Business

As of July 2023, the inflation rate stood at 43.1% but dropped to 40.1 in the month of August. Professor Samuel Kobina Annim, the government statistician, announced this during a press conference. Statistics however also indicate a decline in food inflation from 55.0% to 51.9% in July. Meanwhile, Non-food inflation has also witnessed a drop from 30.9% to 2.9% and …

The Coalition of Transport Unions and Associations has asked the government to scrap nuisance taxes else they will increase transport fares by 20% in the next 13 days. The Coalition of Transport Unions and Associations earlier threatened to increase transport fares by 20% if the government failed to scrap some taxes from the petroleum price build-up. The National Public Relations …

The recent unannounced visit by Ghana’s Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, to the Passport Office in Accra has brought attention to the issue of overpricing and corruption in the passport acquisition process. The minister expressed her dismay at the extortion of unsuspecting applicants and took action by sacking staff members involved in corrupt practices. The minister …

The Economic Community of West African States (ECOWAS) has condemned attacks by armed groups in Niger which have led to the death of several Nigerien soldiers. On July 27, soldiers, primarily from the presidential guard, seized Niger’s President Mohamed Bazoum, leading to the dissolution of the constitution, suspension of all institutions, and the closure of the nation’s borders. President Mohamed …

The former President of the Chartered Institute of Taxation Ghana and a Fellow of the Institute of Chartered Accountants Ghana, Mike Kofi Afflu, has petitioned the Auditor-General to probe the transfer of GH¢52.5 billion into an unknown account in 2020. According to him, in a letter dated October 5, 2020, from the Audit Service to the Managing Director of GCB Bank Plc, the Auditor-General, …

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 by over GHS4 billion. “In nine out of the 12 …

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 new head office at an alleged amount of $250 million. …

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 …