<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Ghanaian economy Archives - Sweet Melodies FM</title> <atom:link href="https://www.sweetmelodiesfm.com/tag/ghanaian-economy/feed/" rel="self" type="application/rss+xml" /> <link>https://www.sweetmelodiesfm.com/tag/ghanaian-economy/</link> <description>Keeping You Sanctified Morning, Noon and Night!</description> <lastBuildDate>Thu, 12 May 2022 08:52:26 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <image> <url>https://i0.wp.com/www.sweetmelodiesfm.com/wp-content/uploads/2022/07/cropped-Sweet-Melodies-FM_text_favicon.png?fit=32%2C32&ssl=1</url> <title>Ghanaian economy Archives - Sweet Melodies FM</title> <link>https://www.sweetmelodiesfm.com/tag/ghanaian-economy/</link> <width>32</width> <height>32</height> </image> <item> <title>Transport fares take toll on inflation as it hits 23.6% in April</title> <link>https://www.sweetmelodiesfm.com/transport-fares-take-toll-on-inflation-as-it-hits-23-6-in-april/</link> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Thu, 12 May 2022 08:50:28 +0000</pubDate> <category><![CDATA[Features]]></category> <category><![CDATA[News]]></category> <category><![CDATA[GHANA NEWS]]></category> <category><![CDATA[Ghana Statistical Service (GSS)]]></category> <category><![CDATA[Ghanaian economy]]></category> <category><![CDATA[Inflation]]></category> <category><![CDATA[transport fares]]></category> <guid isPermaLink="false">https://www.sweetmelodiesfm.com/?p=76850</guid> <description><![CDATA[<p>The pass-through effect of the 15 percent increase in transport fares has taken a heavy toll on the general prices of goods and services, as inflation shot through the roof in April. Data published by the Ghana Statistical Service (GSS) have shown that consumer inflation recorded 23.6 percent in April, indicating an increase of 4.2 […]</p> <p>The post <a href="https://www.sweetmelodiesfm.com/transport-fares-take-toll-on-inflation-as-it-hits-23-6-in-april/">Transport fares take toll on inflation as it hits 23.6% in April</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p> ]]></description> <content:encoded><![CDATA[<p>The pass-through effect of the 15 percent increase in transport fares has taken a heavy toll on the general prices of goods and services, as inflation shot through the roof in April.</p> <div class="td-a-rec td-a-rec-id-content_inlineleft tdi_2 td_block_template_11"> <div class="td-visible-desktop"> <div id="beacon_e16ee94fb6"></div> </div> </div> <p>Data published by the Ghana Statistical Service (GSS) have shown that consumer inflation recorded 23.6 percent in April, indicating an increase of 4.2 percentage points from the March inflation. This was largely pushed by transport, which saw a whopping 33.5 percent rise in inflation compared to the 17.4 percent in March.</p> <p>The same factor further shot-up food inflation to 26.6 percent, higher than recorded both in March (22.4 percent) and the average previous 12 months of 13.5 percent. However, food inflation’s contribution to total inflation decreased from 51.4 percent in March 2022 to 50 percent in April 2022.</p> <p>Read also : <a href="https://www.sweetmelodiesfm.com/champion-your-personal-development-as-a-woman-dr-ibukun/">Champion your personal development as a woman – Dr. Ibukun</a></p> <p>Non-food year-on-year inflation on average went up again in April 2022 compared to March 2022, from 17 percent to 21.3 percent.</p> <p>The Statistical Service data further reveal that, for the first time in 29 months, inflation for imported items exceeded domestic inflation.</p> <p>Read Also : <a href="https://www.sweetmelodiesfm.com/bank-of-ghana-abolishes-unfair-fees-and-charges/">Bank of Ghana abolishes unfair fees and charges</a></p> <p>The inflation for imported goods was 24.7 percent, which is higher than the 17.3 percent recorded for March 2022 – while the inflation for locally produced items was 23 percent, up from the 20 percent recorded in March 2022.</p> <p>However, Government Statistician Prof. Samuel Kobina Annim noted at the press briefing that from their data, the domain of inflation accounting for the highest of the 99 items disaggregated – recording changes in prices higher than the overall average of 23.6 percent – were items that are locally produced.</p> <p>Read also: <a href="https://www.sweetmelodiesfm.com/soes-require-structural-governance-reforms-dr-ishmael-yamson/">SOEs require structural governance reforms – Dr. Ishmael Yamson</a></p> <p>“We tried pointing policymakers to what they have to look at, especially in the light of conversation around whether the inflation rate is heavily driven by the Russian invasion of Ukraine or some other factors. So, we disaggregated the 307 items into items that are food and non-food, and items that are imported and locally produced.”</p> <p>He then indicated that the Russia – Ukraine war’s impact on the list of inflation items is secondary and not direct.</p> <p>“Because once it is the war, then you look at the imported food and non-food. When you put this component together – that is the 25.3 percent for imported non-food and 17.2 percent for imported foods – you will have in excess of 42.5 percent, which is also as impactful as the locally produced food items.</p> <p>“But broadly, from a locally produced item perspective – either food or non-food, we have 40.4 percent and 17.2 percent respectively… which accounts for 57.6 percent for the locally produced items.</p> <p>“So, this is where policy should direct its attention, especially asking whether monetary policies can address all these different items in the same way; or will you need the real sector to also address some of these changes in prices we are seeing?” the Government Statistician said.</p> <p>Read also: <a href="https://www.sweetmelodiesfm.com/employment-and-labour-minister-nxesi-formally-launches-south-africas-hosting-of-a-global-conference-to-discuss-urgent-interventions-to-tackle-child-labour/">Employment and Labour Minister Nxesi Formally Launches South Africa’s Hosting of a Global Conference to Discuss Urgent Interventions to Tackle Child Labour</a></p> <p>Nonetheless, the incessant rise of consumer prices remains a global phenomenon, as central banks in advanced economies battle to tame the surge.</p> <p>The rise in prices exceeds market expectations, which was projected to hit around 20.25 percent ± 0.5 percent, on the back of some perceived major inflation risks emanating from food inflation.</p> <p>Consumer inflation measures changes in the price of a fixed basket of goods and services purchased by households in the country.</p> <p>“The domain that accounted for the highest of the 99 items that recorded changes in prices higher than the 23.6 percent were items that are food and locally produced,” Prof. Annim said.</p> <p>The post <a href="https://www.sweetmelodiesfm.com/transport-fares-take-toll-on-inflation-as-it-hits-23-6-in-april/">Transport fares take toll on inflation as it hits 23.6% in April</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p> ]]></content:encoded> </item> <item> <title>Ghanaians to use more coins as BoG plans to phase out GH¢1 and GH¢2 notes</title> <link>https://www.sweetmelodiesfm.com/ghanaians-to-use-more-coins-as-bog-plans-to-phase-out-gh%c2%a21-and-gh%c2%a22-notes/</link> <dc:creator><![CDATA[Editor]]></dc:creator> <pubDate>Mon, 27 Sep 2021 22:00:43 +0000</pubDate> <category><![CDATA[Features]]></category> <category><![CDATA[Bank of Ghana]]></category> <category><![CDATA[Dr. Ernest Addison]]></category> <category><![CDATA[GH¢1 notes]]></category> <category><![CDATA[GH¢2 notes]]></category> <category><![CDATA[Ghanaian economy]]></category> <category><![CDATA[Governor of the Central Bank]]></category> <guid isPermaLink="false">https://www.sweetmelodiesfm.com/?p=69156</guid> <description><![CDATA[<p>The GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy. This was made known by the Governor of the Central Bank, Dr. Ernest Addison on Monday, September 27, 2021. Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins. “The GH¢1 […]</p> <p>The post <a href="https://www.sweetmelodiesfm.com/ghanaians-to-use-more-coins-as-bog-plans-to-phase-out-gh%c2%a21-and-gh%c2%a22-notes/">Ghanaians to use more coins as BoG plans to phase out GH¢1 and GH¢2 notes</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p> ]]></description> <content:encoded><![CDATA[<p><strong>The GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy.</strong></p> <p>This was made known by the Governor of the Central Bank, Dr. Ernest Addison on Monday, September 27, 2021.</p> <p>Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins.</p> <p>“The GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost”.</p> <p>“They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process”.</p> <ul> <li><a href="https://www.sweetmelodiesfm.com/fodome-kordzeto-jhs-shed-classroom-block-blown-off/">Fodome-Kordzeto JHS shed classroom block blown off</a></li> <li><a href="https://www.sweetmelodiesfm.com/guinea-west-african-csos-calls-for-restoration-of-democratic-governance/">Guinea: West African CSOs calls for restoration of democratic governance</a></li> </ul> <p>He further said that, “We have bales of GH¢1 notes that we are not able to process. So the view for the longer term is more or less get out of the GH¢1 and GH¢2 notes and use the GH¢1 and GH¢2 coins”.</p> <p>“You will recall that the GH¢2 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH¢2 coins, and you would expect that, eventually, it would more or less play the role that the GH¢2 note is playing”.</p> <p>Ghana currently has GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200 in notes while one pesewa, ten pesewas, 20 pesewas, 50 pesewas, one cedi and two cedis are coins.</p> <p><strong>GH¢153 million spent on printing Ghana currency</strong></p> <p>The Bank of Ghana in 2018 spent over GH¢153 million to print the country’s legal tender, the cedi.</p> <p>The amount included the actual cost of printing the Ghana cedi, fees paid to the agency that supervised the printing process, as well as what the central bank described as other currency expenses.</p> <p><a href="https://i0.wp.com/www.sweetmelodiesfm.com/wp-content/uploads/2021/09/amount-spent-on-printing-ghana-cedis.png?ssl=1"><img data-recalc-dims="1" fetchpriority="high" decoding="async" class="wp-image-69157 aligncenter" src="https://i0.wp.com/www.sweetmelodiesfm.com/wp-content/uploads/2021/09/amount-spent-on-printing-ghana-cedis.png?resize=596%2C596&ssl=1" alt="" width="596" height="596" /></a></p> <p> </p> <h4><strong>$8.97m spent on printing new 100, 200 cedi notes</strong></h4> <p>The Government of Ghana also spent some $8.97 million on printing the new 100 and 200 cedi notes, which wereintroduced in November 2019.</p> <p>Finance Minister, Ken Ofori-Atta, who was responding to questions on the process in Parliament in March 2020 said: “This is made up of $4.45 million and $4.53 million for the GHS100 and GHS200 notes respectively”.</p> <p>The post <a href="https://www.sweetmelodiesfm.com/ghanaians-to-use-more-coins-as-bog-plans-to-phase-out-gh%c2%a21-and-gh%c2%a22-notes/">Ghanaians to use more coins as BoG plans to phase out GH¢1 and GH¢2 notes</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p> ]]></content:encoded> </item> </channel> </rss>