BUSINESS NEWS

The cedi lost 19.2% in value to the US dollar in almost seven months of 2022. According to the Summary of Economic and Financial Data by the Bank of Ghana, the local currency went for ¢7.43 to the American ‘greenback’ on the interbank market as of July 22nd, 2022. It …

The Institute of Economic Affairs (IEA) is asking the Monetary Policy Committee of the Bank of Ghana to increase the monetary policy rate by another 100 to 150 basis points to 20 or 20.5 percent.     pic.twitter.com/m9OvRBxzLG — My Ghana Media (@MyGhanamedia2) July 19, 2022   This is ahead …

A Bloomberg study has ranked Ghana 2nd among countries with the highest debt default risk in 2022. The country closely follows El Salvador (ranked number one) in the Sovereign Debt Vulnerability Ranking.   Ghana’s debt to Gross Domestic Product (GDP), according to Bloomberg, is estimated at 84.6% by the end …

The National Petroleum Authority (NPA) as part of its routine exercises has clamped down on some fuel stations in the Western Region that have tampered with their fuel pumps.   The exercise, which is being spearheaded by the Consumer Services Department at the Head Office and the Western regional office …

Most Teacher unions have been on strike over their COLA with many others including health workers threatening to lay down their tools In a statement sighted by MyGhanaMedia.com indicates that  after a back and forth between striking labor unions and government the two parties (the leadership of the labour unions …

The Vice President of Ghana , Dr Mahamudu Bawumia, addressed Ghanaians on the country’s decision to seek economic assistance from the International Monetary Fund (IMF).   He spoke at the Accra Business School on Thursday, July 14, 2022.       Below is the full text of his speech.   …

  The Vice President of Ghana and Head of Economic Management Team,  Dr Mahamudu Bauwmia has said that analysts who say that Covid spending alone cannot be the reason for the increase in Ghana’s public debts are right. He said the banking sector cleanup exercise, as well as the excess …

A new Afrobarometer study has shown that a large majority of Ghanaians oppose the Electronic Transfer Levy (E-levy) because they think “it is a bad idea and will mean a greater tax burden on citizens.” The survey adds that many do not trust that the government will even use the …

The government’s consistent delay in the payment of contractors is further worsening its debt position.   This is according to the Ghana Chamber of Construction industry, which stressed that the government’s non-payment continues to attract penalties which balloon the amount owed them. CEO of the Chamber, Emmanuel Cherry stated that …

The Ghana Chamber of Bulk Oil Distributors has announced the appointment of Dr. Patrick Kwaku Ofori as its new Chief Executive Officer, effective August 1st, 2022. He will be filling the vacancy created by the departure of the Chamber’s founding CEO, Senyo Hosi, who is stepping down after 10 years …