Category: Economy
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Speedy implementation of Ghana CARES program critical – Kwame Pianim
Renowned Ghanaian Economist, Kwame Pianim has advocated for the expeditious implementation of the COVID-19 Alleviation and Revitalization of Enterprise Support initiative, also known as the Ghana CARES programme which was launched in November 2020. According to the economist, the $100 billion dollar initiative has the potential to accelerate the country’s recovery following the devastation caused…
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AGI troubled with rising COVID-19 cases and implications on demand of goods
The Association of Ghana Industries (AGI) says the business community is concerned about a possible slowdown in demand for their goods and services if the disturbing situation with COVID-19 in the country is not managed effectively. Between May and June of last year, at the height of the Coronavirus pandemic, the Ghana Statistical Service (GSS),…
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Lending rates won’t go down any time soon – Economist
An Economist with Databank, Courage Martey, is concerned that lending rates in the short term, will not see a reduction, even though multiple business groups such as the Ghana Union of Traders Association (GUTA) have been calling for a reduction in the cost of credit to enable them to be competitive in the sub-region. Latest…
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Key reforms needed to exceed 1.4% World Bank growth forecast – Economist
An economist at the University of Ghana Business School, Dr. Patrick Asuming says the current socio-economic climate which is heavily influenced by the COVID-19 pandemic, provides government an opportunity to introduce and implement key reforms that will boost domestic revenue as well as economic growth. Per the World Bank’s 2021 Global Economic Prospects report, even though growth…
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BoG Governor demands measures to help businesses succeed in AfCFTA era
Governor of the Bank of Ghana Dr. Ernest Addison says the commencement of operations of the Africa Continental Free Trade Area (AfCFTA) requires the building of a competitive Ghanaian economy. According to the Governor, the effects of a strong Ghanaian economy will ensure that local businesses win against their rivals from other African countries. Responding…
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My 2nd term will focus on building strong economy for youth employment – Nana Addo
The President, Nana Akufo-Addo says his government will work hard to ensure that the country’s economy is able to create many jobs to employ especially the teeming unemployed youth. He disclosed this in his inaugural address in Parliament on January 7, 2021. Nana Akufo-Addo said his government in its first term has ensured that the…
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Forward auction likely to stabilise cedi in first quarter of 2021 – Economist
The use of forward auctions on the interbank foreign exchange market in the country will be key in keeping the cedi stable within the first quarter of the year. This is according to economist with Databank, Courage Martey. The cedi has over the years experienced some depreciation from the last quarter of a year through…
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BoG Governor confident of cedi’s stability in 2021 after 3.8% depreciation in 2020
Governor of the Bank of Ghana, Dr. Ernest Addison is confident the reserves it has amassed so far, coupled with other measures to be implemented by the government in 2021 should see the local currency remaining stable throughout this year. The cedi which depreciated by 3.8 percent against the dollar in 2020, outperformed many of…
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Stakeholders charged to eliminate barriers likely to impede success of AfCFTA
Secretary-General of the African Continental Free Trade Area (AfCFTA) Wamkele Mene, says signatories and other stakeholders to the trade agreement are aware there will be a period of protectionism in the various countries even after AfCFTA comes into force from January 1, 2021. According to the World Bank, AfCFTA will lift 30 million Africans out…
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Returning economy to path of fiscal consolidation critical – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has reiterated the need for government to develop a new medium-term macroeconomic framework to return the economy unto a path of fiscal consolidation. The Governor had earlier on raised questions about the sustainability of the implementation of COVID-19 related interventions meant to cushion Ghanaians and businesses…