Traders at some major market centres in Accra have disclosed that buyers have abandoned the use of mobile money as a payment option and rather prefer the use of cash ever since the electronic transaction levy (E-levy) took effect, anecdotal evidence gathered by the B&FT has shown.According to some...
Interest rates, which are lower than the current inflation rate, have dampened investor appetite for buying government bills, as the Treasury’s auctions last month for 91-day, 182-day and 364-day bills missed their target by GH¢2.24billion.With a total target size of GH¢5.21billion, the Treasury was able to raise a gross...
Nations the world over have one aspiration: improving GDP growth. And Ghana is no different. For the past few decades, Gross Domestic Product, or GDP, has been the mechanism by which our Republic has measured its economic progress.GDP is calculated by measuring the monetary value of goods and services...
The economy loses an estimated GH¢3billion yearly to the 50 percent import discount on general goods and 30 percent on vehicles policy, Commissioner of Customs Division Ghana Revenue Authority, Colonel Kwadwo Damoah, has said.The policy, which provides discounted duty on imports was introduced in April 2019, was reviewed downwards...
Fitch Ratings has revised the country’s fiscal cash deficit forecasts to 9.1 percent of gross domestic product (GDP) in 2022, from 9.5 percent since the last downgrading of Ghana to 'B-'; with Outlook Negative in January 2022.According to the latest report from the rating agency, issued on Tuesday, May...
For a straight five-month period, foreign investors’ holdings of cedi denominated bonds continued a decline: reaching GH¢28.65billion at the end of 2022 first-quarter since it peaked in August 2021 at GH¢34.04billion, as market volatility persisted.During the period, investor sentiments led to a sell-off largely driven by various downgrades by the...
Panelists at the second edition of The Money Summit have acknowledged the robustness of the country’s current regulatory regime for equity and capital market investments, albeit admitting that there are still some milestones to be attained.The revocation of licenses of some 53 fund management companies by the Securities and...
Following the higher-than-projected Gross Domestic Product (GDP) figures announced by the Ghana Statistical Service (GSS), key economic indicators which are expressed as a ratio of GDP will be adjusted accordingly, the Ministry of Finance has announced.The Statistical Service, in its provisional 2021 fourth quarter and overall 2021 annual GDP...
Oil to food shortages hit industry
Supply disruptions continue to be felt across Africa – from companies in Nigeria struggling to manage with the steep climb in diesel prices to the South African Canegrowers Association suffering from the combined impact of rising fertilizer costs, poor weather and an impending tax...
The predictable downward revision cycle for the global economic outlook has officially begun. That’s the message from the semi-annual World Economic Outlook just released by the International Monetary Fund, which reinforces earlier revisions from several prominent private forecasting teams.The revision, largely in response to the war in Ukraine, is...