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The Bank of Ghana’s data indicates, it secured GH¢470.4 million for the debt instrument, about 76% less than the targeted amount.

The domestic debt is a component of the total debt stock which stood at GH¢391.9 billion (equivalent of US$ 55.1 billion) as of March 2022, data from the Bank of Ghana indicate.

The Monetary Policy Committee (MPC) during its press conference indicated that, it observed that execution of the budget for the first quarter was broadly in line with targets although there was a minor deviation in the deficit target, stemming largely from low revenue receipts.

The economist opined that, the Central Bank maybe misdiagnosing the problem. He said, the increase in the BoG policy rate is in response to risk to the economy; high inflation, weak financial inter-mediation and fiscal stress, which is expected to trigger lending rate hike.

The improvement in export earnings was attributed to crude oil and non-traditional exports. Crude oil export receipts recorded significant growth of 61.0 per cent to US$1.9 billion, due to price effects, while gold exports improved by 3.6 per cent, also supported by price effects.

This has therefore lay bare the inflation targeting regime of the central bank, which it uses to control economy in terms of currency exchange rate and rate of economic growth, to criticisms by some economists as to whether it real works the magic or it is a ‘try your luck’ theory.

The MPC need to decide on the current policy rate, which stands at 17%. The policy rate, which influences interest rates for individuals and businesses, is also used as a tool to curb inflation in the country.

Some economists have predicted that, the MPC bimonthly review of the economy will ‘sweat’ to arrive at policy recommendations that balance its mandate to tame the unprecedented inflation spike, manage liquidity issues, and growing the economy. 

This is the first time that an Italian representative has been honoured in the Business Leadership category. On the same evening, Italian Prime Minister Mario Draghi received the Distinguished International Leadership Award.

The chamber is threatening to embark on a strike followed by a demonstration if the ministry does not the minister does not resign.