The International Monetary Fund (IMF) is optimistic that the country will emerge stronger from the current economic challenges that have seen the prices of goods and services soar. The challenges have also led to difficulties for the government to access the international capital market for funds to finance development. The IMF said the country had...
Category: Business
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Ghana has recorded the highest inflation figure in 21 years since August 2021- GSS
The Ghana Statistical Service (GSS) on Wednesday 14th September 2022, Announced that Ghana consumer inflation has increased to 33.9% in August 2022 from 31.74% in july 2022. The report which was read by Professor Samuel Kobina Annim on Wednesday indicated that inflation rate between July 2022 and August 2022 was 1.96%. According to him the...
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Menzgold customers demonstrate today over frozen funds
Today, September 12, 2022, members of the Coalition of Aggrieved Customers of Menzgold are scheduled to embark on a demonstration to Jubilee House regarding their frozen funds. Customers claim attempts to recover their money have been unsuccessful as today marks exactly four years since the government forced the collapse of the gold dealership company Menzgold....
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Increment in water and electricity tariff to begin today
The new utility service tariffs announced by the Public Utilities Regulatory Commission begins today, Thursday, September 1, 2022. The new tariffs include an increase of 27.15% in electricity and 21.55% in water. Tariffs were drastically increased at the request of utility service providers in order to help them recover and sustain their operational costs. Ghanaians...
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CEDI FALL: An Economy with high appetite for importation will have it’s currency falling -Mawutor.
The Deen , school of Graduate studies at the University of professional studies, Accra( UPSA), Professor John Kwaku Mensah Mawutor, has explained that an economy on the strength of it’s currency. He added that, managers of Ghanaians economy since 1993, have failed to tackle the fundamental problem affecting the economy which is over reliance on...
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Recall contract with South African company for railroad workers
The Ghana Railway Company Limited’s decision to enter a $3.2 billion loan deal with Thelo DB Railway of South Africa in order to restructure the business has the approval of the Ghana Railway Worker’s Union. The union had previously voiced concerns about the deal, charging that their employer had neglected to include them in the...
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Global oil prices fall, but transportation costs unchanged
Since January, crude oil prices have fallen to a six-month low. At the height of the Russia-Ukraine war, oil prices skyrocketed to over $120 per barrel. On the world market in July, oil was $102, compared to a significant drop to $87 as of Wednesday, August 17, 2022. Despite this development in the world oil...
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BOG to increase policy rate at emergency MPC MEETING to attract investors – Prof Quartey predicts.
Professor peter Quartey , Director of Institute of statistical, social and Economic Research (ISSER) of Ghana (BoG) is likely to increase the policy rate of 19% at it’s emergency meeting today Wednesday, August 17. He said, both Foreign and local investors will be attracted to do business in the local economy if that should happen....
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Ghana’s public finances are deteriorating – Fitch
Fitch has noted that Ghana’s public finances are worsening. The international credit rating agency said this is attributed to the downgrade of the economy to ‘CCC’ from ‘B-. “The downgrade reflects deterioration of Ghana’s public finances, which has contributed to a prolonged lack of access to Eurobond markets, in turn leading to a significant decline...
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Cement prices expected to go up
Cement prices are expected to be increased from next week. The price of a 50-kilogram bag is expected to increase from ¢59.00 ¢68.00. The increment is necessitated by a sudden rise in the cost of operations, from July 2022, as a result of a sharp depreciation of the cedi over the past month. According to...