Browsing: Economy and Finance

The number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year. This comes at the time of heated controversy surrounding the introduction of Electronic Transactions Levy which will have every MOMO transactions exceeding GHC300 to be taxed 1.75%.

Currently, out of the over 11 million workers in the country, less than 2 million of them are active SSNIT contributors, leaving about nine million workers not registered on any pension scheme. Indicating that, the informal sector dominates the yet to be registered fraction.

The senior economist with databank indicated that, checks from some forex bureaus and commercial banks show that the cedi is gaining marginal strength against the dollar as at the time of interview, last week, as the local currency was trading averagely at GH¢7.84 to the dollar on the retail market, compared to about ¢8.06 couple of days before the Central bank’s announcement last week. However, the Bank of Ghana pegs the cedi to the dollar at ¢7.112 (mid-rate).

President Nana Addo Dankwa Akufo-Addo, who made the declaration, said empowering vocational and technical educational institutions would help produce market-ready graduates.

Dr. Cassiel Ato Forson, Ranking Member on the Finance Committee in Parliament, has cautioned the Bank of Ghana (BoG) against using the country’s net reserves to salvage the current economic crisis.

The Bank believes that, the combined package of tightening, a policy rate hike that will raise the real policy rate despite accelerating inflation, along with the withdrawal of significant Cedi liquidity from the domestic market, should have a significant impact on the currency, providing a near-term reprieve from Cedi depreciation. A simultaneous announcement that Ghana plans to borrow US$2 billion through the syndicated loan market in order to replenish its foreign exchange (FX) reserves, should further boost sentiment, helping to stabilise the currency

In spate of escalating exchange rate between the local currency (Cedi) and other major foreign trading currencies, especially the U.S dollar, government plans to build up the international reserves with US$2.0 billion.

Data available to the African Cashew Alliance (ACA), however, shows that from an export range of between 110,000 and 120,000 tons in 2020, Africa’s cashew kernels export into Europe increased to between 140,000 to 170,000 tons, representing 11% of the EU kernel market, in 2021.

U.S. Ambassador Stephanie S. Sullivan last week announced new co-investments by the U.S. Agency for International Development (USAID) totaling $4.2 million with five companies operating in Ghana.

Besides mobile money, several factors have contributed to the emergence of e-commerce in Ghana chief among which is the level of internet penetration. According to Kepois, a social media research organization, internet penetration in Ghana is among the highest in the West African sub-region.