Category: Economy
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Gold exports push Ghana’s trade surplus to $1.3 billion in April
New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of US$1.33 billion in the first four months of this year. This, according to the Central Bank’s Summary of Economic and Financial Data, is equivalent to 1.9 percent of Gross Domestic Product (GDP). The surplus recorded is…
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Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison
Governor of the Bank of Ghana Dr. Ernest Addison, has revealed that Ghanaians are likely to experience heightened inflation rates for the rest of the year 2022 but should expect a single digit inflation in the year 2023. The national inflation rate as at April this year stood at 23.6%, almost triple the Central Bank’s…
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Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP
Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion. In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March. In Cedi…
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BoG Governor confident inflation has peaked; expects rate to start declining
Governor of the Bank of Ghana, Dr. Ernest Addison, has described as baffling the sustained rise in the rate of inflation in the country. According to the governor, the Monetary Policy Committee, which is meeting to review developments in the economy, will need to decide on the current policy rate, which stands at 17%. The…
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Policy rate likely to be increased to tame inflation – Databank CEO
The Monetary Policy Committee (MPC) of the Bank of Ghana will from today Wednesday, 18th May 2022 to Friday, 20th May 2022 hold its 106th Regular Meetings to review developments in the economy. The MPC’s regular meetings over the next three days will conclude with an announcement of a decision to either maintain, reduce or…
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Seth Terkper urges Gov’t to present its policy alternative to an IMF program
Former Finance Minister, Seth Terkper has urged government to come out with alternative policies and programs that will support Ghana’s ailing economy, since it insists on not going to the International Monetary Fund (IMF) for support. Finance Minister, Ken Ofori-Atta, last week reiterated government’s stance on not seeking a bailout from the IMF, saying government…
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Current high inflation rate not an isolated event – Seth Terkper
Former Finance Minister, Seth Terkper has called on government to take a comprehensive look at the economy to resolve the high inflation rate phenomena being experienced and its knock-on effect on other parts of Ghanaian life. According to Mr. Terkper, the high rate of inflation is connected and tied to different aspects of the economy…
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Ghana needs more entrepreneurs to check imported inflation – Finance Minister
Finance Minister, Ken Ofori-Atta, has explained that the only way by which imported inflation in Ghana can be minimized is if the country is able to raise more entrepreneurs to produce locally. According to him, it is for this reason that the government is investing heavily in projects that can build an entrepreneurial society in…
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Stakeholders call on policy makers to address upsurge in prices of goods
Following the recent announcement on the rise in the inflation rate in the country, industry players have intensified calls for an intervention to check the rising prices of goods and services in the country. Ghana’s economy has in recent times experienced a downturn. Stakeholders have cited the depreciating cedi, spike in fuel prices, inflation rates…
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More focus on agric sector will aid gov’t in achieving 2022 GDP growth target – Economist
After a challenging two years against the backdrop of the COVID-19 pandemic, Ghana is seeking to return to a path of economic growth comparable to pre-pandemic levels but several global and local factors are militating against projections. In the 2022 budget, the government projected an overall real GDP growth rate of 5.8 percent. But some…