Economy

Gov’t to decide whether to extend IMF deal

IMF Deal

The government is set to take a crucial decision on whether it will extend the three-year Extended Credit Facility (ECF) with the International Monetary Fund next month. A team from the Fund is already in town to review data on the economy, with the aim of using the findings to reach a conclusion on the direction Ghana should take on ...

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Inflation rate falls to 12.6 percent in May

The annual inflation rate fell to 12.6 percent in May from the 13.0 percent recorded in April, due to general decline in prices for both the food and non-food groups. The rate of inflation is the lowest since December 2013. The monthly change rate for May was 0.7 percent compared to the 1.6 percent recorded for April. Mr Baah Wadieh, ...

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Cedi’s woes hamper Stock Exchange’s performance

cedi depreciation

The Ghana Stock Exchange (GSE) closed in the red in the week ending June 9, making it the second consecutive decline in recent times. The decline in the two market indices was due to currency depreciation and drops in the earnings of Unilever Ghana. The two happenings dragged the GSE Composite Index further down by 0.09 per cent to an ...

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Germany to support Ghana with €100m under ‘Compact with Africa’ programme

Germany

Ghana is to benefit from a €100 million grant under Germany’s” Compact with Africa” programme. The facility will be used to improve conditions for sustainable private sector investment, infrastructure, economic participation, and employment. Tunisia and Cote d’Ivoire are two other African countries currently benefiting from the programme This was made known by the Minister of Finance, Mr Ken Ofori-Atta, at ...

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GIPC targets local investment growth

GIPC

The Ghana Investment Promotion Centre (GIPC) has outlined some key initiatives aimed at building capacity of local businesses and improve the investment regime in Ghana. The CEO of the GIPC, Mr Yoofi Grant believes the plan should enhance the competitiveness of local businesses and eventually turn around the economic fortunes of the country. The NPP government has since assumption of ...

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Economy to suffer over ‘swift’ cedi devaluation – Dr. Turkson

Banks

Economist, Dr. Ebo Turkson has advised that Ghana delays any attempt to devalue the cedi until such a time that the country develops capacity to grow its exports. He argues that the country risks distorting its balance of trade eventually due to the possibility of excess imports compared to exports. Even though Dr. Turkson admitted to the economic benefits accruing ...

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GHȼ9.7 billion bond was above board – Ofori-Atta

Ofori-Atta

Mr Ken Ofori-Atta, Minister of Finance has stated that the GHȼ9.7 billion bond were issued in local currency and not denominated as dollar bond. He said the recent bond issuance was transparent and any allegation of conflict of interest was borne out of lack of understanding of the transaction. Mr Ofori-Atta made this known in response to a motion filed ...

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UNIWA targets over 500,000 informal workers for pension scheme

UNIWA

The Union of Informal Worker’s Association (UNIWA), says it hopes to register more than 500 thousand Informal Economy Workers unto the new 3-Tier Pension Scheme recently launched in addition to the already existing 81, 000 members. The new 3-Tier Pension Scheme has been specially designed to cater for the needs of workers in the informal sector economy who constitutes about ...

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Finance Minister to give ‘full disclosure’ on $2.25bn bond issue today

Ken Ofori Atta on GDP

Finance Minister, Ken Ofori-Atta will later today [Wednesday], appear before Parliament to disclose the full details of the controversial $2.25 billion bond issued by the government in April 2017. This follows the passage of a half-hour motion last week by the House, to summon the minister to provide the full complement of documentation related to the issuance, the participants, the ...

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Chamber of Mines to engage govt on Gold Refinery policy

Gold

The Ghana Chamber of Mines has stated that it will engage government on how to implement the gold refinery policy to benefit the mining sector. Lands and Natural Resources Minister, John Peter Amewu earlier hinted of government’s plan to soon roll out a gold refinery policy to retain most of Ghana’s gold. According to Mr. Amewu, a lot of income ...

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