Category: Top Stories
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…
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Presentation of mid-year budget review pushed to Monday July 31
The much-anticipated Mid-Year Budget Review by the Finance Minister, Ken Ofori-Atta, has been postponed to Monday, July 31. Originally slated for July 27, 2023, the presentation was later rescheduled to July 25, 2023, only to be cancelled again until further notice. The last-minute cancellation of the budget review has stirred curiosity among Members of Parliament…
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Forex licenses of Fidelity Bank, First National Bank restored – BoG
The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank. The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). Fidelity Bank and First National Bank were fined a…
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OmniBSIC Bank continues impressive run, profit soars to GH¢96m in second quarter
Indigenous lender, OmniBSIC Bank has taken its stellar performance to the next level with strong results in the second quarter with superior returns to shareholders and guaranteeing higher value to customers. Profit and liquidity soared, and the balance sheet gained more robustness after all indices registered strong growth in the second quarter of this year.…
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Finance Minister unveils Ghana’s mutual prosperity dialogue framework to address investment challenges
Finance Minister, Ken Ofori-Atta, on Monday, July 24, 2023, held a crucial meeting with the Business Community in preparation for the highly anticipated mid-year budget review, scheduled for tomorrow. During the meeting, the Minister unveiled the Ghana mutual prosperity dialogue framework, aimed at fostering a conducive environment for investments from various sectors, including telecommunications and…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Fiscal policy analyst calls on govt to scrap COVID-19 Health Recovery Levy
Dr. Alex Ampaabeng, a fiscal policy analyst, has called on the government to scrap the COVID-19 Health Recovery Levy to ease the tax burden on citizens. The COVID-19 Health Recovery Levy is a special levy on the supply of goods and services and imports, introduced in 2021 through an Act of Parliament, to raise revenue…
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Seth Terkper warns govt against financing long-term development with T-Bills
Mr. Seth Terkper, a former Finance Minister, has cautioned the government against relying on Treasury Bills (T-bills) to finance the country’s long-term development. He explained that T-bills, which are short-term debt instruments with maturities ranging from 91 days to one year, are not sustainable options for financing Ghana’s economic and development needs, which are long-term…
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…