Monday, September 26, 2022
AngloGold Ashanti (AGA) has begun steps to diversify the local economy of Obuasi and other areas with a climate change driven agricultural programme, which forms part of the ten-year Socio-Economic Development Programme. While it aims at contributing to Ghana’s emission reduction target through agroforestry by 2026, it also seeks to...
Members of the Council of State are not happy about the current state of the economy and the difficulties being experienced by Ghanaians, but has however expressed optimism after a meeting with officials from the Bank of Ghana and finance ministry, the Council’s Chair, Nana Otuo Siriboe II, has...
China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect US$10billion of its International Monetary Fund reserves to nations on the continent. Foreign Minister Wang Yi announced the cancellations in a meeting last week of the Forum on China-Africa...
Fitch Solutions has projected import growth will be significantly impacted due to weak and deteriorating economic conditions which have affected businesses and households. According to the central bank, total merchandise imports amounted to US$7.6billion, up by 11.9 percent on year-on-year basis and driven mainly by the oil import bill. Oil...
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) on August 17, 2022, decided to increase the policy rate by 300 basis points to 22%. The decision taken at the extraordinary MPC meeting follows last month’s decision to pause the recent interest hikes. In the MPC press release,...
Africa is blessed with abundant solar power due to the scorching sun. Solar power should be the alternative energy source to power vehicles, generating plants, and small-scale and commercial farming. It could also be used for powering industries. For instance, during power outages, most heavy industries like Valco in Ghana...
Measures being undertaken by the Bank of Ghana (BoG) to rein-in red hot inflation and arrest the cedi’s fall will further choke the already-starved real sector of the economy, an economist has warned. The central bank faces a tall order as it seeks to reassure a market that has been...
says IMF will only offer temporary comfort Any form of support from the International Monetary Fund (IMF) will only provide temporary relief to the current economic challenges, the Ghana National Chamber of Commerce and Industry (GNCCI) has said - urging government to focus on homegrown solutions while reducing the...
Introduction Ghana’s relationship with the IMF does not seem to come to an end anytime soon. Successive governments have taken advantage of the relationship to seek refuge after mismanaging the economy. Many of our government usually do not heed local advice and plunge the country into debt after excessive borrowing...
Bank of Ghana raises the monetary policy rate by 300 basis points (3 percent) to 22 percent, citing risks to the inflation outlook. The Committee also raised the primary reserve requirement of banks from 12 percent to 15 percent to be implemented in a phased manner, that is 13 percent...
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