Ghana, 4 other ECOWAS states get $250m EBID support
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of USD 250 million for Ghana and four other member states to boost the oil & gas, energy, road infrastructure and agricultural sectors of West Africa. The other beneficiary countries are Burkina Faso, Nigeria, Senegal, and Sierra Leone. […]
GRA rolls out electronic invoicing system from 1st October
The Ghana Revenue Authority (GRA) from Saturday 1st October 2022 began with the use of a certified invoicing system for the administration of Value Added Tax (VAT) in Ghana. This forms part of efforts to increase tax compliance and generate more revenue for the state. A Certified Invoicing System is an electronic invoicing system(E-VAT) certified […]
Government records fiscal deficit of 6.4% as of September 30, 2022 – BoG
Budget implementation, using banking sector data, for the first 9-months of this year recorded an elevated overall cash deficit of 6.4% of Gross Domestic Product (GDP). This is against the revised programmed target of 5.0% of GDP. According to the Bank of Ghana, total receipts of ¢51.49 billion (8.7% of GDP) over the review period, […]
Ghana’s gross reserves fall to 2.9 months of import cover in September 2022
Ghana’s Gross International Reserves fell to $6.6 billion, equivalent to 2.9 months of import cover for goods and services in September 2022, data from the Bank of Ghana has revealed. This is compared with the December 2021 position of $9.7 billion, equivalent to 4.3 months of import cover. However, net International Reserves, which exclude encumbered […]
Petroleum downstream industry witnesses 41% growth in Ghana – NPA
Ghana’s demand for petroleum products has increased significantly from an average of 7% to 41% in 2021, the Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid has said. The unprecedented surge in consumption is as result of various technological based schemes and interventions being implemented by the downstream regulator to curb […]
Cedi registers unprecedented weekly decline in trading as dollar demand surges
The Ghana cedi registered a record weekly decline in trading in the interbank market after sovereign debt downgrade by rating agency, Fitch. Analysts say the local unit posted heavy losses on the interbank market as unrelenting foreign exchange demand continued to weigh down the cedi against the dollar. The Bank of Ghana allotted $25 million […]
Ghana’s return to capital market may take 3 years – Ofori-Atta
Ghana’s return to the International Capital Market may not materialise anytime soon due to the negative impact of downgrades on its economy by international rating agencies, Finance Minister, Ken Ofori-Atta has lamented. The three rating agencies, Fitch, Moody’s and Standard & Poor’s have all downgraded the country’s credit worthiness to junk status. According to him, […]
Ghana faces possible debt default – Senior Director at Fitch
A Senior Director at ratings agency, Fitch, Mahin Dissanayake, has warned Ghana of a possible sovereign debt default, saying, any kind of debt restructuring could threaten the local banking sector. According to him, “default is a real possibility”. Speaking at a press conference, Mr. Dissanayake said “Ghanaian banks hold large volumes of government securities, so […]
Ghana’s ailing economy: A look at the inflation trend in 2022
Ghana’s economy has overly performed poorly this year and with just three months left to the end of year, it doesn’t seem like there’s light at the end of the tunnel. Prices continue to soar for both food and non-food items of which transport, housing, utilities, and prices of imported goods are rising more than […]
GDP growth rate exceeds target; increases by 4.8% in 2022 second quarter
Ghana’s economy has expanded by 4.8% year-on-year in the second quarter of 2022. “Provisional real quarterly gross domestic product (QGDP) growth rate, including Oil and Gas, is 4.8 percent (year on year) in the second quarter of 2022. In the same period of 2021, the growth was 4.2 percent.” Data from the Ghana Statistical Services […]