The Second Deputy Governor the Bank of Ghana Elsie Addo Awadzi has said the fall of the Cedi against the Dollar and also the high inflation rate (32.7%) are temporary. She expressed confidence of a positive outlook for Ghana’s economy. Speaking at the 21st Annual National RCB CEOs conference on the theme ‘Positioning Rural banking...
Category: Business
Post
Post
Business slows in Accra as traders close shops in protest
The protest by the Ghana Union of Traders Association (GUTA) over Ghana’s forex challenges and the cost of living crisis has been largely met with support from traders. While most of the traders joined the protest by locking their shops, a significant number of traders had opened their shops for trade. At Tudu, for example,...
Post
Decisions from IMF discussions will be incorporated into 2023 budget – Ofori-Atta
An International Monetary Fund staff-level agreement is expected to be reached with Ghana this week for a possible 3 billion dollar bailout. Details of the agreement are expected to form the basis for Ghana’s 2023 budget to be presented in the middle of November. Finance Minister, Ken Ofori-Atta who is leading the Ghana team in...
Post
1$ equals ¢11.62 as cedi depreciation pressures rise
The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th. Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling...
Post
‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’
The International Monetary Fund (IMF) has predicted a tough 2023 as it cut growth predictions and forecast economic contraction in a third of the world. “The worst is yet to come,” the global financial institution’s World Economic Outlook report said. “For many people 2023 will feel like a recession,” it added. A downward revision of...
Post
Local contractors to drag government to court over 10 billion debt
The Ghana Chamber of Construction Industry has threatened to take legal action against government, for failing to pay over 10 billion cedis accrued debt it owes contractors. The contractors lament that for over four years now, government has stalled in paying contractors for work done. A situation they say is having a negative toll on...
Post
Ghana ranks 1st with highest food price increases of 122% in Sub-Saharan Africa
Ghana is ranked 1st by the World Bank with the highest food prices in Sub-Saharan Africa in 2022. According to the Bretton Wood institution’s October 2022 Africa Pulse Report, food prices have since January 1, 2022, gone up by 122%. Since the start of 2022, food prices have increased sharply in many countries, largely due to...
Post
LPG usage for cooking rose to 36.9% in 2021 from 24.5% in 2017 – NPA Boss
The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has said Liquified Petroleum Gas (LPG) as the main source of cooking fuel rose from 24.5 percent in 2017 to 36.9 percent in 2021. According to him, the increase in the adoption rate of gas as the main source of cooking fuel is...
Post
Fintech players laud BOG’s caution to MoMo loan, defaulters
Players in the fintech space have praised the announcement by the Bank of Ghana that defaulters of Momo loans stand the risk of being denied access to future credit facilities adding that it would help enhance Ghana’s credit system. Speaking to Citi Business News on the sidelines of the launch of the Qore ID Chief...
Post
Cocoa price goes up by 21%; now GH¢800 per bag
Government has pegged the producer price for cocoa at GH¢800 per bag of 64kg. The new price takes effect from Friday, October 14, 2022, for the 2022-2023 crop season. This depicts a 21 percent increase from GH¢10,560 per tonne to GH¢12,800 per tonne. Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto made the announcement...