Category: Local Economy
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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GIPC launches 20th Ghana Club 100 awards; first investment and trade week
The Ghana Investment Promotion Centre (GIPC) has launched the 20th edition of the prestigious Ghana Club 100 Awards and the inaugural Ghana Investment and Trade Week in collaboration with the MIE Group, Dubai – organizers of the China Trade Week. Themed “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA,” this year’s event aims…
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…
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Presentation of mid-year budget review pushed to Monday July 31
The much-anticipated Mid-Year Budget Review by the Finance Minister, Ken Ofori-Atta, has been postponed to Monday, July 31. Originally slated for July 27, 2023, the presentation was later rescheduled to July 25, 2023, only to be cancelled again until further notice. The last-minute cancellation of the budget review has stirred curiosity among Members of Parliament…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Seth Terkper warns govt against financing long-term development with T-Bills
Mr. Seth Terkper, a former Finance Minister, has cautioned the government against relying on Treasury Bills (T-bills) to finance the country’s long-term development. He explained that T-bills, which are short-term debt instruments with maturities ranging from 91 days to one year, are not sustainable options for financing Ghana’s economic and development needs, which are long-term…
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…
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Ghana’s public debt stock jumps to GHS 569.3bn; represents 71.1% of GDP
Ghana’s public debt has risen to GHS 569.3 billion as of April 2023. Per the Bank of Ghana’s figures, this represents a GHS 134.7 billion increase since January 2023. In dollar terms, the total debt stock stood at US$ 52 billion. The increase amounts to 71.1 percent of Gross Domestic Product (GDP). External debt for…
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SSNIT to stop investing in non-profit social ventures – Employment Minister
The Minister for Employment and Labour Relations, Ignatius Baffour-Awuah has given assurances that Social Security and National Insurance Trust (SSNIT) is set to shift policy away from investing in non-profit social ventures to safeguard contributors’ funds. The Minister was responding to concerns of the Public Accounts Committee (PAC) regarding an observation from the 2021 Auditor…