Tag: Economy
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Akufo-Addo approves measures to ‘revive’ economy; Ofori-Atta to address Ghanaians
The Minister of Finance, Ken Ofori-Atta, will later this week brief Ghanaians on measures government seeks to implement to address current economic challenges. The Ministry of Information disclosed this in a statement issued on Monday, March 21, 2022. The Ministry indicated that Cabinet at its retreat at Peduase Lodge in Aburi earlier this month among…
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NPLs likely to reduce following improvement in economy – Banking consultant
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end…
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Ghana records 2nd highest GDP growth of 6.5% in 2019 after rebasing economy
Ghana’s economy grew by an estimated 6.5% for 2019. This is the second highest figure recorded after the economy was rebased in 2017. The country’s economy grew by 8.1% and 6.3% in 2017 and 2018 respectively. According to the Ghana Statistical Service, the total value of all goods and services for last year also reached…
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NPP’s economic stability laudable – Kwame Pianim
Economist, Kwame Pianim has commended the NPP administration for stabilizing the economy within its first three years in office. According to him, the government has been able to implement policies that have transformed the economy from where it was about three years ago. Speaking in an interview with Citi News on a wide range economic…
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IMF urges govt to introduce more taxes to plug revenue shortfall
The International Monetary Fund (IMF) has stated that the government must reinstate some abolished taxes and expand some existing ones in other to meet its short-term revenue projections. The Board of the Fund in its recent report on Ghana stated that the government must consider urgent tax measures like the reintroduction of the controversial 17.5…
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ADB gets approval to raise GH¢127 million from GAT
The Agricultural Development Bank (ADB) has announced that it has received approval to issue in excess of 39 million ordinary shares to the Ghana Amalgamated Trust (GAT) to raise GH¢127 million in order to help meet its minimum capital requirement. This is in fulfillment of ADB’s recapitalization of four hundred million cedis required of commercial…
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BoG didn’t pump money into economy to stabilize cedi – Bawumia
The Bank of Ghana did not inject $800m into the country’s international reserves in order to stabilize the cedi when it sharply depreciated against its major trading currencies in March 2019. This is according to the Vice President, Dr. Mahamudu Bawumia. Dr. Bawumia, who is also the chairman of the government’s Economic Management Team while…
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Banking consultant bashes BoG for high lending rate
Banking consultant, Nana Otuo Acheampong, has criticized the Bank of Ghana over the country’s high average lending rate which is hovering around 33 percent. According to him, it is imperative for the central bank to roll out measures to help ease pressures on the economy and businesses. Speaking to Citi Business News, , Nana Otuo…