Business in Ghana

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Posts Tagged ‘Ghana Economy’

“I Command The Falling Cedi To Rise In Jesus’ Name” Is This A Bad Joke, Duncan-Williams?

Posted by Business in Ghana on February 2, 2014

Ben Ofosu-Appiah, Tokyo, JAPAN.

Only last week I wrote an article here on how we black folks sometimes allow our critical faculties, our ability to rationalize and think critically and have a pragmatic and scientific evaluation of facts and the evidence to be drown out by blind and unquestionable acceptance of things that defy reason and logic and are packaged and sold to us in the name of religion.

Everybody knows that the Ghana cedi has been in a free fall and the government has proven incapable so far in dealing with the situation. Investor confidence in the economy is low and business confidence in the country is reported to be at an all time low according to a recent report in the Daily Graphic.

The cedi has already depreciated by three per cent against the major international currencies this month. The US dollar, which sold at Ghc2.20 on the local foreign exchange market before Christmas last year, now sells at Ghc2.60. The British pound, which sold at Ghc3 now sells at Ghc4.20. The euro and CFA are also selling at Ghc3.50 and Ghc4.80 respectively. In 2013, the local currency suffered 17-per cent depreciation. The year-on-year depreciation shows a 21.96 per cent depreciation of the cedi against the dollar; 28.88 per cent against the pound sterling; 23.98 per cent against the euro and 25.54 per cent against the Swiss franc.

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Posted in Ben Ofosu-Appiah, Politics | Tagged: , , , , , , | Leave a Comment »

ROBUST FIRST QUARTER PERFORMANCE KEEPS ECONOMY ON GROWTH TARGET

Posted by Business in Ghana on July 13, 2012

Source: Center For Policy Analysis (CEPA), Ghana.  http://www.cepa.org

Introduction

The Ghana Statistical Service (GSS) currently provides three interrelated measures of real GDP. For any specified period of time  typically a quarter or calendar year  real GDP is the constant price (2006) value of relevant economic activities in that specified period. Constant prices are used in the valuation in order to eliminate the effect of inflation which otherwise could confuse the assessment of economic performance. The growth rate is obtained by comparing the value of the current period with that of a previous period. The three measures of data are the following:

  •  year-on-year for each of the four quarters of the calendar year, defined by GSS as comparing current economic developments with that of the same period in the previous year. There is little or no influence by seasonal factors;
  •  quarter-on-quarter for each of the four quarters in comparison with the preceding quarter defined by GSS as providing a short-term (six months) picture of current economic developments. The estimates are influenced by seasonal factors that are caused by economic behaviour or recurrent exogenous factors such as weather patterns, holidays, religious events etc ; and
  •  the current calendar year compared to the previous calendar year  the more common measure used in public discussions, as for example: the economy grew at 14.1 percent in 2011.

Moreover, all of the above measures of economic performance are subject to periodic revisions. According to the GSS, revisions provide the opportunity for incorporation of additional and improved data. For example, some data that were not available at the released date are incorporated through revisions into subsequent releases. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , | 1 Comment »

State of the Nation. Critical News, 13th May 2012

Posted by Business in Ghana on May 13, 2012

Sydney Casely-Hayford, Sydney@bizghana.com

Mahamadu Bawumia’s “state of the nation’s economy” speech excited the NDC to no end.  A kink in the NDC campaign armour, seems to have thrown the ruling Government into a complete tizz.  After Deputy Finance Minister Fiifi Kwetey and Deputy Information Minister Samuel Ablakwa did their discrediting tour last week, this week’s salvo came from two Government Institutions.  The Ghana Statistical Service because they felt slighted by Bawumia, held a press conference to disparage his views and label him a dangerous academic, and the Ministry of Finance and Economic Planning took out a double page advertisement in the Daily Graphic to “set the records straight”. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , | Leave a Comment »