Category: Economy
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Don’t fish in restricted zones – Petroleum Commission to fishermen
The Petroleum Commission has appealed to the fishing community to abide by the laws that prohibit them from fishing within marked areas around the country’s oil fields in order to protect their lives as well as avoid any potential damage to the country’s oil fields. The call according to the Commission forms part of efforts…
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Increased manufacturing pushes PPI for April to over 11%
The average price of goods and services received by domestic producers in the country for their production activities, in the month of April 2021 went up by 11.1%, when compared with the prices received by the producers in April 2020. The increase in prices which brings the producer price inflation rate for April 2021, to…
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IMF Staff Mission reiterates calls for measures to reduce Ghana’s debt
The International Monetary Fund (IMF) Staff Mission to Ghana, has charged government to without delay implement the needed measures that will lead to a reduction in government’s overall debt as well as its debt servicing burden. The remarks were contained in a statement by staff of the IMF at the end of an official visit…
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Inflation rate falls to 8.5% in April; closest to yearly target
Ghana has recorded the lowest year-on-year inflation since the emergence of the COVID-19 pandemic. The inflation rate recorded for the month of April 2021 was 8.5 percent, which is 1.8 percentage points lower than the 10.3 percent recorded in March this year. The figure falls within the medium-term inflation target of 8.0±2 percent. Before the…
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Reduce cost of power to curb beverage price hikes – Association appeals
The Food and Beverages Association of Ghana has called on government to halt any increases in the cost of electricity and water, to prevent another increase in the prices of beverages in the country. The remarks come on the back of recent increase in the prices of some alcoholic beverages by as much as 20%…
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Poor handling of COVID-19 by U.S sees Pound strengthening against Dollar, Cedi and others
Despite the impressive performance of the Ghana Cedi against its major trading currency the U.S Dollar in the past few years, the currency appears to be struggling against the British Pound Sterling and the Euro. Although the Cedi in 2019 lost nearly 13 percent of its value against the US dollar, the performance blights the…
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NPLs likely to reduce following improvement in economy – Banking consultant
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end…
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Unresolved power crisis will set Ghana’s economy back by 3 to 5 years – Economist
Economist Dr. Adu Owusu Sarkodie says it will take Ghana 3 to 5 years to recover if authorities allow recent power outages to worsen amid the COVID-19 pandemic. Provisional figures released by the Ghana Statistical Service show that the impact of COVID-19 on the Ghanaian economy was worse than anticipated, as the economy grew by…
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Struggling industry slowed Ghana’s economic growth rate in 2020 – GSS
Provisional figures released by the Ghana Statistical Service show that Ghana’s economy grew by 0.4% in the year 2020. The figure which was released by the Government Statistician, Professor Samuel Kobina Annim as part of a lecture at the University of Cape Coast, represents a slower growth rate than what was projected by the International…
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Ghana’s fight for cocoa farmers backfires as EU hints of ban
Chief Executive officer of COCOBOD, Joseph Boahen Aidoo has called out the European Union, accusing it of double standards in its assessment of Ghana’s cocoa sector in recent times. The European Union has threatened to ban cocoa from Ghana if the negative impact of illegal mining on the country’s environment persists. Belgium which is a…