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Fiscal Policy

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Ahafo

Bawumia Dismisses NDC’s Claim Over Cedi Gains

Former Vice President Dr. Mahamudu Bawumia has challenged the National Democratic Congress (NDC)'s assertion that their policies have led to the recent appreciation of the Ghanaian cedi. Speaking at the Young Executive Forum in London, Dr. Bawumia emphasized that the NDC has not implemented any concrete policies to influence the currency's performance. Bawumia's Perspective Dr. Bawumia highlighted that the NDC's budget was only passed in March, with no significant expenditures or projects initiated that could impact the cedi's value. He attributed the currency's gains to strategic initiatives undertaken during his tenure, notably the gold purchase program, which increased Ghana's gold reserves from 8.7 tons to 30 tons over two years. This accumulation provided a substantial backing for the cedi, enhancing investor confidence. NDC's Counterpoint In contrast, Finance Minister Dr. Cassiel Ato Forson credited the cedi's appreciation to synchronized fiscal and […]

Ahmad May 20, 2025

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Ahafo

GUTA Applauds Bank of Ghana for Strengthening Cedi, Urges Sustained Economic Measures

The Ghana Union of Traders’ Associations (GUTA) has lauded the Bank of Ghana (BoG) for the recent strengthening of the Ghanaian cedi against major international currencies, attributing this development to effective forex market management and prudent fiscal policies. In a statement released on May 7, 2025, signed by GUTA President Dr. Joseph Obeng and Head of Business & Economic Bureau Charles Kusi Appiah Kubi, the association acknowledged the cedi's consistent appreciation since the beginning of the year. This positive trend has brought relief to the business community, enabling traders to recover some of the capital lost during previous periods of currency depreciation. GUTA emphasized that the cedi's stability has not only bolstered business confidence but also altered market perceptions, reducing the reliance on foreign currencies as a store of value. The association urged the BoG and the government to maintain […]

Ahmad May 7, 2025

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ASHANTI

Mahama Gov’t Borrowed GH¢67bn from T-Bills in Two Months – Gideon Boako

Dr. Gideon Boako, MP for Tano North, has revealed that the Mahama administration has borrowed GH¢67 billion from the Treasury Bill (T-bill) market in just two months.In a Facebook post on March 2, 2025, Boako highlighted the government's heavy reliance on short-term borrowing, raising concerns about its fiscal strategy. He warned that excessive borrowing could drive up interest rates and inflation while limiting private sector access to credit.The revelation comes ahead of Finance Minister Dr. Cassiel Ato Forson’s 2025 budget presentation, where many expect the government to outline measures to reduce dependence on domestic debt and stabilize the economy.The coming weeks will be crucial in determining whether alternative revenue sources will be introduced to ease pressure on the T-bill market and ensure long-term financial stability.

Edem 4Style March 3, 2025

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Ahafo

Mahama Prioritizes Economic Relief for Ghanaians.

Felix Ofosu Kwakye, spokesperson for the transition team of President-Elect John Mahama, has assured Ghanaians that the incoming administration is committed to reviving the economy. Mahama’s priorities include stabilizing the cedi, reducing inflation, and easing financial burdens.At a joint transition meeting, concerns were raised about last-minute recruitments and a controversial GH₵240 million payment involving the ECG. To address these issues, a committee is being formed to ensure transparency in financial decisions.Speaking to the Chinese Ambassador, Mahama emphasized strengthening Ghana-China relations and focusing on sustainable economic growth, despite the challenges of debt defaults and inflation.

Edem 4Style December 13, 2024

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Ahafo

IMF Projects Ghana’s Debt to GDP Ratio Will Reach 83% by end of 2024

The International Monetary Fund (IMF) has projected that Ghana's debt-to-GDP ratio will climb to 83% by the end of 2024, as detailed in its October 2024 fiscal monitor report during the ongoing IMF annual meetings in Washington, D.C. Currently, Ghana's debt stock exceeds GHS 760 million, equating to approximately 75% of GDP.Despite this increase, the IMF forecasts a steady decline in the debt-to-GDP ratio over the next five years, predicting it will drop to 69.7% by 2029. This optimistic outlook is based on anticipated improvements in Ghana's fiscal indicators.In addition to the debt projections, the IMF has maintained its economic growth forecast for Ghana at 3.1% for 2024, which aligns with the government’s end-year target. IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of a “triple pivot” strategy—comprising easing monetary policy, rebuilding fiscal reserves, and implementing structural reforms—to ensure sustainable […]

Edem 4Style October 25, 2024

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