Business

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 ...

An Economist at the University of Ghana Business School, Professor Godfred Bokpin, has backed calls for a national dialogue to bring the economy back on track. He said there is a need for consensus building, to bring on board alternative ideas from civil Society, academia among others to find solution to the economy. Speaking on GBC’s Current Affairs programme ‘Behind ...

Ghana’s inflation has gone up again, rising to 29.8 percent in June 2022. This is up from 27.6 percent recorded in May 2022, according to the Ghana Statistical Service (GSS). The consumer price index for June was 167.7 relative to 129.2 in June 2021. The month-on-month inflation between May 2022 and June 2022 was 3 percent. Food inflation stood at ...

Nigeria’s solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa’s biggest oil producer look for alternative power sources after the cost of diesel soared locally due to rising global oil prices. Supply constraints could, however, hamper their ability to capitalize on the trend, with some saying they have begun to turn away customers ...

Environmental groups are suing Dutch airline KLM, alleging that adverts promoting the company’s sustainability initiative are misleading. The groups say it’s the first lawsuit to challenge the so-called airline industry “greenwashing”. They argue that KLM adverts and their carbon-offsetting scheme create the false impression that its flights won’t make climate change worse. But KLM says the company’s statements are “based ...