The Cedi sold off sharply, tumbling to a fresh record low 14.01 from 12.50 at last week’s close as the country experiences its worst economic crisis in years.
Ghanaian MPs this week called on President Nana Akufo-Addo to fire Finance Minister Ken Ofori-Atta in a bid to restore market confidence,...
...Elevated commodity prices could prolong inflationary pressures
The shrinking value of the currencies of most developing economies is driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already face, according to the World Bank’s latest Commodity Markets Outlook report.
In U.S. dollar...
Botswana is the latest African country looking to develop its fossil fuel industry to plug gaps created by energy supply constraints. The landlocked southern African nation is seeking $2.5bn of funding to build a plant that can convert its large coal deposits into synthetic fuels. Botswana’s plan comes ahead...
Despite the waning investor mood, Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), says stabilising the domestic economy and fostering confidence remains crucial for a turnaround of the economy.
Investors’ confidence has been at record lows following the deterioration of the country’s public finances,...
...part of efforts to expand non-gold royalties.
The Economic and Organised Crimes Office (EOCO) has joined efforts to improve royalty payments and collections due the state from the mining sector in Ghana. EOCO is the newest member of a group of related agencies in the extractive and minerals sub-sector led...
If there is any best time to transform the economy into a robust and resilient one it is now, experts at the 11th Ghana Economic Forum have said.
The experts - including Managing Director of GCB Bank, Kofi Adomakoh, and Andy Akoto, KPMG Partner - believe that current economic challenges...
Former Finance Minister, Seth Terkper, has reignited conversations on Bank of Ghana’s continuous financing of government, saying, it will weaken the bank’s financing position which will be detrimental to the recovery efforts.
His concerns come on the back of the central bank’s financing of government budget to the tune of...
The Netherlands Ambassador to Ghana, Jereon Verheul, has said the recent economic crisis that the country is facing has become very critical; therefore, multilateral collaborations will be needed in finding solutions to it.
According to him, the main thing to do is restore economic confidence - which will help curtail...
The Managing Director of GCB Bank PLC, Kofi Adomakoh, says the continuous depreciation of the Cedi—is a clear reflection of the country’s weak economic structures and a non-competitive trade sector.
The Cedi has already lost over 50 percent of its value to the dollar and other major trading currencies, imposing...
The current economic challenges cannot be solved by the government and private sector alone, all stakeholders must play proactive roles to rescue it, the Chief Executive Officer of Business and Financial Times, Dr. Godwin Acquaye has said.
He added that stakeholders and respective authorities championing discussions in that regard also...