Category: Local Economy
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AAG pushes for passage of Advertising law
The Advertising Association of Ghana has expressed its disappointment in successive government for failing to pass the Advertising law in the last sixteen years. This according to the Association has made the regulation and standardization of advertising activities in the country very difficult. In her address, the outgoing president of the Association, Mansa Amoa-Awuah however…
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Ghana’s inflation hits 50.3% for November
Continuous increases in prices of housing, electricity and fuel have pushed Ghana’s inflation rate to hit 50.3% for the month of November 2022. November’s inflation rate is a significant increase from the 40.4% recorded for October 2022. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on…
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Togbe Afede writes: Our Self-inflicted monumental economic crisis
About six weeks ago I was in New York, and for the first time in almost three decades, I struggled to sell the economic credentials of my country. When we were approaching the runway at Kotoka International Airport, at the end of my return journey, I looked outside from my window seat, and my joy about…
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Cedi now world best performing currency – Bloomberg
Last week, the Ghanaian Cedi was recorded as the best performing currency in the world. This short burst of positive momentum is as a result of Ghana’s plan to reorganize its local debts. Read the story here. This report is courtesy of Bloomberg which revealed that the rise in currency value is coming alongside optimism of realizing the…
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Debt-ridden Ghana’s Cedi posts world’s biggest gain against US Dollar
Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an…
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IMF and Ghana expected to reach staff-level agreement by Tuesday
The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. The IMF did not immediately respond to a request for comment. A spokesperson for Ghana’s finance ministry said they cannot comment beyond that…
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Debt exchange programme: BoG announces relief packages for banks
In its quest to strengthen the banking sector and help manage the possible impacts of government’s proposed debt exchange programme on banks in the country, the Bank of Ghana has outlined a number of policy and regulatory relief packages for these institutions. The move is to help preserve the financial stability of these financial institutions…
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S&P downgrades Ghana from CCC+ to CC; says local debt in default
S&P Global has downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the rating agency said in a statement on Tuesday. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default”…
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Ghana Link signs MoU with CUPIA to improve transactions at ports
As part of efforts to boost revenue generation and security at the ports in Ghana and neighboring countries, Ghana Link Network Services Limited, the technical operator of the Integrated Customs Management Systems (ICUMS) at the nation’s ports has signed a Memorandum of Understanding with the Customs UniPass Agency of Korea (CUPIA). During the signing ceremony,…
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MASLOC pays courtesy call on former Prez J. A. Kufour
The Chief Executive Officer of MASLOC, Hajia Abibata Shanni Mahama Zachariah led the Management of the institution to pay a courtesy call on the former President of the Republic of Ghana. The CEO of MASLOC, who was ably accompanied by Deputy Chief of Staff Mr. Emmanuel Adumua-Bossman, informed the former president that their visit on…