BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT – 2

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BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT – 2 DEALS WITH THE FIRST COMPONENTS OF THE RECENT SUMMARY OF ECONOMIC DATA. THESE ARE:

— PRICE DEVELOPMENTS,

— REAL SECTOR INDICATORS,

— MONEY MARKET RATES, AND

— FOREIGN EXCHANGE RATES.

AS USUAL, YOU CAN DOWNLOAD THE DOCUMENTS IN PDF FORMAT FROM THE BEGINNING OF THIS ARTICLE. Continue reading “BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT – 2”

BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT

97th-MPC-Press-Release-23rd-November-2020-2

Summary-of-Economic-Financial-Data-November-2020-2

THE MONETARY POLICY COMMITTEE [MPC] OF THE BANK OF GHANA [BOG] HELD ITS 97TH MEETING LAST WEEK. FOLLOWING, I PRESENT AN ARTICLE SERIES DUBBED “BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT”.

AS USUAL THE ARTICLE SERIES STARTS WITH A LOOK AT THE MPC PRESS RELEASE. IN THE FOLLOWING THREE PARTS, I ANALYSE THE SUMMARY OF ECONOMIC AND FINANCIAL DATA. THE ARTICLE SERIES WILL CONCLUDE BY THE MIDDLE OF NEXT WEEK.

AS ALWAYS, YOU CAN DOWNLOAD BOTH BOG DOCUMENTS AT THE BEGINNING OF THIS ARTICLE. Continue reading “BOG MPC MEETING NOVEMBER 2020 – A SUMMARY AND COMMENT”

AfCFTA AND RCEP – THE FUTURE OF GLOBAL TRADE

THE AFRICA CONTINENTAL FREE TRADE AREA

CHINA AND 14 OTHER COUNTRIES HAVE NOW COME TOGETHER TO FORM THE “REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP” [RCEP].

The Regional Comprehensive Economic Partnership spans 15 countries and 2.2 billion people, or nearly 30% of the world’s population, according to a joint statement released by the nations on Sunday, when the deal was signed. Their combined GDP totals roughly $26 trillion and they account for nearly 28% of global trade based on 2019 data.
The deal includes several of the region’s heaviest economic hitters aside from China, including Japan and South Korea. New Zealand and Australia are also partners, as are Indonesia, Thailand and Vietnam in Southeast Asia.
IT SEEMS MORE AND MORE THAT THE SLOGAN BECOMES TRUE:
AfCFTA AND RCEP – THE FUTURE OF GLOBAL TRADE

Continue reading “AfCFTA AND RCEP – THE FUTURE OF GLOBAL TRADE”

NANA KONADU – DON’T STEP DOWN, PLEASE – IF YOU DON’T WANT

NANA KONADU – DON’T STEP DOWN, PLEASE – IF YOU DON’T WANT

HARDLY HAS EX-PRESIDENT HIS EXCELLENCY FLT. LIEUTENANT J.J. RAWLINGS HAS DIED [R.I.P.], DEMANDS HAVE COME UP. SOME OF THESE VOICES – OF COURSE FROM MEN – FOCUS ON HIS WIFE NANA KONADU. THEY ASK HER TO STEP DOWN AS PRESIDENTIAL CANDIDATE FOR THE NATIONAL DEMOCRATIC PARTY [NDP]. LEAVE HER IN PEACE! Continue reading “NANA KONADU – DON’T STEP DOWN, PLEASE – IF YOU DON’T WANT”

IS GHANA REALLY HIPIC AGAIN? – THE IMF RESPONSE TO JOHN D. MAHAMA

OBVIOUSLY IN REGARDS TO HIS ELECTION CAMPAIGN, THE FLAGBEARER OF THE OPPOSITION NDC HAS SPREAD THE RUMOR THAT GHANA WILL GO HIPIC AGAIN. THIS IS TO DISGRACE THE ECONOMIC EFFORTS UNDER THE AKUFFO-ADDO GOVERNMENT. YESTERDAY THE INTERNATIONAL MONETARY FUND [IMF] PUBLISHED A RESPONSE TO THESE RUMORS. READ THE RESPONSE OF THE IMF AS FOLLOWS:

“We have been made aware of (social) media reports stating that Ghana has recently been added to the list of Heavily Indebted Poor Countries (HIPC) by the International Monetary Fund (IMF). As a result, we would like to provide the following clarifications:

The HIPC Initiative is essentially CLOSED for countries that have already reached the Completion Point.

As you may recall, Ghana successfully reached the Completion Point in July 2004.

The list of countries that have qualified to the HIPC Initiative since inception in 1996 is regularly updated on our website and MUST NOT be interpreted as a new “HIPC list”.

Any such interpretation is flawed and may be deceptive.

Also, the recent update of Ghana’s debt-to-GDP ratio has NOT triggered any decision or action by the IMF. For ease of reference, you can access the latest issue of the Fund’s Regional Economic Outlook for sub-Saharan Africa on our website.

We would like to take this opportunity to encourage you to seek clarification before giving credence to rumor involving the IMF in Ghana. We reserve the right to issue a public statement to make such clarifications as needed.”

SEE: https://www.primenewsghana.com/business/imf-responds-to-ghana-s-hipc-classification.html

I SHOULD ADD THAT UNDER THE PANDEMIC SITUATION, THERE IS PROBABLY HARDLY ANY COUNTRY THAT HAS A DEBT-TO-GDP RATIO UNDER 70 PERCENT. WE COULD THEN DECLARE THE UNITED STATES OF AMERICA, GERMANY, AND THE UNITED KINGDOM HIRIC. WE COULD CLASSIFY THESE COUNTRIES AS HIGHLY INDEBTED RICH COUNTRIES. THEREFORE, WE CAN SEE THAT THE RUNORS SPREAD BY THE NDC ARE ONLY AN ATTEMPT BY THE NDC TO DISCREDIT THE NPP GOVERNMENT AHEAD OF THE DECEMBER ELECTIONS.

JUST BECAUSE THEY DON’T HAVE AN ALTERNATIVE…

SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [2]

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THE SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [2] EXAMINES THE FOLLOWING TOPICS:

  1. EXTERNAL SECTOR DEVELOPMENT;
  2. GOVERNMENT FISCAL OPERATIONS;
  3. MONETARY INDICATORS;
  4. BANKING SECTOR INDICATORS;
  5. STOCK MARKET PERFORMANCE, AND
  6. PAYMENT SYSTEM DATA.

ADDITIONALLY, THERE WILL BE A CONCLUSION.

AS USUAL, YOU CAN DOWNLOAD THE DOCUMENT IN PDF FORMAT AT THE BEGINNING OF THIS ARTICLE.

ENJOY… Continue reading “SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [2]”

SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [1]

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SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [1]

I  EXAMINE THE DEVELOPMENT OF THE ECONOMY IN GHANA IN  RECENT MONTHS.

I WILL DIVIDE THE EXAMINATION OF THE SUMMARY INTO TWO PARTS. THE FIRST PART DEALS WITH THE FOLLOWING TOPICS:

  1. PRICE DEVELOPMENTS;
  2. REAL SECTOR INDICATORS;
  3. MONEY MARKET RATES;
  4. FOREIGN EXCHANGE RATES; AND
  5. COMMODITY PRICES.

AS USUAL, YOU CAN DOWNLOAD THE SUMMARY IN PDF FORMAT AT THE BEGINNING OF THIS ARTICLE.

Continue reading “SUMMARY OF GHANA ECONOMIC AND FINANCIAL DATA – 09/20 [1]”

BANK OF GHANA MPC MEETING – SEPTEMBER 2020

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LAST WEEK, THE BANK OF GHANA MPC MEETING – SEPTEMBER 2020 TOOK PLACE. NATURALLY, THE MEETING WAS OVERSHADOWED BY THE CORONA VIRUS PANDEMIC. NEVERTHELESS, THE MPC LEFT THE MONETARY POLICY RATE UNCHANGED AT 14.5%

IN THIS FIRST PART OF THE ARTICLE SERIES, I WILL TAKE A LOOK` AT THE PRESS BRIEFING OF THE MPC. IN THE TWO FOLLOWING ARTICLES, I WILL EXAMINE THE SUMMARY OF ECONOMIC AND FINANCIAL DATA SEPTEMBER 2020. AS USUAL, YOU CAN DOWNLOAD THE MPC PRESS RELEASE IN PDF FORMAT AT THE BEGINNING OF THIS ARTICLE. Continue reading “BANK OF GHANA MPC MEETING – SEPTEMBER 2020”

GHANA’S DEBT-TO-GDP RATIO AND THE DOWNGRADING BY STANDARD AND POORS

 

 

GHANA’S DEBT-TO-GDP RATIO AND THE DOWNGRADING BY STANDARD AND POORS – WHAT TO MAKE OUT OF IT.

MANY PEOPLE ARE WORRIED ABOUT GHANA’S CURRENT DEBT SITUATION, AND THE DOWNGRADING BY THE RATINGS AGENCY STANDARD AND POOR’S. BUT IS THE SITUATION REALLY AS BAD AS IT SEEMS? Continue reading “GHANA’S DEBT-TO-GDP RATIO AND THE DOWNGRADING BY STANDARD AND POORS”