The Minister for Finance, Ken Ofori-Atta has called on the World Bank to be more responsive to the global crises to avert the erosion of gains made in economic growth, poverty reduction, and human development and also increase concessional financing. “We expect the WBG Evolution process to result in increased …
Read More »BoG partners Giesecke+Devrient to pilot general-purpose digital currency in Ghana
The Bank of Ghana has join forces with Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana. G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers …
Read More »Ghana’s debt stock hits GH¢332.4 billion, debt to GDP now 76.6%
Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana. The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May. This saw Ghana’s total public debt as …
Read More »GH¢100 billion Obaatanpa package: Government places youth at centre – Finance Minister
The Minister of Finance, Mr Ken Ofori-Atta, has commenced a series of engagement with the youth across the country aimed at igniting an entrepreneurial spirit for accelerated job creation and financial independence for the nation’s youth The programme is part of efforts to share and urge the youth of Ghana …
Read More »We’ve restored confidence in Ghanaian economy – Akufo-Addo
President Nana Akufo-Addo says within four years, his government has been able to turn around the ailing Ghanaian economy he inherited for good. He said this when he delivered his final State of the Nation address in Parliament on Tuesday, January 5, 2021. This is the last State of the …
Read More »NIC extends recapitalisation deadline to January 2022
The National Insurance Commission has extended the deadline for the recapitalization of insurance companies from June 2021 to January 2022. The extension of the deadline is as a result of the economic impact of the COVID-19 pandemic which has affected all businesses around the world and in the country. The …
Read More »BoG to unwind countercyclical measures in financial sector – Governor
Dr Ernest Addison, Governor of the Bank of Ghana has hinted of plans to undo all countercyclical measures implemented in the financial sector due to the COVID-19 pandemic to allow for the proper functioning of the system. He has, therefore, charged banks to remain vigilant, upgrade staff capabilities and improve …
Read More »Ghana’s economy contracts 1.1% in third quarter 2020
Ghana’s economy contracted by 1.1 per cent year-on-year in the third quarter (July to September) of 2020 compared to the same period in 2019 due to the coronavirus pandemic. In the same period of 2019, the growth was 5.6 per cent. Gross Domestic Product (GDP) growth rate without oil and …
Read More »Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark
Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020. Government is currently under pressure to slow down the rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP …
Read More »Venture Capital recovers monies wrongfully paid to directors, property owners
The Chairman, Public Accounts Committee of Parliament (PAC) Dr James Avedzi Klutse, on Wednesday could not hide his anger when certain names repeatedly came up in connection with wrongful payments from the Venture Capital Trust Fund (VCTF) The chairman urged Mr Yaw Owusu Brempong, Chief Executive Officer (CEO) of the …
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