A Currency Board or Fixed Exchange Rate is Not a Solution to Ghana’s Depreciating Cedi
This is an academic article. The authors are solely responsible for the content of this publication. It does not reflect the views of Tesah Capital or any institution with which the authors are affiliated. We are grateful to Tesah Capital for providing a publication outlet. Introduction The Ghana cedi has depreciated markedly this year against […]
2023 Budget Must be Transparent and Have Realistic Targets
Ghana is currently experiencing one of the most challenging economic times in recent years. The difficulties confronting the country as it heads into the 2023 fiscal year include anemic economic growth, high unemployment, elevated inflation, severe currency depreciation, deteriorating gross international reserves and a looming public debt crisis. These put the finance minister in a […]
Ghana Sovereign Debt Restructuring
Bank of Ghana Delivers Another Policy Rate Hike – What Ghanaian Families and Business Should know
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) on October 6, 2022, decided to increase the monetary policy rate by 250 basis points to 24.5%. This follows an increase in the key interest rate by 300 basis points after the emergency MPC meeting held in August 2022. In the MPC press release, […]
Whither to from Here: Implications of the Government of Ghana Sovereign Debt Restructuring
Introduction A recent Bloomberg news article(1) has hinted that the Government of Ghana is considering restructuring its sovereign debt in the wake of negotiations with the IMF regarding the sustainability of the country’s debts. The report indicated that local debt was more likely to be restructured compared to the country’s external debt. If the reports […]
Inflation Update
The headline inflation in August was 33.9% an increase of 2.2 percentage points from the 31.70% recorded in the month of July making it the highest in 21years. In addition to this, the 33.9% inflation recorded in August accounted for a 15 consecutive monthly rise in inflation. The August inflation window recorded upward pressures from […]
Notice of virtual Annual General Meeting on Tesah Future Fund PLC
Notice is hereby given that the 9th Annual General Meeting of shareholders of Tesah Future Fund PLC will be held virtually via Zoom on 28th September, 2022 at 10:00am to transact the following: To receive and consider the Reports of the Directors and Auditors for the year ended 31st December, 2021 To receive and consider […]
Bank of Ghana Responds to High Inflation and Cedi Depreciation with a 300 Basis Point Increase in the Policy Rate
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) on August 17, 2022, decided to increase the policy rate by 300 basis points to 22%. The decision at the extraordinary MPC meeting follows last month’s decision to pause on the recent interest hikes. In the MPC press release, the committee attributed the policy […]
Ghana’s inflation surges to 29.8% but the worst is yet to come
Data released by the Ghana Statistical Service (GSS) on July 13, 2022, indicate that the annual inflation rate increased to 29.8% in June 2022 from 27.6% recorded in May 2022. This is the highest level of inflation since December 2003, and almost 3 times the upper bound of the Bank of Ghana’s target range of […]
What an IMF Program Means to the Government of Ghana
On Friday July 1, 2022, the president of Ghana authorised the finance minister Ken Ofori-Atta to commence formal engagement with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana. We, at Tesah Capital, expect the government to request for an Extended Credit Facility (ECF) […]
