Latest news with #AlhassanIddrisu
TimesLIVE
13-06-2025
- Business
- TimesLIVE
Ghana's economy grew 5.3% in first quarter of 2025
Ghana's economy grew faster in the first quarter of the year, driven by growth in the services sector and an agricultural recovery, the West African country's statistics agency said on Wednesday. Gross domestic product (GDP) in the world's second biggest cocoa producer grew by 5.3% year-on-year in the January to March, the data showed, compared with a revised 4.9% in the same quarter last year. "This momentum reflects more than just numbers. It signals recovery and the confidence of an economy finding its rhythm in a very complex global environment," government statistician Alhassan Iddrisu told journalists. Ghana is emerging from its deepest economic crisis in a generation. Finance minister Cassiel Ato Forson said in March that spending cuts should allow Ghana to achieve real GDP growth of at least 4% by the end of 2025. Last year's economic growth was 5.7%.
Bloomberg
11-06-2025
- Business
- Bloomberg
Ghana's Economy Grows 5.3% as Slump in Cocoa, Gold Sectors End
Ghana's economy expanded at the fastest pace since the third quarter of last year, propelled by its gold mining and agriculture sectors. Gross domestic product expanded an annual 5.3% in the three months through March, compared with 3.6% in the prior quarter, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday.
Bloomberg
04-06-2025
- Business
- Bloomberg
World's Best Currency Slows Ghana Inflation to Lowest Since 2022
Ghana's inflation rate dropped to the lowest level in more than three years, as the country's world-beating currency helped reduce the cost of imports. Inflation slowed for a fifth straight month to 18.4% in May, compared with 21.2% in the previous month, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday. Prices rose 0.7% in the month, he said.
Business Insider
07-05-2025
- Business
- Business Insider
Ghana's economic recovery continues thanks to the world's best currency
The decline in import expenses brought down the country's consumer price index in April to 21.2%, compared to 22.4% the month before, making it the fourth consecutive month Ghana's inflation is dropping. Government Statistician Alhassan Iddrisu made this known to reporters in the capital, Accra, on Wednesday. He noted that, rise in non-food prices slowed to 17.9% in April from 18.7% in March, as import costs fell. This drop in inflation is following a pattern that has been persistent since the current president John Mahama assumed office. In March, inflation figures dropped to 22.4% from 23.1% in February, as per data from the Ghana Statistical Service (GSS). Then the decline in inflation came shortly after the Bank of Ghana (BoG) made an unexpected decision to raise its benchmark interest rate by 100 basis points to 28%. However, for April, reports indicate that the country's impressive currency performance is primarily the reason for the inflation decline. In April the Tunisian Dinar, Moroccan Dirham, Seychellois Rupee, and Ghanaian Cedi, posted stronger values than the month prior. Ghana's currency had gone from 15.49 per dollar in March to 15.46 per dollar, in April. Inflation in Ghana and interest rates According to figures provided by Bloomberg, the currency has risen about sixteen percent versus the dollar since the beginning of April, making it the best-performing currency globally. Agyapomaa Gyeke-Dako, a senior lecturer and economist at the University of Ghana Business School, assessed that the data is unlikely to convince the central bank to cut interest rates later this month because it is still looking for additional proof of a slowdown in price growth following its unexpected 100 basis-point increase in March to 28%. In order to "mop up any excess liquidity, the central bank action going forward may not readily reduce the monetary policy rate yet because there might still be some threats to inflation coming from the hikes in utility prices," she stated prior to the data release, implying that it tightened at its most recent meeting. Inflation in Ghana remained above 10%, exceeding the central bank's target range, since September 2021, driven by a debt crisis that weakened the cedi and raised the cost of imports.
Reuters
07-05-2025
- Business
- Reuters
Ghana consumer inflation slows for fourth month in April
ACCRA, May 7 (Reuters) - Ghana's consumer inflation (GHCPIY=ECI), opens new tab slowed for a fourth month in a row in April, to 21.2% year on year from 22.4% in March, the statistics service said on Wednesday. Government statistician Alhassan Iddrisu told a news conference that the latest decline was driven by a moderation in both food and non food inflation. "Food inflation remains the biggest price driver," Iddrisu said, adding that it was still elevated. Ghana's economy has been battling persistently high inflation, with the rates above the central bank's target of 8% with a margin of error of 2 percentage points either side. Central bank governor Johnson Asiama said in March a tight monetary policy stance was needed to lower consumer inflation in the gold, oil and cocoa-producing West African nation. He also announced a surprise rate hike, adding that its impact on inflation will be reassessed before the next rate meeting in May. Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.
