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Author Archives: Mawuli Tsikata

BoG, GSS forged inflation and exchange rate data – Bawumia

Dr. Mahamadu Bawumia

Former Deputy Governor of the Bank of Ghana (BoG), Dr. Mahamudu Bawumia has accused the Central Bank and the Ghana Statistical Service (GSS)  of forging the recent data on inflation and  exchange rate. He accused the BoG of creating a false impression that the exchange rate data has remained fixed over the last three months. In a statement, Dr. Bawumia ...

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VRA to sack 700 workers

More than 700 workers of the Volta River Authority (VRA) are expected to be laid off in October this year.The affected staff work in the non-core business departments of the VRA, which have been restructured.The non-core business departments of VRA are Real Estate or Town Management, Akosombo International School and the Akosombo Hospital.The VRA workers stated that they were not ...

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Infograph: Cedi sees some stability

Monday, August 4th was exactly 6 months since the Bank of Ghana introduced the new foreign exchange rules. Citi Business News analysis shows that the cedi has in the past one month seen some recovery and begun to appreciate against some major currencies. This is based on data provided by the Bank of Ghana. The cedi has depreciated by about 27 percent ...

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Cedi redenomination was an “illusion” – Dr. Kwakye

A senior Economist at the Institute of Economic Affairs (IEA), Dr. J. K Kwakye has described the redenomination of the cedi in 2007 as an “illusion”. The erstwhile Kufuor administration carried out a cedi redenomination exercise in 2007. Government, at the time said the purpose of the exercise was to address past episodes of high inflation rates and other economic ...

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Cocoa loan, bond unlikely to revive cedi

As the central bank pins its hopes on the cocoa syndicated loan and Eurobond issuance to break the fall of the local currency, David Brocke, Director, Risk Assurance, of PwC, believes inflows from the two loans, estimated at US$3billion, will do little to assuage the pressure on the cedi. The cedi has depreciated by 27 percent this year as shortage ...

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Local investors out-muscled in PPPs

Local investors have had to play second-fiddle to their foreign counterparts in the financing of huge infrastructure projects under government’s Public Private Partnership programme. This is attributable to the inability of local investors to mobilise the huge funds required for these big-ticket transactions. Rashid Pelpuo, Minister of State responsible for government’s PPP initiatives, said in an interview that the PPP ...

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[Infograph] Does petrol price reflect changes in crude and cedi value?

Following the introduction of the automatic adjustment formula for the pricing of petroleum products, the average commuter has had to pay much more on transportation cost at least every two months. A review of the prices is done every two weeks. In 2014 alone, the regulator National Petroleum Authority has maintained the price of petrol nine times while increasing the ...

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Agric sector leads in GDP growth for 1st quarter

Ghana’s Minister of Finance, Seth Terkper has revealed that the nation’s agricultural sector led in the growth of the country’s Gross Domestic Product (GDP) for the first quarter of 2014. This was made known by the Minister during a presentation of the nation’s mid-year budget review in Parliament on Wednesday. According to him, Ghana’s “GDP grew by 6.7 percent in ...

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Exporting more can halt cedi depreciation – Fiifi Kwetey

Former Minister of State at the Presidency in charge of Financial and Allied Institutions, Fiifi Kwetey has said Ghana’s present economic challenges provide an opportunity for exporters to profit by exporting more. This he said will not only help profit the local exporters but help halt the decline of the cedi. According to him, even though the rapid depreciation of the Cedi is creating difficulties for ...

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CAL Bank secures US$ 28.5 million

CAL Bank Limited today signed a US$ 28,543,200 Tier 2 Capital Credit Agreement with Societe De Promotion Et De Participation Pour La Cooperation Economique S. A.(PROPARCO), the French government development finance institution. PROPARCO, a long-standing debt financier of CAL Bank, acquired a 6.86% stake in CAL in June 2012. The agreement was signed by of Mr. Frank Adu, Managing Director ...

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