Tag: Economy
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Government must adopt ‘‘warlike’’ approach to solve economic challenges – Prof Bokpin
Professor Godfred A. Bokpin, a Professor of Finance at the University of Ghana, says the Government ought to adopt a “warlike” approach to solve the country’s economic challenges. He said economic issues such as corruption, low tax revenues, public expenditure and all economic bottlencks must be dealt with intentionally. Prof Bokpin said this at a…
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Ghana’s economy grows by 3.2% in quarter two of 2023
The economy of Ghana saw a 3.2% growth in the second quarter of 2023 according to provisional data from the Ghana Statistical Service (GSS). When seasonally adjusted, the real GDP increased by 0.7 percent in the second quarter of 2023, a 0.1 percentage point lower than what was recorded in the first quarter of 2022.…
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Economy has turned no corner – Kwabena Duffuor
Former Finance Minister Kwabena Duffuor has dismissed claims by the current Finance Minister, Ken Ofori-Atta, that Ghana’s economy has turned the corner. Ofori-Atta made the claim during his presentation of the Mid-Year Budget Review in Parliament on July 31. He said that government plans and programmes had started yielding positive results and that the economy…
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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…
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Producer Price for June 2023 falls marginally to 29.2%
Recent data from the Ghana Statistical Service show that the Producer Price Inflation (PPI) for the month of June 2023 fell marginally to 29.2% from the 30.3% recorded in May 2023. This represents a 1.1 percentage point decrease in producer inflation relative to the rate recorded in May 2023 However, the month-on-month change in the…
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Prof. Gatsi cautions govt against attempts to advance money from Contingency Fund
The Dean of the School of Business at the University of Cape Coast, Professor John Gatsi is cautioning government to be more prudent with proceeds from the Contingency Fund. His comments come on the back of the disclosure by the finance minister on the floor of parliament that the Contingency Fund now stands at GH¢200…
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Ghana’s road to economic recovery a difficult one – Kwame Pianim
Economist, Kwame Pianim is doubting government’s ability to improve the country’s economic quagmire within the shortest possible time. He attributes the severity of the challenges to government’s incompetence, corruption, and huge appetite for reckless borrowing, insisting that the government must demonstrate commitment to put these in check. Speaking to Citi Business News, Kwame Pianim said…
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We’re working to restore economy to full health – Akufo-Addo assures
The President, Nana Addo Dankwa Akufo-Addo, has reiterated his government’s commitment to making the ailing economy stronger. He said his government is working assiduously to restore the economy to full health. The economy in recent times has taken a downturn with prices of goods and services skyrocketing, unsustainable debt stock and wobbly currency causing the…
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Ghana’s economy faces mixed performance in first quarter of 2023
The latest data released by the Ghana Statistical Service (GSS) reveals a mixed performance for the country’s economy in the first quarter of 2023. While certain sectors experienced contraction, the services sector emerged as the driving force behind economic growth. According to the report, seven sub-sectors witnessed a decline in performance. The Water Supply, Sewerage,…
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We’ll be swift with Ghana’s economic recovery – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has reiterated the government’s commitment to swiftly restore Ghana’s economic fortunes in the shortest possible time. Speaking at MTN Group’s 2023 Capital Market Day (CMD) in Johannesburg, South Africa, a two-day event aimed at engaging with stakeholders in the financial community, Mr. Ofori-Atta expressed the government’s determination to revitalize…