Category: Top Stories
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MoMo transactions hit GH¢ 550.4bn in first four months of 2023
In the first four months of 2023, Mobile Money (MoMo) transactions in Ghana totalled GH¢ 550.4 billion. This is according to data from the Bank of Ghana. Its May 2022 Summary of Economic and Financial Data showed that the figure is an increase in the GH¢ 331.2 billion recorded during the same period in 2022.…
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Ghana’s oil production declines for the third consecutive year – PIAC
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report. 71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then…
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BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…
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Ghana records trade surplus of US$ 1.6bn in April 2023 – BoG
Ghana has recorded a trade surplus of US$ 1.6 billion in the first four months of 2023. In comparison, the figure which represents roughly 2.2 percent of GDP is also higher than the US$ 1.15 billion recorded during the same period in 2022. The Bank of Ghana’s (BoG) Summary of Economic and Financial Data for…
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Don’t introduce new taxes in mid-year budget review – Importers & Exporters to govt
The Importers and Exporters Association of Ghana has warned government not to introduce any new taxes in its mid-year budget review. His comment comes after Ghana received an amount of $600 million from the International Monetary Fund (IMF) being part of the $3 million three-year extended credit facility. Speaking to Citi Business News, Executive Secretary…
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Government to offset DDEP losses with $1.5 billion
The Finance Minister, Ken Ofori Atta has disclosed that the government will inject 1.5 billion dollars, into the National Stability Fund to help offset the losses incurred during the Domestic Debt Exchange Programme (DDEP). The banking sector is predicted to lose about ¢41.3 billion to the DDEP, between 2023 and 2028 which has resulted in…
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Monetary policy rate likely to be increased marginally – Economists predict
As the Bank of Bank of Ghana (BoG) prepares to make major pronouncements on its assessment of the Ghanaian economy today [May 22], some economists are forecasting a marginal increase in the policy rate. This comes amid calls from the International Monetary Fund (IMF) for the Bank of Ghana (BoG) to continue tightening monetary policy…
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Utility tariff increase must match services provided – Consumer Protection Agency
The Consumer Protection Agency is pushing for better service delivery from utility service providers after the recent increase in tariffs takes off. Effective June, consumers will be paying extra for both the electricity and water they use as approved by the Public Utilities Regulatory Commission (PURC). But the Agency says, regulators must ensure that the…
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Cedi depreciates by 21.7% to dollar in May 2023 – BoG
Ghana’s local currency, the cedi depreciated by 21.7 percent to the dollar in May 2023 compared to the depreciation rate of 15.9% recorded in May 2022. The cedi also lost its value by 24.6 percent to the pound and 23.2 percent to the euro for the same period on the interbank bank foreign exchange market.…
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Ghana’s debt falls to ¢434.6bn; now 71.2% of GDP – BoG
The country’s public debt dropped in December 2022 to end the year as data published by the Bank of Ghana shows debt to GDP is now 71.2 percent. Per the Central Bank’s Summary of Economic and Financial Data (May 2023), the total public debt for December 2022 is now ¢434.6 billion as of the end…