Joy Business Report @1

Bringing you updates from the world of business

The Ministry of Finance has stated that the latest Gross Domestic Product (GDP) figures released by Ghana Statistical Service (GSS) show that the Ghanaian economy is fast recovering amid global challenges and debt restructuring. According to the ministry, the economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).

Ghana’s economy grew by 6.9 percent in the second quarter of 2024, provisional figures released by the Ghana Statistical Service (GSS) has revealed. Compared to the first quarter of 2024, the economy grew at 4.7 percent. The Services sector continues to be the largest contributor to the growth in the second quarter of 2024 with 44.2 percent. This is followed by the industry sector with a contribution of 32.2 percent and the Agriculture sector with 23.6 percent.

Bringing you updates from the world of business

Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps from today, September 16, 2024.Star Oil Ghana is selling a litre of petrol at GH₵12.55, indicating a one cedi drop. This represents a 7.9 percent decline. The company is also selling a litre of diesel at GH₵13.27. This represents a 4.18 percent drop, indicating a 58 pesewas reduction from the previous price.

Ghana to export large quantities of refined bitumen according to President Akuffo Addo by the end of the year

The year-on-year inflation for the month of August has slowed marginally to 20.4% from 20.9% recorded in July. According to the Ghana Statistical Service, the marginal slowdown in the rate of inflation from August last year compared to August 2024 was influenced by a reduction in food inflation.

Banking consultant Richmond Atuahene describes the decision by some commercial bank to introduce charges on accounts with foreign currencies as strategic.

The Institute of Energy Security advises the government to resolve the debt issues involving the VRA, VALCO, and ECG before making any changes in the power sector.