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COVID-19: Bank of Ghana hands over GHC10 bn to gov’t to close the fiscal gap
The Bank of Ghana (BoG) has reportedly supported the government with GHC10 billion to help close Ghana’s deficit gap.
YEN.com.gh understands that the Central Bank halted support for the government after Ghana entered into an Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF).
It, however, resumed after the outbreak of the coronavirus led to a widening of the budget deficit from 4.7% to 7.8% of Gross Domestic Product (GDP).
Ghana records 22.38% average lending rate; the lowest in over 10 years
Information available to YEN.com.gh shows that in April 2020, Ghana recorded its lowest average lending rate of 22.38%.
According to the Summary of Economic and Financial Data by the Bank of Ghana, it is the lowest recorded in 12 years.
In January 2020, it was 23.06%; it increased to 23.37% the following month and 23.40% in March 2020.
7 million Ghanaian workers earn less than GHC600 a month - Ken Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has revealed that seven million Ghanaians earn GHC7000 or below every month.
He explained that 83.6% of Ghanaians do not have real savings and are therefore likely to be adversely affected by crises such as COVID-19.
Ofori-Atta further noted that 59% of Ghanaians fall within the 15 to 34-year-old age group and 39% are found within the 35 to 64-year-old group.
Akufo-Addo has managed the economy better than Mahama did - Otchere-Darko
Ghanaian political activist and lawyer, Gabby Asare Otchere-Darko, has argued that President Akufo-Addo has handled the economy better, compared to Former President John Mahama.
According to him, this is the case despite the increase in Ghana’s debt stock from GHS122.2 billion at the end of 2016 to GHS236 billion at the end of March 2020.
Despite the 93.1% increase in public debt, Otchere-Darko is of the view that Ghana is currently witnessing its lowest rate of debt accumulation under any government since the change of leadership from Former President Kufuor to Former President Atta Mills.
OVER THE WEEKEND:
AngloGold Ashanti shuts S.African mine after finding 164 coronavirus cases
AngloGold Ashanti’s Mponeng mine in South Africa has been temporarily closed after 164 workers tested positive for the coronavirus, the gold miner said in a statement on Sunday.
The mine, the deepest in the world, only re-opened in April after being shut under a nationwide lockdown and had been operating at around 50% capacity. It accounted for around 7.4% of the company’s total gold production in 2019.
We can’t dismiss allegations against AfDB Pres. – US Treasury Dept.
The US Department of Treasury says it cannot dismiss allegations against the President of the African Development Bank, Dr. Akinwumi Adesina
“We fear that the wholesale dismissal of all allegations without appropriate investigations will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance”, it said in a statement signed by Steven T Mnuchin.
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