As of yday, the YTD depreciation of the cedi against the $ on the interbank market was 11.4%. It's higher on the retail market. This slump in the value of the cedi is bad for our inflation outlook. And we are not even paying most of our external debts. Who's gonna arrest it now?
The Monetary Policy Committee of the Bank of Ghana has increased its policy rate again by 250 basis points to 24.5%, as part of efforts to address inflationary pressures. One would expect the cost of borrowing to rise yet again
Latest data from the Bank of Ghana shows some rebound in the growth of mobile money transactions (both volume and value). The growth rates are still below the levels seen prior to the announcement of the e-levy #Ghecon.
Ghana's CPI inflation for August 2022 was 33.9%. You have to go all the way to May 2000 to see the last time a similar rate of price growth was recorded #Ghecon
However, itโs interesting to note that the Angolan Kwanza has been the best-performing African currency against the United States Dollar since the beginning of this year. It has strengthened by 30.17% so far.
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Focusing on the performance of African currencies against the US Dollar this year, the Ghana Cedi has been the worst-performing currency, depreciating by 37.24% as of yesterday, August 19th, 2022. Itโs followed by the South Sudanese Pound, which has depreciated by 31.96%. 1/2
If you are looking for the last time Ghana recorded inflation rate similar to what has been recorded in April 2022, you have to go all the way to January 2004.
A key number in government's e-levy calculations is the value of momo transactions. In December 2021, that value fell by about 3.2bn cedis compared to the previous month. This is a number to keep an eye on as conversations around the e-levy evolves.
Latest data from the Ghana Statistical Services indicate that compared to December 2020, the general price level rose by 12.6% in December 2021. That's the highest inflation rate recorded since rebasing of the Consumer Price Index in August 2019.
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In 2022, the Government of Ghana is projecting to spend about 136 billion cedis on its operations. About 74% of the projected spending will be generated from revenue and grants, and the remaining 26% will be financed through borrowing.
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The census results confirm that indeed the Greater Accra region is densely populated. It has as high as six times the population density of the next densely populated reg in Ghana (Central). It also has the highest share of structures that are metal containers, wooden or kiosks.
The Ghanaian pop has increased by 25% between 2010 and 2021. By region, the Northern, North East and Savannah regions have seen the highest increases since 2010. Eastern and Volta have seen the lowest increase. There is a higher share of females than males in 10 of 16 regions.
The population of Ghana from the 2021 population and housing census is estimated to be 30.79 million. We will be posting some visualizations from the preliminary report shortly.
I took a look at the latest top 50 songs played in Ghana on Apple Music to see if there is any r/ship b/n the ranking and features of the song (from Spotify). Tempo and valence (musical positiveness conveyed by a track) were two features that were weakly correlated with ranking.
New data from @StatsGhana shows that national inflation rate for August 2021 was 9.7% (up from 9% in July 2021). At the regional level, the Northern Region has the highest inflation rate for the second straight month, mostly driven by food price inflation.
In the 2020 audit of ministries, departments and agencies, the AG discovered financial irregularities worth over 2bn cedis. This value is similar to the estimated cost of free SHS per year. Half of those were debt related irregularities from the Ministry of Health.