Joy Business Report @1

Finance Minister, Ken Ofori-Atta, wants the African Development Bank to take charge of operations on the African continent. He charged the largest financial institution on the African continent to change the narrative where other financial institutions have taken center stage in Africa.

The Monetary Policy Committee of the Bank of Ghana has for the second consecutive time increased the Policy Rate – the rate at which it lends to commercial banks by 200 basis points to 19%. This was announced by the Governor, Dr. Ernest Addison at a press briefing today, May 23, 2022.

Financial consultant Charles Mensah pushes for emergency funds for industries to help address issue with food inflation.

Government to support unskilled youth to curb unemployment.

Peasant farmers association of Ghana complains of governments inability to pay 400 million cedis debt of old fertilizer supplies.

The Chamber of Agribusiness, Ghana is calling for the resignation of the Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto. According to the chamber, the agricultural sector has become worse off since Dr. Owusu Afriyie-Akoto came into office

The National Petroleum Authority (NPA) has ruled out reports of diesel shortage on the market, insisting, the country has adequate stocks to last for more than two weeks. It follows reports that some Oil Marketing Companies (OMCs) are struggling to secure diesel from Bulk Oil Distribution Companies.

Inflation could hit 40% by August 2022, if the current trend continues and policy makers fail to act decisively, Chief Finance Officer of the Valley View University, Dr. William Peprah has predicted. He therefore wants the Bank of Ghana to increase its policy rate and reserve requirements for banks to reduce lending, whilst government also cut its expenditure to slow growth.

Finance Minister, Ken Ofori-Atta, has reiterated government’s commitment of not seeking assistance from the International Monetary Fund (IMF), to relief its debt. According to him, the economy is heading in the right direction, and therefore government will find alternative ways of refinancing the country’s debt.

Surging food prices once again drove inflation for the month of April, 2022 to 23.6%, figures from the Ghana Statistical Service has revealed. This is the highest since January 2004. According to the GSS, four divisions – Transport (33.5%); Household Equipment and Routine Maintenance (28.5%); Food and Non-Alcoholic Beverages (25.6%), and Housing, Water, Electricity, Gas and Other Fuels (25.0%) recorded inflation rates above the national average of 23.6% with Transport recording the highest inflation.