The Vice Chairman of the Public Interest and Accountability Committee (PIAC), Nasir Alfa Mohammed, says whereas the value of Ghana’s oil and gas exploration and production activities are valued at about $31 billion, Ghana only generated about $6.5 billion. This was from the PIAC’s latest analysis which took into account revenues starting from 2011 to the end of 2022 from Ghana’s oil fields.

Inflation shot up to 15.7% in February 2022, as a result of significant jump in food prices, the Ghana Statistical Service has disclosed in its Consumer Price Index report. The rate is the highest since 2016 and confirms reports that food prices will continue to soar because of the Russia-Ukraine war. According to the data from the GSS, the drivers for the surge in inflation were Housing, Water, Electricity and Gas (25.4%); Transport (18.3%) as well as Food and Non-alcoholic beverages (17.4%).

Fertiliser shortage due to the Russia-Ukraine war will impact negatively on crop production and soil improvement in Ghana, particularly, under the government flagship programme, ‘Planting for Food and Jobs’, which rely heavily on inorganic fertilisers, a report by the Chamber of Agribusiness, Ghana has revealed. According to the report, fertiliser production and supply will worsen this year than in the COVID-19 era and will be further aggravated by economic sanctions imposed by the European Union NATO, the United States, among other nations on Russia.

The rate of depreciation of the Ghana cedi almost doubled within just a week or only the first week of March to 14.21%, since the beginning of the year. This was against 7.6% recorded at the end of February 2021. The decline in value of the cedi still ranked it as the worst performing among Africa’s top performing currencies.

Speaking at the 65th Independence Day celebration in Cape Coast on Sunday, Mr. Akufo-Addo said the nation can bounce back to its feet and build the economy it wishes for if all citizens prioritize their duties. He stressed that this move will reduce the country’s dependence on foreign aid.

News from the world of business.

News from the world of business.

Cabinet has begun discussion on possible subsidies for petroleum consumers, as the rising cost of fuel prices in the country bite hard at consumers. According to Deputy Minister for Energy, Andrew Agyapa Mercer, although it would come as a cost to the taxpayer, Cabinet is taking the necessary steps to find relief for Ghanaians.

The general risk in the economy occasioned by slowdown in fiscal consolidation and low revenue, amongst other factors are the major reason behind the rising interest rates on government securities, particularly Treasury bills, Partner at accounting and auditing firm, Deloitte Ghana, Yaw Lartey has said. Since the beginning of the year, the yield on government securities have been going up but marginally.

The Ghana cedi has been classified as the worst of African currencies with the “Worst Spot Returns” by Bloomberg. Bloomberg pegs the depreciation of the cedi to the dollar at 8.86% between January 1, 2022, and February 25, 2022.