Category: Economy
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CST inflows bolster GRA’s goal of exceeding GHC42.7bn target
The Ghana Revenue Authority’s goal of exceeding its revised 2020 target of GHS 42.7 billion Cedis as stated in the 2020 mid-year budget, is receiving a boost from higher than expected inflows from the Communication Service Tax (CST). This reduction in the Communications Service Tax from 9 % to 5 %, which took effect from…
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Chamber of Commerce calls for intensified collaboration to tackle cedi depreciation
The Ghana National Chamber of Commerce and Industry (GNCCI) has tasked the government to deepen its collaboration with the private sector to address the continuous depreciation of the cedi. Inflation moderated from 9.8 percent in December 2018 to 7.9 percent in 2019 mainly due to a decline in non-food inflation and rebasing of the inflation…
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NPLs should drop to single digits in 2021 and beyond – Banking consultant
Banking consultant Nana Otuo Acheampong has expressed confidence in seeing the percentage of non-performing loans in Ghana’s banking sector, drop to single digits beyond 2020. His comment follows the announcement by credit rating agency, Fitch Ratings that, despite non-performing loans falling to 14 percent in 2019, from 22 percent two years prior, they will remain…
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IMF’s 2020 growth rate projection for Ghana lower than BoG’s expectation
The International Monetary Fund’s (IMF) latest projection for economic growth in Ghana for 2020, is lower that the growth rate expected by the Bank of Ghana. The 0.9 percent growth rate projection by the Bretton Woods Institution in its latest World Economic Outlook report released this month for Ghana in 2020, is in line with…
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World Bank predicts COVID-19 induced economic downturn in Sub-Saharan Africa
Driven by the economic fallout of the COVID-19 global pandemic, growth in Sub-Saharan Africa is predicted to fall to -3.3 percent in 2020, pushing the region into its first recession in 25 years, according to the latest regional economic analysis Africa’s Pulse: Charting the Road to Recovery. The pandemic could also drive up to 40…
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BoG Governor justifies conversion of bonds to cash to pay defunct MFIs, S&Ls’ customers
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using…
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We’ve put enough measures in place to stabilize cedi – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has expressed confidence in the ability of the local currency to continue with its impressive streak of relative stability in the short to medium term. Compared to the 9.3 percent decline in the value of the Cedi against the US Dollar in the first nine months…
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Farmers welcome new Cocoa Producer Price but call for protection of trees
The Concerned Farmers Association of Ghana has welcomed President Nana Akufo-Addo’s announcement of a 28 percent increase in the farmgate price of cocoa, for the upcoming 2020/2021 crop season. It, however, said more attention needs to be given to other pressing needs of cocoa farmers. The increase in the Cocoa Producer Price, which represents the…
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Cedi’s stability backed by Ghana’s diverse export base, other factors – Economist
Economist with DataBank, Courage Kingsley Martey is confident the Ghana Cedi will remain stable when compared to its peers on the African continent for the rest of the year, even against the backdrop of the unfolding coronavirus pandemic. Out of some 15 key currencies on the continent evaluated by Databank, the Cedi remained relatively stable…
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Government will help CPC to become more profitable – Akufo-Addo
The President, Nana Addo Dankwa Akufo-Addo says the government will support the Cocoa Processing Company (CPC) to turn its losses and debts into profitability. He said the company was strategic to the government’s push for value-added industrialization of the country and would be given the necessary assistance to boost its viability. The President gave the…