Up from 14.7% in April 2014, the year-on-year inflation rate, as measured by the Consumer Price Index (CPI), stood at 14.8% in May 2014, while the monthly change rate for May 2014 was 0.9% against the 1.7% recorded in April 2014.
We the participants further agreed that the Directive Principles of State Policy (Chapter 6 of the 1992 Constitution) must continue to guide the national development effort, anchored in a long term national development framework with a compelling vision. (May 16, 2014)
The fifth meeting of the Financial Stability Board (FSB) Regional Consultative Group (RCG) for sub-Saharan Africa has taken place in Accra. The FSB RCG for sub-Saharan Africa is co-chaired by Lesetja Kganyago, Deputy Governor, South African Reserve Bank and Rundheersing Bheenick, Governor, Bank of Mauritius., while its membership includes financial authorities from Angola, Botswana, Ghana, Kenya, Mauritius, Namibia, Nigeria, South Africa and Tanzania, as well as the Central Bank of West African States (BCEAO) based in Senegal. (May 8, 2014)
The National Development Planning Commission (NDPC) has begun a series of national consultations on the Ghana Shared Growth Development Agenda (GSGDA) II, which is being prepared to be implemented over the period 2014-2017. Speaking at the first consultation meeting with Development Partners on Wednesday, Dr Regina Adutwum, Director-General NDPC, said the GSGDA II, a successor medium-term national development policy framework, would help address some challenges and sustain the gains made during the implementation of the GSGDA. (May 8, 2014)
President John Dramani Mahama has called on Metropolitan, Municipal and District Assemblies (MMDAs), to initiate innovative measures to enhance the generation of Internally Generated Funds (IGF). He said resources generated at the local level would help in the country's development, especially at the grass root level. President Mahama said the MMDAs needed to form viable partnership to enable them improve on their IGF to develop their districts, since effective resource mobilisation comes with responsibility. (May 7, 2014)
Mr. Benjamin Amoah, Head of Financial Stability at the Bank of Ghana, has said there is a slowdown in the depreciation of the cedi after measures by the Bank of Ghana (BOG) to halt it. The BOG introduced measures at the beginning of the year to halt the depreciation of the cedi, among which included the withdrawal of both Foreign Currency and Foreign Exchange Accounts in cedis, at the existing exchange rate over the counter, except for traveling purposes. (April 22, 2014)
The Revised Gross Domestic Product (GDP) estimate for 2013, showed a growth of 7.1 per cent compared to the 2012 final estimates of 8.8 per cent. The service sector recorded the highest growth of 8.9 per cent, followed by industry 7.0 per cent with agriculture recording the lowest growth rate of 5.2 per cent. (April 10, 2014)
The Ghana Oil Company Limited (GOIL) on Tuesday paid a dividend of nearly GH¢1.5 million to the Government, a major shareholder in the company. The amount is in respect of dividend on the 2012 accounts. Government holds a 51 per cent stake in GOIL with the remainder being owned by the public. (April 09, 2014)