The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market.

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th.

Government has set up a 5-Member Consultative Committee to lead the financial sector stakeholder engagements to reach a deal with the International Monetary Fund (IMF) on Ghana’s debt restructuring.

Some banks in the country have begun suspending loans, particularly to new customers. This follows the increase in the policy rate by the Bank of Ghana to 24.5%.

Total Mobile Money transactions as of August 2022 compared to the same period in 2021 fell by ¢13.3 billion, about 2.02%, the latest Summary of Financial and Economic Data by the Bank of Ghana has revealed.

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Policy Rate by 250 basis point to 24.5%. This is the highest policy rate increase since 2017.

The Ghana Revenue Authority (GRA) is in the process of developing an online platform for the purposes of auctioning vehicles and goods at the Tema port.

The Bank of Ghana (BoG) has given assurance that it will manage the Exchange Rate regime to help strengthen the cedi against the dollar as the year comes to an end. In the last quarter of the year, most businesses import goods ahead of the festive season in December.

Some Oil Marketing Companies (OMCs) have begun reviewing prices of their petroleum products following recent hikes in crude oil prices on the international market.

The Ghana Revenue Authority (GRA) will from October 1, 2022, flush out fake VAT invoices from the country with the introduction of the Electronic VAT invoicing.