Category: Local Economy
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Ghana Club 100: All set for prestigious night of awards
The 19th edition of the esteemed Ghana Club 100 awards is set to take place on Friday, 14th of October, 2022, at the Kempinski Gold Coast Hotel in Accra. Under the theme “Ghana’s Private Sector, a Catalyst for Post-Pandemic Economic Transformation”, this year’s event will see outstanding Ghanaian companies ranked and honored, for standing the…
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Ghanaians to pay more for goods, services as inflation hits 37.2% in Sept
Ghanaians have no choice but to pay more for goods and services, as the country’s inflation rate keeps soaring. There is currently no end in sight with the inflation rate, which keeps defying measures put in place by government. The rate has moved from 33.9 percent in August 2022 to 37.2 percent in September 2022.…
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IEA welcomes BoG’s endorsement of proposal to cap government borrowing
The Institute of Economic Affairs (IEA) has welcomed the Bank of Ghana’s endorsement of its proposal to cap government borrowing to help rein in the public debt. As part of his press briefing on Thursday, 6th October, 2022 on the decision of the Monetary Policy Committee, the Governor is reported to have said that he…
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E-levy still failing, government must scrap policy – Dr Ampaabeng
Despite the recent announcement of an increase in the revenues generated from the Electronic Transfer Levy, Tax analyst, Dr Alex Ampaabeng is of the view that the policy ought to be reviewed or scrapped entirely. He stated that “E-levy as it stands, I would say it has failed and it’s got to the point where…
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Resilient investors key to building robust financial sector – SEC Boss
Director General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh is advocating the need for continuous financial literacy programmes by players within the capital and financial services industry as part of efforts to build a strong sector. This, according to him, will also build resilient investors within the Ghanaian financial landscape who…
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MASLOC begins training of staff on nationwide digitalization roll out
As part of the nationwide digitalization roll out at the Accra digital center, the Micro Credit and Small Loans Center (MASLOC) has started a two-day training exercise for its workforce. The two-day training session, which is planned for the 4th and 5th of October 2022, is intended to familiarize employees with a new software that…
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Importers hint at possible shortage of goods
The Importers and Exporters Association of Ghana has hinted at a possible shortage of goods on the market in the last quarter of the year. The association says this is based on a spike in import duties and taxes at the port in the past week following an upward adjustment in the exchange rate used…
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Cedi depreciation likely to slow down – Dr. Patrick Asuming
The current rate of the Cedi’s depreciation is likely to slow down, if government is able to conclude its negotiations with IMF on time, as well as introduce effective policies in the upcoming 2023 budget reading next month. This is according to Economist Dr Patrick Asuming. A latest Bloomberg report has ranked the Ghana cedi…
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Akufo-Addo directs SIGA to probe SOEs cited in Auditor-General’s report
President Nana Addo Dankwa Akufo-Addo has directed the State Interest and Governance Authority (SIGA) to investigate the circumstances under which some state agencies were cited for infractions in the 2021 Auditor-General’s report. The President says SIGA must present its report to the Chief of Staff within four weeks. The President was speaking at a meeting…
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Moody’s downgrades Ghana’s rating from Caa1 to Caa2
Rating agency, Moody’s has downgraded Ghana’s long-term issuer and senior unsecured debt ratings from Caa1 to Caa2 and placed the ratings on review for downgrade. Moody’s, in February this year, downgraded Ghana from B3 to Caa1. The agency contends that the further downgrade stems from the government’s decision to seek support from the International Monetary…