default rates
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board…