¢100, ¢200 banknotes unnecessary, adds no value to economy – analyst

Specimen of the two banknotes

Economic analyst Joe Jackson has explained as unneeded, the introduction of new large-value cedi denominations, arguing it adds no price to the economic climate.

The 100 and 200 cedi banknotes announced by the Bank of Ghana Friday, he explained, defeats the cashless culture agenda the Akufo-Addo governing administration has been pushing.

Bog in asserting the banknotes spelled out the 100 and 200 cedis banknotes will ensure shopper advantage and carry about performance in the printing of currency to make savings for the nation.

Talking on the difficulty on Television set3 news investigation programme, The Crucial Factors, Saturday, Mr Jackson who is the Main Functions Officer of Dalex stated “creating new denominations is not heading to do everything to the underlining parameters of the economic climate.”

He reported the go only contradicts government’s talks of building a cashless modern society with seamless use of dollars through electronic platforms.

“…I really do not believe it’s acceptable,” he explained.

He stated “moving in the direction of cashless and building dollars additional convenient is at odds with that strategic goal we have”.

“I want to make people today use fewer money and extra electronic types of income so why would I make dollars additional handy?” Mr Jackson quizzed.

He explained govt must be far more focused on coming up with additional techniques by way of which enterprises can be transacted without bodily money, and not introduce new cedi notes.

“There is cell money…If you want the informal sector to work it is cellular dollars. Come out and convey to me about how you are building mobile dollars much more protected,” he mentioned.

The money analyst mentioned the use of physical hard cash by informal sector business enterprise proprietors more attracts them absent from the tax program.

Contributing to the dialogue, Government Director of the Institute of Growth and Economic Exploration, Felix Larry Esilfie, recognized digital and electronic indicates as one particular of the mechanisms in growing the informal sector.

For his part, Growth Economist, Dr. George Domfeh, said though running a cashless culture is a good plan, federal government has a great deal to do in conditions of educating people today on some of the digital payment platforms.

“You have to have men and women to have considerable stage of education and learning in buy to respect the use of some of these things. Study has indicated it will work greatest in societies exactly where you have substantial stage of schooling. Even while cashless is fantastic, we cannot do it a person day, it really should be a .”

Dr. Domfeh’s advised he supports the introduction of the new banknotes simply because it value much less to print the 200 and 100 cedi notes.

The Dean of College of Graduate Experiments at the College of Expert Scientific tests (UPSA), Dr. Mensah reported Lavatory should really appear very clear with the volume of cash put in on printing the new cedi notes.

By Irene Amesimeku|3information.com|Ghana

Point of View: Financial sector clean-up, the economy and more | Citi TV

Bernard Avle hosts the Bolgatanga Central Legislator, Isaac Adongo to discuss &#8220The Economical Sector thoroughly clean-up, the overall and extra&#8217 in this version of The Stage of Look at.

The article Issue of Check out: Monetary sector clean up-up, the economic system and additional | Citi Tv set appeared initially on Citinewsroom – Detailed News in Ghana, Existing Affairs, Business enterprise News , Headlines, Ghana Sporting activities, Amusement, Politics, Posts, Viewpoints, Viral Content material.

NDC to use ‘basic common sense’ to improve economy – Adongo jabs NPP

Basic Information of Thursday, 28 November 2019

Source: citinewsroom.com

Member of Parliament for Bolgatanga Central, Isaac AdongoMember of Parliament for Bolgatanga Central, Isaac

Member of Parliament for Bolgatanga Central, Isaac Adongo has strike challenging at the governing New Patriotic Social gathering (NPP) above what he claims is the government’s no show in revamping the country’s receding financial state since assuming business in 2017.

For him, the plights of business people coupled with the long-term unemployment in the place are a final result of the deliberate initiatives by the government to make a hostile small business natural environment, specially for the personal .

In a response to a concern posed to him on the Issue of Check out on Citi Tv set on what the opposition Countrywide Democratic Congress (NDC) led by its flagbearer, John Mahama intends to do differently to revive the ailing economic climate ought to they occur back to electric power, Mr. Adongo who is also a member of the Finance Committee in Parliament intimated that the social gathering intends to return to the ‘basics’ and introduce ‘common sense’ in handling the economic system because the NPP has failed Ghanaians.

“We will go back again to the essentials. The basic principles are to deepen the fiscal sector to make more credits availble to the small business community. That will start out to build a lot more positions for the reason that this syndrome of unemployment we see is mainly because, for a few sound a long time, SMEs have not gained any funding. The personal sector has been starved of funding and they are unable to develop. Secondly, We will introduce fundamental frequent perception. This frequent feeling is to make certain that, we make improvements to our fiscal management by generating a lot more profits and not what they [NPP] are doing nowadays. All the time, it’s the similar price they evaluate which does not obtain anything.”

While political opponents have accused the authorities of inadequate financial administration primary to financial hardship, the NPP administration proceeds to assert that it has managed the financial state better in the past 3 decades than its predecessor.

President Nana Akufo-Addo has explained the fall in inflation, predictions by the Planet Lender and the IMF that ’s will be one particular of the swiftest to increase in Africa up coming year indicates that govt is on the right keep track of.

He suggests that the achievement of his administration is unparalleled but admits that a good deal additional desires to be carried out.

Previous President, John Dramani Mahama experienced stated the financial hardship in Ghana has become unbearable despite the fact that President Nana Addo Dankwa Akufo-Addo experienced prior to the 2016 general elections explained to Ghanaians that there was adequate funds in the state to enhance the economy.

Mr. Mahama argued that President Nana Akufo-Addo is yet to fulfil his promise of making everyday living far better for Ghanaians including that everyday living has turn out to be unbearable for the regular citizen.

“You are offering oysters, shrimps and so a lot of other items. Nobody requirements to come and convey to you that the economic climate is not carrying out well. Most people offering anything now can see that they generating significantly less revenue than they utilised to do in the past and that is since occasions are challenging. People came and explained to us that the cash is there, that we have been sitting on income but still hungry. Today the Finance Minister tells us that everybody knows that Ghana is broke. The NPP president in 2016 instructed us we are sitting down on revenue but continue to hungry, so why is the Finance Minister indicating Ghana is broke?”

‘Ghanaians mindful of continuous development beneath NPP’ – Nana Addo However, President Nana Akufo-Addo is optimistic Ghanaians have found what he phone calls the “steady progress” less than the latest authorities.

“I am mindful that the naysayers are trumpeting, in as loud voices as they can muster, their denial of what is happening in entrance of their really eyes, but I know the Ghanaian people, in their majority, are mindful of the continual progress that is getting built even with the complicated instances which attended our assumption of workplace, and, future year, they will have the option so to pronounce.”

You’ll be judged on the economy, not free SHS – Otumfuo to govt

The Asantehene Osei Tutu has stated even although the Free of charge SHS policy by the Akufo-Addo governing administration is commendable, Ghanaians will decide the authorities by their efficiency on the state and their pockets.

“We have been courageous in offering no cost senior higher university or secondary education for all. Several nations can assert these kinds of valiant work. But when the chips are down it is the overall economy our men and women are heading to choose us by.

“It is what comes about in the market place, what positions we build, what infrastructure we present that will enjoy on their minds. And it is all about the financial state. So there simply cannot be any extra crucial institutions than those holding the levers of the economy—the Bank of Ghana and the industrial banks, the Earnings Authority and allied earnings era establishments, the non-public sector enterprises, and establishments like the Affiliation of Ghana Industries, the Chamber of Commerce, the Chamber of Mines, among other people,” the Asantehene explained at a lecture at the University of Specialist Reports, Accra (UPSA).

On next year’s elections, the Otumfuo explained he is self-assured people entrusted with organising the polls will be honest and skilled.

“I are unable to understand that persons appointed to this august human body would come with the intent of compromising the integrity of the Commission and doing work in favour of a single celebration. We can never ever get away from the fact that there will normally be a single appointing authority at any in time. On the other hand an appointee is beneath no obligation to do any favours to the appointing authority and it is our conviction that the new chair and members of the fee will endeavour to have out their duties with impartially and with out concern or favour.

“We will urge all worried to smoke the peace pipe so the fee can reset the button and commence preparations for the perform of our next elections with overall motivation to fairness and justice.

“The safety of the point out has been less than worry lately, elevating a severe obstacle to our legislation enforcement organizations. Increasing general public self esteem in the law enforcement and other safety companies involves higher skilled endeavour. It is a extensively held perspective that the police has suffered in the previous from the diminution of resources for essential police obligations such as criminal offense detection in favour of matters relating to politics. Rebalancing the focus to enhance main law enforcement obligations stays the supreme challenge now,” he stated.

Source: Ghana/Starrfm.com.gh/103.5FM


Ghana’s Economy Poor Under Akufo-Addo – NDC MP

1122201913047-typbsferql-richard-mawuli-quashigah Member of Parliament (MP) for Keta constituency in the Volta Region, Hon. Richard Quarshiga has blasted the -Addo led authorities for lousy inaccurate financial data outlined by the government rsquos economic management group. He claimed the financial system is on the downward slope in the previous two . According to him, the financial hardship Ghanaians are enduring is a reality no one can deny. He reported the ruling New Patriotic Get together (NPP) has dropped concentrate and abusing their business office. Richard …

Winner of ‘Di Asa’ competition allegedly denied boarding plane to Dubai because she is ”bigger than the economy class seat”

Winner of Atinka FM’s ‘Di ’ females fact display,Treasured Mensah, also known as PM, was reportedly kicked out of Emirates Airlines’ aircraft to Dubai for the reason that of her dimensions.


In accordance to reports, Precious Mensah also acknowledged as ‘PM’ was not authorized to board the plane to Dubai for the reason that her body dimensions is even bigger than a solitary economic climate seat in Emirates Airlines’ flight.

PM emerged winner in the  show structured by Atinka Media village. She was the biggest among all the 47 in addition-sized women of all ages that ended up hosted into the ‘DI ASA residence for three months. She went household with a manufacturer new Hundai Elantra.

 PM, and two runner ups, Maafia and Gaza experienced a package deal of producing a sponsored vacation to Dubai as aspect of the prize for emerging as winners. Sadly, PM couldn’t make the trip even with successfully examining in her baggage in person, while Maafia and Gaza, did.

It was also described that a handful of minutes right before currently being denied boarding, PM expressed her enjoyment about the excursion.

In her very last interview with Atinka Television, PM had higher anticipations.

“I’ve read of the tallest making and an outstanding fountain. I want to see and understand about them. I also want to go and study the lifestyle of Dubai and a host of other folks,” an elated PM explained. PM was remaining unhappy and unfortunate, but she had no option than to return home.

Minority discredits gov’t’s claim of transforming economy


The Minority in Parliament has discredited the government’s promises of having turned Ghana’s financial system from a battling a person to a promising 1.

The Minority argued that figures this kind of as the spending budget deficit provided by govt officials in comparison with the NDC’s efficiency in 2016 are not a accurate reflection of the specifics.

At a pre-finances push briefing by the Minority in Parliament, the Ranking Member of Parliament’s Finance Committee, Cassiel Ato Forson clarified that the government’s acclaimed advancement on GDP was only as a result of contributions from the oil sector.

Quoting figures to assistance his claim, Mr. Forson explained: “The nominal GDP for 2016 right before the rebasing was 168.7 billion cedis therefore if you are to convey the 13. 1 billion as a share of 168.7 billion, the fiscal deficit will be and was 7.8 % of non-rebased GDP…The nominal GDP for 2016 just after the rebasing was 215 billion Ghana cedis and the fiscal deficit for 2016 was 6.1% underneath rebased GDP and naturally not 9. 3 %.”

We have remodeled the financial system

The Minority’s assert follows President Nana Addo Dankwa -Addo’s assertion that the federal government has turned all over the lousy fundamentals of Ghana’s economic system in considerably less than 3 a long time.

“We inherited a problem with a massive fiscal deficit, which has been turned all over now considerable imbalances in the way in which our financial system was currently being operate have also been turned all over a 15.4% inflation is right now at 7.6%, the lowest in two a long time. These are the developing blocks for us,” the President stated.

The repercussions of this turnaround, he explained, have been that “in these a few years, we have had a person of the quickest-expanding economies not just on the continent, but also in the world, with this year being a 7.6% expansion. It has been regular more than these previous 3 a long time.”

The President designed this known on Monday, 11th November, 2019, when he spoke, as part of a panel like President Cyril Ramaphosa of South and President Paul Kagame of Rwanda, at the African Expenditure Forum’s “Invest in ’s Space” party, at the moment ongoing in Johannesburg, South .

Ghana’s overall economy information 6.7% development in initial quarter

Provisional figures released by the Ghana Statistical Services (GSS) in June 2019 exposed that Ghana’s Gross Domestic Product or service(GDP) grew by 6.7 % in the initially quarter of 2019.

This is in comparison to the very same period of time in 2018 which was at 5.4 percent.

The non-oil GDP expansion for the very first quarter of 2019 was at 6. percent yr-on-yr in contrast to 4.2 percent recorded in the first quarter of 2018.

Economy is not doing well, fix it

Economy is not doing well, fix it - Mahama charges Akufo-Addo
John shares position on -Addo’s economic administration

John Mahama, the flag-bearer of the Nationwide Democratic Congress (NDC) has empathised with traders on their very poor revenue, attributing the situation to unfavourable economic local climate made by the government.

Addressing industry women of all ages in Sogakope in the Volta area, John Mahama said the financial hardship Ghanaians are enduring is a actuality no person can deny.

Study ALSO: Prisoner who dies momentarily states he has served his lifestyle sentence

“The Finance Minister tells us that all people knows that is broke,” he explained charging President Akufo-Addo to deal with it. 

He included, “You are offering oysters, shrimps and so a lot of other items. Nobody requirements to come and inform you that the overall economy is not carrying out properly.

“Everybody marketing something currently can see that they producing much less gross sales than they applied to do in the past and that is because instances are challenging,” he argued.

Ex-President Mahama

The President, who was also on a modern regional tour of the region described his predecessor as the one particular with no history to defend.

He pointed out that Mr Mahama has no prescriptions to fix the country’s issue questioning why he desires to be offered the place again to govern.

ALSO Read: View: Kasoa petty traders exchange blows with contractor

His comment is in response to a comment produced by the NDC flagbearer that “God brought NPP so Ghanaians can take pleasure in NDC.”

Mr Mahama has also urged the NPP government to make fantastic its several 2016 campaign claims.

“People arrived and told us that the dollars is there, that we have been sitting down on income but still hungry. So why is the Finance Minister declaring Ghana is broke?” he questioned.

Sekyere East prioritizes agriculture to boost economy and development

Gideon D. Ebbah, GNA                        

Effiduase (Ash), Nov
09, GNA – Madam Mary Boatemaa Marfo, the District Main Govt (DCE) for the
Sekyere East District in Ashanti, has reaffirmed the District Assembly’s
commitment in pursuing programmes geared at boosting and sustaining the
agrarian financial state in the region, for social advancement.

She stated extra than
90 percent of homes in the District, ended up engaged in crop farming,
contributing significantly to the Assembly’s Internally-Produced Money (IGF),
which has necessitated the nearby government’s motivation and investment decision of
resources to the .

“The go would help
to assurance economic progress, poverty alleviation, food stability, rural
enhancement and the eventual attainment of the Sustainable Enhancement Aims
(SDGs)”, she included.

 Madam Marfo was speaking at the “Meet the
Press” event held by the District Assembly at Effiduase, the funds of the

The “Meet the Press”
function is an initiative of the governing administration across the state that makes a
forum for the DCE and other area governing administration actors, to meet up with with essential
stakeholders to debrief and answer pertinent questions on tasks and
programmes embarked on by the Assembly and how government programmes
and guidelines, have been rolled out.

The DCE mentioned the
Assembly was on “a right program in the right direction” because investments in
the sector had been also likely to generate increased appreciable benefits and
sustainable productivity to boost the returns and livelihoods of farmers other
businesses in the agricultural benefit chain in the place

Throwing a lot more light-weight
on how the Planting for Foods and Employment was thriving in the District, Madam Marfo
reported, 1,643 farmers comprising of 1,431 males and 212 ladies had been benefiting
from the programme.

She claimed 30,000
cocoa seedlings had also been distributed to 64 male and 13 feminine farmers, as
component of the Assembly’s motivation to the Planting for Exports and Rural
Growth (PERD) programme.

“Additionally, 3,001
litres of agrochemicals have been dispersed by the Assembly to 2,514 and
1,176 male and feminine farmers respectively this yr, to aid the Tumble Military Worm
manage – a key risk to the agrarian economy”, Madam Marfo additional.

She explained fertilizers
this sort of as the Nitrogen, Phosphorus, Potassium (NPK), Urea and other people as properly as
seed maize and seed rice were aspect of the inputs dispersed to the farmers at
a backed selling price under the PFJ.

The DCE enumerated
some of the instructional initiatives embarked on the Assembly in the
last a few many years considering that she assumed office as the construction of a 3-device
classroom block with place of work, retailer space, workers frequent place and ICT laboratory
in a number of the communities.

The communities
had been Seniagya, Odurokrom, Mahinso, Motokrodua, Apemso and Okaikrom

On wellbeing, she cited
the completion and furnishing of the Community-Based mostly Health and fitness Organizing and
Providers (CHPS) compound at the Motokrodua, Ntunkumso and Ahinsan communities,
under her watch.

Nana Owusu Asare I,
Chief Linguist of the Asokore Traditional Area commended the Assembly and the governing administration
for the motivation to the effectively-being of the men and women.


We are protecting the Ghanaian economy – GUTA

Accra, Nov. 4, GNA – The Ghana Union of
Traders Association (GUTA) suggests retail trading routines ought to not be remaining in
the palms of foreigners and urged the Governing administration to operationalise the Ghana
Investment decision Marketing Centre (GIPC) Act 865.

The Association mentioned the Act, which
prohibited foreigners from participating in retail corporations, essential to be
carried out to secure the country’s , specifically as the place was
championing the Ghana Over and above Assist Agenda.

The Legislation specifies that the sale of items or
provision of providers in a marketplace, petty trading or hawking or promoting of items
in a stall at any area will have to be reserved for Ghanaians.

Other actions not permitted for
non-citizens include things like procedure of taxi or car rental providers in an organization
that has a fleet of significantly less than 25 automobiles, operation of a attractiveness salon or a
barber’s shop, and creation and retail of sachet water.

Reverend Joseph Paddy, the Community Relations
Officer of GUTA, talking in an interview with the Ghana News Company just after a
conference with the Greater Accra Regional Law enforcement Command, claimed as section of their
roadmap, it was agreed that the customers would be civil in their steps in direction of
urgent household their demands.

“When you search at the overall economy now foreigners
have taken around majority of the sectors including mining, company and
manufacturing. We will need not sit and let them to take around the retail business enterprise,
due to the fact if that occurs and there is downturn they can withdraw their
expense and repatriate to their state. This absolutely will collapse the
financial system,” he explained.

“They procure bank loan amenities in their
countries with fascination premiums as reduced as 3 for every cent while in Ghana we
contract loans at desire charges of about 37 for each cent. So they do not care way too
a great deal about their sale selling price and that usually takes our associates out of business”.

Mr Paddy explained the Union and its regional
branches would use all lawful implies to assure that the condition acted centered on the
law, incorporating that “It is a journey of no return”.

Customers of GUTA, as component of their collection of
steps to get the Federal government to enforce the regulation, locked up about 52 shops at
Opera Sq. in Accra Monday morning.

This follows similar actions at the Suame
Magazine in Kumasi.


Proper Management Of Economy Financing Our Flagship Policies – Nana

The President of Republic, Nana Addo Dankwa Akufo-Addo, states the appropriate administration of the Ghanaian economic system, above the course of the very last 2 yrs and 10 months in office environment, has resulted in his government’s capacity to finance his Government’s flagship guidelines.

These guidelines, according to President Akufo-Addo, incorporate the No cost Senior Higher University, which is presently enrolling some 1.2 million pupils, the highest selection of pupils in Senior Significant University in Ghana’s history and the programme for “Planting for Foods and Jobs” which has led to the revival of Ghanaian agriculture, bringing in its wake a bumper harvest in 2018 and exports of substantial portions of food items stuffs to Ghana’s neighbours, with the exact envisioned for 2019.

The President cited the 1-District-1-Manufacturing unit initiative the 1-Village-1-Dam plan the restoration of allowances of nursing and teacher trainees, that had been scrapped by the government the work of one hundred thousand (100,000) graduates under the Country Builders Corp and the recruitment of sixty thousand (60,000) younger adult men and females less than the Youth in Afforestation Programme as illustrations of some of the insurance that have been implemented considering that he assumed office.

President Akufo-Addo manufactured this acknowledged on Wednesday, 30th October, 2019, when he tackled the 8th Edition of the Ghana Economic Discussion board at the Tang Palace, in Accra.

In his remarks, he observed that the macroeconomic predicament that his Government inherited, at the starting of 2017, was a dire a single, evidenced in a GDP growth of 3.6%, a fiscal deficit of 9.3%, inflation at 15.4% p.c, a weak external reserves situation, and a banking weighed down by a plethora of improperly capitalised, and weak and bancrupt institutions, with perhaps grave implications for the total money system.

“Agricultural and industrial routines have been down. Unemployment, in particular of the youth, was widespread, in opposition to a background of reduced incomes and superior prices. This was the distressing point out of the economic system that awaited us in January 2017, in spite of an ongoing, three-yr IMF Prolonged Credit rating Facility arrangement that had been initiated in April 2015 with the preceding Mahama authorities,” the President additional.

Having said that, due to the fact 2017, President Akufo-Addo mentioned that the financial system has been growing constantly above 7%, and, in the last two many years, has been among the world’s fastest expanding economies, with the IMF projecting Ghana’s financial state, this yr, to have one of the world’s highest development rates of 7.6%.

“Inflation for September stood at 7.6%, in single digits, the most affordable in over two a long time. Our exports are rising healthily our trade equilibrium account, for the initial time in far more than a decade, recorded a surplus in 2017, preserved it in 2018, and we expect to retain the surplus for this 12 months as well. We have introduced the fiscal deficit down to 4.5%,” he explained.

The President ongoing, “Our exterior reserves, as at June 2019, stood at 4.3 months of import go over. All our macroeconomic indices are pointing in the proper path, and it arrives as no surprise, consequently, that, right now, Ghana is the top receiver of international immediate expense in West Africa.”

He pointed out that, at the half-way phase of 2019, in accordance to the Financial institution of Ghana, the banking sector recorded a earnings after tax of GH¢1.67 billion, representing year-on-12 months expansion of 36.3%, compared with 21.7% in the same period of time very last yr.

With the state, in April this 12 months, also efficiently exiting from the IMF programme, with their potent commendations on the modern management of the economic system, President Akufo-Addo stated that “it is gratifying to observe that these vital achievements in fiscal and financial stabilisation have been recognised and appreciated not only in Ghana, but also internationally.”

Given that 2017, the international ranking agencies, Standard and Poor’s and Fitch, have equally upgraded Ghana’s credit rating score to ‘B’ with a stable outlook, up from ‘B’ minus with a adverse outlook and ‘B’ minus, respectively, in 2016. This has enabled the state to entry Eurobond markets at reduced charges and extended maturities.

By DGN On the net

I Left The Economy Good – Mahama

Previous President John Dramani Mahama suggests Ghana’s immediate financial expansion was the prudent measures place in location by his authorities prior to the celebration misplaced ability in 2016.

He added that by way of his efficiency that Ghana has been rated a single of the fastest-increasing economies in the world now and not thanks to the efforts of President Akufo-Addo and his financial administration staff.

Addressing opposition Countrywide Democratic Congress (NDC) supporters in London, England, on a recent stop by, the previous President who is major the NDC for the 2020 presidential election mentioned “whatever is dependable for the development, the growth is only in the oil .”

Oil Sector

He explained, “All that expansion, speediest-rising economic climate in the world, it truly is the oil sector and the place are those people revenues coming from? They are from the Ten area and the Sankofa discipline that we worked on in our time.”

He claimed that in 2016 when economists ended up expressing Ghana’s economical problem could be likened to anyone in intensive treatment, he predicted that the country was going to be 1 of the fastest-expanding economies.

“And that produced me, in 2016, say that Ghana was heading to be the swiftest-growing overall economy in the world and that we are going to increase previously mentioned eight per cent. I predicted it in advance of they arrived into office,” Mr. Mahama reported devoid of supporting his claims with any figures.

“And, so, you (Akufo-Addo govt) arrive into workplace – we have been obtaining significantly less than a billion cedis in earnings from oil – and due to the fact of 10 and Sankofa, you are acquiring practically GH¢4 billion in revenue 4 moments what we obtained. And then we launched ESLA and you ended up so substantially versus ESLA and explained when you arrive, you may repeal it ESLA is bringing GH¢3 billion additional income than what we obtained.

“And, so, you’re looking at expansion centered on individuals revenues you did not introduce them, you happen to be just the beneficiary of the tough function that the earlier government did. And however that is what they are trumpeting: the swiftest-increasing financial state. It cannot be by accident. Certainly, it is not by accident due to the fact we labored just to make it take place,” the former President told his viewers.

Key Evaluation

The former President’s feedback had been coming on the heels of a latest evaluation created by the Main Economist for at the Entire world Financial institution, Dr. Albert Zeufack, in Washington, DC, United States.

The Entire world Bank manager experienced mentioned, “Africa still hosts 4 of the fastest-growing economies in the globe. Countries this kind of as Ethiopia, Rwanda, Ghana and Cote d’Ivoire are nonetheless increasing over 7 for each cent. These countries are not only the expansion champions on the continent but also among the the quickest-rising economies in the world.”

Ex-President Mahama’s wild is most likely to trigger heated political debate due to the fact he stands accused of supervising a very weak economy that brought untold hardships to the individuals.

ISSER Indictment

In 2016, when he was gearing up for a second term that was not to be, the Institute of Statistical, Social and Financial Research (ISSER) of the University of Ghana, Legon, released a report indicting his NDC governing administration for its handling of the financial state.

“Ghana’s GDP growth fee of 3.7% in 2016 was definitely a significantly cry from the report higher of 14.% in 2011, and the lowest in more than two many years.The 2016 growth consequence was a continuation of the downward development due to the fact 2011,” it explained.

Further Decrease

“It represented a further drop from the 2015 amount of 3.9%. Whilst the 2016 outturn of 3.6% growth was significantly better than the anaemic fee of 1.4% registered by sub-Saharan Africa (SSA) as a total in 2016, it fell small of the 4.1% (revised) target,” incorporating, “Moreover, the country’s total GDP advancement rate was down below that of the non-oil sector of 4.6%, a continuation of the underperformance of the oil sector.”

Present-day Outlook

The 2016 and 2018 economic indicators display clearly that President Akufo-Addo has outperformed Mr. Mahama when he led in 2016.

Fiscal Deficit beneath NDC was 9.3% (6.8% of rebased) but has dropped to 3.8% beneath Akufo-Addo and his NPP administration, even though inflation stood at 15.4% when the NDC was exiting electrical power. It is currently all around 9.4%.

Public Personal debt

Complete general public financial debt stands at GH¢173 billion which include the expense of the banking sector cleanse-up of GH¢12billion from GH¢122 billion left behind by Mr. Mahama and his NDC whilst whole General public Financial debt (%GDP) was 56.8% beneath NDC and currently stands at 54.8% (58% – which include financial institution bailout).

Lending Price under NDC was 32% and now stands at 27% even though Cedi Depreciation beneath NDC was 9.6% but beneath NPP it is 8.4%.

Normal and Poor’s (S&P) International ranking place the NDC at B- but owing to competent it has enhanced to B (March 16, 2019) beneath NPP.

Favourable Outlook

Previous month, the Environment Financial institution outlook on Ghana was that “two and a fifty percent decades just after being elected president in a tranquil election, President Akufo-Addo has marked some successes employing some of its guarantees these kinds of as planting for food items and work and totally free secondary education,” notwithstanding some worries.

It mentioned “Ghana’s financial system ongoing to broaden in 2019 as the very first quarter gross domestic item (GDP) expansion was believed at 6.7%, compared with 5.4% in the similar interval of very last 12 months. Non-oil development was also robust at 6.%. The relatively significant quarterly development was driven by a strong recovery in the expert services sector which grew by 7.2% in comparison with 1.2% in 2018.”

Fiscal Consolidation

“The federal government ongoing with its fiscal consolidation efforts in 2019 even while there were nevertheless difficulties in assembly the profits targets. Fiscal performance for the initially fifty percent of 2019 confirmed an overall spending budget deficit (on cash basis) of 3.3% of GDP greater than the goal of 2.9% of GDP. This is mainly because the income shortfalls of 1.6% of GDP had been better than expenditure cuts of 1% of GDP.”

Personal sector credit grew more powerful, supported mostly by the properly capitalized banking sector. Inflation continued to be in single digits in the 1st 6 months of 2019, progressively increasing from 9% in January to 9.5% in April 2019 but lessened to 9.1% in June 2019 largely driven by very low food items inflation.

GDP Surplus

Ghana’s present-day account in the initially 50 percent of 2019 was estimated at a surplus of .1% of GDP supported by favourable trade ailments of Ghana’s 3 primary export commodities—oil, gold and cocoa, resulting in a trade surplus of 2.8% of GDP. The present-day account surplus, mixed with major inflows to the cash and economical accounts, resulted in an in general equilibrium of payments surplus equivalent to 1.9% of GDP. With the issuance of the $3 billion Eurobond in March 2019, the intercontinental reserves appreciably improved in 2019 with Gross Global Reserves (GIR) of $8.6 billion (equal to 4.3 months of import cover) at the end of June 2019.”

Cedi Force

The Ghana cedi came underneath sizeable stress in the 1st quarter of 2019 because of to large demand from customers, as importers sought to restock their supplies but, in the next quarter, the domestic currency market turned fairly calmer. The Ghana cedi cumulatively depreciated by 8.2% in the yr to July 18, 2019.

The World Lender predicts economic advancement to improve to 7.6% in 2019. Non-oil development is anticipated to accelerate to 6% as the government’s new guidelines in the agricultural sector and the promotion of agribusiness commence to take result. Inflation is anticipated to continue to be in the central bank’s concentrate on range of 6-10% above the medium time period.

The tempo of fiscal consolidation is predicted to sluggish in 2019 and the all round fiscal deficit is projected at 4.5% of GDP in 2019 and, in the medium term, it will stay within just fiscal rule ceiling of 5% of GDP.

—Daily Manual

FLASHBACK: Two and half years not enough to transform an economy

The President John Dramani Mahama has vigorously defended his government’s record after far more than two a long time in business, insisting that a interval two and 50 % many is two brief a time to “change or renovate the basis of the economic system.”

Also Study: Digitize Nigeria like Bawumia is doing in Ghana – Nigerians beg Buhari

Talking to Deutsche Welle Tv set, the President stated that his
government is using the required actions and has offered a programme dubbed
“Agenda for Transformation” to the Parliament of Ghana for approval
so as to essentially improve the structure of Ghana’s financial system.

“I have been in business office for two and half several years. It
does not acquire two and 50 % years to improve/transform the basis of the financial system.
And that’s why we have offered to Parliament an “Agenda for
Transformation” to diversify the financial system, to add benefit addition and not
just export most important products and solutions, to introduce production, to expand the
Services , [and] to agriculture,” he argued.

Ghanaians have slammed the govt of John Mahama for not
carrying out enough in fulfillment of their promises following two and 50 % years in

A lot of are in particular angered by rampant ability outages due to
load shedding in the nation acknowledged in widespread parlance as “Dumsor”.

But supporters of the government have continuously defended its history, noting that considerably is being completed to deal with all exceptional troubles and urging endurance.

Also Study: What is there for nurses to beg ‘incompetent’ Mahama for-NPP quizzes

The President’s responses appear at a time there seems to be growing impatience in direction of the federal government with regards to its initiatives to make lifestyle greater for the  citizenry.

Resource:MyNewsGh.com/Stephen Zoure/2019

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Also Check out Out: King Nayas Ft. Van Jake – London (Prod. By Jesse Beatz)

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Africa needs more trade law professionals to grow economy

Accra, Sept.
20, GNA – Africa requirements sufficient professionals in law and plan to
gain from multilateral trade to strengthen on financial growth.

Mr Isaac
Hubert Arthur, the Govt Director of the Africa Centre for International
Trade and Growth (ACINTaD), stated there was also the have to have for potential
creating in those people locations.

A launch he
signed, and copied to the Ghana Information Company, claimed: “We want additional trade legal professionals
and policy analysts in the state to aid with trade negotiations at the
many degrees.”

Quoting the
United Nations Conference on Trade and Growth (UNCTAD) Report, he claimed the
African Continental Free of charge Trade Region (AfCFTA) 
was envisioned to boost intra-African trade by 33 for every cent once total
tariff liberalisation was executed.

This would
attract further intra-African investments and make marketplace possibilities to
foster industrialisation via regional value chains.

Mr Arthur
explained if the AfCFTA was carried out, it experienced a opportunity of making $6.5
trillion by 2030 but the absence of suitable potential was a significant threat to its

He claimed it
was also essential to improve establishments, which were weak and designed
implementation of signed and ratified agreements challenging.

“For Ghana to
efficiently carry out the AfCFTA, we must bolster the applicable MDAs and
let them to functionality efficiently with out any political interferences,” he

That, he
stated, was essential because establishments assisted to generate the enabling
surroundings for trade to prosper. 

no preliminary review was done to ascertain the likely effects of the AfCFTA
on the personal sector in Ghana, that’s why generating it really susceptible to level of competition
within just the continental single current market.”

He named on
the personal sector to update their information in the many aspects of trade
regulation and trade coverage to fully grasp the opportunity affect of trade agreements on
their enterprises.

society’s job in trade coverage was also vital to ensure equity, fairness,
and accountability.

He stated
individuals potential gaps would go a extensive way to creating Ghana, and in a
broad sense Africa, completely ready for intra trade, becoming a resource in the sustainable


Mango Farmers In Techiman Pledges To Boost Economy With Lucrative Returns

Mango Farmers In Techiman Pledges To Boost Economy With Lucrative Returns

Mango affiliation in the just produced Bono East regional capital has promised to raise the Country’s economy with their eye-catching returns they will achieve in the course of action of their farming to display the patriotism state of them to mother Ghana.

The affiliation disclosed this In an excluding job interview with Nana Atobra just after the swearing-in ceremony of new executives to operate the affairs of the association.

Talking with the patron of the association, Nana Owusu Gyare, who doubles as the Akwamuhene of the Techiman Regular Council, he Indicated that cultivating very good, top quality and plentiful Mango seeds and Fruits for output and usage will support increase the economy and boost the excellent of life of men and women in the

He opined that the affiliation will generally help its customers to guarantee their wants are satisfied incorporating that associates of the affiliation should really at all times go to conferences and seminars structured to them by the Agric ministry and other stakeholders

He tasked the youth in the Nation to embrace the behavior of Mango plantation which creates work and eradicate poverty

In the meantime the Chairman of the affiliation, Nana Kwaw Adams commended their predecessors for the fantastic and substantial occupation carried out to make improvements to the association and promised to get the job done diligently and in excellent faith to uplift the normal set by the association

He urges all the associates of the affiliation to guidance the executives to realize the targets and goals and at the finish of it all the mission and eyesight of the affiliation

He utilised the occasion to thank all stakeholders: bankers who assistance them with dollars in phrases of need to have, agrochemicals who help them with chemical compounds they will need, labourers who help them in planting and the entrepreneurs who get and offer their deliver

He appealed to all Mango farmers who are not in the association to as a make a difference of urgency appear to the affiliation in get to achieve all the requisite know-how essential to develop quality and environment conventional Mango seedlings and fruits.

Underneath is the list of the new executives
to the Mango farmers association in Techiman
Patron 1 Nana Owusu Gyare
Patron 2. Nana Effah Danso
Chairman. Nana Kwaw Adams
Vice-chairman. Mr. Akwasi Yeboah
Secretary. Mr. Nelson Vorleto
Vice secretary Mr. Samuel Ayobi
Treasure Mrs. Esther Boakye Yiadom
Economical SEC Mr. Owusu Yeboah Thomas


Digital Addressing System To Revolutionize Ghana’s Economy – Hon. Kwaku Kwarteng

The Member of Parliament for the Obuasi West Constituency, Hon. Kwaku Kwarteng has explained the Electronic Program as the main catalyst to Revolutionize and modernize the country’s economic climate.

He explained this on Friday, 9th August,2019 when he was speaking to fifty (50) NABCO Staff in Obuasi chosen for the National Residence Tackle Tagging Task.

Hon. Kwaku Kwarteng who also doubles as the Deputy Finance Minister in charge of Income, took time to make clear the rationale powering the Nationwide Home Addressing Method to the recruits. He stated the will help Govt to track profits and also increase earnings era ability of the MMDAs.

He described the actuality that some MMDAs can survive without Government’s assist. This he claimed can be obtained as a result of a productive implementation of the Electronic Tackle Process which will help the MMDAs rake in a lot more income by home fee and also decrease wastage.

He praised the Govt for the implementation of the Nations Builder’s Corp. The NABCO Programme he said, has brought hope to a whole lot of graduates and has addressed the dreary graduate unemployment that poses threats to the country’s protection.

On his component, the Municipal Main Govt for Obuasi Hon. Elijah Adansi-Bonah promised the personnel of the Assembly’s aid in the course of the physical exercise.

He yet again encouraged the staff to take care of the workout with all the seriousness it justifies to make it a success.

The Municipal Information and facts Officer, Mr. Sampson Manu also took the staff by means of ideas of community engagement and questioned them to reveal the technique to the community when they get to the communities.

The 1st stage of the Electronic Addressing exercising starts in a fortnight time and its predicted to final for 6 months.




Data Services Section


Cc: The Ag. Director

Info Providers Office


The Municipal Chief Executive

Obuasi Municipal Assembly


WATCH What Davido Did As He Flew In Economy Class For The First Time

Preferred Nigerian celebrity, was particularly excited as he boarded an overall course flight for the initial time, while he has his personal private jet.

In a shorter movie we have sighted, the musician can be noticed and heard, shouting, “Economy Way” but he was not by itself. He was with his DMW crew customers on the system flight.

Look at the online video listed here:

Source: www.ghgossip.com

Nkrumah collapsed Ghana’s economy – Obiri Boahen

Deputy Standard Secretary of the New Patriotic Party (NPP) Nana has blamed the initially President of the Republic of Ghana, Osagyefo Dr Kwame as the brain powering the country’s economic woes  and underdeveloped position soon after independence.

Also Read: Oppong Nkrumah having difficulties to crystal clear NPP’s mess – A Plus mocks

In accordance to him, though the United Gold Coast Conference (UGCC)
opted for non-public participation in creating the country’s financial ability,
the former leader insisted he will adopt socialist process of federal government.

In accordance to Law firm Obiri Boahen, among 1962 and 1963 the
Danquahs’ had been telling Nkrumah “look never allow us undertake the government method
of the Russians and China let’s undertake the Japanese and South Koreans due to the fact
personal participation is the key”.

“At the time Kwame Nkrumah and his followers didn’t pay attention.
Now most private institutions are accomplishing superior, he extra observing that  if the state experienced adopted personal
participation, today’s Ghana would have been a effectively-produced country.

Commenting on the Founders’ Working day celebration and its
associate improve in date, he laid the blame of the country’s economic challenges
62-many years following independence to the Dr Kwame Nkrumah.

Daughter of Dr Kwame Nkrumah, Madam Samia Nkrumah and other
political entities generally from the CPP and the NDC have nevertheless opposed the
thought of a adjust in working day

The NDC has vowed to adjust the date to its authentic working day
when voted into ability.

But Attorney Obiri Boahen chided the critics stating “they have often disturbed us with this financial liberation and socialism. They need to give us a break”. He informed the NDC and the NPP in an interview with Kumasi based mostly Nhyira Fm monitored by MyNewsGh.com.

President -Addo pushed a new Holiday break Modification Act in
Parliament which proposed September 21 (Nkrumah’s birthday and Founder’s working day) to
be observed as Kwame Nkrumah Memorial Working day in its place of Founders Working day which
honoured him as the founder of the country.

The President stated August 4th will now be the new founders’ working day.

Also Study: You drop for NDC’s propaganda at your possess peril- NPP Youth explained to

In accordance to government, it (August 4th) is “obviously the
most correct working day to signify our recognition and appreciation of the
collective endeavours of our forebears in the direction of the founding of a cost-free, impartial

Supply: MyNewsGh.com/ Syxtus Eshun/ 2019

Mahama brought Ghana’s economy to its knees- Kennedy Agyapong

Former President John Dramani Mahama did not only completed the meaty element of the financial state, he ensured that the bone was damaged and its marrow was similarly depleted, that is how vociferous New Patriotic Occasion (NPP) firebrand, Agyapong describes the condition of affairs prior to Akufo-Addo took in excess of.

Also Study: ‘EVIL’ Ghanaian journalists now tin gods – Kennedy Agyapong cries

In accordance to the Assin Central lawmaker, the former Nationwide
Democratic Congress (NDC) wreaked a ton of havoc to the Ghanaian financial which
is why the latest administration is battling to put it back again on a audio footing.

“The NPP did not have an understanding of the statement by John
Mahama when he reported that, we have eaten all the meat and left with bones. The
consolidation of the banks by the current administration is a massive plus for the reason that
the condition at hand would have been deadly “, the lawmaker cum
businessmen unveiled in an interview he granted to an on line radio station in
Amsterdam monitored by MyNewsGh.com.

In accordance to Hon. Kennedy Agyapong, it was only following the NPP took about the helm of affairs of the state in 2017, the federal government received to know the realities of the Ghana’s financial system opposite to the photo painted by the former government.

Also Study: We’ll uproot you like cassava in 2020- Offended people tell ‘disrespectful’ NPP MP

“We now obtained to know that it was not just the meat chewed,
they ate the bones and the marrow in the bones as well”, the outspoken
lawmaker additional insisting Akufo-Addo should be hailed for his intervention in
conserving the financial state from a total collapse.

Supply: MyNewsGh.com/Stephen Zoure/2019