A Facebook post by Information Minister, Mr. Kojo Oppong Nkrumah, to the effect that the impending IMF financial assistance to Ghana will not affect the ‘Ghana Beyond Aid’ policy, has attracted public backlash, with some critics describing his assertion as dishonest and arrogance.
One commentator noted that at the time...
Four major factors, namely, impact of COVID-19 pandemic, the banking sector clean-up, excess capacity charges, and the effect of the Russia-Ukraine war, drove Ghana to seek assistance from the International Monetary Fund (IMF) to correct its fiscals, Vice President Dr. Mahamudu Bawumia has said.
According to the Vice President, direct...
As the Monetary Policy Committee (MPC) meets this week to determine a new policy rate, market analysts are predicting it may see another upward adjustment by about 200 basis points.
The analysts are backing their forecast with the rising inflation rate which has hit 29.8 percent as of June 2022...
As G20 ministers and central bank governors gather in Bali this week, they face a global economic outlook that has darkened significantly.
When the G20 last met in April, the IMF had just cut its global growth forecast to 3.6 percent for this year and next—and we warned this could...
The Cedi slumped to a fresh low against the dollar this week, trading at 8.10 from 8.02 at last week’s close. Ghana’s annual inflation jumped to the highest in almost 19 years in June, with prices increasing 29.8% compared to 27.6% in May. The inflation rate has now exceeded...
The return of high inflation in many developed economies seems to have surprised central banks and has quickly become people’s leading economic worry. While monetary tightening is necessary, the role of structural factors also warrants attention. Specifically, besides pandemic-related supply-chain disruptions and the energy and food-price shocks amplified by...
The general prices of goods and services, measured by consumer inflation, have climbed to their highest level in 18 years - hitting 29.8 percent in June - data released by the Ghana Statistical Service (GSS) have shown.
This represents a 2.2 percentage point increase from the 27.6% recorded in May....
Trade and Industry Minister Alan Kyerematen has watered down fears of further economic paralysis with a detailed explanation of government's transformation and recovery programme.
The seasoned politician, who is a specialist in the Trade and Industry sector, detailed the road map to recovery ahead of an imminent bailout from the...
Relief initiatives taking shape to ease food and debt
As the supply-chain disruption caused by Russia’s war in Ukraine continues, international relief packages for Africa are starting to take shape. USAID this week pledged a $30m package to support Zambian food exports to East African countries to help ease the...
