Budget deficit and its accompanying debt are key indicators in accessing the health of any economy. At the end of March 2020, Ghana’s public debt reached GHȼ 236.1 billion according to the Bank of Ghana. Of the total debt, US$ 22.9 billion is external representing 31.4% while GHȼ 113...
The general price levels of goods and services, according to Ghana Statistical Service, have further increased in the month of May - following price hikes by traders due to the coronavirus pandemic effects. General prices increased by 0.7 of a percentage point over the previous month, as it recorded 11.3...
Nigerian banks plan to restructure over a third of loans after running into repayment problems due to the coronavirus pandemic, a member of the central bank monetary policy committee said. A total of 17 banks have submitted requests to restructure over 32,000 loans for businesses and individuals, representing 33% of...
Despite inflation surging to double digits in April as a result of a spike in demand for food and other essentials in anticipation of the lockdown announcement, Databank Research says there is hope that the rate will come down due to government’s subsidy on utilities. In late March and April,...
The Auditor-General (A-G) has submitted a report on the Management of Petroleum Funds for 1st January 2018 to 31 December 2018 to Parliament. A statement signed by Mrs Ama Awoe-Bosumafi Assistant Director of Public Relations Unit on behalf of the Director General, and copied to the Ghana News Agency, in...
The COVID-19 pandemic, one of the world’s most significant events in recent memory, has resulted in the cessation of economic activities for many African countries. Many economic analysts have predicted that the pandemic will lead to a significant decline in GDP, unparalleled social disruption, and the loss of millions...
Government’s GH¢100 billion COVID-19 Alleviation and Revitalisation Enterprises Support (CARES) programme aimed at stimulating large industries to enhance job creation and foster economic revival must be properly managed or risk further shooting up the debt stock, global auditing giant Deloitte has said. The country’s public debt stock has increased to...
Consumer inflation has further declined to 52.8 percent in February 2023 from 53.6 percent the previous month, easing price pressures since January 2023. Inflation peaked around 54.1 percent in December, 2022, accelerating for 19 consecutive months, according to data from the Ghana Statistical Service (GSS). The February 2023 inflation declined...
For the economy to have a speedy and steady recovery from the pandemic’s impact, there is a need for government to use innovative means to generate more domestic revenue in order to close the gaping fiscal gap that has stemmed from rising expenditure, a report by the research department...
Finance Minister Ken Ofori Atta is optimistic that the projected tax-to-GDP of 20 percent from the current 13 percent will materialise if government increases revenue mobilisation and harnesses a digitalised economy. This, the minister said, when attained will enable government to raise funds to support the recently announced GH¢100billion Ghana...