Category: Economy
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T-bills, bonds dominate income sources of banks – BoG report
It is emerging that banks are still accruing a large percentage of their income from their investments in various securities. The latest banking sector report released by the Bank of Ghana disclosed that this component of income increased to 44.8 percent in October 2019 from 42.9 percent in October 2018. The Bank of Ghana’s industry…
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Transportation & housing cost will continue to make Accra most expensive city – Economist
The cost of transporting foodstuff coupled with the high cost of housing in the capital Accra among other factors, have been blamed for making the city the most expensive in Ghana. An analysis of the Ghana Statistical Service’s data on inflation for 2019 shows that Greater Accra was the most expensive region for consumers over…
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PEF urges payment of locked up funds after assurance from Prez Akufo Addo
Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu has charged President Akuffo Addo to follow up with the assurance of ensuring the central bank settles businesses who have their monies locked up in collapsed financial institutions. He says the government must, as a matter of priority, ensure locked up cash is within…
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Statistical Service fears 2020 census could be delayed over on-field challenges
The Ghana Statistical Service says there is a possibility that the 2020 population and housing census scheduled to start in March could be delayed if some existing on-field challenges are not resolved. Speaking on the upcoming exercise, Government Statistician, Professor Samuel Kobina Annim noted that while he is confident funds will be released for the…
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December inflation slows to beat govt’s 2019 end-year target
Inflation for the month of December 2019, declined to 7.9 percent beating the end-year target the Finance Minister announced in the mid-year budget. Mr. Ofori-Atta had set the government’s sights on achieving an end-year inflation rate of 8 percent. But inflation slowed from 8.2 percent in November 2019, to close the year within the government’s…
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Seth Terkper writes: Reading IMF “between the lines” on holidays
Introduction The 2020 new year holidays have come and gone and, despite assurances of an “exit” from the Institution a few months back, the most significant market and fiscal developments relate to the International Monetary Fund (IMF) post-Budget Statement. IMF Article IV: based on “headline” scores, the view was bullish in some official and unofficial…
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Eight Ghanaian women who secured big corporate moves in 2019
In the corporate world, the dream of every employee is to progress and take up bigger responsibilities to showcase their expertise. Sometimes the progress comes within one’s organization and in some cases, other organisations present exciting offers that are too good to be turned down. In this report, Citi Business News focuses on some Ghanaian…
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IES predicts two percent fuel price increase in New Year pricing window
The Institute of Energy Security (IES), is predicting an increase in fuel prices at the pumps when oil marketing companies review their prices in the first pricing window in January 2020. The energy policy think tank in a press release explained that the drivers of the potential increase include a four percent increment in prices…
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Cedi’s performance worst in 3-years ahead of election 2020
The cedi’s perennial struggles against the US dollar does not seem to go away as this year’s performance is rated as the worst in the three-year-old Akufo-Addo administration. According to data from the Bank of Ghana, the cedi depreciated by about 10.6 percent against the greenback compared to the 8.21 percent depreciation achieved last year.…
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The financial sector reforms and the return of NAM1: A Citi Business News Review of 2019
This year has witnessed a number of interesting events and happenings that have in one way or the other shaped the local economy. These happenings have largely had an impact on the economies of individuals both positive and negative in some cases. The year started on quite a sour note for Heritage and Premium banks.…