For the first time this year, the cedi has ended a month with depreciation against its major trading currency, the US dollar, a development an economist says should be expected given uptick in economic activities, especially, imports. Data from the Bank of Ghana shows the cedi, as of August 5, 2021 traded averagely with the …

Vice President Dr Mahamudu Bawumia says it is time African governments embrace digital currency (bitcoin) to facilitate trade and enhance other productive sectors of their economies. He, therefore, lauded the Bank of Ghana’s decision to pilot digital currency later this year towards its nationwide roll-out in the near future, saying that it would give it …

The Monetary Policy Committee of the Bank of Ghana (BoG) has maintained the policy rate at 13.5 percent. The policy rate is the rate at which the central bank lends to commercial banks in the country. The Governor of the Bank of Ghana who is also the chairman of the committee, Dr. Ernest Addison made …

The International Monetary Fund (IMF) has projected the country’s public debt to hit 83.5 percent of Gross Domestic Product (GDP) by end of the year, thereby throwing the economy into the dreaded list of debt-distressed countries. Already, the country is in the basket of economies at high risk of debt-distress – as the IMF data …

The Bank of Ghana has now given a timeline for the commencement of the pilot phase of its Central Bank Digital Currency (CBDC) project. Speaking to financial journalists at the end of last week at opening of a training workshop organized by the central bank and Journalists for Business Advocacy, (JBA) Dr Maxwell Afari, 1st …

The higher rate of inflation recorded for foodstuffs and transportation pushed inflation for the month of June marginally up by 0.3% to 7.8%. However, despite the increase, the country continued to stay within the single digit inflation for the past three months. This marginal increment will also not affect cost of living that much. According …

The Services Sector maintained its dominance as the leading job-providing sector in the economy, accounting for 83.1% of total job adverts recorded in the first quarter of 2021, data from the Bank of Ghana has indicated. This compares with a share of 83.2% recorded during the same period of 2020. Industry followed with a share …

The Ghana cedi ended the first half of this year with a marginal depreciation of 0.04% to the US dollar. This was triggered by an uptick in demand over the second quarter which overturned the impressive appreciation in the first quarter of this year. But the Bank of Ghana’s policy interventions, particularly the Forex Forward …

The World Bank Migration and Development Report for 2021 has revealed that remittance to Ghana last year hit US$3.6b despite lockdowns in many of the remittance sending countries. Host countries for Ghanaian migrants include the USA, the UK, Côte d’Ivoire, Italy, Germany, and Canada. The resilience of Ghanaian migrants has been commended in the face …

Even though the cedi has not depreciated against the US dollar since the beginning of the year, it has started showing signs of weakness, as data published by the Bank of Ghana indicates its gains have begun to slow since the beginning of the year. According to the interbank FX rates, as of Friday June …