Tuesday, September 28, 2021
The Acting Deputy Resident Representative of the United Nations Development Programme (UNDP) in Ghana, Jelena Raketic, has called on the private sector to leverage the Green Climate Fund to increase investment in climate change adaptation and mitigation initiatives. She made this call at a Private Sector Climate Change Investment Forum...
Ethiopia seeks to stem surging inflation Ethiopia’s rising inflation has forced the country’s central bank to double the cash reserve ratio requirement for commercial banks to 10% in a bid to reduce liquidity in the market. Inflation in Ethiopia—which has been gripped by civil war since the country’s Prime Minister Abiy...
Allowing for more exchange rate flexibility can help reduce FX borrowing needs, as well as lower the FX risk premium in domestic interest rates, the International Monetary Fund (IMF) has recommended. “Greater exchange rate flexibility, with interventions limited to smoothing sharp fluctuations, can help reduce FX borrowing needs as well...
The cedi’s 2021 overvaluation has abated – by 14ppt to 113.2% – since 2020, with recent currency weakness helping close the overvaluation gap. This is according to RMB - the investment banking arm of First National Bank’s most recent Milk Index, released yesterday. The Economist’s Big Mac Index measures purchasing...
The Institute for Fiscal Studies (IFS), a fiscal policy think-tank, has called for the state to take over the commanding heights of Ghana’s extractive sector to increase government revenue generation from the nation’s mineral and oil resources. The Institute said compared with other developing economies, Ghana’s revenue generation from the...
The Ghana Export Promotion Authority (GEPA) is exploring the prospect of using the country’s information technology sector’s potential to increase revenue generated from Non-Traditional Exports (NTEs) by organising an IT fair in Accra. The tech fair, which was organised in collaboration with the Accra Digital Centre and themed ‘Growing our...
Mrs Abena Osei-Asare, the Deputy Finance Minister in charge of Revenue, has reaffirmed government commitment to addressing revenue shortfalls, a long-standing challenge for the country, through collaborative efforts. She said with the economy on the path of recovery, the government’s ability to advance revenue mobilization would underpin efforts to continually...
Ghana has received the equivalent of US$1billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the COVID-era economic recovery of member-countries. On 2nd August 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to...
The end result of the two world wars, coupled with a Great Depression was enormous physical and economic destruction in both Europe and the United States. These necessitated the drive to create a new international monetary system that would stabilize currency exchange rates without backing currencies entirely with gold; to reduce...
Converting debt liabilities into investments that protect children is good economics and an ethical imperative At the height of Africa’s debt crisis in the mid-1980s, Julius Nyerere, the late president of Tanzania, asked his country’s creditors a blunt question: “Should we really let our people starve so that we can...
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