Category: Local Economy
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Producer Price for June 2023 falls marginally to 29.2%
Recent data from the Ghana Statistical Service show that the Producer Price Inflation (PPI) for the month of June 2023 fell marginally to 29.2% from the 30.3% recorded in May 2023. This represents a 1.1 percentage point decrease in producer inflation relative to the rate recorded in May 2023 However, the month-on-month change in the…
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Bank of Ghana gold reserve increases — Governor
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has announced that the central bank has seen an increase in its gold reserves this year. He said by June 30, the BoG had added more than 7.70 tonnes of monetary gold to its gold reserves, of which the mining firms accounted for about 80…
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Central Bank tightens sale of gold regime to address destructive artisanal mining
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said that the central bank, together with the Lands and Natural Resources Ministry, has introduced rigorous measures to curb environmentally destructive artisanal small-scale gold mining and its sale. Dr. Addison made the announcement at the opening of the 4th Ghana Mining Expo in Takoradi,…
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Holders of COCOBOD cocoa bills invited for voluntary debt exchange
The Ghana Cocoa Board (COCOBOD) has extended an invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities. The exchange program being undertaken by COCOBOD is also with a longer-term principal maturity date. Participation in this invitation to exchange is however voluntary. Notwithstanding the invitation to exchange eligible…
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Govt to exchange US$809m in newly announced dollar denominated DDEP
The government has announced a new Domestic Debt Exchange Programme (DDEP) for US dollar denominated bonds targeting to exchange US$ 809 million of the denominated notes and bonds. “The Government of the Republic of Ghana announced today that it is inviting Eligible Holders to exchange approximately USD 809 millions of its U.S denominated domestic notes…
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Presentation of mid-year budget review rescheduled to July 25
The Minister of Finance, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on Tuesday, July 25, 2023. The house had earlier announced that the mid-year budget presentation was slated for July 27. But the Speaker of Parliament, Alban Bagbin wanted the Minister to consider presenting the Mid-year budget review before July…
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Stakeholders push for state actions to drive fair food pricing in Ghana
As high food prices continue to make Ghana’s inflation rate witness marginal increases, players are pushing for collaborative efforts to address inefficiencies in the supply value chain to ensure fair food prices in the country. The main drivers of this inflationary trend are food and non-food items, which account for 54.2% and 33.4% respectively. For…
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Budget review: There’s room for expenditure cuts, we won’t accept tax increases – Minority
The Minority Leader, Dr Cassiel Ato Forson says his side will block any attempts by the government to increase taxes during the mid-year budget review. According to him, the NDC MPs will ensure government reduces its expenditure instead of impoverishing the already suffering Ghanaians. He insisted that there is a massive room for expenditure cuts. “I…
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Savings and loans companies receive assurance from BoG to resolve NPLs
Savings and loans companies in the country have received assurances from the central bank that steps will be taken to resolve difficulties with Non-Performing Loans (NPLs) and high interest rates. The Central Bank claims to have seen the difficulties facing the sector’s operators. As the bank continues to work to ensure financial stability, Mr. Osei…
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Heritors Labs Ltd. pushes for actions to strengthen capacity of women in research
Heritors Labs Limited, a Web 3.0 company and research and innovation services hub, has hosted an interactive and experience-sharing session for women in innovation and research. The one-day event dubbed, “Women in Innovation and Research Conclave (WIRC 2023)” was held under the theme, “Breaking Barriers, Empowering Women, and Driving Ownership: Putting Women at the Core…