Ghana's Economic Downturn: Cocoa Production Falls in Fourth Quarter
Recent economic data has revealed troubling signs for Ghana as the country’s economic growth slowed down significantly in the last quarter of 2023. The growth rate plummeted to an annualized 2.9% during this period, marking a stark decline from the previous quarter's robust expansion of over 9%. This contraction can be largely attributed to a notable drop in cocoa production, a cornerstone of Ghana's economy and its largest export.
Continue reading
Ghana's New Central Banker Pledges Proactive Approach to Combat Inflation
In a fresh initiative to counter the escalating inflation in Ghana, the newly appointed central bank governor has pledged a vigorous and proactive strategy to stabilize the nation’s economy. The announcement comes amid a backdrop of rising consumer prices that have raised concerns about the economic well-being of Ghanaians.
Continue reading
Ghana Engages in Crucial Talks with IMF to Fine-Tune Economic Recovery Program
In a significant development for Ghana’s economic landscape, President Nana Addo Dankwa Akufo-Addo announced that the nation is currently in discussions with the International Monetary Fund (IMF) to refine its economic recovery program. This dialogue arises as Ghana grapples with a severe economic crisis, characterized by increasing inflation rates and a struggling currency.
Continue reading
Ghana Celebrates Historic Trade Surge as Gold Exports Propel $5 Billion Surplus
In a remarkable shift for its economy, Ghana has achieved its first trade surplus in over a decade, reaching an impressive $5 billion. This new economic milestone has been primarily fueled by a significant increase in gold exports, highlighting the country's pivotal role in the global gold market.
Continue reading
President-Elect of Ghana Pledges Gradual Reforms Under IMF Guidelines
In a significant declaration that aims to reassure citizens and stakeholders alike, Ghana's newly elected president has outlined a commitment to implementing gradual reforms as part of an agreement with the International Monetary Fund (IMF). The agreement, which is pivotal to the nation’s economic recovery plans, seeks to stabilize the economy while avoiding drastic austerity measures that could lead to further public discontent.
Continue reading
Ghana's Economic Growth Reaches New Heights: Fastest Growth Since 2019
Ghana's economy has experienced a remarkable surge, achieving its fastest growth rate since 2019, according to recent data from the Ghana Statistical Service. The economy expanded by 7.0% in the third quarter of 2023, a significant increase compared to the 4.0% growth recorded during the same period last year. This upward trend reflects the recovery from the severe economic disruptions provoked by the global pandemic and subsequent challenges.
Continue reading
Bank of Ghana Holds Interest Rates Steady Amid Rising Inflation Concerns
The Bank of Ghana has decided to keep its benchmark interest rates unchanged as it grapples with surging inflation that has prompted concerns across the economy. In its latest policy announcement, the central bank underscored the delicate balance it must maintain in managing both economic stability and controlling inflationary pressures.
Continue reading
Ghana's Presidential frontrunner Proposes Major Changes to $3 Billion IMF Deal
In a bold move that could significantly reshape Ghana's economic landscape, the leading candidate for the presidency, Dr. Mahamudu Bawumia, has expressed intentions to renegotiate the country's $3 billion loan agreement with the International Monetary Fund (IMF). With the general elections approaching in December, Bawumia's proposal aims to address key issues faced by the nation amid economic challenges.
Continue reading