Ghana’s economy is expected to become the 12th fastest growing economy in Sub-Saharan Africa in 2022 with an expected growth rate of 5.2%.

According to the International Monetary Fund April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde among league of Sub-Saharan African economies. In West Africa, the nation will place 6th again with Cape Verde.

The International Monetary Fund is urging the government to urgently take some tough measures to restructure the country’s rising debts. It follows a new assessment of Ghana’s debt position which has raised some red flags. The Finance Ministry had said that the expansion of the Ghanaian economy by 5.4% in 2021 means the country’s debt to Gross Domestic Product (GDP) ratio has fallen to 74.4%, from the earlier 80.1%.

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Mobile money transactions could drop significantly going forward, following the implementation of the Electronic Transactions Levy (E-Levy) from May 1st, 2022. A day ahead of the implementation, there were massive withdrawals by a cross-section of Ghanaians.

The Industrial and Commercial Workers’ Union (ICU), Ghana has charged government to provide distressed businesses with stimulus package to recover from Covid-19. According to the Union, the ravages of the pandemic is still having a serious ripple effect on the ability of businesses that were affected to bounce back to business, and on the ability of workers who lost their jobs to make ends meet.

Fitch Solutions, research arm of ratings agency, Fitch, has projected modest gains for the Ghana cedi against the dollar in the coming months. The local currency came under severe pressure in the first three months of 2022, making it the worst performing currency on the African continent during the period. But the recent monetary policy actions by the Bank of Ghana and fiscal measures from the Finance Ministry appears to be yielding results.

The price of Brent crude oil is expected to average $100 a barrel in 2022, a new World Bank report released on Tuesday in Washington, D.C. has said. The report, known as Commodity Markets Outlook, attributed this to war-related trade and production disruptions. The report said the development represents the highest level of crude oil price since 2013 and an increase of more than 40 percent compared to 2021.

World Bank President, David Malpass, is urging the Bank of Ghana and other financial regulators around the world to use all available tools to help check the rising inflation rate. The general price levels of good and services in the country hit a record level of 19.4% in March 2022. The same can be said for other countries, such as the USA and UK, which has seen inflation rate reaching historic levels and threating economic stability.

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The Ghana Revenue Authority (GRA) says it is still on course with its modalities towards implementing the Electronic Transfer Law (E-Levy) on May, 1, 2022. The Commissioner-General insists that despite legal suits against the move, the Authority is yet to receive any directive to hold on with the scheduled roll-out.