Category: Local Economy
-
Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
-
GEPA poised to achieve over $4bn target for non-traditional exports
The Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Dr. Afua Asabea Asare, has stated that the authority is poised to achieve its over $4 billion target for Non-Traditional Exports (NTEs) for the country. NTEs are defined by the GEPA as all products other than cocoa beans, logs and lumber, unprocessed gold,…
-
B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond
Minister of Trade and Industry, K.T. Hammond, has given the strongest indication that the Government’s flagship 1D1F Initiative is a success story, worthy of emulation by other countries aspiring to decentralize industrial development. Citing the case of B5 Plus Limited, he said the company has taken advantage of the Government’s initiative by investing in a…
-
No more harassment of our members – GUTA warns GRA
The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has warned the Ghana Revenue Authority (GRA) against using intimidating tactics to implement the Upfront Payment of the Value Added Tax (VAT). Addressing the media in Accra on Wednesday, Dr. Obeng said GUTA members will no longer tolerate the GRA’s “Rambo style”…
-
GCB Capital projects retention of 30% policy rate till end of 2023
Ahead of the announcement of a new policy rate on Monday, financial actors are anticipating a stay in the figure. This they believe will further bolster the disinflation trajectory of the economy. It comes as the Monetary Policy Committee (MPC) of the Central Bank has initiated its routine meetings to assess the state of the…
-
Ghana’s economy grows by 3.2% in quarter two of 2023
The economy of Ghana saw a 3.2% growth in the second quarter of 2023 according to provisional data from the Ghana Statistical Service (GSS). When seasonally adjusted, the real GDP increased by 0.7 percent in the second quarter of 2023, a 0.1 percentage point lower than what was recorded in the first quarter of 2022.…
-
Rate for PPI falls to 28.3 % in August 2023
Recent data from the Ghana Statistical Service (GSS), show that the Producer Price Inflation (PPI) for the month of August 2023 fell marginally to 28.3% from the 32.9% recorded in July 2023. This represents a 4.6 percentage point decrease in producer inflation relative to the rate recorded in July 2023 PPI is the average price…
-
Suppress appetite for high-interest loans – ISSER cautions govt
The Institute of Statistical, Social and Economic Research (ISSER) has cautioned the Government to suppress its appetite for high-interest loans. Professor Peter Quartey, Director, ISSER, noted that Ghana’s ongoing US$3 billion loan-support programme with the International Monetary Fund (IMF) could soon position the country to access loans on the capital market. He said this in…
-
114th MPC meeting: Economic assessments begin amidst marginal inflation fall
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has commenced its regular meetings to review developments in the economy. This is the 114th meeting of the Committee and is expected to decide on steps to ensure financial and economic stability. Dominating the MPC meeting will be the policy rate decision aimed at…
-
Ghana remains world’s largest borrower under our poverty loan facility – IMF
Ghana has still emerged as the country across the globe with the highest outstanding loan under the Poverty Reduction and Growth Trust (PRGT) at the International Monetary Fund (IMF). The Poverty Trust which is one of the funds countries can draw credit from is specifically to support the potential balance of payment problems of low-income…