Accra, Ghana – October 9, 2023 The Liquefied Petroleum Gas (LPG) Marketers Association of Ghana is warning of a potential gas shortage beginning next week, attributing the crisis to current LPG reserves and new import regulations introduced by the National Petroleum Authority (NPA). Vice President of the association, Gabriel Kumi, spoke to Joy Business, revealing […]
Ghana Cedi Shows Signs of Recovery Against Major Currencies
Accra, Ghana – The Ghana cedi experienced a slight recovery against the US dollar and other major foreign currencies last week, following the announcement that the country had achieved a significant participation rate from Euro bondholders in its efforts to restructure $13 billion of international debt. Additionally, the International Monetary Fund (IMF) reached a Staff […]
Ghana’s Year-on-Year Inflation Rises to 21.5% in September 2024
The year-on-year inflation for September 2024 has risen to 21.5%, up from 20.4% in August, according to the Ghana Statistical Service (GSS). The increase is largely attributed to a surge in food inflation, which jumped to 22.1% from 19.1% in the previous month. While food inflation saw a significant rise, non-food inflation experienced a slight […]
Fitch Solutions Predicts Economic Growth for Ghana to Reach 5.5% in 2024
Fitch Solutions forecasts that Ghana’s economic growth will rise from 2.9% in 2023 to a three-year high of 5.5% in 2024. Recent data from the Ghana Statistical Service indicates that the economy expanded by a robust 6.9% year-on-year in the second quarter of 2024, building on a solid 4.8% growth recorded in the first quarter. […]
Ghana Cedi Experiences Significant Depreciation Against Major Currencies
The Ghana cedi has faced a notable depreciation of 24.3% against the US dollar on the interbank forex market as of September 2024, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana. This decline is slightly higher than the 22.9% depreciation recorded during the same period last year. […]
LPG Shortage Hits Parts of Ghana, Long Queues Reported in Greater Accra
Parts of the country are grappling with a shortage of Liquified Petroleum Gas (LPG), with long queues forming at several LPG stations across the Greater Accra region on Thursday, September 26, 2024. The LPG Marketers Association of Ghana has warned that the shortage could worsen if supplies from Bulk Oil Distributors (BDCs) are not replenished […]
Ghana Ranks 4th in Sub-Saharan Africa for Digital Bank Account Growth, Says Fitch Solutions
Fitch Solutions has revealed that Ghana ranks 4th in Sub-Saharan Africa for digital bank account growth, with a significant increase of over 40% between 2011 and 2022. Despite this progress, the country still trails behind global peers in terms of digital banking penetration. The growth in Ghana’s digital bank account ownership, which includes mobile money […]
Ghana’s Economy Surges 6.9% in Q2 2024, Marking Strongest Growth in Five Years
Ghana’s economy expanded by 6.9% year-on-year in the second quarter of 2024, marking the fastest growth rate in five years, according to a report released on Wednesday by the country’s statistics agency. This surge, driven by key sectors such as mining, oil, and industry, signals a significant recovery for the West African nation, which has […]
CalBank to Host Third Business-to-Business Engagement in Turkey, Aiming to Expand Ghanaian Businesses Internationally
Accra, Ghana – CalBank is gearing up to host its third annual Business-to-Business (B2B) engagement, providing Ghanaian businesses with an opportunity to expand into international markets. This year’s event will take place in Turkey, offering participants a platform to explore new markets, form strategic partnerships, and unlock global business opportunities. Building on the success of […]
The Impact of Crude Oil Dependency on Nigeria’s Economy
In the first quarter of 2024, Nigeria’s trade performance showed a robust surplus, heavily influenced by the country’s crude oil exports. According to the latest foreign goods trade data released by the National Bureau of Statistics (NBS), crude oil exports accounted for a significant 80.80% of Nigeria’s total export figure. The NBS report revealed that […]