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...
Category: Business
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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...
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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...
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Ghana needs $1.5bn support from IMF to shore up public finances, regain access to credit markets – World Bank
The World Bank has said Ghana needs $1.5billion assistance from the International Monetary Fund (IMF). This could help to shore up public finances and regain access to credit markets, it said. The World Bank explained in its October 2022 Africa Pulse Report that debt is expected to jump in Ghana to 104.6 percent of GDP, from 76.6...
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Ghana’s debt to jump to 104.6% of GDP – World Bank
The World Bank has projected that public debt is projected to nudge up in non-resource-rich countries, up to 65.6 percent of Gross Domestic Product (GDP) in 2022 from 65.1 per cent in the previous year. Debt is expected to jump in Ghana to 104.6 percent of GDP, from 76.6 a year earlier amid a widened...
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IMF deal: Debt restructuring will severely hit local banks – Joe Jackson
Director of Operations at Dalex Finance, Joe Jackson, is concerned that debt restructuring will ultimately affect local banks. This is further speculated to affect purchasers of government bonds, depending upon the outcome of yet-to-be held negotiations. As the government engages the IMF for support, the question of Ghana’s debt sustainability and consequent debt restructuring are...
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Efforts to contain cedi depreciation paying off – Gov’t
Efforts put in place by the government and the Bank of Ghana to arrest the free fall of the cedi against major trading currencies, especially the US dollar, is paying off. This was disclosed by the Minister of Finance, Ken Ofori-Atta, when he briefed the press on Wednesday, September 28, 2022. Recent data from the...
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Ghana can have strong currency if only economy is managed well – Govt told
Director of Research at the Institute of Economic Affairs (IEA) Dr. John Kwakye has said prudent economic management is what will strengthen the Cedi. According to him, the Cedi’s saviour lies in Ghana’s policies and leveraging its resources and capacities. Earlier he indicated that another re-denomination of Ghana’s currency, the Cedi, is about to happen...
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Another re-denomination of the Cedi imminent – IEA’s Kwakye
The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has indicated that another re-denomination of Ghana’s currency, the Cedi, is about to happen following the rising rate of inflation and also the depreciation against the Dollar. Unless the managers of the economy rein in inflation and depreciation, Ghanaians should expect...
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IMF move is critical otherwise it’ll be difficult for Ghana – World Bank
The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Pierre Laporte has asked Ghana to quicken its move to get a programme under the International Monetary Fund (IMF) to deal with the economic challenges. For him, the country will find it tough dealing with the domestic challenges without the support. He said these while speaking in...