Business

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. This would be the 3rd consecutive monthly rise in inflation …

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 imports of Ukrainian grain. The Commission, which oversees EU trade …

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 three months of 2023 was primarily driven by strong government …

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 program.According to him, mining firms accounted for about 80% and …

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, urging customers to use digital payment options. The PowerApp enables …

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. Speaking on what corporates and individuals can do to cope …

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. Furthermore, as a consequence of their actions, the Bank of …

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 food security target through the planting for Food and Jobs. …

According to the Ghana Statistical Service, Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022. The key drivers of this GDP growth in the first quarter of 2023 were the sub-sectors of Public Administration, Defense & Social Security, Health, Education, and Information & Communication. Notably, these …

The Producer Price Inflation (PPI) went down by 4.0% in May 2023 to 30.3%, data from the Ghana Statistical Service revealed. The month-on-month change in the PPI between April 2023 and May 2023 was however -2.7%. The PPI in the industry-less construction sector decreased to 32.5% in May 2023, from 37.1% in April 2023. The rate in the construction sector …