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IMF Must Consider Proposals From Banks And Stakeholders- Dr. Smart Sarpong Urges
16 Jan

IMF Must Consider Proposals From Banks And Stakeholders- Dr. Smart Sarpong Urges

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A senior lecturer/Senior Research fellow of the Kumasi Technical University (KsTU) Dr. Smart Sarpong has stated that the International Monitory Fund (IMF) should hold meetings that will consider Proposals from banks and stakeholders. Speaking in an interview on Movement in the morning show on Movement TV and Wontumi Radio Mr. Sarpong noted that it looks as though the proposals have been presented without their input. According to him, the finance minister cannot force people to accept his proposal alone- stressing that but we are guided by law as a republic. He furthered that "the attorney general has made it clear…
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IMF Chief Heading To Zambia, Says New Debt ‘Roundtable’ To Meet In February
13 Jan

IMF Chief Heading To Zambia, Says New Debt ‘Roundtable’ To Meet In February

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A new global sovereign debt "roundtable" that will include China, other creditors and some borrowing countries will meet for the first time next month on the sidelines of a Group of 20 finance officials meeting in India, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva, the first person from an emerging market economy to head the International Monetary Fund, told reporters debt relief was critical for heavily indebted nations to avoid cuts in social services and other repercussions. The Bulgarian economist, who has pushed hard for quicker movement on debt relief, said she would travel to Zambia in two…
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Full-blown IMF Programme Will Be Put In Place By Middle Of This Month Or February – Akufo-Addo
13 Jan

Full-blown IMF Programme Will Be Put In Place By Middle Of This Month Or February – Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has assured that by the middle of January or February this year, the team handling the International Monetary Fund (IMF) negotiations will conclude a full-blown  deal. Mr Akufo-Addo said this while speaking at a meeting with some African-American students from the Harvard Business School at the Jubilee House, on Thursday January 12. President Akufo-Addo used the meeting to highlight how Ghana’s economy has suffered in recent times, leading to the decision to head to the Fund for support. “We’ve had difficulties in the past few years trying to reposition our economy to grow again. Some basic statistics that all…
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Inflation To Peak In March 2023 – Economist
12 Jan

Inflation To Peak In March 2023 – Economist

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The increasing rate of inflation is expected to peak in March 2022, Economist and Research Lead at GCB Capital, Courage Boti, has stated. Inflation shot up by 3.8% to end 2022 at 54.1%, according to data from the Ghana Statistical Service. However, the rate of increase between November 2022 and December 2022 slowed down. Speaking to Joy Business, Economist and Research Lead with GCB Capital, Courage Boti, said the general increase in prices of goods and services will reach the highest level in March 2023 after which inflation will witness decline. According to him, this is likely to happen if the…
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World Bank Forecasts 2.7% Growth Rate For Ghana In 2023
11 Jan

World Bank Forecasts 2.7% Growth Rate For Ghana In 2023

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The World Bank is projecting a 2.7% expansion of the Ghanaian economy in 2023, lower than Sub-Saharan Africa average of 3.6%, its January 2023 Global Economic Prospects report has revealed. It is however expecting the economy to grow by 3.5% in 2024, same as it projected for 2022. The World Bank said the Ghanaian economy has been struggling with various setbacks, including rising public debt, elevated inflation (50.3% in November 2022) and a depreciating currency (38.8% in 2022), a reason it is seeking for an International Monetary Fund-support programme. This it said affected private sector growth in 2022 and will…
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Cedi Depreciates Marginally To Sell At ¢12 To A Dollar
10 Jan

Cedi Depreciates Marginally To Sell At ¢12 To A Dollar

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The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability. This is about 0.86% loss in value since the beginning of the year. The Bank of Ghana is however quoting a dollar for ¢9.00 on the interbank forex market. Checks by Joy Business at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢14.20. The euro has also depreciated by a little over 1%, trading at ¢12.50. Analysts and market…
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More Businesses Will Collapse This Year – McDan
10 Jan

More Businesses Will Collapse This Year – McDan

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Ghanaian business magnate, Daniel McKorley, popularly known as McDan, says more Ghanaian businesses will collapse this year. According to the entrepreneur, this is due to the precarious exchange rate between the cedi and the major foreign currencies, coupled with the country’s ailing economy. In an interview on Joy FM, he noted that given his projection about the fate of businesses this year, individuals must sit up and devise innovative means to navigate the impending challenges. ‘A lot of businesses are collapsing I can tell you and you have not seen anything yet. More businesses are going to collapse, looking at…
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IMF Increases Interest Rate On SDR To 2.99%; Ghana To Pay More For Fund-backed Loans
10 Jan

IMF Increases Interest Rate On SDR To 2.99%; Ghana To Pay More For Fund-backed Loans

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Ghana and other countries seeking loan from the International Monetary Fund (IMF) will pay additional lending rate, as the Bretton Wood institution has increased the yield on its Special Drawing Rights (SDR) by some 210 basis points (2.1%). This took effect on January 6, 2022. Now, the rate of interest on SDR stands at 2.999%, from the previous 0.89%. One US dollar is also equivalent to 0.75983. The increase in the interest rate of the SDR indicates that member countries of the IMF will pay more for loans from the Fund. Ghana is seeking an IMF-support programme to the tune…
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Ghana Business Activity Downturn Softens On Cedi Rally, IMF Deal
06 Jan

Ghana Business Activity Downturn Softens On Cedi Rally, IMF Deal

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A downswing in business activity in Ghana may be softening after a staff-level funding agreement with the International Monetary Fund caused the cedi to rally, easing price pressures that have plagued industry for more than a year. The Purchasing Managers’ Index compiled by S&P Global, which measures the performance of the private sector economy, inched up to 47 in December, from 44.9 in November, but remained below the 50-mark that separates growth from contraction for a 11th straight month. “Although business conditions remained challenging for companies in Ghana at the end of 2022, there were some tentative signs that the…
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Businesses May Delay Expansion Programmes In 2023 Until IMF Deal Is Finalised – Economist
06 Jan

Businesses May Delay Expansion Programmes In 2023 Until IMF Deal Is Finalised – Economist

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Economist, Dr. Patrick Asuming is of the view that businesses may delay in investing in the first quarter of the year to observe the conclusions of the International Monetary Fund (IMF) programme before increasing financial inflows. This, he said could slow economic activities if government does not move quickly to boost investor confidence. Speaking to Joy Business, Dr. Asuming stated that financial institutions may also react by tightening financing to the private sector. He explained that the phenomenon should be expected as businesses always look at government projections to plan. “I think overall, businesses will probably want to put on…
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