Ghana’s cocoa sub-sector has recorded a 26% contraction in the third quarter of 2024, marking its fifth consecutive decline. This sharp downturn contrasts starkly with the broader economy, which posted an impressive 7.2% growth during the same period.Excluding the impact of oil, Ghana’s economy in current terms expanded to GHȼ254 billion, up from GHȼ194 billion...
Category: Business
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nuisance taxes Mahama is expected to scrap within first 100 days in office
The presidential candidate of the National Democratic Congress (NDC), John Dramani Mahama promised Ghanaians to scrap some nuisance taxes in his first 100 days in office. It is recalled that during the campaign season, he expressed the view that these taxes placed a burden on Ghanaians and needed to be scrapped. The taxes include E-levy,...
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November inflation climbs to 23%, marking third consecutive rise
Inflation for November 2024 edged up to 23.0%, compared to 22.1% in October. This was driven by increases in food inflation. This marks the third consecutive monthly rise following a five-month decline. Food inflation rose from 22.8% to 25.9%, while non-food inflation dropped slightly from 21.5% to 20.7%. The 23.0% rate for November 2024 represents...
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Fuel prices up again: Diesel selling at GH₵15.72, petrol now GH₵14.99 per litre
Some Oil Marketing Companies have started marginally increasing fuel prices following the commencement of the first pricing window in December. Shell has already taken the lead by increasing the prices of both petrol and diesel. A litre of petrol, which previously sold for GH₵14.82 during the second pricing window in November, is now being retailed...
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$360m IMF fund to boost dollar supply and strengthen cedi; one dollar equals GH¢16.50
The anticipated US$360 million disbursement from the International Monetary Fund (IMF) in the coming days is expected to provide a much-needed cushion to Ghana’s reserves and further augment the supply-side interventions of the Ghana cedi. This is expected to bolster the performance of the local currency in the near term. Last week, the Ghana cedi...
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BOG keeps policy rate at 27% to tame currency and inflationary pressures
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 27%. Holding the policy rate steady after it was lowered from 29% in September 2024 is aimed at anchoring inflation expectations and curbing exchange rate volatilities. The decision was taken after the committee reviewed the current economic developments...
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Ghana’s public debt falls by GH¢46.8bn to GH¢761.0bn in October 2024
Ghana’s total public debt fell by GH¢46.8 billion month-on-month to GH¢761.0 billion in October 2024, the Bank of Ghana’ has disclosed in its Summary of Financial and Economic Data. In dollar terms, it went down by $4.2 billion to $27.9 billion at the end of October 2024. According to the report, the total debt is...
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Investing in rice production could’ve created 294,000 jobs for NABCO beneficiaries – Awuah-Darko
Kwame Awuah-Darko, a leading member of the National Democratic Congress (NDC), has suggested that funds allocated to the National Builders’ Corps (NABCO) programme could have been more effectively invested in the agricultural sector, specifically in large-scale rice production, to create sustainable employment opportunities for Ghanaian youth. Mr. Awuah-Darko pointed out that since its inception, NABCO...
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BoG to announce new Monetary Policy rate on November 25
The Bank of Ghana (BoG) has commenced its regular Monetary Policy Meetings, running from Wednesday, November 20, to Friday, November 22, 2024, to assess the state of the economy. The 121st meeting will focus on evaluating current inflation levels and overall economic conditions. In its previous meeting, the Bank of Ghana reduced the Monetary Policy...
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Galamsey: Three charged in connection with Aisha Huang case
Three individuals linked to the Aisha Huang case have been charged with conspiracy to undertake mining operations without a license, violating Section 23(1) of the Criminal Offences Act, 1960 (Act 29) and Section 99(2)(a) of the Minerals and Mining Act, 2006 (Act 703), as amended by Act 995 of 2019. Specific Charges Li Wei Guo...