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#GHBUDGET: Ghana’s economy has improved – Economist

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Economist, Dr. Sam Olanyo Mensah has stated that, the country’s economy has been quiet a stable one.

Speaking to Joynewsplus, he said the government has been able to sustain some of the basic activities that they need to provide the citizens.

According to him, interest rate has reduced from 33% to 23%, inflation rate has also reduced from 14% to a single digit which means there is improvement in the economy.

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The Finance Minister, Ken Ofori-Atta says the government is managing the finances of the country with discipline and competence.

Presenting the 2021 Mid-Year Budget in Parliament, Mr. Ofori-Atta said this is a manifestation of the fiscal operations in the first half of the year, adding the government has managed the economy better than it was managed in 2016.

See also  Aftermath of COVID-19 in the banking world

“We are managing the finances of the country with discipline and competence. The fiscal operations for the period January to June 2021 indicate that the overall budget deficit was ¢22.32 billion, equivalent to 5.1%of GDP. The corresponding primary balance for the period was a deficit of ¢7.3 billion, equivalent to 1.7% of GDP, against a target deficit of GH¢4,797 or 1.1% of GDP.”

“We will continue to pursue our fiscal consolidation agenda to ensure that we remain within the appropriation given by this House [Parliament]”, he explained.

He further said the country’s macroeconomic indicators are pointing to the right direction despite the impact of Covid-19 on the economy which has shot up the country’s debt levels.

See also  Some Kumasi drivers hesitate to accept a 15% increase and want 30%.

“We would like to note that notwithstanding our elevated debt levels as a result of COVID-19, our inflation rate is lower than it was in 2016, our interest rates are lower than they were in 2016, our exchange rate is more stable than it was in 2016, our foreign exchange reserves are much higher than they were in 2016, and we did not have to lay off any workers, nor cancel teacher and nursing training allowance”.

“Furthermore, we did not go to the IMF (International Monetary Fund) for a bailout programme, neither have we built an interchange for the price of three. This is because we have managed the economy much better than it was managed up to 2016. Let us not forget”, he pointed out.

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On the back of these and other deliberate policies, the Finance Minister noted the country has attracted more foreign direct investments in the midst of the pandemic, outlining further that as of end-June 2021, total FDI into the country was valued at $954.2 million, indicating an increase of 71.2%, from $557.2 million recorded over the same period last year.

Dr Olanyo stated that, the Finance Minister, Ken Ofori Attah statement that they have managed the economy well is the step in the right direction.

He again disclosed that, the current dept of the country does not mean that, the economy is not managed well.

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Aftermath of COVID-19 in the banking world

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The aftermath of COVID-19 in the banking world where many saved their fortunes with the hope of a better future.

Governments used mitigation techniques based on social distance, national quarantines, and the closure of non-essential companies to slow the spread of the new COVID-19.

The economic slowdown hit the business sector hard, forcing it to scramble for funds to pay operational costs as a result of the revenue shortage so some depended on e-transfer payday loans.

An e-transfer payday loan, like a traditional payday loan, maybe requested online and processed in a matter of minutes.

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The Emergency cash loans 24/7 as its name suggests served as the source where customers could go get a loan from banks when the need arises.

These kind of loans were available even on weekends.

The financial sector, and banks, in particular, played a key role in absorbing the shock, by supplying much-needed funding.

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The move towards digitalization and FinTech has increased competition in the market for banks, with new digital entrants taking on banking-related activities and challenging existing banking models.

A few banks also decided to boost their online presence.

Financial institutions like clear cash,South African banks like Ithemba loans,Fasta loans and Unifi loans encouraged their members to use their online portal regualarly.

Wallet whale was one of the few banks that did exceptionally well during that era.

Wallet Whale loans empowered their members with a variety of discount facilities and a huge range of membership benefits designed to empower lifestyle. Many people often assume it rather whale wallet.

Wallet whale provided these services with ease.

  • Huge savings on Highstreet shopping from top brand retailers,Mega online shopping deals,Buy Now Pay Later on your weekly shop when using your Wallet Whale,Free premium FLAVVA membership with Wallet Whale among others.
See also  #GhanaBudget: How can you take money from us when there's non to give- CPP jabs Ofori Atta

Users who were also in dire need of car loans or auto loans as some call it used the Title loans in Raleigh to get a loan.

In Raleigh, you may apply for auto title loans in a variety of methods, including using your motorcycle or automobile as collateral.

People who lived in Seattle also used the Title loans in Seattle right now without much stress to find some attractive title loans in their vicinity during the pandemic.

Some banks also provided the Same day payday loans for their customers who need cash urgently.

Same day payday loan is a great choice for anybody in need of rapid cash for an emergency, especially if they don’t have the time or credit to apply for a bank-issued unsecured or secured personal loan. Borrowers may submit a safe online application and receive a response from an online lender in minutes with a payday loan.

See also  Some Kumasi drivers hesitate to accept a 15% increase and want 30%.

Banks that provided direct express card services to their customers due to covid allowed a loan straight to your direct express card from $10 to over $10,000 and spend your own money without any problem.

You’re usually qualified for a payday loan if you get benefits from the Social Security Administration (SSA) and can prove your payments.

In the sector of education, Active student PRC and Active student Lamar also used their portal to help parents and students with information pertaining to their academics.

A very informative section the website of both schools read

Students who violate the School District Policies in regard to use, possession, or sale of
drugs will be subject to the strongest discipline to include alternative school placement and expulsion.

Source: Ghnews1.com

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Fuel costs to be decreased by ¢1 from April 1 – Chamber of Bulk Oil Distributors.

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The Ghana Chamber of Bulk Oil Distributors (COBD) has guage an up to ¢1 per liter decrease in the cost of petroleum and diesel by April 1, 2022.

This follows a few commitment the COBD had with the Bank of Ghana (BoG) and partners to design out intercessions pointed toward diminishing the costs at the different siphons.

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The Chief Executive of the Chamber, Senyo Hosi, says extra measures have been settled upon and are supposed to decrease costs by Friday.

“The key thing that will truly manage the difficulties we have will be the conversion standard mediations that administration is checking along with the Central Bank out. Come April 1; we ought to have the option to see a superior situation on oil costs.

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“We will be seeing something near a cedi under liter or a large portion of a cedi under a liter,” he said.

In a previous meeting with JoyNews, Senyo Hosi said once these actions are carried out, there will be some relief for shoppers.

“We’ve been connecting with the BoG. I think they discharge about $160 million to the whole energy area, so in addition to the BDCs. I figure they did some, yet not in an extremely organized way as we would have needed to be finished. It was exceptionally basic for the specific second to lessen some pressure,” he noted.

He made sense of that the new mediations would help “foster a design outfitted around the forex market to guarantee that a portion of these intercessions can course into lower siphon costs as we at present see on the business sectors.”

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Last week, the public authority reported a ¢0.15 decrease in oil based goods, which business transport administrators dismissed.

The Ghana Private Road Transport Union (GPRTU), the Concerned Drivers Association of Ghana and other vehicle associations say they are frustrated.

As per them, they would have been exceptional off in the event that administration had not consumed anything.

In a meeting with JoyNews after the Finance Minister declared the decrease, the Spokesperson for GPRTU, Imoro Abass, showed that the drivers would talk about a further expansion in transport charges.

“Assuming that this is everything they can accomplish for us, I will say we are unreasonable. The ¢0.15 is horrendously insufficient, so we’d need to meet and settle on what direction we are heading to move,” he said.

See also  World Bank Group launches new national partnership framework in Ghana

Fuel costs have expanded inside the most recent fourteen day time span across significant siphons in the country.

Many Oil Marketing Companies have been selling at a normal of ¢9.70, ¢9.99 and ¢11.

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World Bank Group launches new national partnership framework in Ghana

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The World Bank Group (WBG) Board today discussed the new five-year National Partnership Framework (CPF) for Ghana from 2022-2026. The CPF prioritizes investment in human capital, job creation, economic diversification, the establishment of resilient health care systems, and the promotion of a more environmentally friendly and more inclusive society.
Ghana has made great economic and social progress over the last three decades. Since the early 1990s, it gained a middle-income position in 2011 with strong and sustainable economic growth of over 5% on average. It is underpinned by stable democracy, primarily by the export of gold and cocoa and the development of significant oil and gas reserves. It achieved the first Millennium Development Goal (MDG) of halving poverty from 52.7 percent (1993) to 23.4 percent (2016). However, the pace of poverty reduction has slowed in recent years, and inequalities in some areas continue, particularly in some northern areas of the country.
The CPF will support Ghana in its COVID19 and mediumterm development agenda. It is designed around three mutually reinforcing focus areas, namely: Enhancing Conditions for Private Sector Development and Quality Job Creation; Improving Inclusive Service Delivery; and Promoting Resilient and Sustainable Development. Exploiting the opportunities of digital transformation will be a crosscutting theme. The $4.5 bn CPF was prepared jointly by the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
“The World Bank Group is happy to support Ghana`s economic recovery plan. The CPF is aligned with Ghana`s Coordinated Program of Economic and Social Development Policies and will support the Government of Ghana in creating a competitive environment for the private sector to flourish and play a greater role in job creation particularly for youth,”saidPierre Laporte, World Bank Country Director for Ghana, Liberia and Sierra Leone. “The World Bank Group, through the CPF, will also support policies and programs that aim to strengthen digital transformation for improved service delivery and productivity, improve governance, and promote greater inclusion, including strengthening women`s economic empowerment.”
The social and economic impact of the COVID19 crisis has been significant. Ghana was one of the earliest countries in Africa to announce social distancing measures, including school closures and cancelling of mass gatherings, complemented by aggressive testing and recently a strong vaccination program. These measures while saving lives came at a heavy economic cost in the immediate term. The CPF will address the immediate as well as mediumterm implications of the COVID19 crisis in line with the Ghana Coronavirus Alleviation and Revitalization of Enterprises Support program and lay a path on how the World Bank, IFC, and MIGA, will leverage their relative strengths to partner with Ghana for stronger development outcomes.
“To stimulate diversified private sector growth and create secure jobs, the World Bank Group will support a competitive environment for enterprise development,” said Kyle Kelhofer, IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo. “IFC will continue to work closely with the Government of Ghana and the private sector to provide investment and advisory services to expand access to finance for small businesses and entrepreneurs, enhance agribusiness productivity, and support Ghana`s sustainable industrialization.”
“The CPF focuses on improving the investment climate and enacting regulatory reforms. Succeeding in these reforms would be critical for accelerating private sector development,” said Merli Baroudi, MIGA`s Director of Economics and Sustainability. The
CPF works closely with strong government programs to move towards larger, more consistent and transformative interventions that make better use of performance-based funding as needed. It is designed to be flexible, especially in the early stages of implementation, to see progress early to allow for the changes needed for recovery after COVID 19.

See also  Some Kumasi drivers hesitate to accept a 15% increase and want 30%.

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