Economy

Overview: Dive deep into Ghana's 2022 fiscal data, exploring the significant tax streams on domestic goods and services. Understand how VAT, excises, and various levies contribute to the national revenue. Breakdown of Taxes on Domestic Goods and Services Jan – Dec 2022 (GHS Billions) Introduction: 2022 was a transformative year for Ghana in terms of domestic goods and services taxation. With the economy navigating unprecedented global challenges, understanding the breakdown o

Breaking down Bank of Ghana's GHS 60.8 billion loss Introduction Central Banks are the backbone of a country's financial system, but what happens when they report a loss that is a significant chunk of the nation's GDP? The Bank of Ghana recently found itself in such a situation, reporting a loss of GH¢60.8 billion, approximately 10% of Ghana's GDP for 2022. This article aims to delve into the details of this loss, provide context from the Bank's official statement, and compar

Ghana-China Trade Relations in 2022 In recent years, the global trade landscape has seen a burgeoning relationship between Africa and China, with Ghana emerging as a notable partner in this new era of economic cooperation. The year 2022 marked a significant chapter in the Ghana-China trade narrative, witnessing mutual benefits and challenges. This article delves into the trade dynamics between Ghana and China in 2022, exploring the primary commodities exchanged and the overal

BRICS (Brazil, Russia, India, China, and South Africa) are a group of emerging economies that have been growing rapidly in recent years. They are expected to play an increasingly important role in the global economy in the coming years. BRICS countries have a combined population of 4.3 billion people, which is about 42% of the world's population (2022 estimates). They also have a combined GDP of $25.9 trillion, which is about 26% of the world's GDP. This makes them a signific

The African continent is home to a diverse range of economies, from the oil-rich countries of the Gulf of Guinea to the emerging markets of East Africa. But which countries have the largest GDPs? Here is a look at the top 5 African countries by GDP in 2022 according to the World Bank: • Nigeria (GDP: $ 477 billion) • Egypt (GDP: $476 billion) • South Africa (GDP: $405 billion) • Algeria (GDP: $191 billion) • Morocco (GDP: $134 billion) These five countries account for 57.6% o

The Ghanaian banking sector faced a number of challenges in 2022, including a domestic debt exchange program that led to huge impairment losses for most banks. However, the sector showed resilience, with total assets increasing by an average of 18% from the previous year. The domestic debt exchange program required holders of government securities to exchange their bonds for new bonds with longer maturities and lower interest rates. This led to significant losses for banks, w

Banks in Ghana The banking sector in Ghana has been plagued by a number of collapses in recent years. In fact, since 1990, 13 banks have collapsed, and 12 of those were local banks. This represents 92% of all collapsed banks in Ghana during this period. There are a number of factors that have contributed to the high number of local bank collapses in Ghana. These include: Weaker regulatory oversight. The Ghanaian government has been criticized for its weak regulatory oversight

Ghana and the IMF Ghana has been a member of the International Monetary Fund (IMF) since 1957, and the two institutions have had a long and complicated relationship. Ghana has had a total of 18 IMF arrangements, including the current Extended Credit Facility (ECF) arrangement that was approved in May 2023. The IMF has provided Ghana with significant technical assistance in a number of areas, including public financial management, monetary and exchange rate policy, and statist