The Member of Parliament for the Builsa South constituency, Dr. Clement Apaak has challenged the Vice President, Dr. Mahamudu Bawumia to prove his competence in managing the Ghanaian economy by saving the cedi from further fall against major trading currencies. According to him, Dr. Bawumia prior to the New Patriotic Party’s victory in the December … Read more
Minority Member of Parliament for Damango constituency, Adam Mutawakilu has argued that the reduction in public lighting levy and others announced by the Finance Minister is woefully inadequate. He was contributing to the debate in Parliament over the 2017 budget statement. The legislator said: “…the Minister of Energy when he was being vetted…stated that his … Read more
Senior Minister Yaw Osafo Maafo has predicted that the Ghana cedi will stablise within a month after foreign investors have properly studied the 2017 budget. He said investors have withheld dollars because they are waking up to the reality that the economic performance in last quarter of 2016 was poor. “When it turned out that … Read more
Member of Parliament’s Mines and Energy Committee, Adams Mutawakilu, has cautioned government to focus on fixing the depreciating cedi rather than undermining efforts of previous government. “They said they are the good managers of the economy, Vice President Dr Mahamudu Bawumia claimed he knows everything…he should fix it quickly,” he said. Speaking on Joy FM’s … Read more
Ghana’s currency, the Cedi is likely to record high levels of depreciation during the year if the government does not clearly come out with a policy to manage the situation. In January the Cedi depreciated on average against the dollar 0.08% and 0.24% in February. During the first weeks in March 2017, the cedi has … Read more
Senior Minister Yaw Osafo Marfo has stated that some measures are being taken by government to help stabilise the cedi against the dollar and other major international currencies. A dollar is currently equivalent to GHS4.64. Mr Osafo Marfo explained that it will take approximately a month for any positive impact to be felt after government’s … Read more
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result. … Read more
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result. … Read more
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result. … Read more
The depreciation of the local currency against major trading currencies, particularly the US dollar, may erode gains to be made by the proposed abolishing of the 1% Special Import Levy on specified goods and duties on spare parts, a PwC analysis of the 2017 budget has shown. The Finance Minister, Ken Ofori-Atta, presenting government’s 2017 … Read more
Ghana’s currency, the Cedi is likely to record high levels of depreciation during the year if the government does not clearly come out with a policy to manage the situation. In January the Cedi depreciated on average against the dollar 0.08% and 0.24% in February. During the first weeks in March 2017, the cedi has … Read more
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has said the allocation of some 500 million Ghana cedis to the presidency is too high, and cannot be justified. The MP has accused the presidency of defying the country’s austere conditions to allocate a huge amount of 1.5 billion cedis – the highest ever … Read more
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has said the allocation of some 500 million Ghana cedis to the presidency is too high, and cannot be justified. The MP has accused the presidency of defying the country’s austere conditions to allocate a huge amount of 1.5 billion cedis – the highest ever … Read more
Senior Minister, Yaw Osafo Maafo, is certain the three-month streak of the Cedi’s depreciation against the major trading currencies will cease before the end of March. According to him, the current challenge of the local currency is attributable to the poor economy which the National Democratic Congress (NDC) government left behind. Mr Maafo says policy … Read more
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has said the allocation of some 500 million Ghana cedis to the presidency is too high, and cannot be justified. The MP has accused the presidency of defying the country’s austere conditions to allocate a huge amount of 1.5 billion cedis – the highest ever … Read more
Some transport operators in the nation’s capital, Accra have increased their fares, a move that has been caused by an increase in fuel prices. Although there has not been an official confirmation of the hike by the Ghana Private Road Transport Union (GPRTU), the umbrella body for transport operators, Myjoyonline.com’s Austin Brakopowers visited the lorry … Read more
New Patriotic Party (NPP) Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah says the current depreciation of the cedi being experienced in the value of the cedis is not unprecedented. He says the fall in the currency’s value in the first quarter of the year is a recurring problem that happens every year. The value … Read more
The Minority in Parliament has revealed that the Akufo-Addo led government has budgeted over 1.5 billion Ghana cedis for 2017 on Government Machinery. According to the Minority, the 1.5 billion Ghana cedi budgeted by government is unacceptable and contradicts the NPP’s message of moderate spending. NDC MP for North Tongu Samuel Okudzeto Ablakwah who raised … Read more
Economist and Head of Finance at the University of Ghana Business School, Professor Godfred Alufar Bokpin has attributed the cedi’s fall to the weak fundamentals of the economy. According to him, the health of the cedi is a reflection of the real sectors of Ghana’s economy which are currently weak and unstable. Figures available to … Read more
Businesses in the country are calling on the government to focus attention on stabilising the cedi to complement recent interventions in the 2017 budget and create the enabling environment for business and industry to thrive. The new government in its first budget statement abolished some nuisance taxes, a move that has widely been welcomed by … Read more