Indigenous banks are in for a tough time as analysis conducted on their latest financial results indicates that they need to raise as much as GH¢4billion to meet the central bank’s GH¢400 million minimum capital requirement. Out of the 16 Ghanaian-owned banks analysed by financial analyst and credit consultant Emmanuel Akrong, Royal Bank – based …
Per Capita GDP, which in principle is a measure of the total economic output of the country divided by the number of people, has reached a four-year high of US$1,632 or GH₵7,110 at the end of 2017, the statistical service has revealed. The figure is an 8.2 percent increase over the US$1,508 recorded in 2016 …
The Inflation Rate for March 2018 dropped marginally to 10.4%, representing 0.2% decrease from the 10.6% recorded in February, 2018. According to the release issued by Ghana Statistical Service at a news conference (GSS) in Accra, “the year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 10.4 percent in March 2018, down …
The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The Governor of the Bank of Ghana, Dr. Ernest Addison …
The European Union and its free trade agreement took decades to establish. Africa is now hoping it can achieve the same in a fraction of the time. But with Nigeria pulling out, questions are being raised over just how achievable it really is. The vision is a free trade deal encompassing 1.2 billion people stretching …
As recently as the 1980s, the West African nation of Ghana was in crisis, crippled by hunger after a series of military coups. But it has held peaceful elections since 1992, and its economic outlook turned considerably brighter about a decade ago, with the discovery of major offshore oil deposits. Now, as oil prices rise …
The Ghana Statistical Service (GSS) is optimistic it will help reverse the trend of the declining contribution of agriculture to the country’s Gross Domestic Product (GDP) with the census it is about to conduct on the sector. The census which will be conducted in collaboration with the Ministry of Food and Agriculture (MOFA), will survey …
The International Monetary Fund (IMF) is expected to disburse at least two hundred and thirty-six million dollars ($236,000,000) of the Fund’s extended credit support to Ghana. The cash is expected to hit the government of Ghana’s accounts within the next few months. This is however subject to Ghana’s ability to meet key targets set under …
The ECOWAS Commission has signed a trade and investment cooperation agreement with the Republic of Turkey as part of efforts to deepen economic cooperation between members of the Sub-regional body and Turkey. Signing the ‘Turkey-ECOWAS Trade and Investment Cooperation Agreement’, is seen as a principal step toward institutionalising relations between Turkey and the ECOWAS Commission. …
The year on year inflation rate for the month of January dropped to 10.3 percent from 11.8 percent recorded in December, 2017. This rate of inflation for January 2018 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from January 2017 to January 2018. The monthly change rate for January …