Category: Economy
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Ghana in technical recession after latest economic contraction – Economist
Economist with Databank, Courage Martey says Ghana has entered into a technical recession following a contraction of the economy for a second straight quarter in 2020. Latest provisional figures released by the Ghana Statistical Service show that the Ghanaian economy has contracted for the second straight quarter, with the value of goods and services produced…
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Struggling industry forces Ghana’s economy to contract for 2nd straight quarter
Provisional figures released by the Ghana Statistical Service show that the Ghanaian economy has contracted for the second straight quarter, with the value of goods and services produced in the 3rd quarter of 2020 declining by 1.1 percent when compared to the value of goods produced in the same period in 2019. The contraction in…
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NDPC Director-General bemoans effect of COVID-19 on growth rate
The Director-General of the National Development Planning Commission (NDPC), Dr. Kodjo Mensah-Abrampa, has lamented the impact of the COVID-19 pandemic on Ghana’s growth rate. The economy was initially projected to grow at 6.8 percent. But recently, the Finance Minister, Ken Ofori-Atta, due to the impact of the coronavirus pandemic cut the projected rate to 0.9…
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AfDB seeks more support for Ghana’s National Development Bank
With a little over a month for the National Development Bank of Ghana to commence operations, the outgoing Acting Country Manager of the African Development Bank, Sebastian Okeke, says his outfit is taking every step necessary to get more international financial institutions to support the funding of the bank. To support the establishment of the…
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Deposits of commercial banks grow steadily despite impact of COVID-19 – BoG
The latest Summary of Macroeconomic and Financial Data from the Bank of Ghana shows that the growth rate in commercial banks’ deposits has been positive throughout the year despite the impact of the COVID-19 pandemic on activities of businesses and individual households. Total banking deposits increased by 27% year-on-year, from GHS78.9 billion in October 2019…
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COVID-19 related interventions pushing debt stock to unsustainable levels – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison has stated that the current debt-to-GDP ratio of 71 percent could be an indication that government is approaching its limit when it comes to the implementation of its COVID-19 related interventions meant to cushion Ghanaians and businesses against the adverse impact of the global pandemic. Apart…
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…
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Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark
Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020. Government is currently under pressure to slow down the rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP ratio to 71 percent, crossing…
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Economists expect Ghana’s policy rate to be maintained
Ahead of the commencement of the 97th Regular Meetings of the Monetary Policy Committee of the Bank of Ghana, some economists have told Citi Business News that they expect the Central Bank to maintain the rate for a fourth consecutive time. They attribute their expectations on the high fiscal deficit of the country. The 97th…
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Rawlings helped Ghana win bid to host AfCFTA Secretariat – Alan Kyerematen
The Minister of Trade and Industry, Alan Kyerematen has praised the late former President, Jerry John Rawlings for the role he played in helping Ghana win the bid to host the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. Six other African Union member countries including Egypt, Eswatini, Ethiopia, Kenya, Madagascar and Senegal all…