Category: Local Economy
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Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate
A global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana (BoG) will raise its policy rate by 200 basis points (bp) on Wednesday when it concludes an emergency Monetary Policy Committee (MPC) meeting called to respond to the current economic challenges. This is according to the Daily Graphic. The firm…
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BoG, UG partner to improve research in Ghana’s financial sector
The financial sector is set to see a major boost as the Bank of Ghana and the University of Ghana have signed a partnership agreement to promote research and influence policy making in the country, The 3 million cedi funding will also support the establishment of the Chair in Finance and Economics at the university’s…
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Tariff Increment: PURC urged to ensure consumers get value for money from electricity usage
The Chamber of Independent Power Producers Distributors and Bulk Consumers, has charged the Public Utilities Regulatory Commission PURC to ensure consumers get value for their money. This comes after the Public Utilities Regulatory Commission (PURC) announced a 27.15% increase in tariff for electricity and 21.55% increase in water tariff effective September 1, 2022. Commenting on…
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BoG to hold emergency MPC meeting on Wednesday
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for Wednesday, August 17, 2022. According to a statement issued by the Central Bank, the emergency MPC meeting is to review recent developments in the Ghanaian economy. The move by the Committee, is believed to be mainly the…
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BoG, EOCO deepen collaboration to build robust financial sector
As part of efforts to build a strong and robust financial sector, the Bank of Ghana and the Economic and Organised Crime Office, EOCO have signed an agreement strengthen the investigative operations of the EOCO. To this end, the Board of the Central Bank has approved a grant of ten million Ghana cedis which will…
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Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism
The African Peer Review Mechanism (APRM) has condemned the recent downgrade of Ghana’s economy by ratings agency S&P and Fitch, saying, the unjustified negative rating actions in Africa since the beginning of 2022 is unwarranted and contrasting the continent’s economic recovery efforts from the devastating impact of the Covid-19 pandemic. According to the APRM, this…
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Cedi Depreciation: Government urged to enforce laws on pricing in dollars
The Executive Director of Danquah Institute, Dr. Antoinette Tsiboe Darko is calling on the appropriate authorities to speedily put in place measures to reduce the dollarisation in the economy. According to her, the pricing of goods and services in dollars is a structural defect which has worsen the economic challenges confronting the country. She compares…
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Gov’t must invest more resources into agriculture sector – Agribusiness Chamber
A Value Chain Development Specialist and Director of Policy and Research Bureau, Chamber of Agribusiness Ghana, Kojo Ahiakpa, has called on the government to explore the by-products of natural gas in the manufacture of fertilizers. Speaking to Citi Business News, he suggests that to avert the looming possibility of price hikes in fertilizers in the…
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BoG Deputy Governor chairs advisory board of UG’s College of Humanities
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has been appointed as the Chairman of the Advisory Board of University of Ghana’s College of Humanities. The Vice-Chancellor of the University of Ghana, Prof. Nana Aba Appiah Amfo disclosed this when she inaugurated the 15-member Advisory Board of the College. At the…
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Ghana’s inflation rate rises again; hits 31.7% in July 2022
Significant increases in prices of transport and food pushed Ghana’s inflation rate to hit 31.7 percent in the month of July 2022. This represents a 1.9 percentage point increase over the 29.8 percent rate recorded in June 2022. On a monthly basis, inflation between June 2022 and July 2022 was 3.1%. This was captured in…