Category: Top Stories
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Ghana’s total exports decline by 9%
Ghana has recorded a nine percentage points drop in its total export earnings. As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022. Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting…
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Cedi depreciates against the dollar by 22.5%
The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023. One will now need GHS 11.07 to exchange a dollar on the interbank market. In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also…
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Financial sector withstood 2022 shocks; positive signs ahead – BoG
The assessment of the country’s financial system has shown strong signs of resilience. Per the Bank of Ghana’s 2022 Financial Stability Review, the financial sector is on the path to recovery with the rebound expected to be sustained further in the short to medium term. The Central Bank in the review maintains that the Domestic…
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Excise tax amendment shows positive signs; rakes in GHS 140m
A revenue of GHS 140,245,004.48 has been collected since the implementation of the Excise Duty Amendment Act, 2023 (ACT1093) from May 1 to September 20, this year as compared to GHS 107,998,254.64 last year. Mr. Edward Bagyiri, Chief Revenue Officer, Import and Export Unit, Ghana Revenue Authority (GRA), Customs Division made this known at a…
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Ghana records over $200m trade surplus in two months
New figures from the Bank of Ghana (BoG) show that, Ghana’s trade balance increased by US$231.9 million between June and August. This means, Ghana’s trade balance grew by about 13 percent from the US$ 1.78 billion recorded in July 2023. It brings the country’s total trade balance to US$ 2.01 billion as at August 2023…
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Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
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GEPA poised to achieve over $4bn target for non-traditional exports
The Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Dr. Afua Asabea Asare, has stated that the authority is poised to achieve its over $4 billion target for Non-Traditional Exports (NTEs) for the country. NTEs are defined by the GEPA as all products other than cocoa beans, logs and lumber, unprocessed gold,…
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GRA fights off claims of harassing traders; calls for cooperation
The Ghana Revenue Authority (GRA) has appealed to the business community to collaborate with its taskforce as the Authority moves to engage leadership of traders to address concerns over the collection of taxes. This comes on the back of a warning by the Ghana Union of Traders Association (GUTA), against the GRA over allegations of…
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Global finance must transform to address Africa’s climate challenge – Ofori-Atta urges
Minister for Finance, Ken Ofori-Atta, has made a clarion call to action urging the global financial community to undergo a profound transformation to confront the pressing climate crisis affecting Africa. Mr. Ofori-Atta emphasized the critical need for increased financing to support Africa’s adaptation and mitigation efforts in the face of climate change. “Africa is at…
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Citi Business Olympics allows top-tier networking among corporate organisations – Papaye
Ivy Eva Yankah, the General Manager of Papaye, has highlighted the significance of Citi TV and Citi FM’s Business Olympics in fostering high-level networking opportunities among corporate organizations in Ghana. During an interview with Frema Adunyame on Citi TV’s Breakfast Daily, she emphasized the value of the event in bringing together professionals from diverse corporate…