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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.

“I had no idea about science. My goal was to transfer and just continue my education. But not in the sciences. I realized it’s difficult to start school so I had to prioritise work. So I worked for like a year, as a cashier at Walmart, and then got a job in 2010 as a Housekeeper in a hospital.”

Parents and guardians who have their wards in Senior High Schools and and the recently graduated BECE candidate and yet to be posted to various SHS are to prepare to pay partial fees as government has announced plans to review the Free SHS policy amidst collapsing economy.

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.

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.

According to GRA, any goods above 300 kilograms would attract a disinfection fee of US$450 from the previous US$20 which commenced on 16th March, 2022. This is in attempt to meet its revenue target for the year.

But, the aggrieved exporters that Economy Times spoke to have described the new directive as very unfortunate and would discourage exports in the country.