The rate of depreciation of the Ghana cedi has slowed down, as the local currency went down by a little above 0.20% to the dollar the whole of last week. This will come as good news to businesses, importers and consumers who are worried about the rapid decline in the value of the local currency. The cedi has, however, lost 14.44%...
Prof Peter Quartey, the director of the Institute of Statistical, Social and Economic Research (ISSER) has attributed the recent sharp depreciation of the Ghana Cedi mainly to unnecessary speculation on the market. Bloomberg last month rated the Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Cedi to the Dollar at 8.86% between 1 January 2022 and 25 February 2022. Talking...
Analysts fear impact on economy in case of mass exit Offshore investors’ participation in the equities market as of February-ending remains at 80 percent of trading, a situation some analysts fear may have negative impacts on the local economy if there is a mass exit due to unfavourable market conditions. Following announcement of the proposed 1.75 percent levy on electronic (E-levy)...
The Ghana cedi has again suffered a worrying rate of depreciation in just a week into March this year, a Joy Business report has said. According to the portal, the rate of the cedi’s depreciation against the US Dollar doubled to 14.21 percent in the first week of March since the start of 2022. This comes after the local currency earlier recorded a...
There are new technologies everywhere. These are unleashed on the world almost on a daily basis. It is meant to make lives worth living because it makes things easier to deal with. Difficult tasks are simplified and the speed at which one gets results is hastened. It has cut a lot of cost of doing things and brought in its...
The national year-on-year inflation rate has increased to 15.7% in February 2022, which is 1.8 percentage points higher than the 13.9% recorded in January 2022, the Ghana Statistical Service (GSS) has said. Professor Samuel Kobina Anim, the Government Statistician said this is the highest figure recorded since 2016. Month-on-month inflation between January 2022 and February 2022 was 2.4%. According to the GSS, three divisions (housing,...
The Bank of Ghana (BoG) has cautioned the public about an impending launch of a cryptocurrency named “Freedom Coin” in Ghana.” It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin,” the bank said. In line with notice NO.BG/GOV/SEC/2018/02 issued on 22nd January 2018, which can be found on...
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has called on women to leverage opportunities that digitisation provides – as she says this is a sure way of bridging the gender equality-gap and increase their participation in economic activities. Speaking on the theme ‘Women as Builders of Digital Economies in Ghana – A Call to Action to Close...
The Board of Directors of United Bank for Africa (Ghana) Limited (UBA Ghana) has appointed Mr. Chris Ofikulu as the new Managing Director/Chief Executive Officer of UBA Ghana. He replaces Mr. Olalekan Balogun. Chris comes on board with over 30 years’ banking experience, of which 28 years has been in Business Development. Prior to his appointment as MD/CEO of UBA Ghana,...
The downgrade of some local banks by Fitch Rating Agency has led analysts to raise concerns about its possible impact on the wellbeing of banks, owing to the quantum of credit extended to the central government and its agencies. Fitch, in February, assigned Ecobank Ghana Limited (EGH) – the nation’s second-largest bank – a Long-Term Issuer Default Rating (IDR) of...
