Inflation for May 2024 has dropped significantly to 23.1%, down from 25.0% in April 2024, marking a 1.9 percentage point decrease. According to the Ghana Statistical Service, food inflation contributed to the overall decline, recording a rate of 22.6% compared to 26.8% the previous month. However, non-food inflation saw a slight increase, rising to 23.6% […]

The Bank of Ghana (BoG) has announced that it will maintain its Monetary Policy Rate (MPR) at 29% for the second time this year. This decision was made by the Governor of the Bank of Ghana, Dr. Ernest Addison, during the 118th monetary policy announcement on Monday, May 27, 2024.   Dr. Addison explained that […]

The Ghana Federation of Traders has issued an ultimatum to the government, demanding measures to lower the exchange rate from GH¢15 to GH¢10. The federation, comprising eight groups, argues that the cedi’s depreciation is eroding their capital and threatening their businesses.   Eric Kwaku Boateng, Chairman of the Ghana Federation of Traders and President of […]

The government has announced the approval of GH¢2.3 billion for the restructuring and recapitalization of the National Investment Bank (NIB). The first tranche of GH¢400 million is expected to be transferred to the bank by the end of May 2024.   Announcing the approval at the Ministry of Finance’s monthly briefing, Dr. Mohammed Amin Adam […]

Hundreds of tomato traders in Accra Central have protested against what they describe as an unfair reduction in the size of wooden crates used for packaging tomatoes.   The traders, primarily women, claim that the reduction in crate size, coupled with recent price hikes, is threatening their livelihoods. They argue that the smaller crates contain […]

Julie Kozack, Head of Communications at the International Monetary Fund (IMF), has commended the Bank of Ghana (BoG) and the government for their notable progress in advancing the nation’s comprehensive debt restructuring efforts. Speaking during a press conference, Ms. Kozack highlighted that the government’s robust policy adjustments under the program were yielding positive results, with […]

K. T. Hammond, the Minister of Trade and Industry, has directed the Cement Manufacturing Development Committee (CMDC) to instruct Ghanaian cement manufacturers to immediately halt the increase in cement prices.   The Minister also requested that all cement producers in the country publish their retail prices to curb the ongoing arbitrary price hikes. He reiterated […]

The Centre for Environmental Management and Sustainable Energy (CEMSE) has sounded an alarm regarding the decline in profitability of the Ghana Oil Company Limited (GOIL).   In response, the Executive Director of CEMSE, Benjamin Nsiah, urged the two primary shareholders – the Social Security and National Insurance Trust (SSNIT) and the Bulk Oil Storage and […]

According to government statistician Professor Samuel Kobina Annim, Ghana’s inflation rate slightly decreased to 25.0% in April, marking a decline of 0.8 percentage points from the 25.8% recorded in the previous month.   This drop in inflation was primarily attributed to a slowdown in food inflation, which decreased from 29.6% in March to 26.8% in […]

The Bank of Ghana (BoG) has reaffirmed its commitment to closely monitor and regulate financial institutions within the country to uphold the stability and integrity of the banking sector.   According to the Central Bank, maintaining oversight in the banking industry is essential for mitigating risks and fostering confidence in the financial system.   Speaking […]