Vice President Dr Mahamudu Bawumia is expected to speak on the economic state of the country later today. Following the continuous price hikes on fuel and commodities and the depreciation of the cedi, there have been calls for Dr Bawumia as the leader of the Economic Management Team to address the issues publicly.

As of December 2020, government had injected ¢21.5 billion into State Owned Enterprises (SOEs), the 2020 State Ownership Report has revealed. These included government subvention of ¢1.476 billion, on-lent loans of ¢14.73 billion, an outstanding stock of government-backed guarantees of ¢2.383 billion, contingent liabilities of ¢138.99 million ($24.13 million) from ongoing Public-Private Partnership (PPP) projects. The remaining component was from government support and bail-outs to some specified entities.

State Owned Enterprises (SOEs) recorded ¢2.61 billion loss in 2020, according to the 2020 State Ownership Report. This however represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion. This the Finance Minister, Ken Ofori-Atta, is calling for more urgent and collective work to address these losses.

The cedi recorded an 18.21% rate of depreciation to the US dollar in the first quarter of 2022, according to Bloomberg. This still ranked the local currency as the worst among African currencies with the “Worst Spot Returns”. However, for the timely intervention by the Bank of Ghana, the situation could have been worse.

The Ghana Chamber of Bulk Oil Distributors (COBD) has forecast an up to ¢1 per litre reduction in the price of petrol and diesel. This follows several engagements the COBD had with the Bank of Ghana (BoG) and stakeholders to fashion out interventions, aimed at reducing the prices at the various pumps. The Chief Executive of the Chamber, Senyo Hosi, says additional measures have been agreed upon and are expected to reduce prices by Friday.

Government’s tight fiscal measures targeted at closing the budget-deficit to 7.4% of Gross Domestic Product (GDP) by the end of 2022 is fueling the longest bond rally in two months. According to Bloomberg, the yield on the country’s $1 billion bond maturing in 2026 declined for the sixth consecutive day, as President Nana Akufo-Addo reiterated government’s commitment to get the economy back on track.

Finance and Economics lecturer, Professor Godfred Bokpin, has expressed worry about the passage of the Electronic Transaction Levy (E-Levy), saying, it will increase the cost of doing business and undermine the private sector ability to create jobs. According to him, the E-Levy is a lazy way of collecting taxes, adding, there are too many indirect taxes already overburdening businesses and consumers.

The Russia and Ukraine war keeps impacting global food supply chains and Ghana’s major export earner, cocoa, is not left out. Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, says the situation has skyrocketed fertilizer prices, making it next to impossible to import the needed ingredients for cocoa cultivation.

President Akufo Addo has lifted the mandatory wearing of nose masks in public. “From tomorrow, Monday, 28th March, the wearing of facemasks is no longer mandatory,” he said. This was disclosed during his 28th COVID-19 address to the nation on Sunday night. He also noted that all in-person activities, such as those that take place in churches, mosques, conferences, workshops, private parties and events, cinemas and theatres may resume at full capacity, as long as the audience and/or participants are fully vaccinated.

The Minister for Finance, Ken Ofori-Atta, has said the government will save about GHC3.5 billion from the 30% salary cut of ministers and heads of state-owned enterprises (SOEs).Addressing the country on measures being taken to curb the economic challenges Ghana is facing, Ofori-Atta said: “With regard to savings, in terms of our initial calculations of all of that [the salary cut] will be about GHC3.5 billion that we expect to be able to save.