Bussiness
Ken Ofori-Atta addresses Ghanaians today on measures to reduce economic hardships
The Finance Minister, Ken Ofori-Atta, is expected to address Ghanaians on specific measures taken by government to put the economy back on track today at 1 pm.
He is expected to highlight the outcome of deliberations during the cabinet’s three-day retreat at Peduase lodge over the last weekend.
Some of the reliefs to be announced include reopening land borders, easing of Covid-19 restrictions, and measures to arrest the depreciating cedi.
Ghana’s current public debt stock stands at a staggering ¢341.8 billion with a corresponding debt to GDP ratio of more than 77% as of September ending 2021.
This means if the country should share this amount across the country’s 30.8 million population, everyone will owe approximately ¢11,000.
In terms of interest payments on our borrowings, Ghana has spent, on average, ¢147 billion, which is ¢47 billion more than our projected revenue plus grants for 2022.
Government’s response
President Akufo-Addo, while admitting the economy is in dire straits, says he is optimistic the challenges confronting the country will last for only a short while.
According to him, the country’s economic woes are not unique as other countries face similar setbacks.
“It is no secret that our economy is going through difficult times. It is also no secret that we are not alone in that exercise. The phenomenon that we’re facing applies to many parts of the world as well. But that doesn’t, therefore, mean that government is impotent in trying to find solutions.
“Our retreat which you referred to is in some way quite timely, because as a general rule, we have retreats each year every quarter, and this is the first one for this year. Fortunately for us, it coincided with these difficulties and the public anxiety about how the economy was going.
“It gave us, therefore, the opportunity of the three days to look at the depth, where the economy was headed, and what measures were necessary to be taken”, President Akufo-Addo stated during a meeting with the Council of State members on Tuesday.
The most prominent of the actions government is taking is the reduction of salaries of executive appointees by up to 30%.
Government has also announced it will pump an amount of $2 billion into the economy to curb the continuous depreciation of the cedi.
Meanwhile, the Bank of Ghana is expected to increase the policy rate to 17%.
Council of State members reduce allowances
Members of the Council of State have resolved to reduce their monthly allowances by 20% until the end of the year due to the country’s economic challenges.
According to the Chairman of the Council, Nana Otuo Serebour II, the move is to help them identify with Ghanaians amid the difficulties people are facing.
“Mr President, in tandem with your decision, we as the Council of State have also decided that we will reduce our monthly allowances by 20% until the end of this year. This move is our way of contributing our widow’s mite to our total efforts towards economic recovery,” he said.
Source: www.myjoyonline.com
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
