Category: Local Economy
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PPI drops to 30.3% for May 2023 – GSS
Recent data from the Ghana Statistical Service (GSS), indicates that the Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3%, recorded in April. This figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The month-on-month change in the…
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Ghana’s economy grows by 4.2% in first quarter of 2023
According to the Ghana Statistical Service (GSS), Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022. The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 percent increase in the first quarter, surpassing the previous…
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Rating agencies haven’t been reckless with economic downgrades – Prof. Bokpin tells govt
Economist, Professor Godfred Bopkin has countered the assertion made by President Akufo-Addo that the consistent downgrades of Ghana’s economy by international credit rating agencies have contributed to the country’s current economic woes. The President has described such downgrades as “reckless” and are not in the best interests of developing countries like Ghana. He added that…
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Importers and Exporters Association bemoans high port taxes
The Importers and Exporters Association of Ghana has expressed disappointment at the government for failing to address the excessive taxes charged at the ports. This, according to the Association, is believed to have resulted in Ghana losing a significant portion of its cargo traffic to Lomé. The Association also believes that the government has not…
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Reckless behaviour of rating agencies worsened Ghana’s economic woes – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that consistent downgrades of Ghana’s economy by credit rating agencies have contributed to the country’s current economic woes. Akufo-Addo said that such “reckless downgrades” are not in the best interests of developing countries like Ghana. Speaking at the 30th-anniversary celebration of the African Export-Import Bank in Accra, Akufo-Addo…
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Ghana’s inflation expected to rise in coming months – Report
Ghana’s inflation rate is projected to climb over the next two months. That is the latest forecast from IC Research Africa. This is largely due to the unfavorable pricing effect of the three new taxes, as well as the recent increase in utility tariff. After four consecutive months of declines in headline inflation, Ghana’s disinflation…
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PURC sets guidelines on competitive procurement for electricity generation capacity and energy
The Public Utilities Regulatory Commission (PURC) on June 9, 2023, approved the rate setting guidelines for competitive procurement and supply of electricity generation capacity and energy for the regulated electricity market. According to the Executive Secretary of PURC, Dr. Ishmael Ackah, the purpose of these guidelines is to promote transparency and efficiency in the procurement…
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Africa’s reliance on foreign capital markets risky – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has highlighted the risks and costs associated with African nations relying on foreign capital markets. In his keynote address at the 30th AGM of the African Export and Import Bank (Afreximbank), President Akufo-Addo said it is important for Africans to build their indigenous financial institutions in order to achieve economic…
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IMF bailout: Ghana to seal agreement with bilateral creditors soon
Government is yet to reach an agreement with bilateral creditors as part of processes to restructure Ghana’s debt following the US$ 3 billion loan from the International Monetary Fund (IMF). The process of getting an MoU with the creditors the IMF has said is a crucial step towards bringing the country’s debt to sustainable levels…
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Citi Business Festival enters third week; focuses on retail and consumer markets
The programmes lined-up for the 2023 edition of the Citi Business Festival being organized by Citi TV/Citi FM will continue today, Monday, June 19, 2023. This third week delves into the ‘Retail and Consumer Market’ It begins with the on-air radio series featuring Micheal Kottoh, Managing Partner at Konfidants on the topic, the changing scene…