2014 Budget To Transform Economy The 2014 Budget statement and Economic Policy of the governemnet set to be presented to Parliament today is expected to announce plans to transform Ghana into a fully-fledged middle income economy. Among the measures would be actions to cut the fiscal deficit below nine per cent while embarking on massive infrastructural developments, according to the […]
Post Tagged with: "Ghana economy"
Old GH¢50 Notes No Longer Legal Tender The Bank of Ghana (BoG) says that the old GH¢50 bank notes are no longer legal tender and so cannot be exchanged for goods and services rendered or in any transaction. According to the bank, “the old GH¢50 bank notes ceased to be legal tender after September 30, 2012 and should, therefore, not […]
Inflation hits 13.1 percent; highest in 3 years Inflation went up by 1.2 percent in October to record a rate of 13.1 percent, the highest in three years. According to figures from the Ghana Statistical Service, housing and utilities recorded the highest inflation rate between September and October. The monthly change was 2.3 percent as against -0.7 percent recorded in […]
World Bank Business Report: Ghana Drops Five Places Ghana dropped 5 places to place 67th out of 189 countries in the latest World Bank Doing Business Report. Ghana, which is in the lower middle income bracket, according to the report titled “Understanding Regulations for Small and Medium Scale Enterprises” did not fare well in most of the 10 categories.
Frimpong Boateng: ‘Adam and Eve economy’ Needs Pragmatic Changes A former flagbearer aspirant of the New Patriotic Party (NPP), Prof. Kwabena Frimpong Boateng, has described Ghana’s economy as an ‘Adam and Eve’ one that needs pragmatic changes. Referring to the biblical Noah’s Ark story, he said Noah was able to “add value to wood” to build a boat which he […]
Is Ghana’s Economy Heating Up? Suddenly, Ghana is besieged with cash flow or liquidity problem. There is talk everywhere about this situation. Whilst the country has not been able to meet its revenue targets, its overall expenditure on the other hand keeps growing, which has thrown the country’s 2013 budget out of gear.
President Mahama- Economic Hardship Is ‘Temporary’ The President, John Dramani Mahama has given the assurance that the economic hardship Ghanaians are currently experiencing is “temporary”. He said: “We are experiencing some challenges with the economy. I want to assure you that these challenges are temporary.”
Ghana Cedi Now ‘Robust To Dollar’ For the third week running the Ghana Cedi remained stable to the US Dollar. However, the local currency had depreciated by 14.5 percent against the American currency on the forex market so far this year. Analysts say the Bank of Ghana’s efforts to support the Ghana Cedi and other liquidity management efforts are finally […]
Inflation Records Highest Rate In 3yrs After declining for the first time in the year, inflation returned to an upward trend to record a rate of 11.9 percent in September. The new figure is the highest recorded in three years.
World Bank Cautions Ghana On Rising Debt. The World Bank has cautioned Ghana against its rising debt, which it says has the tendency to stifle the country’s economic growth and deepen poverty.Ghana’s debt currently stands at GHc43.9 billion (49.5 per cent of Gross Domestic Product (GDP)) at the end of August 2013.
Ghana Is Far From Going HIPC- Seth Terkper Ghana’s Minister of Finance, Mr. Seth Terkper has stated categorically that the country is far from going back to HIPC, despite a shooting public debt. The stock of Ghana’s public debt, which increased to GHc43.9 billion, representing 49.5% of Gross Domestic Product (GDP) at end of August 2013, from GHc35.1 billion in […]
Ghana’s Public Debt Hits GH¢43.9bn. Ghana’s total stock of public debt increased to GH¢43.9 billion (49.5 percent of GDP) at the end of August 2013 from GH¢35.1 billion in December 2012. Dr. Kofi Wampah, Governor of Bank of Ghana (BoG), who made this known at the close of a Monetary Policy Committee (MPC) meeting in Accra, said the increase in […]