Category: Economy
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Price of goods and services up by almost 10%
Latest data released by the Ghana Statistical Service, GSS, indicates that on a year-on-year basis (January 2020 to January 2021), the average price of goods and services across the country increased by 9.9 percent. The rise in the inflation rate for January 2021, is however lower than the rate recorded for December 2020 by 0.5…
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Prosecute persons whose actions led to banking crisis – BoG Governor urged
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks…
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Foreign inflows and BoG measures will see cedi depreciate by 4% in 2021 – Economist
Renewed inflow of foreign portfolio investment coupled with some measures by the Bank of Ghana such as the forex forward auctions should see the Cedi depreciate marginally by about 4 percent for all of 2021. That’s according to an economist with Databank Courage Martey. After depreciating by more than 8 percent and 12 percent against…
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Reduction in cost of debt critical as figure rises to nearly 75% of GDP – Economist
As Ghana’s debt stock continues to rise, reaching about 75 percent of GDP in the first eleven months of 2020, an economist with Databank, Courage Martey has charged managers of the economy to prioritize reducing the cost of debt going forward. What is noteworthy according to the 2020 mid-year budget statement is the fact that…
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Go City Cycle Share & Tour promotes bike-sharing culture in Ghana
Researchers predict that Climate Change will threaten food production, human health, wildlife, and ecosystems. In Ghana, local communities in the Northern and Savannah regions where temperatures have been fast-rising, are already feeling the devastating impact of climate change. Beyond its social effects, Climate Change is also a very costly problem. The International Monetary Fund revealed…
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GSE continues to rebound as it gains 4% in January 2021
The positive performance of the Ghana Stock Exchange in the last quarter of 2020 has continued into the first month of 2021, with the local bourse returning to investors a gain of 4.3 % in January 2021. This is the first gain recorded in January since 2018. The years 2018 and 2019 saw the local…
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Ghana’s debt stock rises to nearly 75% of GDP, as COVID-19 expenditure grows
Ghana’s debt situation continues to deteriorate as shown by new figures released by the Bank of Ghana. Total public debt stock at the end of November 2020 rose to GH¢ 286.9 billion representing a year-on-year increase of 33.69% over the total public debt stock recorded at the end of November, 2019, adding more pressure on…
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AGI charges enforcement agencies not to relent in enforcing COVID-19 protocols
The Association of Ghana Industries (AGI) has backed attempts by government to use all legitimate means necessary including threats of new lockdowns in order to communicate the seriousness of COVID-19 and its potential negative impact on people and businesses. Information Minister-designate, Kojo Oppong Nkrumah at the weekly Coronavirus update on Monday disclosed that government will…
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Public Enterprises Minister must prioritize profitability of SOEs – Economist
President Nana Addo Dankwa Akufo-Addo on January 21, 2021, submitted the list of proposed Ministers of his new government to the Speaker of Parliament for approval. Among the new nominees is Joseph Cudjoe, a former Deputy Minister of Energy, who has been put forward as Minister for Public Enterprises, and is expected to oversee the…
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ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo
Chairman of the Economic Community of West African States (ECOWAS) President Nana Akufo-Addo has called for the rapid establishment of a payment and settlement system for the ECOWAS region. He made the call during the opening ceremony of the 58th Ordinary Session of the ECOWAS Authority of Heads of State and Government, which was held…