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NEWS FOR BUSINESS LEADERS
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Bawumia says economic fundamentals stronger and better Vice-President Dr Mahamudu Bawumia has said although the COVID-19 pandemic has shaken the strong foundation of the Ghanaian economy, the growth of the economy is fundamentally stronger than it was in the 2013-2016 period
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peaking on the state of the economy at the TESCON national conference in Kasoa, Dr Bawumia said “the path of inflation in Ghana has been similar to those of other countries following the COVID pandemic. Inflation had declined from an average of 17.5% in 2016 to an average of 7.2% in 2020. Since the pandemic, inflation has increased to an average of 10% in 2021.”
“As of February 2022, inflation rose further to 15.7% as a result of global conditions, including a rise
in crude oil and other commodity prices and the Russian-Ukraine conflict. It is important to note that between 2013 and 2016 inflation averaged 15.9%. Between 2017 and 2021, however, inflation has averaged 10.4% notwithstanding the impact of COVID-19.” Bawumia said notwithstanding COVID-19, interest rates are lower now than they were in the 2013 -2016 period. MORE ON PAGE 2
Stop pricing goods and services in foreign currencies – BoG warns The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies
and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana. The central bank in a statement also said the law prohibits individuals or institutions from
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