Category: Economy
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Gov’t embarks on Eurobond roadshow to raise US$3 billion
The government’s plan of borrowing up to US$3 billion from the Eurobond market to support the 2020 budget will commence this week as a delegation led by the Finance Minister, embarks on a series of meetings with investors. Finance Minister Ken Ofori-Atta who got the approval of Parliament to raise up to US$3billion on the…
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Moody’s revises Ghana’s economic outlook rating to positive from stable
International Credit Ratings Agency, Moody’s has revised Ghana’s economic outlook ratings from stable to positive. Moody’s also affirmed the country’s long-term issuer and senior unsecured bond ratings at B3. Moody’s in a statement explained that its decision to assign a positive outlook stems from its rising confidence that the country’s institutions and policy settings will…
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Financial sector clean-up: Printing money to pay depositors a bad idea – Prof. Quartey
Economist, Prof. Peter Quartey, has shot down the proposal for government to consider the printing of more money to settle claims of depositors of collapsed financial institutions. He believes printing more money will have serious implications on the country’s budget deficit which is the difference between government’s revenue and expenditure. His comments follows Renowned Economist,…
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Inflation needs to go lower than the current 7.9 percent – Dr. Ebo Turkson
Economist, Dr. Ebo Turkson, has downplayed fears of higher than normal inflation rates this year, as the country prepares for a major election at the end of 2020. According to him, the Central Bank is well placed to introduce the needed measures to keep inflation within the target band of 8 plus or minus 2…
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FX Developments Committee is wrong approach — Kwame Pianim
Government’s attempt to get hold of the country’s overall foreign exchange regime through the set up of the Foreign Exchange Developments Committee has been described by economist, Kwame Pianim, as a wrong approach that needs a rethinking. The celebrated economist and investment consultant in an interview with Citi News said while the structure of the…
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Cedi has been stable for past three years – Finance Ministry
The Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh insists that the Ghana Cedi has enjoyed stability for the past three years. The Ghana cedi has over the years been a subject of serious debate among political actors as it performed poorly against major currencies such as the US dollar. Citing the…
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Full list of members on committee to ‘investigate’ cedi depreciation
The Finance Ministry last Friday inaugurated a committee to look into the causes of the depreciation of the cedi and propose solutions to the problem. The establishment of the committee, named the FX Developments Committee, is a fulfillment of a promise made by the ministry last year to constitute a bi-partisan committee to look into…
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FX Development Committee not taking over BoG’s job — Adu Boahen
The Deputy Finance Minister Charles Adu Boahen has stated that the FX Development Committee, established by the Finance Ministry to look into policy measures and solutions to prevent the recurring depreciation of the cedi, is not usurping the powers of the central bank. The establishment of the committee follows a promise made by the Finance…
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IMF urges govt to introduce more taxes to plug revenue shortfall
The International Monetary Fund (IMF) has stated that the government must reinstate some abolished taxes and expand some existing ones in other to meet its short-term revenue projections. The Board of the Fund in its recent report on Ghana stated that the government must consider urgent tax measures like the reintroduction of the controversial 17.5…
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Protect Ghanaians from possible US-Iran tensions escalation – COPEC
Even as oil prices drop on the international market, the Chamber of Petroleum Consumers Ghana-COPEC, has called on the government to put in place strategies to protect Ghanaians against a possible hike in oil prices due to any escalation in US-Iran relations in the near future. According to COPEC, the government can consider hedging as…