Browsing: Economy and Finance

The caution comes at the time, the global economic frontiers are committing to the Energy Transition (ET) agenda strongly as majority of the economies set to meet net zero carbonisation by 2040.

This is based on the fact that, within the past two weeks; the World Bank Group, International Monetary Fund (IMF), African Development Bank and other regional block institutions have consistently warned against food crisis in Ghana, Africa and other part of the world, especially the developing countries.

“There ought to be a shift in thinking by African leaders to realize that the problems they are facing individually as a country and collectively as a continent can only be solved by ourselves. I have seen a number of my brothers in this continent as leaders who go to beg with a bowl to the West and say they need help. I get puzzled and pissed at the same time. Look, the gentleman is kneeling with a bowl to the west but he has minerals, plenty which he is giving out for free through criminal tax concessions. Is that right? No, we must be serious with ourselves and safeguard our endowments. I call such people criminals,” Kagame said while causing laughter in the Congo Brazzaville Parliament.

The Deputy Employment and Labour Relations Minister has explained the rationale behind the Civil and Local Government Staff Association of Ghana (CLOGSAG’s) demand for government to pay them a neutrality allowance.

According to the chamber, per the current law, salaries that are paid via mobile money would attract the 1.5% charge, whereas salaries paid through banks will not attract any E-levy. They described such move as discriminatory.

In its latest World Economic Outlook report, the Fund said the Ghanaian economy will expand by 5.1% in 2023, 0.1% lower than the 2022 forecast, whilst it return to the pre-pandemic levels of 7.5% in 2027.

World Bank has indicated that, the world faces a “human catastrophe” from a food crisis arising from Russia’s invasion of Ukraine. The Bank is worried at the rate in which food prices are rising, saying it would push hundreds of millions of people into poverty and lower nutrition, if the crisis continues

IMF’s April 2022 Fiscal Monitor also revised its forecast of an end year inflation of 16.3% from an initial forecast of 8.8%. This means the country will miss the Bank of Ghana target of 8%+\-2. It indicated that, the rising inflation has been triggered by higher commodity prices such as crude oil and cereals as a result of the Russia/Ukraine conflict.

Looking into Ghana’s fiscal position following increased spending on health and household support due to COVID-19 pandemic, Ghana’s fiscal deficit would widen to an estimated 11.3% in 2021. This is well above historical level

We are quite sure that, in the next month or two, we would be able to export the Doré gold that we have acquired and once that is refined, it could become part of our gross reserves”, disclosed by the Governor of the BoG, Dr Ernest Addison.