Ghana’s balance of payment deficit has more than doubled for the first quarter of 2022
Further indicating that, it do not expect that private investment will meaningfully cushion the negative impact of subdued public infrastructure spending on the market’s construction industry growth, the agency said.
The e-cedi is a digital replica of the Cedi notes and coins which can be redeemed for physical cash and used for varied payments
Development Finance Institutions across Africa have been tasked to beef up efforts to enhance credit rating positions to attract more global investments.
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 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.