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Ghana Economy

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Ahafo

Bank of Ghana Appoints Three Advisors to Strengthen Monetary Policy Committee

The Bank of Ghana (BoG) has appointed three distinguished economists as advisors to its Monetary Policy Committee (MPC). This strategic move aims to enhance the committee's capacity in formulating effective monetary policies amidst evolving economic challenges. The Newly Appointed Advisors Dr. John Kwabena Kwakye: Currently serving as the Director of Research at the Institute of Economic Affairs (IEA), Dr. Kwakye brings a wealth of experience in economic analysis and policy formulation. Professor John Gatsi: As the Dean of the University of Cape Coast Business School, Prof. Gatsi is renowned for his expertise in finance and economics, contributing significantly to academic and policy discourse in Ghana. Dr. Priscilla Twumasi Baffuor: A Senior Lecturer at the University of Ghana's Department of Economics, Dr. Baffuor specializes in development economics and has been instrumental in research on economic growth and policy development. These appointments […]

Ahmad May 21, 2025

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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

Ghana cedi named world’s best-performing currency by Bloomberg

Ghana's cedi has recently garnered international attention by being named the world's best-performing currency in April 2025, appreciating nearly 16% against the US dollar, according to Bloomberg. This significant turnaround marks a notable shift from its previous status as one of the weakest currencies globally. A Remarkable Reversal In 2022, the Ghanaian cedi faced severe depreciation, losing over 50% of its value and ranking among the world's worst-performing currencies. This decline was attributed to unsustainable debt levels, high inflation, and dwindling foreign exchange reserves. The situation prompted the Ghanaian government to seek a $3 billion bailout from the International Monetary Fund (IMF) to stabilize the economy. Economic Recovery and Currency Appreciation The cedi's recent appreciation has had a positive impact on Ghana's economy. Consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest rate […]

Ahmad May 8, 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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Ahafo

Ghana’s inflation falls to 21.2% in April 2025

Ghana's headline inflation rate declined to 21.2% in April 2025 from 22.4% in March, marking the fifth consecutive monthly drop and the lowest level in eight months, according to the Ghana Statistical Service (GSS) . Government Statistician Dr. Alhassan Iddrisu attributed the decline to moderating food and non-food prices, though food inflation remains elevated at 25%, continuing to strain household budgets. The strengthening of the Ghanaian cedi has played a significant role in curbing import-related inflation, with non-food price inflation slowing to 17.9% in April . Despite the annual slowdown, monthly inflation edged up to 0.8% in April from 0.2% in March, signaling potential renewed price pressures, particularly within the food segment. Inflation for locally produced items stood at 22.7%, higher than the 17.7% recorded for imported goods, highlighting internal supply constraints as a key inflation driver. The Bank of […]

Ahmad May 7, 2025

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Greater Accra

Shai Hills Industrial Park: $500M Investment Set to Revamp Ghana’s Economy

Ghana is set to receive a major economic boost with the development of the Shai Hills Industrial Park, backed by a $500 million investment. This initiative promises to transform the nation's economy by attracting industries, creating jobs, and fostering economic growth. The project aims to capitalize on Ghana's strategic location and growing industrial sector, making it a hub for local and international businesses. The Shai Hills Industrial Park is expected to play a key role in the country’s long-term development goals.

Muhammad Saminu April 5, 2025

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General

Ghana Scraps E-Levy and Other Taxes in 2025 Budget

Ghana, 2025 Budget, E-Levy, Tax Reform, Business GrowthIn a significant move, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, unveiled the 2025 budget with a major tax overhaul aimed at easing financial pressures on citizens and fostering business growth. The government has decided to remove several taxes, including the controversial Electronic Transfer Levy (E-levy) and the Betting Tax, which have been major points of contention in recent years.The scrapped taxes include:A 10% withholding tax on lottery winnings (Betting Tax)A 1% E-levy on digital transactionsThe 10% withholding tax on betting activitiesEmissions Levy on industries and vehiclesVAT on motor vehicle insurance policiesA 1.5% withholding tax on unprocessed gold by small-scale minersThese tax removals, originally introduced to expand the government’s revenue base, are now being reversed to alleviate financial burdens on households and support business operations. Dr. Forson emphasized that the aim is to […]

Edem 4Style March 11, 2025

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General

Bank of Ghana Seeks GH₵53 Billion Bailout to Address Financial Challenges

In a significant announcement during the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025, Finance Minister Dr. Cassiel Ato Forson revealed that the Bank of Ghana (BoG) is requesting a GH₵53 billion bailout to resolve its financial difficulties caused by negative equity.Dr. Forson highlighted the central bank's dire need for substantial financial support to stabilize its operations and address the ongoing challenges. He explained that the bailout request is critical to help restore BoG’s financial health and ensure it can continue its functions effectively.Fiscal Pressures and Government ArrearsDr. Forson also addressed the wider fiscal challenges the government faces. He disclosed that as of December 2024, Ghana's total arrears had risen to GH₵67.5 billion, equivalent to 5.2% of the country’s GDP. A significant portion of this amount—GH₵21 billion—is attributed to the road sector.The Finance Minister expressed […]

Edem 4Style March 11, 2025

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General

Falling Treasury Bill Rates: What It Means for Ghana’s Economy

Ghana’s Treasury Bill (T-bill) rates have been declining for weeks, offering relief for government borrowing but raising concerns for investors and the broader economy.Despite falling yields, demand for T-bills remains high, as they are one of the few available investment options amid the inactive local bond market. However, the government has rejected over GHS 24 billion in bids to drive rates lower, reducing its debt servicing burden.For investors, lower T-bill returns mean shrinking profits, which could push them toward equities, corporate bonds, or foreign investments. On the other hand, businesses and borrowers may benefit from lower interest rates, making credit more affordable and boosting economic activity.The government is expected to reintroduce long-term domestic bonds in 2025, aiming to restore confidence in the market. However, inflationary risks could impact this strategy, making the coming months critical for economic stability.

Edem 4Style March 6, 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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