Inflation to peak in March 2023 – Economist
The increasing rate of inflation is expected to peak in March 2022, Economist and Research Lead at GCB Capital, Courage Boti, has stated. Inflation shot up by 3.8% to end 2022 at 54.1%, according to data from the Ghana Statistical Service. However, the rate of increase between November 2022 and December 2022 slowed down. Speaking to […]
SSNIT increases maximum insurable earning to ¢42,000
The Social Security and National Insurance Trust (SSNIT) has increased the maximum insurable earning for 2023 to ¢42,000, from ¢35,000. This increase takes effect from January 1, 2023. In a statement, the Trust emphasised that the increase was made after careful consultation with the National Pensions Regulatory Authority in accordance with Section 63 (3) of […]
Parliament approves reduction of E-levy rate to 1%, rejects removal of GH₵100 threshold
Parliament has approved an amendment to the Electronic Transaction Levy (E-levy) Act on Wednesday, December 21, 2022. Government during the presentation of the 2023 Budget announced a reduction of the e-levy rate from 1.5% to 1% and wanted to remove the daily non-taxable threshold of GH₵100. Government sought to make the levy applicable to any […]
Ghana’s inflation will average about 20% in 2023 – EIU
nflation in Ghana will average about 20% in 2023, the Economist Intelligence Unit (EIU) has forecast in its 2023 Africa Economic Outlook Report. This will rank the country 5th on the continent with the highest inflation rate. It however predicted an average rate of inflation of 32% in 2022. Zimbabwe and Sudan are expected to place […]
Ghana, six African countries to grapple with debt-service burden in 2023 – EIU
The Economist Intelligence Unit (EIU) says Ghana and six African countries have enormous amounts of debt relative to Gross Domestic Product (GDP) and their governments will grapple with debt-servicing burdens that would eat up a substantial share of their revenue in 2023. Tunisia, Egypt, Congo-Brazzaville, Zambia, Zimbabwe and Mozambique are the other African countries. In […]
S&P downgrades Ghana from CCC+ to CC; says local debt in default
S&P Global has downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the rating agency said in a statement on Tuesday. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” […]
Debt exchange programme: BoG announces relief packages for banks
In its quest to strengthen the banking sector and help manage the possible impacts of government’s proposed debt exchange programme on banks in the country, the Bank of Ghana has outlined a number of policy and regulatory relief packages for these institutions. The move is to help preserve the financial stability of these financial institutions […]
Debt Exchange: 8 banks highly exposed to government bonds, may be hit hardest – Report
About eight banks [names withheld] are highly exposed to the Government of Ghana securities, particularly bonds and could therefore be impacted significantly by the Debt Exchange Programme. According to the November 2022 Ghana Fixed Income Market report, the banks (four foreign and four local) together controlled about 83.91% of the debt market share. They traded […]
Producer Price Inflation rises sharply — Now at 65.25% in October
THE Producer Price Inflation (PPI) which measures the average change over time in the selling prices of goods and services as received by domestic producers shot up to 65.2 per cent in October. This was up from the 45.6 per cent recorded in September and clearly signals what is to be expected of consumer inflation […]
GSE tightens rules on green bonds
The Ghana Stock Exchange (GSE), in collaboration with the Securities and Exchange Commission (SEC), has launched new rules to guide the listing and trading of green and sustainable bonds on the market. Dubbed the Green and Sustainable Bond Rules, the launch of the new guidelines formed part of activities to mark the 32nd anniversary of […]