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Kumasi buzzes with Easter festivities



Easter is characterized by lots of religious activities and festivities in the country.

This year, on Good Friday, churches in the city were filled with congregants while some revelers headed to the Kwahu Mountains, which was closed for the three years that the COVID – 19 restrictions were in place.

Easter Friday like in the rest of the Christian world is marked with divine services in many churches in Ghana.

At the Victory Baptist Church, Ayigya branch, the congregants worshiped and danced to melodious tunes in remembrance of the death of their Saviour.

Head Pastor, Rev. Dr. Charles Owusu Ampofo, admonishing his congregants, urged them not to take advantage of the recent global inflation, but rather spread love and be honest in their dealings.

“We are in times that Christians have to demonstrate the love of God through the things we do. For instance, if you’re a trader, don’t take advantage of the seemingly third world war and sell your things at any price you want.

“If you’re an importer don’t just for the sake of profit, sell things at whatever rate you deem appropriate. If you’re a child of God, you’ll not be thinking only about yourself but others, too,” he said.

For three years, the Easter holidays in Kumasi have not seen much festivities due to COVID-19.

But on Good Friday this year, the city was buzzing with lots of activities, especially at the market square and lorry stations.

At the Asafo lorry station, several vehicles were seen loaded with passengers traveling to various destinations for the holidays.

Kwahu is the destination of many revelers for the Easter holidays.

Kumasi buzzes with Easter festivities

Vehicles exiting the lorry station since daybreak were countless as many revelers headed to Kwahu in the Eastern region.

Some passengers on board shared why they are heading to the paragliding city.

Abena Dufie, who has never been to Kwahu, is joining her sister-in-law to climb the mountain for the first time.

“I have never been to Kwahu before. I’ll be climbing the mountains,” she said.

Sammy Tuga, also a reveler, is heading to Kwahu to enjoy the holidays with his friends.

“It’s been a while since COVID-19 befell the world with some restrictions. So, I am going there to chill with some friends,” he said.

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GRA and Finance Ministry engage Information Services Department on E-Levy implementation



More than 200 staff of the Information Services Department across the country are undergoing a special training in Kumasi to help intensify public education on the implementation of the Electronic Transfer Levy (E-Levy).

This is part of measures by the Ghana Revenue Authority and the Ministry of Finance to address misconceptions about the E-levy and its implementation.

Deputy Information Minister, Fatimatu Abubakar, is positive the ISD will use the various local languages to properly disseminate the right information and clear the misconception about the e-levy.

The passage and implementation of the electronic transfer levy have come with diverse concerns and misinformation.

This has compelled authorities to engage officers of the Information Services Department across the country to help with the education.

Deputy Finance Minister, Abena Osei Asare, says it is crucial for the ISD to employ the various local languages to better address the misinformation on E-levy.

There have been concerns about logistical constraints often associated with the work of the Information Services Department.

Fatimatu Abubakar insists the Department is well equipped enough to carry out the education.

The initiative is expected to empower the Information Service Department on the e-levy mechanics.

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Government must complement monetary policy with sound fiscal measures – Economist



Finance Minister, Ken Ofori-Atta, has been urged to embark on comprehensive fiscal measures to complement monetary measures by the Bank of Ghana to restore economic stability and confidence.

Some financial observers have cautioned that investors will continue to shun government Treasury bills until the Finance Minister embarks on tight fiscal policy to bring down inflation, which hit 23.6 percent in April.

Speaking to Joy Business, Economist, Professor Lord Mensah, warned that investor confidence will continue to decline until inflation is stabilized.

“Government has been struggling to meet its target because the investor community has started shying away from short term investments, “Professor Mensah said adding that the uncertainties in the money market has made investors skeptical.

He stated for example that, investors are rationale business owners who always respond to activities in the market.

According to him, uncertainties create unpredictable future – a situation investors watch out for before committing their funds.

“Usually when uncertainties are so high in the system, most of the investors move their funds from the long term to the medium term. If the uncertainties continue to get deeper, they move their funds to the short term. If the investor is not comfortable at the short term then it means the economy is not doing well,” he explained.

He maintained that one of the major ways for judging confidence in an economy is to examine where and how investors are willing to invest their funds.

“With high inflation investors know that the value of their investment will be eroded. For me, the most important thing to do now is to work and bring inflation down”.

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Economy growing strongly, data suggests robust pick-up – Governor



The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.

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