Category: Economy
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‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah
Minister for information Kojo Oppong Nkurmah has ruled out suggestions that the electronic transfer levy (e-levy) has failed and should be scrapped following the request for help from the International Monetary Fund (IMF). According to him, although government had earlier insisted that seeking a bailout from the International Monetary Fund was not an option, it…
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Free SHS and other programs must be redesigned now – Seth Terkper
As the government prepares to commence talks with the International Monetary Fund (IMF) for a bailout program, former Finance Minister Seth Terkper has charged government to candidly assess the sustainability of programs like the Free Senior High School Policy. According to him, some of the flagship programs are a drain on governments’ resources. The announcement…
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Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020
Ghana’s economy has grown by 3.3 percent in the first quarter of 2022. This is the slowest rate of growth recorded since the third quarter of 2020, when the economy recorded a -3.3 percent growth. Non-oil Gross Domestic product, which looks at economic growth without oil, also expanded by 3.7 percent. When seasonally adjusted, Ghana’s…
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“African Risk Premium” makes borrowing expensive for Africa – Akufo-Addo laments
As Ghana continues to be locked out of the international capital market, due to its high debt-to-GDP ratio as well as its poor credit ratings among others, President Akufo-Addo is calling for a scrapping of the “African risk premium” calculated into loans given to African countries. According to him, the phenomenon only makes the cost…
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Global factors responsible for 80% of Ghana’s current inflation rate – Head of BoG Research
As Ghanaians continue to deal with consistent increases in the cost of the goods and services they consume, which have seen the country’s inflation rate rise consistently for 12 straight months, reaching 27.6% in May this year, leadership of the Bank of Ghana says 80 % of the current rate can be attributed to global…
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Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France
On Wednesday June 15 2022, Ivorian leaders met with some investors, lenders and development partners in Abidjan as they sought to raise funds in support of Ivory Coast’s recently launched 5-year development plan. According to Reuters, the meeting was a huge success, as the investors and partners pledged up to $26.1 billion. Specifically, the World…
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Seth Terkper cautions government against defaulting on debt repayment
Former Finance Minister, Seth Terkper has warned that the worst thing that could happen to Ghana at this point as the economy strives to rebound will be to default on debt repayments. The remarks were made as part of a dialogue on the state of the Ghanaian economy hosted by the former Finance Minister, on…
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Economist calls for a review of the PFJ to help curb inflation
As the rise in food prices coupled with a rise in transport-related prices continues to push national inflation up, calls are being made for a relook at some key government policies. According to some stakeholders, the high inflation rate of some local food items cannot be accepted when we have agriculture-focused programs like planting for…
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Inflation continues upward surge; hits 27.6%
Ghana’s inflation has soared again to hit 27.6 percent in the month of May 2022. This represents a four percentage points increase in the inflation rate compared to the 23.6 percent recorded in April 2022. On a monthly basis, inflation however dropped by one percent to record 4.1 percent in May 2022. This was captured…
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Telcos Chamber calls for protection of the sector to sustain gains
As the leading telecommunications network in the country, MTN takes steps to further localize the company by having Ghanaians own at least 30% of its shares in the country by the end of this year, the Telecommunications Chamber says all stakeholders need to play their part to ensure that the gains of the sector are…