The World Bank has released its latest updated outlook for Ghana’s economy. Although it is the Bank’s projection that the debt to Gross Domestic Product ratio could exceed 80 percent by 2023 has dominated the headlines, the report provides cause for optimism as well although it warns that the adverse economic impacts of COVID 19 …
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent for the second consecutive meeting this year, citing short-term risk emanating from rising crude oil prices and revenues measures in the 2021 budget. At the release of its decision, the Governor of the Bank of Ghana and Chairman …
The local currency has appreciated marginally by some 0.6% against the US dollars since the beginning of 2021. This is according to the latest figures released from the Bank of Ghana (BOG) summary of Economic and Financial data. The appreciation meant the cedi witnessed a 0.2 percentage points increase from that of February 2021 against …
The World Bank has projected that Ghana’s fiscal path will result in continued debt accumulation, with public debt reaching 81.1 percent of GDP in 2023 before starting to decline. The bank, in its 5th Ghana Economic Update, said this is mainly driven by a continuous need for government support to the economy, high levels of …
The consumer inflation kicked start this year at 9.9 percent, slowing down from 10.4 percent recorded at the end of 2020, data from the Ghana Statistical Services has shown. This reverses the indicator back to the Bank of Ghana’s medium-term target of 8±2. The combined consumer price index (CPI) measures the change over time in …
Ghana’s economy could come under some pressure from the rising debt which is projected to hit about 80 per cent of Gross Domestic Product by the end of this year, according to ratings agency Moody’s 2021 Sub-Saharan African (SSA) Outlook report. Already, the debt to GDP ratio has crossed the dreaded 70 per cent mark, …
The inflation for the month of December 2020 was 10.4% which is 0.6 percentage point higher than last month the Ghana Statistical Service has announced. Month-on-month inflation between November 2020 and December 2020 was 0.9%. Again like previous months, just two of the 13 Divisions had higher than average inflation rates; ’Housing, Water, Electricity, Gas’ …
President Nana Addo Dankwa Akufo-Addo has stated establishing a strong economy will be the main preoccupation of his second term as President of Ghana. In his inaugural address for a second four-year term today in Accra, President Akufo-Addo said a strong economy will generate jobs for young people and enhance living standards to the levels …
Governor of the Bank of Ghana, Dr. Ernest Addison, has said measures have been put in place to ensure the stability of the cedi in 2021. The cedis ended in 2020 with a depreciation of 3.8 percent against the dollar. As of the beginning of 2020, the Ghana cedi was trading at GH¢5.54 to a …
Ghana’s economy contracted again for the second consecutive period (-1.1%) this year, but at a lower rate than in the second quarter. This is however compared with a Gross Domestic Product (GDP) growth rate of 5.6% the same period last year. The contraction of the economy in the third quarter is largely due to the …