Economist Dr. Ebo Turkson has downplayed fears of higher than normal inflation rates this year, as the country prepares for a major election at the end of 2020. According to him, the Central Bank is well placed to introduce the needed measures to keep inflation within the target band of 8 plus or minus 2 …
The customers of the defunct savings and loans and finance house companies have called on the government to set up a Consolidated Savings and Loans Company or a Consolidated Microfinance Company, through which their locked-up funds should be paid. The group, which is known as Coalition of Affected Savings and Loans Customers (CASLOC), said all …
The International Monetary Fund (IMF) has advised government to set a lower medium-term target for inflation in order for the economy to remain competitive among its peers in sub-Saharan Africa. Government maintained its medium-term inflation target of 8±2 in the 2020 Budget, despite a rebasing of the basket in August 2019 that saw inflation drop …
At least 95% of all government payments to people and 75% of payments by people to the government would be digitised by the end of 2020. This will mean payment transactions by the government would be largely done via electronic means. The move is part of the National Payment Systems Strategic Plan (2019-2024) that provides …
Over 40 foreign investors are expected to explore business opportunities in the agriculture sector, Dominic Oduro Antwi, President of the Ghana-India Trade Advisory Chamber, has said. The sector has lacked investment and innovation to modernise it and contribute significantly to the Ghanaian economy. However, the government’s Planting for Food and Jobs policy has revitalised the …
The central bank of Ghana has hinted of government’s plans to borrow almost GH¢20billion through domestic instruments between January and March 2020. The country is working around the clock to raise revenue for expenditure through bills. The bills include a 20-year shelf offering bill subject to re-opening based on investor’s request. “Government plans to issue …
The Securities and Exchange Commission (SEC) has issued guidelines on the registrations of auditors of public companies and SEC licence as well as the registration of accountants reporting for public companies. The move is part of efforts to sanitise the securities and investment industry which in recent times have been hit by liquidity challenges and …
Credit to the private sector (large enterprises, short-term and long-term enterprise loans) remained tightened in October, November and December 2019, according to a Bank of Ghana Survey. There was, however, a net ease in banks’ credit stance on loans to small and medium enterprises (SMEs) in October 2019 but further tightening in November and December. …
Inflation for the month of December 2019, declined to 7.9 percent beating the end-year target the Finance Minister announced in the mid-year budget. Mr. Ofori-Atta had set the government’s sights on achieving an end-year inflation rate of 8 percent. But inflation slowed from 8.2 percent in November 2019, to close the year within the government’s …
The growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The Bank of Ghana in its latest banking sector report stated that deposits, as the main source of funding for the banking industry, grew by 17.1 percent in October 2019, marginally lower than …