Protecting Depositor and Investor Funds in Ghana’s Fund Management and Insurance Sectors | A Petition to the Presidency and the Economic Management Team (EMT)

By Dr. Theophilus Acheampong, Independent Economic Consultant; Senior Fellow, IMANI Africa This petition has also been published in today’s edition of the Business & Financial (B&FT) newspaper in Ghana EXECUTIVE SUMMARYOn 19 August 2019, the Bank of Ghana announced the completion of the two-year clean-up of specialised deposit-taking (SDIs) and non-bank financial institutions (NBFIs). The…

Media appearances on Zimbabwe’s political crisis, post-Mugabe elections and economic outlook

November 2017 The military was likely to broker a power-sharing deal between Mugabe and former vice-president Emmerson Mnangagwa, country risk analyst at IHS Markit Theophilus Acheampong said. https://www.businesslive.co.za/bd/markets/2017-11-20-bonds-weaker-as-market-eyes-zimbabwe-and-credit-ratings-decisions/ Experts speculate that Mugabe will be held as a figurehead until a new ZANU-PF leader is anointed. “The military, using the leverage gained from the insurrection, is likely…

Ghana’s Mid-Year Budget Review: Will the proposed tax measures help businesses and consumers?

On 19 July, Ghana’s finance minister, Ken Ofori-Atta presented the New Patriotic Party’s (NPPs) mid-year fiscal policy and review of the 2018 budget to parliament. The presentation follows the earlier presentation of the 2018 budget in November 2017. It provides an overview of recent macroeconomic developments, revenue-expenditure analysis, a revised 2018 fiscal outlook, and budget…

Dr Ishmael Ackah writes on the new AMERI power plant deal

Dr Ishmael Ackah has taken the time to provide this excellent summary of the AMERI power deal for public education. I completely align with his thoughts. Great job! Ameri Deal–my opinion Original Deal —$510 million dollars (102 million dollars per year for 5 years). 1. Issues raised with the Original Deal: (i) Technology and possible inefficiency (Ameri…

New VAT Regime: Citizens will pay more –Dr. Theo Acheampong

Dr Theo Acheampong, a fellow of think tank IMANI Africa, has pointed out that the new Value Added Tax (VAT) structure will place more financial burden on the public, as consumers are likely to pay more for products and services… Finance Minister Ken Ofori-Atta told parliament categorically on Thursday, 19 July 2018 that there will not…

Which Ghanaian Banks Offer the Best Value Add?

Using the latest figures published by the Bank of Ghana, I estimate the top five banks in Ghana in terms of value add as Bank of Baroda, Barclays Bank, GCB Bank, Societe Generale Bank and Stanbic Bank. Value added is defined as the difference between the Average Interest Rate on Deposits and the bank’s Base…

Heritage Fund debate builds up… The Heritage Fund must not be touched | Dr. Theo Acheampong

The decision by Nana Akufo-Addo’s administration to finance its flagship free Senior High School policy with petroleum revenues has stirred controversy about the usefulness of the Ghana Heritage Fund (GHF), originally meant for future generations when the oil resources run out. Proponents of the amendment of the Petroleum Revenue Management Act (Act 815), such as…

Ghana FY2016 Economic Update

Notes from Recent IMF Staff Visit to Ghana Large fiscal slippages observed last year will require strong efforts of fiscal consolidation – aka more austerity. Bank of Ghana’s (BoG) monetary policy has been instrumental in mitigating inflationary pressures in 2016 Ghana’s economy continues to face challenges. Estimated economic growth of 3.6% in 2016 (vs. target…

Nigeria Devalues the Naira: An Update

The Buhari government finally made a bold move today to abolish the moribund fixed (pegged) exchange rate regime it adopted last year for the Naira amidst plummeting oil prices in favour of a floating regime where market forces determine the exchange rate. The decision to allow the naira to devalue, and an earlier one to…