Category: Economy
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Stay away from ‘SIDICOIN’ cryptocurrency investment scheme – BoG warns public
The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency investment scheme named “SIDICOIN” in Ghana. According to a statement from the Central Bank, neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to operate in the banking and payment services sector.…
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Economist optimistic that Ghana’s economy will perform better in 2022
Economist, Dr. Patrick Asuming, is optimistic that Ghana’s economy will record a higher growth rate by the end of this year. Provisional data from the Ghana Statistical Service shows that Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020. The new figure exceeds the 2021 GDP growth…
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GDP growth rate increases to 5.4% in 2021; exceeds 5.1% budget target
Provisional figures released by the Ghana Statistical Service show that Ghana’s economy grew by 5.4% in 2021. The figure which was released by the Government Statistician shows that the growth rate of the economy exceeded the 2021 Gross Domestic Product (GDP) growth rate of 5.1 percent captured in the 2021 mid-year budget. Ghana’s economy grew…
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World Bank urges Ghana to implement policies that attract private investment
The World Bank Group has called on government to prioritize policies that attract investments from citizens and foreigners. According to the Bretton Woods institution such an approach is critical especially as countries like Ghana strive to return to a path of sustained economic growth. Ghana like many other developing countries is dealing with the impact…
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GCB Bank records strong growth in profits in 2021, after a sluggish 2020
Leading local bank, GCB Bank Limited has recorded an overall strong performance in the year 2021, as seen in its impressive growth in profits, both before tax and after tax as well as the increase in the loans and advances given to the bank’s customers last year as compared to the situation in 2020. Profits…
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Gov’t will still struggle to meet 2022 revenue target despite E-Levy passage – Seth Terkper
Former Finance Minister, Seth Terkper has expressed doubt over government’s ability to meet the revenue target of GH¢ 100 billion, despite the approval of the Electronic Transfer Levy (E-levy) law. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year…
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Dr. Bawumia’s speech did not address current economic challenges – Economist
Economist, Dr. Patrick Asuming has stated that Vice President Dr. Mahamudu Bawumia’s presentation on the state of the economy on Thursday, did not fully address the current economic challenges Ghanaians are facing. According to him, Dr. Mahamudu Bawumia presentation was uninspiring because it did not offer hope to the ordinary Ghanaian. The speech was necessitated…
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Bawumia defends govt’s handling of Ghana’s ailing economy
Vice President Dr. Mahamudu Bawumia, has mounted a strong defense for the government’s handling of the Ghanaian economy in light of rising criticisms from stakeholders over the last few years. In a lecture on the state of the economy on Thursday, he maintained the management of the fundamentals of the economy has been successful even…
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Bawumia avoids commentary on E-levy during lecture on economy
The Vice President, Dr. Mahamudu Bawumia, was silent on the controversial Electronic Transfer Levy (E-levy) during his much-anticipated economic lecture on Thursday. The only time the Vice President came close to mentioning the tax policy was when he was talking about taxes and levies abolished and reduced by the Akufo-Addo government within the last five…
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COVID-19, banking sector clean-up cause of high debt stock – Bawumia
Vice President, Mahamudu Bawumia has attributed Ghana’s rising debt stock to the COVID-19 pandemic and the banking sector clean-up. Addressing a National Tertiary Students Confederacy (TESCON) Training and Orientation Conference at Kasoa in the Central Region, Dr. Bawumia said the country’s debt to GDP ratio had “increased by 17.6 percent” between 2019 and 2021. He…