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...
Visible commitment to robust structural reforms will have the two-fold effect of bringing about an actual transformation of the local economy and added benefit of providing much-needed sovereign credibility in the long run.
This is according to a World Bank Country Economist for Ghana, Kwabena Gyan Kwakye, who says despite...
The value of a currency, in my opinion, is one of the important factors in determining the performance of an economy. It determines import and export levels, the type of external investment an economy attracts, interest rate differentials, and the prices of goods and services.
When a currency falls in...
Director of the Institute of Statistical Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey, has urged government to develop resilient systems and policies to absorb some of the economic shocks that are posing difficulties in the country.
He said though the economy will continue to...
Former finance minister Seth Terkper has said government’s move to go for a programme with the International Monetary Fund (IMF) might delay if figures presented to the Fund are doubtful, hence his push for transparency.
According to Mr. Terkper, who himself supervised execution of an IMF programme in 2015, the...