Business

In 2022, Ghana experienced a significant trade imbalance, as highlighted by the inaugural Trade Vulnerability Report published by the Ghana Statistical Service. According to the report, Ghana’s imports surpassed its exports by GH₵‎4.5 billion, underscoring a substantial economic challenge. The most striking contrast emerged in September, during which imports surpassed exports …

The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a …

Inflation rises for 3rd straight month as Ghana Statistical Services pegs July Inflation at 43.1% Prices of Goods and Service are rising at an increasing rate as the Ghana Statistical Service had pegged the inflation rate for July 2023 at 43.1%, a jump from the 42.5% recorded for June 2023. …

The Director of Research at the Institute of Economic Affairs Dr. John Kwakye has asked Ghanaians to be prepared for higher food prices in the coming days. This is on the back of the European Commission extending until September 15 an arrangement whereby five of Ukraine’s EU neighbors can restrict …

Fitch Solutions has confirmed its position that economic activities in Ghana will get worse before getting better in 2023. This is coming despite the expansion of the economy by 4.2% year-on-year in the first quarter of 2023. According to the UK-based firm, the relatively appreciable growth rate in the first …

The Bank of Ghana has added over 7.70 tonnes of monetary gold to the existing 8.7 tonnes of gold reserves as of June 30, this is according to the Governor of the Bank of Ghana Dr. Ernest Addison He said this has been made possible through the domestic gold purchase …

The Electricity Company of Ghana (ECG) has introduced a cashless system and PowerApp to enhance customer experience. The General Manager of External Communications at ECG, Charles Nii Ayiku Ayiku, shared details during a stakeholders’ engagement with Ghana Private Road Transport Union (GPRTU). Cash payments will no longer be accepted at ECG offices, …

The Head of Corporate and Investment Banking at Stanbic Bank, Tim Mugodi, has emphasized the need to grow the capacity of local industries if the country wants to grow the economy. Mr. Tim Mugodi said this at the 2023 second quarter edition of the Graphic Business/Stanbic Breakfast Meeting in Accra. …

The Bank of Ghana has taken strict action against Fidelity Bank and First National Bank Ghana Limited, imposing a combined penalty of 1000 penalty points each. The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. …

The Ministry of Food and Agriculture says it is working assiduously to make Ghana the lead exporter of Soyabean in the world by 2030. The Ministry projects to achieve this feat through the implementation of strategic measures in the soya bean production value chain ensure that the country meets its …