Hike in US interest rate: dollar to strengthen, Ghana’s exports to benefit
US-based Associate Professor of Finance at Andrews University in Michigan, Williams Peprah, is predicting a mixed development for the country as a result of the increase in the US interest rate to 3.75%. The Federal Reserve yesterday increased the benchmark rate to its highest in 14 years. The bank hopes pushing up borrowing costs will […]
Business conditions deteriorate sharply in October
Key findings Output and new orders fall at the quickest pace since April 2020 Solid and accelerated depletion in stocks of purchases Near-record rate of output-charge inflation October data revealed another substantial deterioration of business conditions in Ghana’s private sector – amid accelerated downturns for output, new orders, input inventories and employment. Panel comments alluded […]
Reduce import dependency to save economy – Bawumia urges
Vice President Dr. Mahamudu Bawumia has bemoaned the effect of too much importation on the country’s economy. According to him, the high taste for products from overseas is leaving a deteriorating impact. “And one of the areas where we have to address is to reduce the import dependency that we have as a country,” he […]
BoG revokes licences of two Forex bureaux in Accra for non compliance
In accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723), the Bank of Ghana has revoked the licence of Trade House and Airport City Forex Bureaux Limited effective October 27, 2022. This was based on the Non-compliance with rules governing the operations of foreign exchange bureaux […]
It’s fake, disregard reports that we intend restricting Foreign Exchange Account holders – BoG
The Bank of Ghana has dismissed social media reports that it will on Sunday, October 30, 2022, slap serious restrictions on holders of Foreign Exchange Accounts and Foreign Currency Accounts, a move to reign in the cedi. Some social media reports indicate that President Akufo-Addo and his team of advisors believe imposing new controls on […]
We’ve identified specific policies to restore macroeconomic stability in Ghana – IMF
The International Monetary Fund (IMF) and government have identified specific policies to help stabilise the Ghanaian economy from its current predicament. This was disclosed in a statement by the Bretton Woods institution after its officials visited Ghana from 11th to 19th October 2022. The IMF team which was led by Stéphane Roudet met the Finance […]
Gov’t to maintain forex rate at ports to aid traders – Deputy Trade Minister
The government will maintain a fixed exchange rate at the ports for the next three months to cushion traders who import goods into Ghana, Deputy Trade Minister, Michael Okyere Baafi, has said. The dollar rate will be kept at the same level as the Bank of Ghana’s interbank rate. In a response to the protest […]
Loans to become more expensive as BoG hikes policy rate to 24.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Policy Rate by 250 basis point to 24.5%. This is the highest policy rate increase since 2017. The rate hike means it will become more expensive to borrow from the banks, a situation that will push the cost of living […]
Cedi fall, increasing int’l prices of crude oil to send fuel prices higher – IES
The Institute of Energy Security (IES) has projected fuel prices to go higher following the fall of the Cedi against the Dollar. The energy think tank’s analysis of the foreign exchange (Forex) market over the last two week revealed a further depreciation of the Cedi against the US Dollar. The Ghana Cedi depreciated by a […]
Restructuring Ghana’s Debt: 94% of Tier 2 pension may be affected
About 94% representing (about ¢3.7bn) of the ¢3.9 billion Tier 2 pension contributions placed in government securities may be affected by a probable Debt Restructuring Programme. A debt restructuring will mean the yield-to-maturity of government bonds and bills will be extended or better still the ‘haircut’ policy enforced. This will potentially affect the return on […]