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Ghana’s inflation rate jumps further to 29.8%

Ghana’s inflation has gone up again, rising to 29.8 percent in June 2022. This is up from 27.6 percent recorded in May 2022, according to the Ghana Statistical Service (GSS). The consumer price index for June was 167.7 relative to 129.2 in June 2021. The month-on-month inflation between May 2022 and June 2022 was 3 percent. Food inflation stood at ...

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Nigerian businesses turn to solar as diesel costs bite

Nigeria’s solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa’s biggest oil producer look for alternative power sources after the cost of diesel soared locally due to rising global oil prices. Supply constraints could, however, hamper their ability to capitalize on the trend, with some saying they have begun to turn away customers ...

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Environmentalists sue Dutch airline KLM for ‘greenwashing’

Environmental groups are suing Dutch airline KLM, alleging that adverts promoting the company’s sustainability initiative are misleading. The groups say it’s the first lawsuit to challenge the so-called airline industry “greenwashing”. They argue that KLM adverts and their carbon-offsetting scheme create the false impression that its flights won’t make climate change worse. But KLM says the company’s statements are “based ...

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Running to IMF a lazy approach, gov’t must apologise to Ghanaians – CPP

The Convention People’s Party (CPP) has described going to the International Monetary Fund (IMF) for support as a lazy approach. In a statement, the party also said the move was a short-term measure. “Ghana has gone to the IMF for a bailout 17 times and does the Akufo-Addo and Bawumia Government believe this 18th time would create the magic wand ...

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OPEC’s Barkindo says Venezuelan, Iranian oil could ease energy crisis

The oil and gas industry is “under siege” due to years of under-investment, OPEC Secretary-General Mohammad Barkindo said today, Tuesday, July 5, 2022, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow. Years of sanctions have limited supplies from Iran and Venezuela. In addition, the West has imposed sanctions on ...

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Finance Minister to present mid-year budget review on July 13

The Minister for Finance, Ken Ofori-Atta, is programmed to present the mid-year budget review to Parliament on 13th July 2022. According to the Majority Leader, it is possible that the Minister will table a request for the approval of supplementary estimates. The presentation will come as Ghana prepares to head back to the International Monetary Fund for a bailout. Indications ...

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BREAKING: Ghana heads to IMF

President Akufo-Addo has directed the Finance Minister, Ken Ofori-Atta, to begin formal engagements with the International Monetary Fund, for an economic support. A statement signed by the Information Minister, Kojo Oppong Nkrumah, and dated July 1st, 2022 indicated that there had already been a conversation between the IMF boss, Kristalina Georgieva and President Akufo-Addo. conveying the government’s decision to engage ...

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TUC cautions gov’t against going to IMF

The Trades Union Congress (TUC) has asked the government not to go to the International Monetary Fund (IMF) for support. Secretary-General of the TUC, Dr Yaw Baah said the IMF is not the solution to the challenges facing the country. He told TV3’s Daniel Opoku in an interview on Wednesday, June 29 that Ghana has been to the Bretton Woods institution sixteen ...

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BoG strengthening its fraud monitoring activities – Report

The Bank of Ghana (BoG) has said it is strengthening its fraud monitoring activities and enforcement of required internal controls and risk governance within banks, SDIs, EMIs and other regulated entities. As part of the measures, the Central bank has issued a notice to the public, banks and other regulated entities on the usage of the Ghana Card as the ...

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Government will withdraw e-levy if it’s not helpful – Kwaku Kwarteng

The Chairman of Parliament’s Finance Committee, Kwaku Kwarteng, says should the government assess that the e-levy is not a helpful policy, it will be withdrawn. His comment comes on the back of a tweet by a leading member of the New Patriotic Party (NPP), Gabby Otchere-Darko, which said the e-levy is not living up to government expectations. He disclosed that ...

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