Economy

Revenue projections for 2017 are ‘optimistic’ -IMF

imf - revenue projections

Ghana’s economy growth is due to pick up in 2017 and inflation is coming down, but the government’s revenue projections for the year are “optimistic”, International Monetary Fund mission chief Annalisa Fedelino said on Thursday. Ghana is following a three-year IMF programme worth around $918 million that aims to stabilise government finances and restore rapid economic growth, which could enable ...

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BoG Governor Dr. Issahaku resigns

BOG Governor Central Bank

The Central Bank Governor, Dr Abdul  Nashiru Issahaku has resigned. Citi Business News has gathered his resignation takes effect from the 1st of April, 2017. It’s unclear what led to his resignation but the Governor is reported to have cited personal reasons for the move. Dr. Issahaku was appointed Governor of the Bank of Ghana by former President, John Mahama in April, ...

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Bank of Ghana cuts policy rate to 23.5%

BOG Governor Central Bank

The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the Monetary Policy Rate by 200 basis points to 23.5 percent.At the 75th regular MPC meeting, Governor of the central Bank Dr. Abdul-Nashiru Issahaku said headline inflation also declined for the fifth consecutive month in February 2017.Inflation fell from 17.2 percent in September 2016 to 15.4 percent in ...

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Cedi depreciates by 5 percent in March – BoG report

cedi depreciation

Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016. The cedi has depreciated from 0.9 to 5 percent within the twelve months period. Also, in March 2017, the local currency depreciated by 7.5 and ...

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Western region men demand highest pay in Ghana – Report

unemployment in western region

It has emerged that urban men in the Western region of Ghana demand the highest minimum salary in Ghana. The latest Ghana Labour Force Survey Report by the Ghana Statistical Service said the men in the urban localities of the region demand as much as 1,604 cedis a month as pay. However, urban women in the same region demand the ...

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Ghana’s unemployment rate hit 11.9 % in 2015 – Report

unemployment

Ghana’s unemployment rate stood at 11.9 percent in 2015. This is according to the latest Ghana Labour Force Survey Report by the Ghana Statistical Service. This is about twice the figure recorded in 2012/2013 (5.8%) based on the Statistical services strict definition of unemployment – where “one was not working, actively looking for a job and available for work.” However, ...

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VRA debt: 160 million cedis to be paid end of March

VRA

About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government commenced payments to the affected ...

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ICU demands clarification on extending IMF deal

icu

The Industrial and Commercial Workers Union (ICU) has implored government not to extend its Extended Credit Facility program with the IMF to December 2018. The ICU says the move could cause a further restriction in the economy and hinder job opportunities. Ghana entered into a three-year program with the IMF on April 2015 for a total amount of 918 million US ...

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Business booms for Kayayei following levy abolishment.

kayayei

Head porters in the central business district of Accra say more women have been attracted into the business following the abolishment of the kayayei levy. It is barely three weeks since the Minister of Finance, Ken Ofori Atta in his maiden budget statement to Parliament, announced the government’s resolve to scrap the daily levy imposed on head porters popularly known ...

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