Category: Economy
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Impact of COVID-19 could slow Ghana’s growth rate from 7 to 2.5% – Akufo-Addo
The effect of the COVID-19 pandemic could affect Ghana’s growth rate from 7 percent on average to 2.5 percent if the situation persists till the end of 2020, President Akufo-Addo has stated. The President, who made the announcement last Friday when he announced a partial lock-down in parts of Accra, Kumasi, Tema, and Kasoa, said…
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COVID-19 impact: Control borrowing options to bridge revenue gap – Economist to gov’t
Economist, Dr. Adu Owusu Sarkodie, has advised government to be measured in its borrowing in a bid to mitigate the likely impact of the coronavirus on Ghana’s economy. The Finance Minister, Ken Ofori-Atta, has indicated that government will resort to various measures such as the use of money from the stabilization fund as well as…
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BoG to sanction banks, other SDIs for misuse of incentives amidst COVID-19 pandemic
The Bank of Ghana has served notice that it will not fail to sanction banks and other Specialized Deposit Taking Institutions (SDIs) that fail to efficiently utilize its interventions to increase their liquidity to contain the impact of the coronavirus pandemic. At the recently concluded MPC meeting, the central bank announced some major reviews to…
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![Economic policies for Coronavirus: Saving lives, safeguarding livelihoods [Article]](https://citibusinessnews.com/wp-content/uploads/2020/03/GSB-B-fast.jpg)
Economic policies for Coronavirus: Saving lives, safeguarding livelihoods [Article]
The impact of the coronavirus (COVID-19) pandemic is unprecedented in the modern era. Equally unprecedented is the escalation of the response around the world. Even for countries without an outbreak, spillovers from the global pandemic and social distancing measures locally would likely deal a severe blow to economic activity this year. Social distancing and containment…
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NCA permits telcos to send ‘emergency’ messages on COVID-19
The National Communications Authority (NCA), has granted the four telecommunication companies operating in the country,namely AirtelTigo, Glo, MTN and Vodafone, the permission to send Emergency Communications from the Ghana Health Service (GHS) on the COVID-19 Global Pandemic to all their subscribers. According to the Authority, the arrangement forms part of efforts to educate consumers and…
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BoG cuts policy rate to 14.5% as it weighs economic impact of COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the policy rate to 14.5%. This is a 150 basis points reduction in the rate which had been kept unchanged at 16 percent for at least five consecutive times. The policy rate determines the rate at which the central bank lends to commercial…
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Some Ghanaian hotels contemplate closure soon as COVID-19 causes low patronage
As the coronavirus COVID-19 takes a toll on all kinds of businesses and economic activities globally, the Ghana Hotels Association says its members may be forced to close down some of their facilities if government doesn’t take steps to cushion them from the effects of low patronage. The Association says very few people are now…
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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap
The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy. According to him, this has become…
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Banks’ deposits grow by 22% to reach GH¢83.46bn
Total deposits of banks increased by 22% as at the end of 2019; according to the latest banking industry report published by the Bank of Ghana. The central bank attributes this to a rebound in confidence in the sector following its reforms which were carried out over the past two years. The banking sector report…
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Coronavirus pandemic will affect our 2020 FDI target – GIPC
The Ghana Investment Promotion Centre, GIPC, says its Foreign Direct Investments target may be affected due to the devastating effects being caused by the deadly coronavirus pandemic globally. The Chief Executive Officer of GIPC, Yofi Grant, says the partial slowdown in some economic activities will most likely have an adverse effect on FDIs in the…