Category: Economy
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Resolve high interest rate concerns – Akufo-Addo urges new BoG board
President Nana Akufo-Addo has charged the new board of the Bank of Ghana to interrogate the issue of high interest rates in the country. According to the President, a low interest rate for businesses in the country is critical for ensuring that Ghanaian businesses become and stay competitive. The President made the remarks at the…
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Government collects GHS28.3 billion in 1st half of 2021; misses target by 13%
Government has missed its half-year revenue target by about 13%. Total Revenue and Grants from January to June this year amounted to GHS 28.3 billion as against a programed amount of GHS 32.4 billion. The government performed better on the expenditure front as it fell short of its programmed amount by about GHS 5 billion,…
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Inflation rises for first time since February 2021; now at 7.8%
Ghana’s national year-on-year inflation rate has once again taken an upward turn, albeit marginally, after two months of consecutive drops, to hit 7.8 percent in June 2021. This increase is 0.3 percentage points higher than the 7.5 percent recorded in May this year. Inflation is often referred to as a “measure of the increase in…
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GSE likely to record first positive yearly return since 2017 – Analyst
A continuous easing of COVID-19 related restrictions will see the Ghana Stock Exchange (GSE) ending the year 2021 on a positive note, the first time since 2017. That’s according to the General Manager of UMB Stockbrokers, Ben Ackah. For the past decade, the Ghana Stock Exchange Composite index (GSE-CI) which reflects the average performance of…
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Ghana positioned for better growth after exit from money laundering list – Ofori-Atta
The removal of Ghana from the global list of high-risk money laundering and terrorist financing countries has positioned the country for a stronger recovery in the coming months. This is according to Ghana’s Finance Minister, Ken Ofori-Atta, The Financial Action Task Force (FATF), the initiative set up to tackle money laundering globally, grey lists a…
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Springfield confident final court ruling will see to effective development of oil field
One of the key actors in the ongoing ENI-Springfield unitization saga, Springfield Exploration and Production Limited, says it is confident the final court ruling in the case involving the two parties will lead to the development of the Sankofa and Afina fields in a manner consistent with world-class practices. This comes after the recent ruling…
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GRA set to implement full cashless drive from July 1
The Ghana Revenue Authority’s cashless drive, which will see GRA turning away any cash payments at any of its offices, will be fully enforced come Thursday 1st July 2021. The Authority has been working towards a full end to end digital tax process where taxpayers can file and pay their taxes from any part of…
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ECOWAS postpones implementation date for ‘Eco’ again; moved to 2027
After several postponements, West Africa’s 15-nation bloc- the Economic Community of West African States (ECOWAS), has once again postponed the implementation of its long-time dream of a single currency. The bloc over the weekend announced 2027 as the new date to launch the “Eco.” The Eco was first planned to be introduced in 2003 but…
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Stakeholders advocate for strong corporate governance, others for DBG to succeed
The institution of strong corporate governance structures has been highlighted as one of the many critical things that need to be in place to ensure the success and longevity of the yet to be launched Development Bank Ghana (DBG). The remarks were shared as part of a virtual forum organized by Impact Investing Ghana in…
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Inflation rate drops further to 7.5% in May; lowest in over a year
Ghana has, for the second consecutive time this year, recorded the lowest year-on-year inflation rate. The inflation rate recorded for the month of May 2021 was 7.5 percent, which is one percentage point lower than the 8.5 percent recorded in April this year. The figure falls within the government’s medium-term inflation target of 8.0±2 percent…