Category: Economy
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Total public debt stock nearly GHS200 billion
The Bank of Ghana latest economic data published has shown that the country’s total public debt is just GHS2 billion shy of hitting GHS200 billion. While the nominal debt figure continues to rise, when measured as a percentage of GDP, the debt is 57.5 percent of GDP, as of March 2019. The data published Friday…
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Tax collection among SMEs must be improved—Zenith Bank MD
The Managing Director (MD) of Zenith Bank Ghana, Henry Oroh has called for more effort to improve tax compliance among Small and Medium Enterprises (SMEs) in the country. He maintained that such a move will help improve domestic revenue mobilization to help government achieve its development agenda. Speaking to Citi Business News after Zenith Bank…
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Fast track discussions on products qualified under AFTA—PEF to gov’t
The Private Enterprise Federation (PEF) has called on government, the Ghana Revenue Authority and other stakeholders in trade and industry to speed up discussions to identify which products would be allowed into the country from other African countries when the African Free Trade Agreement(AFTA) is fully implemented later this year. The IMF has warned domestic…
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Producer Price Inflation for April records 7.1 percent
The Producer Price Inflation (PPI) rate for April 2019 has hit 7.1 percent. This shows a monthly change rate of 0.9 percent when compared to March 2019. The PPI measures the average change over time in the prices received by domestic producers for their goods and services. Speaking at a press conference, the Government Statistician…
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Stakeholders disappointed with low number of bids for new oil blocks
Stakeholders in the oil and gas sector have expressed their disappointment in the low number bids submitted for the 3 oil blocks put up for competitive bidding by the Government. At the close of the submission date for bidding yesterday, only 3 bids were submitted. Tullow Oil bid for block 3, ENI and Vitol jointly…
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Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered. Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks…
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Rising inflation rate could derail economic targets—Prof. Quartey
Professor of Economics at the Institute of Statistical Social and Economic Research (ISSER) Prof. Peter Quartey, has expressed concerns about the rising inflation rate in the country. From the beginning of the year, the Consumer Price Inflation (CPI) rate has risen consecutively on 3 occasions. The CPI, which measures the change over time in the…
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Ghana signs MoU with Slovenia on economic co-operation
Ghana and Slovenia have signed a memorandum of understanding (MoU) towards developing and strengthening economic co-operation to exploit the wide range of investments and business opportunities between them for the wellbeing of their citizens. Dr. Mohammed Awal, the Minister for Business Development, signed for Ghana while Slovenia’s Deputy Foreign Minister, Dobran Bozic, signed for his…
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Banks’ paid-up capital shows 74.8% increase after BoG reforms
Data from the Bank of Ghana has shown strong growth in bank’s total paid-up capital — rising to GHS9 billion as at end of February 2019. The March 2019 Banking Sector Report revealed that last year’s increase in minimum capital requirement saw an increase in banks’ paid-up capital from GHS5.05 billion as at February 2018…
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MTN Ghana decries rampant fibre cuts
MTN Ghana says it is ready to play its part in bringing an end to the damaging phenomena of fibre cuts in the telecommunication industry. “On the issue of fibre cuts, we have seen an increase in the country and about 80 percent of the cuts are due to road construction works. The drastic rise…