The Minister of Finance, Ken Ofori-Atta is backing the recent announcement by the finance ministers of the G7 countries who are pushing for a global corporate minimum tax of 15 percent. This would require companies from the G7 countries to pay at least a 15 percent rate in each country they operate in. He believes …
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 …
The central bank has abolished seven nuisance fees and charges as well as other practices in the banking sector, in a bid to ensure that the interests of customers of banks and Specialised Deposit-Taking Institutions (SDIs) are adequately protected. In a release issued last week, the Bank of Ghana said it has observed with concern …
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 …
The Ghanaian economy expanded by 3.1% in the first quarter of this year, the lowest since the same period in 2019. However, in the same period of 2020, the Gross Domestic Product (GDP) growth rate was 7.0%. According to figures from the Ghana Statistical Services, Construction (14.2%)), Manufacturing (6.1%) as well as Information and Communication …
West Africa is endowed with fisheries resources that have to be harnessed for the benefit of the sub-region. Harnessing this potential has been hampered by the prevalence of illegal, unregulated, and unreported fishing – leading to the depletion of the fisheries stock. One of the major solutions to address these challenges is the development of …
Ghana’s inflation rate dropped its lowest level since the start of 2013, at 7.5 percent in May, which is less than the median of the Bank of Ghana’s target band of between 6 percent and 10 percent. The fall in headline consumer price inflation from April’s level of 8.5 percent was announced by Government Statistician …
Lending rates demanded by commercial banks in Ghana will begin to be cut this week in response to the Bank of Ghana’s announcement, a week ago, of a 100 basis points cut in its key Monetary Policy Rate, bringing it down to 13.5 percent in a move that many had hoped for but few had …
A resource handicapped Securities and Exchange Commission (SEC) poses far more systemic and structural risks to the development of Ghana’s relatively young capital market, Kojo Addae-Mensah, CEO of Databank Group, has said. Despite the SEC’s recent market actions via directives to institutions it regulates and general awareness creation about its core mandate and capital market …
Prices of goods and services are expected to go up in the coming days and weeks, following the 13% upward adjustment in transport fares. This probably will shoot up inflation though the margin of increase might not be too wide. Inflation is an important indicator that banks use in pricing their loans and therefore any …