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“Other recoverable materials of the recycling process which include plastics and metal scraps will serve as input materi...
25/08/2022

“Other recoverable materials of the recycling process which include plastics and metal scraps will serve as input materials for the steel and plastic manufacturing sectors”.

Read more: https://bit.ly/3Kr9rV1

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The President of the Republic of Ghana, H.E Nana Addo Dankwa Akufo-Addo, on Wednesday, 24th August 2022, commissioned an Integrated Recycling and Compost Plant in Damongo, in the Savannah Region, as part of his two-day tour of the region. Speaking at the ceremony, the President indicated that one of...

"These warehouses will add 80,000mt to the national grain storage capacity and enhance operations of the National Food B...
23/08/2022

"These warehouses will add 80,000mt to the national grain storage capacity and enhance operations of the National Food Buffer Stock Company Limited (NAFCO)..."

Read more: https://bit.ly/3wkSKoA

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The government of Ghana has disclosed that it will complete the remaining 15 warehouses under the One District One Warehouse intervention in the second half of the year. According to information presented in the mid-year budget review, 65 out of 80 planned warehouses were completed as of June 2022 u...

Following a successful pilot implementation, Bank of Ghana has today, 19th August 2022 launched its Regulatory and Innov...
19/08/2022

Following a successful pilot implementation, Bank of Ghana has today, 19th August 2022 launched its Regulatory and Innovation Sandbox developed in collaboration with EMTECH Solutions Inc.

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The Bank of Ghana (BoG) has today, 19th August 2022, launched its Regulatory and Innovation Sandbox developed in collaboration with EMTECH Solutions Inc., following a successful pilot phase.   This is in line with the Bank’s commitment to continuously evolve a conducive regulatory environment tha...

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 146.5 percent in...
19/08/2022

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 146.5 percent in July 2022.

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The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of total industry, increased by 4.5 percentage points to 57.4 percent (year-on-year) in July 2022. Manufacturing sub-sector was the major driver of producer price inflation in July which rose by 2.5 perce...

“In the absence of access to the international capital market and given the constrained domestic financing, central bank...
18/08/2022

“In the absence of access to the international capital market and given the constrained domestic financing, central bank overdraft has helped to close the financing gap".

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has raised the policy rate by 300 basis points to 22% and rolled out additional measures to tame inflation as well as to strengthen the local currency. The Committee’s decision was based on the increase in inflation in the month of Jul...

The meeting will conclude with an announcement of the decisions of the Committee.Read more:
17/08/2022

The meeting will conclude with an announcement of the decisions of the Committee.

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will today, Wednesday, August 17, 2022, hold an emergency meeting to review recent developments in the economy. A statement issued by the Bank of Ghana noted that “The meeting will conclude with an announcement of the decisions of the ...

“If you are a net exporter of oil and crude oil prices are rising at the world market because of the Russia-Ukraine war,...
15/08/2022

“If you are a net exporter of oil and crude oil prices are rising at the world market because of the Russia-Ukraine war, it means that you are making more money" - Dr. Doku

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Dr. Isaac Doku, an Economist and Lecturer at the University of Education, Winneba, has advised government to make use of the Energy Sector Levy Act (ESLA) to stabilize the economy. He noted that the focus of the government should be on addressing the short-term distortions in the economy which is ch...

Through the works of GIPC and a supporting investor-friendly regulatory environment, Ghana has emerged as a desirable in...
13/08/2022

Through the works of GIPC and a supporting investor-friendly regulatory environment, Ghana has emerged as a desirable investment destination for global investors

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The Ghana Investment Promotion Center (GIPC) will be making a strong case for Ghana-directed investment at African Energy Week (AEW) 2022 to take advantage of the significant opportunities present across the entire oil and gas value chain. The African Energy Chamber (AEC) has announced the participa...

Retail sales dipped by 6.0 percent year-on-year to GH¢107.90 million in May 2022.Read more: https://bit.ly/3dpZ1IVRead |...
12/08/2022

Retail sales dipped by 6.0 percent year-on-year to GH¢107.90 million in May 2022.

Read more: https://bit.ly/3dpZ1IV

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Consumer spending, proxied by domestic VAT collections and retail sales, posted a mixed performance in May 2022, compared with the corresponding period in 2021. According to data from the Bank of Ghana (BoG), domestic VAT collections increased by 30.6 percent on a year-on-year basis to GH¢700.12 mi...

Fitch estimates that Ghana faces $2.75 billion of external debt servicing in 2022. Read more: https://bit.ly/3QkWjTIRead...
11/08/2022

Fitch estimates that Ghana faces $2.75 billion of external debt servicing in 2022.

Read more: https://bit.ly/3QkWjTI

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Rating agency, Fitch, has emphasized that even though government has requested support from the International Monetary Fund, which is likely to lead to additional financing from the Fund and other multilateral lenders, the timing of disbursement is uncertain. According to Fitch, though it believes t...

Ghana’s national year-on-year inflation continues its upward trend, rising beyond the 30% mark in July 2022 Read more:
10/08/2022

Ghana’s national year-on-year inflation continues its upward trend, rising beyond the 30% mark in July 2022

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Ghana’s national year-on-year inflation continues its upward trend, rising beyond the 30% mark in July 2022 and 1.9 percentage points higher than the rate of 29.8% recorded in June this year. According to data from the Ghana Statistical Service, the Consumer Price Index (CPI) for July 2022 was 173...

“MTN Ghana is poised to bolster recovery and deliver on its ambition 2025 strategy boosting socio-economic growth throug...
10/08/2022

“MTN Ghana is poised to bolster recovery and deliver on its ambition 2025 strategy boosting socio-economic growth through innovative digital technologies" - Selorm Adadevoh.

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Mobile telecommunications industry giant, MTN Ghana, has reaffirmed its commitment to accelerating socio-economic development in Ghana through significant social investments and honoring its regulatory obligations. MTN Ghana, in the first half of 2022, contributed 29.6% of its total revenue, amounti...

"Now, we are all witnessing first-hand what it means when you do not have a stable macro environment". Read more:
10/08/2022

"Now, we are all witnessing first-hand what it means when you do not have a stable macro environment".

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Dr. Ernest Addison, Governor of the Bank of Ghana, has stated that economic stability has often been taken for granted and the recent developments in Ghana have really brought back the importance of stability. According to Dr. Addison, the instability is manifesting itself in terms of high inflation...

"We expect these interventions, together with Government’s initiatives on digitalization and improvement in commodity pr...
09/08/2022

"We expect these interventions, together with Government’s initiatives on digitalization and improvement in commodity prices, to yield favourable results in the medium to long term".

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A dedicated Professional Consultancy and Independent Firm, Deloitte Ghana, has advised the government to fast-track the pace of implementation of its flagship programs to improve the economy. This followed a cut in the country’s growth forecast for 2022 by the government in the 2022 Mid-year revie...

Standard Bank also lowered its 2023 Gross Domestic Product forecast for the country to 4.1%, from the earlier 6.8%.Read ...
08/08/2022

Standard Bank also lowered its 2023 Gross Domestic Product forecast for the country to 4.1%, from the earlier 6.8%.

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Standard Bank Group Limited, a major South African bank and financial services group, has slashed Ghana’s growth forecast for 2022 to 3.1%, from the earlier 6.2%. Standard Bank also lowered its 2023 Gross Domestic Product (GDP) forecast for the country to 4.1%, from the earlier 6.8%. The governmen...

This year’s celebration will focus on the opportunities MoMo presents and how stakeholders can leverage the digital paym...
08/08/2022

This year’s celebration will focus on the opportunities MoMo presents and how stakeholders can leverage the digital payments sector to support the rebuilding of a robust and resilient economy.

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MTN Ghana MobileMoney Limited (MTN MoMo) has officially launched this year’s MoMo Month celebrations in Accra, Kumasi and Mankessim to highlight the importance of partnerships to accelerate digital payments. This year’s celebration will focus on the opportunities MoMo presents and how stakeholde...

S&P Global Ratings also reviewed the country’s economic outlook to negative.Read more:
06/08/2022

S&P Global Ratings also reviewed the country’s economic outlook to negative.

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Credit ratings agency, S&P Global Ratings, has downgraded Ghana’s debt further into speculative territory, lowering the country’s foreign and local currency sovereign ratings to junk from B-/B to CCC+/C with a negative outlook. S&P Global Ratings explained that the review of the country’s econ...

Government raised GH¢640,059,744 from the COVID-19 Health Levy between January and June 2022 compared to the target of G...
05/08/2022

Government raised GH¢640,059,744 from the COVID-19 Health Levy between January and June 2022 compared to the target of GH¢376,716,861

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The overall performance of government revenues in the first half of the year was poor as most of the tax handles could not raise the amounts targeted. Despite the poor performance of most of the components, the COVID-19 Health Levy exceeded its target by almost 70% in the first six months of the yea...

By the end of the 4th quarter of 2022, an electronic invoicing system (e-VAT) will be rolled out to enable GRA have a re...
04/08/2022

By the end of the 4th quarter of 2022, an electronic invoicing system (e-VAT) will be rolled out to enable GRA have a real-time view of VAT-related transactions for the collection of the tax.

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PricewaterhouseCoopers (PwC) has stated that it supports the digitalization of the country’s tax processes since that may improve tax compliance and increase Government revenues. However, it warned that if not properly implemented, such measures may negatively affect the operations of taxpayers. T...

The financing comes at a moment when it is projected that approximately 38.3 million people in West Africa are in food s...
02/08/2022

The financing comes at a moment when it is projected that approximately 38.3 million people in West Africa are in food security crisis.

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Ghana is set to benefit from the second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) financing to increase the country’s preparedness against food insecurity and to improve the resilience of its food systems. The total amount of $315 million in International Developme...

New advances to the economy broadened across the industry, with 20 out of 23 banks extending new credit. Read more:
29/07/2022

New advances to the economy broadened across the industry, with 20 out of 23 banks extending new credit.

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Credit to the private sector is gradually recovering to pre-pandemic levels, reflecting commercial banks’ portfolio rebalancing. In year-on-year terms, private sector credit increased significantly by 33.7 percent in June 2022, compared with 6.8 percent in the same period of 2021, according to dat...

The survey revealed that trust in the Presidency is on the decline, having dropped from 73% in 2017 to 32% in 2022. Read...
27/07/2022

The survey revealed that trust in the Presidency is on the decline, having dropped from 73% in 2017 to 32% in 2022.

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A recent Afrobarometer survey has found that general trust in public institutions in Ghana has declined between 2019 and 2022. However, the Ghana Armed Forces, religious leaders, traditional leaders, and the courts emerged as the most trusted among key public institutions. Sixty-seven (67) percent o...

"...there is an amount of GHC1.6 billion which reflects GoG Stocks and bonds sold by commercial banks to Bank of Ghana u...
27/07/2022

"...there is an amount of GHC1.6 billion which reflects GoG Stocks and bonds sold by commercial banks to Bank of Ghana under repurchase agreements" - BoG

The Bank of Ghana (BoG) has provided clarity on an item captured in Appendix A of the Mid-Year Fiscal Policy Review document which was purported by Hon. Cassiel Ato Forson as new currency printed “illegally” by the Central Bank to support government’s budget. However, BoG clarified in a statem...

There are continued broad-based upward pressure on prices, reflecting the pass through effects of increases in ex-pump p...
26/07/2022

There are continued broad-based upward pressure on prices, reflecting the pass through effects of increases in ex-pump petroleum prices, transport costs, currency depreciation, and food prices.

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The government of Ghana has revised its end of year inflation target for the 2022 fiscal year upwards by 20.5 percentage points to 28.5 percent, up from 8 percent initially targeted at the beginning of the year. The revision was as a result of the recent developments within the global economy which....

“That money you are going for will not change our economy in any way, that is the truth” - Dr. Isaac Doku.Read more:
25/07/2022

“That money you are going for will not change our economy in any way, that is the truth” - Dr. Isaac Doku.

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An Economist and Lecturer at the University of Education, Winneba, has stated that the Ghana’s major problem is leadership and that the IMF cannot provide the solution to the country’s current economic difficulties. Dr. Isaac Doku noted that the previous IMF bailouts only resulted in dire econom...

On a year-on-year basis, gross public debt went up by GH¢58.6 billion in June 2022, up from GH¢334.8 billion (72.9% of G...
23/07/2022

On a year-on-year basis, gross public debt went up by GH¢58.6 billion in June 2022, up from GH¢334.8 billion (72.9% of GDP) at the end of June 2021.

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Ghana’s stock of public debt went up by GH¢41.6 billion in the first six months of the year, pushing the debt-to-GDP ratio further into unsustainable levels. According to latest Summary of Economic and Financial data released by the Bank of Ghana (BoG), gross public debt of the West African natio...

The EIU expects real GDP growth to fall by 0.5 percentage points from the 5.4% recorded in 2021 to 4.9% this year.Read m...
22/07/2022

The EIU expects real GDP growth to fall by 0.5 percentage points from the 5.4% recorded in 2021 to 4.9% this year.

Read more: https://bit.ly/3cwO9Zc

The Economist Intelligence Unit (EIU) has projected Ghana’s economic growth to ease in 2022, owing in part to the fallout from the Russia-Ukraine war and monetary tightening by the Bank of Ghana (BoG). The EIU expects real GDP growth to fall by 0.5 percentage points from the 5.4% recorded in 2021 ...

"In 2021, with a prevalence of bribery of 29.9%, Ghanaians aged 25 to 34 years were the age group most likely to pay bri...
21/07/2022

"In 2021, with a prevalence of bribery of 29.9%, Ghanaians aged 25 to 34 years were the age group most likely to pay bribes" - GSS.

Read more: https://bit.ly/3PCUnF2

A survey conducted by the Ghana Statistical Service (GSS) has revealed that the prevalence of bribery in Ghana varied across age groups and most prevalent among the youth aged between 25 and 34 years. The report show that the desire to pay bribes reduces among people above the compulsory retirement....

"Whether the MPC decides to maintain the policy rate or increase it, we expect the next policy rate decision to do a goo...
20/07/2022

"Whether the MPC decides to maintain the policy rate or increase it, we expect the next policy rate decision to do a good job of re anchoring markets expectation of the near term inflation rate" - Prof. Nsafoah

Read more: https://bit.ly/3B14nUL

Dennis Nsafoah, Assistant Professor of Economics at the Niagara University, has projected inflation to continue to rise in the coming months, peaking at about 34% before the end of the year. The Member of Research Committee of Tesah Capital said that as high as an inflation rate of 29.8% is, it is s...

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will commence its 107th Regular Meetings from today to re...
20/07/2022

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will commence its 107th Regular Meetings from today to review developments in the global and domestic economies.

What are your expectations?

Read more: https://bit.ly/3zkNZNm

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will commence its 107th Regular Meetings from today, Wednesday, July 20, 2022 to Friday, July 22, 2022 to review developments in the economy. This will be the fourth time the MPC is meeting this year which is expected to be concluded wit...

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