Deputy Finance Minister, Abena Osei-Asare has announced 20% cuts to the expenditures of Ministries, Departments, and Agencies. According to her, this is part of the government’s efforts to reduce expenditure in order to deal with the country’s growing debt.

The present rigidities in the economy will trigger more borrowing by government unless aggressive revenue mobilization and expenditure rationalization is pursued, Economist and Senior Lecturer at the Economics Department of the University of Ghana, Dr. Adu Owusu Sarkodie has said.

Public interest and accountability committee rejects oil funded market project in some parts of the country describing execution of work unacceptable.

Government has been advised to slash salaries and other emoluments of its appointees to demonstrate commitment to reducing expenditure and improving the fiscal economy in this difficult time. According to Senior Financial Analyst, Joe Jackson, this will send positive signals to investors that government is committed to addressing the challenges in the economy.

Ghana’s international bonds are no more lucrative, as the country faces challenges with liquidity and refinancing its debt, some Senior Financial Analysts who spoke to Joy Business on the back of the downgrade of the country’s credit rating by ratings agency, Moody’s.

From a serious policymaking point of view, the question as to whether “Ghana should go to the IMF” is not a complete, or particularly meaningful, one.

The International Monetary Fund (IMF) has indicated that it is ready to extend support to Ghana if the request is made for program support. This was in response to an e-mail sent to the Fund by JoyBusiness over calls for government to subscribe to seek IMF support to help stabilise the economy.

Ghana’s leading oil marketing company, GOIL Company Limited, has adjusted its fuel prices at the pump by 0.15 pesewas. GOIL Company Limited announced the new prices for Petrol and Diesel effective Tuesday 1st February,2022 at 2pm. The new price increase came into effect this afternoon with a litre of petrol now selling at GH¢7.00 from GH¢6.850. A litre of diesel now also sells at GH¢7.00 from GH¢6.850. This represent an increase of 0.15 Pesewas.

Mobile money transactions for last year significantly outstripped cheque transactions by a massive ¢770.4 billion, the Summary of Economic and Financial Data from the Bank of Ghana has revealed. This is compared to ¢522.9 billion recorded in the eight months of 2021.

Ghana’s public debt stock shot up by ¢2.7 billion to hit ¢344.5 billion in November 2021, the January 2022 Bank of Ghana Summary of Economic and Financial Data has revealed. This pushed the debt to Gross Domestic Product (GDP) to 78.4% and further emphasised that the country’s debt has reached disturbing levels.