Welcome to The Week in Focus on The High Street Journal, where we spotlight the top stories making waves this week. I’m Tatyana, and it’s great to have you with us. Let’s dive right in
Ghanaians have spoken! Over the weekend, the nation made a clear choice, embracing President-elect John Mahama’s flagship 24-hour economy over Dr. Bawumia’s bold digitization agenda. Mahama’s already committed to a 120-day social contract to get things moving. But wait for it, he’s got a $2 billion debt mountain staring him down! Tackling that won’t be a walk in the park.
Now, here’s some good news: Ghana’s economy expanded by 7.2% in Q3 of 2023. Yay! This growth was powered by gains in industry and ICT—thumbs up to those sectors. But cocoa and fishing sectors were not so great. Both sectors saw a decline, which is a bit of a damper on what’s otherwise a solid economic performance.
Meanwhile, the business community is breathing a little easier, thanks to the cedi’s steady appreciation. Guess how this happened? The Central Bank has pumped $840 million into the economy in the last month. That’s like a lifeline, right? But here’s the catch; analysts are already raising red flags about its sustainability.
Here’s a twist from the financial world. Managers of mutual funds are shifting away from government bonds after the hard hits from the debt restructuring program. Now, they’re playing it safe, focusing on less volatile investments for more stable returns. Can’t blame them, really—after all, nobody likes a rollercoaster ride with their money.
Next stop, Kumasi! The new Prempeh International Airport is making headlines, but not all for the right reasons. Aviation expert Sean Mendis has flagged possible financial challenges due to low domestic airport taxes. His suggestion? More realistic charges. He also thinks the airport is better suited for regional and seasonal flights.
Finally, some good news for CBG and Taptap Send! These institutions are back in the forex game after their suspension by the Bank of Ghana. Perfect timing too—it’s remittance windfall season! Time to rake in those returns.
That’s all for this week’s edition of The Week in Focus. Don’t forget to like, share, and subscribe to stay updated with more impactful news.
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Thank you for watching, and have a wonderful weekend!
