Author: Admin
The Gross International Reserves increased by US$1.58 billion to US$7.50 billion at end-August 2024, equivalent to 3.4 months of import cover.
by Elorm Desewu Banks’ credit to the private sector from January to August has recorded a growth of 21.7 percent in 2024, from 10.7 percent in August 2023. In real terms, private sector credit recorded a growth of 1.1 percent, relative to a 21.0 percent contraction in 2023 The banking sector’s performance continued to improve, with assets growing at 38.7 percent at end-August 2024, compared to 19.6 percent in August 2023. Both pre-tax and after-tax profits were higher in the first eight months of 2024 relative to the same period last year. The Capital Adequacy Ratio (CAR) of the industry…
by: Leslie Mensa Tamakloe For many years, Ghana has been beset by the illicit mining problem known as galamsey, which has resulted in financial losses, health risks, and environmental damage. Information Technology (IT) presents a revolutionary answer to the limited success of old techniques of battling galamsey. The use of IT to prevent galamsey and advance environmentally friendly mining methods is examined in this article. The Galamsey Menace Galamsey, a local term for illegal mining, has become a significant challenge for Ghana. The practice involves unauthorised mining, often using primitive methods, resulting in environmental damage, water pollution, and health risks.…
by: Isaac Kofi Agyei Ghana’s cocoa export revenue has taken a devastating hit, plummeting by nearly $700 million in the first half of 2024. The ongoing impact of illegal mining (galamsey),smuggling, and crop diseases has severely crippled cocoa production, putting immense pressure on the sector that has long been the backbone of the nation’s economy. According to the latest Bank of Ghana, July 2024 Summary of Macroeconomic and Financial Data, cocoa export returns dropped sharply from $1.45 billion in the first half of 2023 to just $760 million in the same period this year, marking a staggering 47.7% decline. Cocoa…
by Elorm Desewu The GhIPSS Instant Pay (GIP) has recorded a significant increase in both transaction volumes and value at the end of 2023, according to data from the Bank of Ghana, (BoG). At the end of 2023, a total volume of 115,368,700 transactions were with a total value of GH¢120.10 billion compared with a total volume and value of 76,483,008 and GH¢58.70 billion, respectively, in 2022. This showed an increase of 50.84 per cent in transaction volumes and 104.61 per cent increase in transaction values. The GIS system is the Real Time Gross Settlement (RTGS) system and serves as…