Vegetables continued to be a key driver of food inflation
The latest decline in consumer inflation from 10.4 percent at the end of 2020 to 9.9 percent in January is good for investor sentiments, a senior analyst with Databank Research, Courage Kingsley Martey, has said.
The decline in headline inflation to within the Bank of Ghana’s medium-term target of 8±2 percent is largely attributable to a slowdown in the growth of food prices such as vegetables, fruits and nuts.
“To start the year with a decline in inflation is good for investor sentiments on the market, as it would support the decline in treasury yields that we currently observe on the domestic market and it also deepens confidence in the current monetary policy stance as being appropriate,” Mr. Martey said in an interview with Business24.
Ghana’s economy remains vulnerable to foreign portfolio outflows, says Courage Kingsley Martey, Senior Economist with Databank Research, in an assessment of the latest data on the country’s balance of payments (BoP) released by the central bank.
According to the Bank of Ghana’s summary of economic and financial data published ahead of its policy rate announcement today, the external sector suffered much from the impact of the coronavirus pandemic.
The BoP contracted to a deficit of US$632.47m, equivalent to 0.95 percent of gross domestic product, at the end of 2020 from a surplus of US$1.34bn, equivalent to 2 percent of GDP, in 2019.
Ghana’s economy remains vulnerable to foreign portfolio outflows, says Courage Kingsley Martey, Senior Economist with Databank Research, in an assessment of the latest data on the country’s balance of payments (BoP) released by the central bank.
According to the Bank of Ghana’s summary of economic and financial data published ahead of its policy rate announcement today, the external sector suffered much from the impact of the coronavirus pandemic.
The BoP contracted to a deficit of US$632.47m, equivalent to 0.95 percent of gross domestic product, at the end of 2020 from a surplus of US$1.34bn, equivalent to 2 percent of GDP, in 2019.
Cedi closes 2020 with 3.9% deterioration to the dollar
By Henry Asamoah
JAN 2, 2021
The Ghana cedi finished a year ago with a deterioration pace of 3.93% to the US dollar, making it a standout amongst other performing monetary forms in Sub Saharan Africa.
The great execution likewise makes it best since 2017 when it devalued by just 4.88%.
At the forex authority, the pace of devaluation was even lower at 2.2%.
Happiness Business took in the nearby cash really refreshing in the last fourteen days of December 2020 at the forex authority, from a deterioration pace of 3.1%.
Examiners accept that the cedi has profited by a heap of elements including the Bank of Ghana s Forex Forward Closeout and the broadened trades.