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Tag: Economy

Ghana’s economy showing signs of recovery – IMF

Ghana’s economy showing signs of recovery – IMF

Ghana News
The International Monetary Fund (IMF) has acknowledged Ghana’s economic recovery, noting growth in crucial economic sectors. During an interview with Bernard Avle on Citi TV’s The Point of View, IMF Managing Director Kristalina Georgieva underscored the improving growth prospects for Ghana following the conclusion of its bailout programme. Georgieva also highlighted Ghana’s abundant natural and human capital, as well as the government’s commitment to maintaining robust economic fundamentals that align with the aspirations of its citizens. “Ghana is doing well, we see growth prospects for Ghana improving. We projected 1.5% growth for this year, and it reached 2.3% in 2023, and in 2024 we see good prospects for growth. We projected inflation to fall from 54% to 27%, it is...
52.2% of Ghanaians blame COVID-19 and Russia-Ukraine war for hardship, research shows

52.2% of Ghanaians blame COVID-19 and Russia-Ukraine war for hardship, research shows

Ghana News, Headlines Today
The findings of the research show that 52.5% of Ghanaians believe that COVID-19 and the Russia-Ukraine conflict have affected the Ghanaian economy Research conducted by the UK-based Info Research and Assessment UK Ltd shows that a majority of Ghanaians believe the economic challenges facing the country have been caused by the COVID-19 pandemic and the Russian invasion of Ukraine. The findings of the research show that 52.5% of Ghanaians believe that COVID-19 and the Russia-Ukraine war are the principal factors influencing of the global economy and creating the hardship that has plagued the Ghanaian economy. The poll was conducted between 27 October and 3 November this year, with a sample size of 254,759 people, drawn from all 16 regions in the country. Economic crisis The p...
Full text: Akufo-Addo’s address to the nation on economy

Full text: Akufo-Addo’s address to the nation on economy

Ghana News
Fellow Ghanaians, good evening. Back in 2020, at the outbreak of the Coronavirus pandemic, I started a regular conversation with you that came to be popularly known as Fellow Ghanaians. It was a time of great fear of the unknown, and the entire world felt at risk. I came into your homes regularly to tell you what the experts were discovering about the virus, and what we should do. Now that we have seen the worst of COVID-19, I can tell you that there were moments during those times when I was distraught, there were moments when I was in despair about the apparent inadequacy of our health facilities, and there were moments when I wondered if the dire predictions made about dead bodies on our streets would truly happen. But I knew that I owed it to all of us that, as your presid...
Develop a taste for Made-in-Ghana goods to boost cedi – Economist to Ghanaians

Develop a taste for Made-in-Ghana goods to boost cedi – Economist to Ghanaians

Ghana News
Economist, Professor Eric Osei Assibey has called on Ghanaians to develop a taste for locally manufactured goods as a means of stalling the cedi depreciation. According to him, without shifting away from imported goods, the country will continue to lose much needed dollar bills which will drive the demand for the dollar up consequently leading to the cedi depreciating further. Speaking on JoyNews’ PM Express Business Edition, he explained that this is a measure that could be used to stabilize the cedi for a short period while the government implements other policy measures for long term effects. “I think this is the time that all Ghanaians have to realize that we need to shift away from imported products. Immediately we have to begin to look within, our tastes and preferences sho...
‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’

‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’

International, World News
The International Monetary Fund (IMF) has predicted a tough 2023 as it cut growth predictions and forecast economic contraction in a third of the world. “The worst is yet to come,” the global financial institution’s World Economic Outlook report said. “For many people 2023 will feel like a recession,” it added. A downward revision of the global growth rate for 2023, from the amount the IMF said it expected in July, has been made in the report. Now, 2.7% growth is expected next year. It’s down from the 6% growth experienced last year and the 3.2% growth forecast for this year. This is the “weakest growth profile” since 2001, excluding the acute phase of COVID-19 pandemic and the global financial crisis, the IMF said. It reflects “significant slowdowns” for ...
Japan urges its young people to drink more to boost economy

Japan urges its young people to drink more to boost economy

World News
Japan's young adults are a sober bunch - something authorities are hoping to change with a new campaign. The younger generation drinks less alcohol than their parents - a move that has hit taxes from beverages like sake (rice wine). So the national tax agency has stepped in with a national competition to come up with ideas to reverse the trend. The "Sake Viva!" campaign hopes to come up with a plan to make drinking more attractive - and boost the industry. The contest asks 20 to 39-year-olds to share their business ideas to kick-start demand among their peers - whether it's for Japanese sake, shochu, whiskey, beer or wine. The group running the competition for the tax authority says new habits - partly formed during the Covid pandemic - and an ageing population have led to ...
African Peer Review disappointed in Ghana’s downgrade

African Peer Review disappointed in Ghana’s downgrade

Africa News, Ghana News
The African Peer Review Mechanism (APRM) has expressed disappointment at the recent downgrade of Ghana's economy by two international credit ratings agencies. The APRM, which has the mandate from the African Union (AU) Assembly to support African countries in the area of credit ratings, said ratings actions by Standard and Poor's (S&P) and Fitch was unnecessary and risked worsening the confidence decline in the economy. In a statement reacting to the actions of the agencies, the continental body described the downgrades as one of the "unjustified negative rating actions in Africa since the beginning of 2022." It said the actions were "unwarranted and contrasting the continent’s economic recovery efforts from the devastating impact of the Covid-19 pandemic. "This is compoun...
E-Levy yields GH¢93.7m in 2 months

E-Levy yields GH¢93.7m in 2 months

Ghana News
The government mobilised GH¢93.7 million revenue from the Electronic Transfer Levy (E-Levy) in the first two months of implementation. The amount, mobilised in May and June this year, was about 93.59 percent lower than the GH¢1.46 billion target set in this year’s budget. Due to this, the government has revised the revenue target for the levy from the initial annual projection of GH¢6.96 billion to GH¢611 million in the Mid-Year Fiscal Policy Review released last Tuesday. From the revenue side, data from the fiscal policy review indicated that the lower-than-targeted outcome reflected the performance of almost all the revenue lines. “Total revenue and grants consisting of domestic revenue, tax revenue and other major revenue lines churned out lower than projected, after yieldi...
With discipline, we’ll overcome economic challenges – Ofori-Atta

With discipline, we’ll overcome economic challenges – Ofori-Atta

Ghana News
The Minister of Finance, Mr Ken Ofori-Atta, has assured that the government remained focused on driving the economy out of the current economic challenges. He said the government has a track record of navigating its way around the challenges and thus called on the citizens to have faith for a quicker return to stability. The minister said the government was prioritising fiscal discipline, which involved sticking to agreed targets, cutting expenditures when revenues are underperforming and ensuring prudent spending to get value for money. Presenting his sixth in the row mid year budget review to Parliament Monday (July 15, 2022), Mr Ofori-Atta sought to rally the nation behind the government in a march against the grueling high cost of living that is manifesting in soaring price j...

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