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IMF to deploy another mission to Ghana in coming weeks

The International Monetary Fund is set to deploy another mission to Ghana in the coming weeks as the country races against time to tie down a bailout programme. In July, a staff mission visited Ghana for initial discussions after the Akufo-Addo administration announced its intentions to head back to the IMF for a bailout. Ghana is seeking a $3 billion ...

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Ghana not benefiting from global fuel price drop due to cedi depreciation – IES

The Institute of Energy Security is predicting an insignificant drop in fuel prices in the Ghanaian market despite the drop in global fuel prices. IES said this would be so if the cedi remains weak against major trading currencies. The crude Oil price has fallen by 4% in recent weeks but unfortunately, the cedi continues to struggle on the forex ...

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Almost 50% of Ghana’s population experiences food insecurity – GSS Survey

Data from the 2022 Annual Household Income and Expenditure Survey has revealed that 49.1 percent of the Ghanaian population was food insecure in the first quarter of the year. This represents 15.1 million of the 30.8 million persons in Ghana. The percentage however dropped by 7 percentage points to 42.1 percent in the second quarter; 13 million of the total ...

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Make prompt payment of royalties to mining communities – Chamber of Mines CEO

The Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Sulemanu Koney, has called on the Ghana Revenue Authority (GRA) and other relevant institutions to ensure that royalties and other funds meant for the direct benefit and development of mining communities are paid on a regular basis into the Minerals Development Fund (MDF). Describing the situation where the release ...

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Govt, BoG must directly address key drivers of inflation – IEA

The Director of Research at the Institute of Economic Affairs (IEA), Mr John Kwakye has said there is a need for the government and the Bank of Ghana (BoG) to directly address the main drivers of high inflation. The drivers are food, fuel and exchange rate, he said. The inflation rate for the month of July 2022 was 31.7 percent, ...

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History Shows Ghana Cedi’s Fall May Extend Even After Rate Hike

Ghana’s currency has dropped for 15 straight weeks and the depreciation may extend, if history is any guide.  The cedi has weakened 36.3% this year making it the world’s worst-performing currency after Sri Lanka’s rupee. A 30-year analysis shows that every time the measure has dropped for 15 straight weeks — there have been 28 such instances in the period ...

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BoG announces emergency MPC meeting over recent economic woes

The Bank of Ghana is convening an emergency Monetary Policy Committee meeting on Wednesday, August 17, 2022, over recent challenges faced by the Ghanaian economy. The meeting according to the apex bank will review developments in the economy over the past month. Some of the issues expected to be discussed are ways to deal with the sharp depreciation of the ...

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Utility tariff increment will only exacerbate current high cost of living – Minority

The Minority in Parliament says the increase in utility tariffs by the Public Utilities Regulatory Commission (PURC) will only exacerbate the current high cost of living. This comes after the PURC announced new tariffs for electricity and water. Utility consumers will pay 27.15 percent for electricity and 21.55 percent for water effective September 1. The Ranking Member on Parliament’s Mines and Energy ...

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Current economic situation one of the toughest I’ve experienced since 1981 – Joe Jackson

Director of Operations at Dalex Finance, Joe Jackson, has described the current economic downturn as one of the toughest he has experienced since 1981. According to him, there is no dispute when it comes to the dire economic situation the country finds itself in and this is especially reflected in Ghana’s interest rates. “The government Treasury bill, 91 days Treasury ...

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Government urged to work with stakeholders to stabilize cedi 

Madam Monica Josiah, Head of Shippers’ Services and Trade Facilitation at the Ghana Shippers Authority (GSA), has called on the government to work in collaboration with stakeholders to redeem the cedi from its present woes. She said it was time the government took effective measures to help stabilise the cedi to build a resilient and robust economy for macro-economic stability. ...

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