After showing some strength against the American dollar all of last week, the Ghana cedi started this week, Monday, November 7 with a terrible poor showing.
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China Mall: Ghana Revenue Authority clamps down on shopping centre for failing to fix electronic VAT system
The Ghana Revenue Authority (GRA) has shut down four branches of the China Mall Shopping Centre in Accra over their failure to fix the electronic VAT system.
Cedi-Dollar depreciation: $1 breaks GH¢11 mark as local currency loses ground against all major trading currencies
The cedi has continued its slump against the US dollar. This has seen the dollar breaking the ¢11 mark and further slumping against major trading currencies.
Economic Crisis: World Bank classifies Ghana as high debt distressed country; projected debt to GDP to hit 104 percent
Ghana has been classified as high debt distressed country by the World Bank. The Bretton Woods Institution also projected that the debt to GDP will hit 104%.
Cocoa sector: Illegal mining has affected only 2% of farmland – Agric Minister
The Agric Minister, Dr Owusu Afriyie Akoto, says only 2% of Ghana's cocoa farmlands have been ravaged by the activities of illegal mining menace in the country.
Cocoa: EU rep insists there will be no ban on cash crop despite ravaging effects of illegal mining
The European Union has assured the Ghanaian government that there will be no ban on the country's cocoa since it remains among some of the best in the world.
Bloomberg ranks Ghana's cedi second-worst performing currency in the world; worst on African continent
Ghana's cedi has lost 40% of its value to the US dollar. According to Bloomberg, this makes the local currency the second-worst performing currency worldwide.
Economic Challenges: CEO of FC Beauty Group says she has closed down 80% of her businesses; laid off 70% of her staff
Grace Amey-Obeng, the CEO of FC Beauty, says she has to shut down 80% of her businesses and cut her staff strength by 70% as a result of economic challenges.
Dr Ato Forson cautions government against rushing through IMF negotiation; says any deal before 2023 budget will be disastrous
The MP for Ajumako-Enyan-Essiam, Dr Cassiel Ato Forson, has cautioned the Akufo-Addo-led government against fast-tracking the negotiations for an IMF deal.
It’s painful to report on Ghana’s struggling economy – Ofori-Atta
In an unexpected turn of events, Ghana's finance minister Ken Ofori-Atta has said country's economy is posting its worst performance ever since August of 2001.
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