Business

BoG Warns Inflation May Peak Later In 2022 Due To Threat To Outlook
29 Aug

BoG Warns Inflation May Peak Later In 2022 Due To Threat To Outlook

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The Bank of Ghana (BoG) is forecasting a peak in inflation later this year before trending back towards the medium-term horizon. According to the Central Bank, this is due to the risk to the inflation outlook as result of increased commodity prices, particularly crude oil. “The rest are heightened supply chain disruptions, and the over 20% increase in utility tariffs set to kick in from 1st September, 2022”. The warning was contained in an address by the First Deputy Governor of the BoG,  Dr. Maxwell Opoku Afari read on his behalf by Dr. Philip Abradu Otoo, Director of Research at…
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SIM Card Re-Registration Falls By 98% After Extension Of Deadline To September 30
29 Aug

SIM Card Re-Registration Falls By 98% After Extension Of Deadline To September 30

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Data from the Ghana Chamber of Telecommunications has shown that the number of subscribers undertaking the SIM re-registration exercise saw a significant drop after the government announced an extension of the deadline. According to the figures, the number of subscribers re-registering their SIM cards fell to 5,861 on August 19, 2022, from about 235,000 recorded on July 31, 2022, when the extension was announced. This represented a 98% decline. The data also showed that by August 1, 2022, the number of registration fell to 62,715, compared with the 235,460 recorded on July 28, 2022. The trend continued until it dropped…
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We’re Ready To Help Ghana Stabilize Economy – IMF
29 Aug

We’re Ready To Help Ghana Stabilize Economy – IMF

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The International Monetary Fund (IMF) has expressed its willingness to help Ghana stabilize its economy. This was disclosed by the IMF’s Managing Director, Kristalina Georgieva in a tweet after a meeting with the Finance Minister, Ken Ofori-Atta. The IMF concluded a fact-finding mission to Ghana in July in which it met with key stakeholders like the Vice President, Finance Minister, and the Bank of Ghana. Ghana was recently downgraded by Fitch Ratings from B- to CCC. The country’s inflation rate also hit 31.7 percent in the month of July 2022. Fitch expects a deal with the IMF to be in…
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Cedi Strengthens Against Dollar; $750m Afreximbank Loan, BoG Actions Yielding Results
29 Aug

Cedi Strengthens Against Dollar; $750m Afreximbank Loan, BoG Actions Yielding Results

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The value of the cedi has begun strengthening against the US dollar, following its consecutive sharp depreciation against the American currency for almost six weeks. Joy Business checks at some forex bureaus indicate that the cedi sold at ¢10 or below on Saturday, August 27, 2022 and the price is expected to go down in the coming days. This is as a result of the $750 million Africa Export-Import (Afrexim) bank loans that came in last week and the actions by the Bank of Ghana (BoG) to close down licensed forex bureaus flouting foreign exchange laws. Officials of the Central…
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GUTA Suspends Plans To Close Shops Over Economic Hardship
26 Aug

GUTA Suspends Plans To Close Shops Over Economic Hardship

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The Ghana Union of Traders (GUTA) has called off its planned closure of shops scheduled for Monday, August 29, 2022. This was after a meeting with the Council of State. GUTA said a joint committee has been set up to look into its concerns. President of the Association, Dr. Joseph Obeng, after the meeting, said the “leadership of GUTA will meet the Council of State again after a month.” GUTA had earlier announced it would close all shops belonging to its members in Accra on Monday, August 29, 2022, to register its displeasure with the country's current economic challenges. According…
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Trade Surplus To Widen To 4.4% Of GDP In 2022 – Fitch Predicts
26 Aug

Trade Surplus To Widen To 4.4% Of GDP In 2022 – Fitch Predicts

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Despite the current poor economic situation and predictions of a worse situation due to further depreciation of the cedi and high inflation rate, Fitch Solutions believes elevated global commodity prices will cause Ghana’s trade surplus to widen to 4.4% of GDP in 2022 from 1.4% in 2021. Ghana recorded a trade surplus of $1.43 billion in the first half of this year, higher than the $886 million recorded during the same period last year. This is equivalent to 2% of Gross Domestic Product. According to the Bank of Ghana’s Summary of Economic and Financial Data, the country bagged $9 billion…
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26 Aug

Ekow Afedzie Retires As MD Of GSE

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Ekow Afedzie is retiring as the Managing Director of the Ghana Stock Exchange after 31 years of service to the Exchange. Making some remarks about his exit, Mr. Afedzie expressed gratitude to the Council of the Exchange chaired by Abena Osei-Poku, Managing Director of Absa Bank, for its unwavering support and commitment to the development of the Exchange. “I wish to express my sincere thanks and gratitude to the Council for their unwavering support and commitment to the development of the Exchange. My deepest appreciation also goes out to our stakeholders: Licensed Dealing Members, Ghana Fixed Income Dealers, Associate Members,…
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26 Aug

$750m Afrexim Bank Loan finally Hits BoG’s Account

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The $750 million African Export-Import Bank (Afreximbank) Loan has finally hit the Bank of Ghana’s (BoG) Account. Documents sighted by JOYBUSINESS showed that the swift advice came in tranches to hit government’s account with the Central Bank. The said transfer came in yesterday (26th August, 2022) afternoon. Government is primarily looking forward to use this money to finance some infrastructure projects. However, the Bank of Ghana will take the dollars and give the cedi equivalent to government. This will go a long to boost the Central Bank’s reserves, a move that could help slow down the rate of depreciation of the…
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25 Aug

2022 Light Crop Season To Close On September 8 – COCOBOD

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The Ghana Cocoa Board has announced that purchases for the 2022 light crop season will cease at close of business on Thursday, 8th September 2022. According to the Board, returns on the declared purchases will be accepted up to 4:00 pm on Thursday, 15th September in order to assist the Licensed Buying Companies (LBCs) to obtain the final returns from up-country. Ghana’s cocoa season runs two cycles consisting of the main crop season and the light crop season. Harvest from the main crop season is mainly exported while harvest from the light crop season is discounted for local grinders. The…
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25 Aug

Traders Advocacy Group Calls On Traders To Defy GUTA’s Strike Directive

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The Traders Advocacy Group Ghana is asking its members to disregard directives by the Ghana Union of Traders Associations (GUTA) to close their shops as a measure to drum home their displeasure with the government over the current economic situation. GUTA has instructed its members to act on the 29th of August in a bid to get the attention of the government on their concerns. But TAGG believes the move is counterproductive as it would further worsen the plight of the trading community. Secretary of TAGG, Nana Poku stressed that such a move would only drive customers of local traders…
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