Business

Data from the 2022 Annual Household Income and Expenditure Survey has revealed that 49.1 percent of the Ghanaian population was food insecure in the first quarter of the year. This represents 15.1 million of the 30.8 million persons in Ghana. The percentage however dropped by 7 percentage points to 42.1 percent in the second quarter; 13 million of the total ...

The Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Sulemanu Koney, has called on the Ghana Revenue Authority (GRA) and other relevant institutions to ensure that royalties and other funds meant for the direct benefit and development of mining communities are paid on a regular basis into the Minerals Development Fund (MDF). Describing the situation where the release ...

The Director of Research at the Institute of Economic Affairs (IEA), Mr John Kwakye has said there is a need for the government and the Bank of Ghana (BoG) to directly address the main drivers of high inflation. The drivers are food, fuel and exchange rate, he said. The inflation rate for the month of July 2022 was 31.7 percent, ...

Ghana’s currency has dropped for 15 straight weeks and the depreciation may extend, if history is any guide.  The cedi has weakened 36.3% this year making it the world’s worst-performing currency after Sri Lanka’s rupee. A 30-year analysis shows that every time the measure has dropped for 15 straight weeks — there have been 28 such instances in the period ...

The Bank of Ghana is convening an emergency Monetary Policy Committee meeting on Wednesday, August 17, 2022, over recent challenges faced by the Ghanaian economy. The meeting according to the apex bank will review developments in the economy over the past month. Some of the issues expected to be discussed are ways to deal with the sharp depreciation of the ...

The Minority in Parliament says the increase in utility tariffs by the Public Utilities Regulatory Commission (PURC) will only exacerbate the current high cost of living. This comes after the PURC announced new tariffs for electricity and water. Utility consumers will pay 27.15 percent for electricity and 21.55 percent for water effective September 1. The Ranking Member on Parliament’s Mines and Energy ...

Director of Operations at Dalex Finance, Joe Jackson, has described the current economic downturn as one of the toughest he has experienced since 1981. According to him, there is no dispute when it comes to the dire economic situation the country finds itself in and this is especially reflected in Ghana’s interest rates. “The government Treasury bill, 91 days Treasury ...

Madam Monica Josiah, Head of Shippers’ Services and Trade Facilitation at the Ghana Shippers Authority (GSA), has called on the government to work in collaboration with stakeholders to redeem the cedi from its present woes. She said it was time the government took effective measures to help stabilise the cedi to build a resilient and robust economy for macro-economic stability. ...

Economist, Professor Godfred Bokpin, has urged President Nana Addo Dankwa Akufo-Addo to reduce the size of his government and check corruption. He says this is the surest way to check the country’s economic woes. With rising inflation and policy rates, the country’s economy received yet another downgrade to CCC by Fitch Ratings with concerns of dwindling investor confidence. In a Citi ...

Rating agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘. The downgrade, it said, reflects the 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 in external liquidity. “In the absence of new external financing sources, international reserves ...