Browsing: Economy and Finance

Bank of Ghana (BoG) has proposed using hardware wallets for its central bank digital currency (CBDC) dubbed ‘eCedi.’ The bank intends to make eCedi available for those who do not have a bank account or even internet access.

Lack of quorum in Parliament for the second time in seven days has resulted in delay for approval of two major loan agreements within two weeks.

The experts says, it is a matter of the government being disciplined with it’s expenditure. Although, some economists and financial analysts have advised the government to go to the International Monetary Fund (IMF) for a bailout to restore credibility to the economy and debt sustainability, the government have proofed adamant.

The unexpected windfall could go a long way to help government cushion consumers from sharp price hikes that have characterized the cost of fuel at the pumps in the past months.

I can tell you that people have begun to restrict their mobility because of the high fuel prices. We are here because of our continuous propaganda

It is this approach to policy making in the sector which has largely negated any serious results (if possible) from major interventions in the sector over the past five years and frankly not necessary in a sector as critical as agriculture with several stakeholders.

The Chamber fears a shortage in fertilizer supply is imminent which could also create rising food costs.

Fitch Ratings in a podcast said Ghana’s international reserves position has become very reliant on Eurobond issuance. Indicating that, Ghana is not in a situation where the government needs to constantly roll over hard currency debt or whose debt market is wholly reliant on non-resident investors. In supporting the Fitch’s position, the University of Ghana economist noted that, a careful look at the template that Ghana sent to the IMF in 1965 under the watch of Dr Kwame Nkrumah, which is a reflection of what has been happening over the years, there’s only one thing left which is keeping us from going to the IMF right now and that has to do with the depreciation of the cedi.

The c protested the reduction in benchmark value from 50 percent to 30 percent by the government saying it will result in high production cost and affect cement prices.

The Russia-Ukraine invasion induced unprecedented spike in crude oil and gas prices is troubling many economies. This, coupled with the escalating U.S dollar exchange rate to the local currency (Cedi) threatens petroleum products supply in the country.