#  @GameliMartey Gameli K. Martey Gameli K. Martey posts on X about ghana, inflation, debt, liquidity the most. They currently have [------] followers and [---] posts still getting attention that total [------] engagements in the last [--] hours. ### Engagements: [------] [#](/creator/twitter::3121549544/interactions)  - [--] Week [-----] -91% - [--] Month [------] +1,424% - [--] Months [-------] +34% - [--] Year [-------] +1,122% ### Mentions: [--] [#](/creator/twitter::3121549544/posts_active)  - [--] Week [--] +208% - [--] Month [--] +345% - [--] Months [---] +255% - [--] Year [---] +125% ### Followers: [------] [#](/creator/twitter::3121549544/followers)  - [--] Week [-----] +0.58% - [--] Month [-----] +2.80% - [--] Months [-----] +12% - [--] Year [-----] +66% ### CreatorRank: [---------] [#](/creator/twitter::3121549544/influencer_rank)  ### Social Influence **Social category influence** [finance](/list/finance) [currencies](/list/currencies) [countries](/list/countries) [technology brands](/list/technology-brands) [celebrities](/list/celebrities) [us election](/list/us-election) [social networks](/list/social-networks) [stocks](/list/stocks) [travel destinations](/list/travel-destinations) **Social topic influence** [ghana](/topic/ghana), [inflation](/topic/inflation), [debt](/topic/debt), [liquidity](/topic/liquidity), [money](/topic/money), [gdp](/topic/gdp), [finance](/topic/finance), [bank of](/topic/bank-of), [market](/topic/market), [has been](/topic/has-been) **Top assets mentioned** [Frontier (FRONT)](/topic/frontier) ### Top Social Posts Top posts by engagements in the last [--] hours "Why do people say "currency devaluation" when they actually meant "currency depreciation" The two are similar but differentiated by the exchange rate regime" [X Link](https://x.com/GameliMartey/status/1280255923966132225) 2020-07-06T21:42Z [---] followers, [--] engagements "Proper striker. Modern day striker. Hybrid of number [--] and [--]. @ChelseaFC is the final piece in your glittering personal achievements. Come home @HKane Delighted to win these awards Not possible without the team and staff throughout the season. 💙 https://t.co/12kfT4LOfL Delighted to win these awards Not possible without the team and staff throughout the season. 💙 https://t.co/12kfT4LOfL" [X Link](https://x.com/GameliMartey/status/1396531864643555328) 2021-05-23T18:21Z [---] followers, [--] engagements "There's no reason [--] move d policy rate in either direction said Courage Martey an economist at Accra-based @Databankgroupgh. A rate hike will create d impression dat there was a policy mistake. A further cut will also not allow enough time for d earlier decision [--] take effect Central bankers in six sub-Saharan African countries are likely to leave borrowing costs unchanged over coming weeks amid a resurgence of coronavirus infections https://t.co/xiJvVlG72h Central bankers in six sub-Saharan African countries are likely to leave borrowing costs unchanged over coming weeks amid a resurgence of" [X Link](https://x.com/GameliMartey/status/1416827637704663048) 2021-07-18T18:30Z [---] followers, [--] engagements "When K.T. Hammond reduced d matter of Ghana's debt stock into a statistical joke by deflating d debt with d higher FX rate to have a lower USD-denominated debt in [----] similar to [----] debt was d point I confirmed that these politicians do not feel d pain of this country. Smh" [X Link](https://x.com/GameliMartey/status/1593698349949009920) 2022-11-18T20:11Z [---] followers, [--] engagements "Another day of losses for the Nigerian Naira on the official FX window. We're now doing in excess of 470/USD. The journey to a unified FX rate is underway. I see further devaluation ahead in a rather staggered approach. Don't be surprised to see it climb above 600/USD" [X Link](https://x.com/GameliMartey/status/1666868813000847361) 2023-06-08T18:04Z [---] followers, [----] engagements "Zambian authorities have ruled out restructuring domestic debt due to the nature of the holding structure which is skewed towards banks and pension funds. The authorities believe they've achieved their restructuring targets without touching domestic debt. So no need to touch it" [X Link](https://x.com/GameliMartey/status/1682391056308895747) 2023-07-21T14:04Z [---] followers, [----] engagements "The authorities have also slashed the non-residents participation at the T-bill auctions to 5% of uptake. The decision was informed by the volatility exerted on the Zambian Kwacha as a result of unexpected foreign capital redemption of short-term maturities" [X Link](https://x.com/GameliMartey/status/1682391705075568640) 2023-07-21T14:06Z [---] followers, [---] engagements "In [----] GH Govt posted a cash deficit of GH65bn funded with local debt In [----] Govt decided to write off GH55bn of debt it took from d BOG. Basically GH Govt has transferred it's [----] insolvency to d BOG at d stroke of a pen Reason why we need an independent Central Bank" [X Link](https://x.com/GameliMartey/status/1687791980552622080) 2023-08-06T06:15Z [---] followers, [----] engagements "During d 2nd Qtr tariff hike PURC used 12.7/USD when d going rate was 10.9/USD (on BOG). PURC noted d higher FX rate was to recoup d FX under-recovery from d 1st Qtr sharp depreciation. Given d sizable FX buffer in d 2nd Qtr tariff I'm at a loss where d FX under-recovery of" [X Link](https://x.com/GameliMartey/status/1694077376550908143) 2023-08-22T20:01Z [---] followers, [---] engagements ".0.48/USD is coming from again in "the previous quarters" to warrant FX rate of 11.5/USD for d 3rd Qtr tariff hike (instead of 11.0/USD) And how long is d "previous quarters" Is PURC pricing-in excess capacity charges without revealing d same to end-users We need to know" [X Link](https://x.com/GameliMartey/status/1694077379235213630) 2023-08-22T20:01Z [---] followers, [--] engagements "Theoretically true. But practically very unlikely. For [--] reasons. (1) The Cedi rather gained against the EUR after ECB rate hike last week. Investors think it'd further weaken d already soft Eurozone economy. (2) GH inflation is more influenced by USDGHS dynamics than EURGHS" [X Link](https://x.com/GameliMartey/status/1703303041191960815) 2023-09-17T07:01Z [---] followers, [---] engagements "It's [--] September. Kwame Nkrumah memorial day. @NAkufoAddo listen to the lyrics in the dark of the night. Think deeply about it. Would you be counted in this list Do you care at all Just wondering 🤔" [X Link](https://x.com/GameliMartey/status/1704847452505780229) 2023-09-21T13:18Z [---] followers, [---] engagements "@citizenyao @kobina_awortwe @fx_sosu @citizenyao I agree with you perfectly. Time for d COVID-19 Levy to go. For those arguing dat d effect of past COVID expenditure (b4 d tax) still lingers it's important to remember dat d Govt is doing debt restructuring & dis is blamed on COVID. This shuld offset d fiscal cost" [X Link](https://x.com/GameliMartey/status/1706238210664206353) 2023-09-25T09:24Z [---] followers, [--] engagements "In [----] GOG spent GH8.1bn on COVID. DDEP write-off hv more than offset d fiscal cost In [----] GOG spent GH3.4bn on COVID. COVID levy has raised GH3.3bn to offset it (Attached). Since [----] there's been no new COVID-related spending. Time for levy to go #OccupyJulorbiHouse" [X Link](https://x.com/GameliMartey/status/1706242982536446073) 2023-09-25T09:43Z [---] followers, [--] engagements "@kobina_awortwe @citizenyao @fx_sosu (1) See attached how much has been raised vs amount spent since [----]. (2) debt restructuring not yet concluded. But DDEP virtually done. From the DDEP BOG alone sacrificed over GH53bn. Not to mention coupon loss for private investors. Is this not more than COVID-related cost" [X Link](https://x.com/GameliMartey/status/1706256207818686951) 2023-09-25T10:35Z [---] followers, [--] engagements "So why is Gov't of Ghana depleting d SINKING FUND for budget financing Last time I checked d Sinking Fund was established to support debt service. If we use d Sinking Fund for its intended purpose we'd reduce debt default risk & have d moral right to demand lower risk premium" [X Link](https://x.com/GameliMartey/status/1706992440408719617) 2023-09-27T11:21Z [---] followers, [---] engagements "Do you remember when Govt re-based the CPI in [----] & took inflation rate to 5.8% at end-2018 Sad thing is current high inflation levels were derived using the same re-based CPI ooo Imagine inflation rate if they had remained with the old CPI series 🤔 Ghana is hot paaaahn" [X Link](https://x.com/GameliMartey/status/1707030881934729403) 2023-09-27T13:54Z [---] followers, [----] engagements "Row [--] of attached fiscal data from MOF. Even though they projected GH11bn for COVID-related expenditure in [----] and mobilized GH19bn (per d Audit report) the fiscal data showed they only spent GH8bn in that year. Less than half d mobilized amount. #OccupyJulorbiHouse" [X Link](https://x.com/GameliMartey/status/1708480604570837133) 2023-10-01T13:54Z [---] followers, [---] engagements "@premierleague Game week [--] has been a VAR-induced disaster How's a premeditated hit around the neck treated with kids glove" [X Link](https://x.com/GameliMartey/status/1709103338359226482) 2023-10-03T07:09Z [---] followers, [--] engagements "After COVID in [----] d US FED started withdrawing QE in late [----]. From March [----] FED started raising interest rates. From June [----] FED started shrinking it's balance sheet. But in Ghana BOG balance sheet continued to expand in [----]. Indeed "GH is an interesting country". Ghana is an interesting country. All across the world the economic crisis of the last couple of years has seen central banks stepping in to do what is necessary even if not orthodox under a very difficult situationto rescue national economies. Except in Ghana where Ghana is an interesting country. All across the world the" [X Link](https://x.com/GameliMartey/status/1710000876394258495) 2023-10-05T18:35Z [---] followers, [---] engagements "Guy thank you. This has been my main point against the BOG's rationalization of its policy stance (and choices) in the past year. An "independent" inflation targeting Central Bank for that matter" [X Link](https://x.com/GameliMartey/status/1710002787012993048) 2023-10-05T18:43Z [---] followers, [---] engagements "Save us d shameless celebration of hypocrisy. Were we not in this country when d govt turned deaf ears to all rational calls for a quick IMF program Rather branded IMF program as a mark of incompetence Only to go to IMF in a terrible state to impose avoidable debt restructuring" [X Link](https://x.com/GameliMartey/status/1713561017270124814) 2023-10-15T14:22Z [---] followers, [---] engagements "@ralphgerbs @readJerome @yussif_samed And to think that d macroeconomic data is questionable. Who verified those macro data E.g real GDP growth in [----] was 6.2% not d 8.5% quoted in d video. Growth for [----] has been inflated by 200bps. Per capita income & trade balance were understated etc All for GH100K Smh" [X Link](https://x.com/GameliMartey/status/1722001898889154922) 2023-11-07T21:23Z [---] followers, [--] engagements "GHS1 trillion GDP. But let's note: (1) Partly achieved through rebasing GDP in [----] (+26% growth) (2) Runaway inflation will always inflate your GDP (3) Large GDP but still unable to service your debt to avoid debt default (4) Large GDP still dominated by raw material exports Smh" [X Link](https://x.com/GameliMartey/status/1725023932971954497) 2023-11-16T05:32Z [---] followers, [---] engagements "Karma be something ooo Losing a football game a day before the maestro birthday. ostensibly to show us what we're missing. Happy birthday to a Legend" [X Link](https://x.com/GameliMartey/status/1727248138065657878) 2023-11-22T08:50Z [---] followers, [---] engagements "Please we beg. Ghana has another election next year. Contain this one within your borders please. 🙏🏽🙏🏽" [X Link](https://x.com/GameliMartey/status/1729023594163032151) 2023-11-27T06:25Z [---] followers, [---] engagements "Sometimes all you need is to let the people experience the benefits of the taxes they pay through quality health care quality education affordable housing quality socio-economic infrastructure etc. Then you'd not need to deploy "paramilitary force" to ensure tax compliance" [X Link](https://x.com/GameliMartey/status/1729419136491565337) 2023-11-28T08:37Z [---] followers, [---] engagements "IMPLICATIONS OF HIKE IN CASH RESERVE RATIO TO 15% BY BANK OF GHANA We expect extra Cedi liquidity of banks btwn GH3.2bn - GH5.6bn to move from BOG securities into Cash reserve Our checks on liquidity managmt showed dat banks have reduced holding of BOG securities by GH960mn" [X Link](https://x.com/GameliMartey/status/1730201962405110161) 2023-11-30T12:27Z [---] followers, [----] engagements "@taxlawgh Since it appears the VFRS does not allow input tax deduction as we have under the Standard VAT system does the change to VFRS not increases the risk of creating cascading effect along the price build up to final price And won't this become more painful than standard VAT" [X Link](https://x.com/GameliMartey/status/1730445935904219408) 2023-12-01T04:37Z [---] followers, [---] engagements "Our latest check on banks' money market fund allocations after the hike in Cash Reserve Ratio by the BOG revealed ongoing reduction in the holding of BOG bills in line with our expectations. Since the CRR hike banks have liquidated GH3.7bn from BOG bills into cash reserves" [X Link](https://x.com/GameliMartey/status/1732855131597619328) 2023-12-07T20:10Z [---] followers, [----] engagements "This guy dey talk plenty of late paaa ooo Need we remind him that even Victor Moses played for Chelsea during his days. What superior skill or quality did Victor Moses posses that made him play.but for Conte's creativity to use him in a way that concealed his flaws" [X Link](https://x.com/GameliMartey/status/1734205619295379964) 2023-12-11T13:36Z [---] followers, [---] engagements "These statistics hv an impact on human life & dat's d most important. There's no vindication anywhere Taking inflation to over 50% b4 reducing it to over 26% in a year is equivalent to pple needing to increase their spending budget by 90%. When some pple hv lost their jobs" [X Link](https://x.com/GameliMartey/status/1735883504959766996) 2023-12-16T04:44Z [---] followers, [---] engagements "This claim is completely false wen compared to d CPI data. According to GSS: Food prices went up an average of 32.2% y/y in Nov-23 Specifically vegetables tubers plantain etc prices rose by 35.9% y/y How can you describe over 30% price increases as stability or price decline" [X Link](https://x.com/GameliMartey/status/1738142652078404036) 2023-12-22T10:21Z [---] followers, [----] engagements "@jyfrimpong If d "metrics in Dec. wuld prove Gabby wrong regardless" what's your point den [--] things you shuld mind: (1) Even d December CPI will not include price mov'ts in Xmas week (due to how data is captured) (2) Pple do their Xmas shopping before Xmas. So don't discount d Nov-23 data" [X Link](https://x.com/GameliMartey/status/1738212432290394520) 2023-12-22T14:58Z [---] followers, [--] engagements "Weaker capital for GH banks mainly due to DDEP. BOG confirms capital rebuild plans are credible & executable. Howeva it's interesting that GH banks hv higher NPLs despite lower LDR compared to peers. Could be due to differences in Basel frameworks and/or domestic credit risk Ghanaian banks exhibiting poor financial soundness indicators compared to peers https://t.co/SkK7eC7Y3J #norvanreports @FitchRatings @thebankofghana @BankersGhana @thePOE_T @Joe_Jackson_GH @DodooSnr @norvan986 @StockmanNigeria @Centre4EconsSvy Ghanaian banks exhibiting poor financial soundness indicators compared to peers" [X Link](https://x.com/GameliMartey/status/1738223627567571445) 2023-12-22T15:43Z [---] followers, [---] engagements "Similarly @icgroupofficial forecasts 3.3% (0.5pp) growth for [----] expecting a modest recovery from its projected 2.4% (0.5pp) in [----]. Improved FX disinflation & a less restrictive fiscal policy (bar election & debt operation uncertainty) are tailwind for growth in [----]. Ghanas GDP growth for [----] revised downwards to 3.5% https://t.co/IgJ0hR624t #norvanreports @FitchSolutions @thePOE_T @Joe_Jackson_GH @DodooSnr @norvan986 @StockmanNigeria @Centre4EconsSvy @IMFNews @IMFAfrica Ghanas GDP growth for [----] revised downwards to 3.5% https://t.co/IgJ0hR624t #norvanreports @FitchSolutions @thePOE_T" [X Link](https://x.com/GameliMartey/status/1739908649835700503) 2023-12-27T07:18Z [---] followers, [---] engagements "Fair point about the high interest rates environment doc. But I'm not sure a Central Bank can directly do much about cost-push and supply-side forces of inflation. As we'd agree the fear of second-round effect is what keeps the Central Bank hawkish despite supply/cost drivers. Bank of Ghana has a duty to reduce the intetest rate burden on the economy. No business or economy can thrive with over 30% interest rates. The problem lies in the Bank's exclusive reliance on interest rates to control inflation without addressing the supply/cost drivers as well. Bank of Ghana has a duty to reduce the" [X Link](https://x.com/GameliMartey/status/1746669206643355740) 2024-01-14T23:02Z [---] followers, [---] engagements "So COVID and Russia-Ukraine war tested the "robustness" of the Ghanaian economy. It turns out that the Ghanaian economy was already sleepwalking into Balance of Payments crisis and Debt distress prior to COVID. It's called Karma my friends. And we reject the Null Hypothesis "If you want to test the robustness of an economy you test it in a time of crises"-Bawumia in [----] Don't you all feel stupid when you try to find excuses for this guy His own words will embarass you😂 https://t.co/4v6ha0ouKL "If you want to test the robustness of an economy you test it in a time of crises"-Bawumia in 2016" [X Link](https://x.com/anyuser/status/1746683694838906898) 2024-01-15T00:00Z [--] followers, [---] engagements "It is also important to note that when you have a very tight USD liquidity the unattractively low interest rates (esp. on NTBs) & the heavy Naira supply on the money market will continue to amplify the depreciation pressure We need the CBN to act with jumbo hike in policy rate This is why the Naira is falling uncontrollably. An unbiased and unadorned explanation. If you know Dr. Nnaemeka Obiaraeri you'd drop everything & watch this. No cap.🧢 https://t.co/g5oT05R4tr This is why the Naira is falling uncontrollably. An unbiased and unadorned explanation. If you know Dr. Nnaemeka Obiaraeri you'd" [X Link](https://x.com/GameliMartey/status/1752651223998583123) 2024-01-31T11:13Z [---] followers, [---] engagements "The penultimate paragraph suggests that d IMF would most likely conditionally approve d authorities' request to raise d program size. However d proposed policy measures that will trigger this approval is still a waiting game.Sign of EGP devaluation ahead Who blinks first🤞🏼👀 https://t.co/8jNaja08Vw End of IMF mission coinciding with 200bps rate hike by the CBE and an imminent devaluation comes as no surprise https://t.co/8jNaja08Vw End of IMF mission coinciding with 200bps rate hike by the CBE and an imminent devaluation comes as no surprise" [X Link](https://x.com/GameliMartey/status/1753329763685417361) 2024-02-02T08:09Z [---] followers, [---] engagements "I would have thought same. But ideally this should hv been done quietly in the secondary market without the public announcements we saw a long time before the event. A quiet secondary market buyback would have executed the transaction at market level without risk of downgrade Its not right that sovereigns have to buy back bonds at par to avoid ratings downgrades Yet another thing that G20 need to work on to support Africa & other EMs Its not right that sovereigns have to buy back bonds at par to avoid ratings downgrades Yet another thing that G20 need to work on to support Africa & other EMs" [X Link](https://x.com/GameliMartey/status/1756395620628078600) 2024-02-10T19:12Z [---] followers, [---] engagements "@Fentuo_ Surprisingly Axel Disasi whom I feared Haaland would roast but gave a John Terry-esque defensive performance 👏🏽💪🏼" [X Link](https://x.com/GameliMartey/status/1759107464715219395) 2024-02-18T06:47Z [---] followers, [---] engagements "@edmendzo @r_isk_y 😂😂😂 I dey tear 😹😹" [X Link](https://x.com/GameliMartey/status/1760610745295725053) 2024-02-22T10:21Z [---] followers, [--] engagements "After that IMF press statement in early Feb-2024 which was followed by a surprise 200bps hike in key interest rates safe to say it was only a matter of time We already anticipated that this devaluation will be mitigated by another rate hike. so latest 600bps hike not a surprise Egypt says it's floating the currency It'll allow "the exchange rate to be determined by market forces" https://t.co/jqywZo1bcF https://t.co/H2Sie7Y1Cg Egypt says it's floating the currency It'll allow "the exchange rate to be determined by market forces" https://t.co/jqywZo1bcF https://t.co/H2Sie7Y1Cg" [X Link](https://x.com/GameliMartey/status/1765307105672675796) 2024-03-06T09:23Z [---] followers, [---] engagements "Interestingly I also see technical deficiency in d last [--] points as "root causes of inflation" High nominal interest rates shuld rather squeeze money supply and slow inflation. Not cause inflation. High cost of food in d mkt is rather defining inflation (loosely) not cause Today they say; "Bank of Ghana has reserves and assets". It is true then it is true now. Money printing doesn't have a different term based on who is in government. Today they say; "Bank of Ghana has reserves and assets". It is true then it is true now. Money printing doesn't have a different term based on who is in" [X Link](https://x.com/GameliMartey/status/1766758380213784957) 2024-03-10T09:29Z [---] followers, [---] engagements "I think prof has raised a very important issue for consideration. However the market is very efficient & one effect I see is that where investors know that the haircut will be equivalent to the secondary market discount distress bonds may never trade at steep discounts again Prof @cpc01 tabled [--] interesting views: Should we really have MDBs enjoying preferred creditor status & spared haircuts in the restructuring process Is there a point to engaging in negotiated haircuts when the markets seem to be pointing us to a direction https://t.co/WIW0UONd8l Prof @cpc01 tabled [--] interesting views:" [X Link](https://x.com/GameliMartey/status/1774759066297929982) 2024-04-01T11:21Z [---] followers, [----] engagements "@readJerome We should also intensify the enforcement of our laws such as FX retention and repatriation relating to multinationals who export from GH but holds the FX in offshore accounts and deprive the country of needed FX. They pay labor in Cedis to generate FX but keep the FX outside" [X Link](https://x.com/GameliMartey/status/1779464839284347030) 2024-04-14T11:00Z [---] followers, [---] engagements "@readJerome .and when this middle class labour decides to use their Cedi earnings to buy FX for some foreign obligations there's not enough FX to match the Cedis bcos the export proceeds from their labour have not been repatriated into the country to support balanced supply of currencies" [X Link](https://x.com/GameliMartey/status/1779465444211982642) 2024-04-14T11:03Z [---] followers, [---] engagements "If African map was a jigsaw puzzle I'd shift Togo and Benin aside and pull Ghana and Nigeria together.bcos what is this Nigeria's grid collapses weeks after tariffs raised for wealthier consumers https://t.co/yxMzZ0andp https://t.co/a0a2kpbCbv Nigeria's grid collapses weeks after tariffs raised for wealthier consumers https://t.co/yxMzZ0andp https://t.co/a0a2kpbCbv" [X Link](https://x.com/GameliMartey/status/1779867253883670927) 2024-04-15T13:39Z [---] followers, [--] engagements "So what exactly is gov't doing with money Everything concerning this country is either on the brinks or has collapsed. Today's pensioners had their invested funds captured under DDEP. Tomorrow's pensioners risk not receiving their annuity either. What have we done to ourselves Of the GH9.35 billion total indebtedness to SSNIT as of December [--] [----] 73.7% translating to GH6.9 billion was due to late payments of contributions by the government. These delay puts pressure on the private sector contributions. This is not good. https://t.co/o1DIxp57KC Of the GH9.35 billion total indebtedness to" [X Link](https://x.com/GameliMartey/status/1783571878273069386) 2024-04-25T19:00Z [---] followers, [---] engagements "@peagama @tv3_ghana Ashock sef" [X Link](https://x.com/GameliMartey/status/1785194796480385369) 2024-04-30T06:29Z [---] followers, [--] engagements "So it's almost one & half year into d 3-year IMF program and the Ghanaian Cedi is yet to find any meaningful stability. The substantial funding gap in the fiscal sector without access to external financing has complicated monetary policy. And the IMF itself appears helpless here" [X Link](https://x.com/GameliMartey/status/1785705296200864243) 2024-05-01T16:18Z [---] followers, [---] engagements "The FED expectedly left the Fund rate unchanged with a hawkish tone which I believe could have been more hawkish. The FED noted that there's been lack of progress in inflation towards the 2% target in recent months. I guess that means either [--] rate cut or even "no cut" this yr" [X Link](https://x.com/GameliMartey/status/1785736442984948099) 2024-05-01T18:22Z [---] followers, [---] engagements "@_edemkojo PR league bro. EPL is just a hype machine especially for English or England-born players" [X Link](https://x.com/GameliMartey/status/1788513339087216895) 2024-05-09T10:16Z [---] followers, [--] engagements "An important point here .on how fairness in debt restructuring requires that creditors benefit from unexpected upturn in the economy but also creditors give up some benefits during unexpected shocks or downturn in the economy Zambia's debt restructuring includes huge increases in debt payments if things go better than expected by the IMF But no fall in payments if Zambia is hit by more shocks Surprise surprise the people of Zambia are now suffering a huge climate disaster https://t.co/f1tzqwWhyz Zambia's debt restructuring includes huge increases in debt payments if things go better than" [X Link](https://x.com/GameliMartey/status/1788879539583545806) 2024-05-10T10:31Z [---] followers, [---] engagements "So the government of Ghana and it's MPs in Parliament are pushing for tax exemptions worth over $400mn. This is about GHS 5.6bn and is equivalent to almost 3x what they're extorting from poor Ghanaians as E-Levy. Some people are wicked for real" [X Link](https://x.com/GameliMartey/status/1791543797563670675) 2024-05-17T18:58Z [---] followers, [--] engagements "In Kenya ex-post real interest rates on T-bills range between 10.9% and 11.6%. But in Ghana ex-post real interest rates on T-bills ranged between 0.8% and 3.6% as of Apr-2024. Now check the FX performance of the two countries. It's a rates game Play it well or nurse losses" [X Link](https://x.com/GameliMartey/status/1799046874781127156) 2024-06-07T11:52Z [---] followers, [---] engagements "@_ohemmanuel Yes. Huge possibility. Main issue was the MOU with the OCC which has been cleared and IMF officially notified. And USD 360mn disbursement mostly like follows in a matter of hours to days (likely over the weekend following the disbursement)" [X Link](https://x.com/GameliMartey/status/1802990170880319802) 2024-06-18T09:02Z [---] followers, [--] engagements "@_edemkojo It's under external interest payment which was estimated at GHS 19bn (or USD 1.3bn assuming FX rate of GHS [--] per USD). But let's remember that the budget is in GHS while the debt service is in USD. So it means we'll give GHS to BOG and drain reserves by corresponding amount" [X Link](https://x.com/GameliMartey/status/1805357830972526997) 2024-06-24T21:50Z [---] followers, [--] engagements "To clarify: Ghana's deal with Eurobond holders show dat d holders wuld provide cash flow relief of $4.4bn during d IMF program NOTE This doesn't mean investors wuld give Ghana $4.4bn during IMF program It only means deferred payments. That's why d cash flow bumps in [----] onwards" [X Link](https://x.com/GameliMartey/status/1805490450104488419) 2024-06-25T06:37Z [---] followers, [---] engagements "Did I hear Ghana's Fin. min. say it's Mar-27 Eurobond price jumped after news of the Eurobond restructuring deal Nothing could be farther from the truth. First 3-weeks of June prices rose average 2.2% across the curve. But after Eurobond news prices fell 2.9% in 1-week" [X Link](https://x.com/GameliMartey/status/1807861989122650258) 2024-07-01T19:41Z [---] followers, [--] engagements "Took GDP growth at 3.4% in [----] but expect to leave it at 3.1%. Took inflation at 15.4% but expect to leave it 17% Took USDGHS at [---] but likely to leave it near [--] Took Debt ratio at 56% but likely leave it 60% Took Gino coefficient at [---] leaving it 0.4" [X Link](https://x.com/GameliMartey/status/1810975421904654395) 2024-07-10T09:52Z [---] followers, [---] engagements "From Guyana through Senegal to Namibia it's a race against time to exploit nature's gift before net zero by [----]. As Africa's hottest oil frontier #Namibia's discoveries are adding up and could be on the scale of resources next door across the Atlantic in #Guyana. An energy boom and prosperity beckons for its [---] million people. https://t.co/COhhxt87j9 As Africa's hottest oil frontier #Namibia's discoveries are adding up and could be on the scale of resources next door across the Atlantic in #Guyana. An energy boom and prosperity beckons for its [---] million people. https://t.co/COhhxt87j9" [X Link](https://x.com/GameliMartey/status/1815083929763709076) 2024-07-21T17:58Z [---] followers, [---] engagements "New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today" [X Link](https://x.com/GameliMartey/status/1815731669715845174) 2024-07-23T12:52Z [---] followers, [---] engagements "CBN hikes monetary policy rate by 50bps to 26.75% New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today" [X Link](https://x.com/GameliMartey/status/1815742077986095547) 2024-07-23T13:33Z [---] followers, [---] engagements "+50bps on the policy rate may appear like only a symbolic hike. However another look at the change to the Asymmetric corridor indicates that the MPC decision is more hawkish than symbolic. #CBNMPC raises MPR by 50bps from 26.25% to 26.75% https://t.co/xPErl1RiNF #CBNMPC raises MPR by 50bps from 26.25% to 26.75% https://t.co/xPErl1RiNF" [X Link](https://x.com/GameliMartey/status/1815747608553329104) 2024-07-23T13:55Z [---] followers, [---] engagements "In the second frame/slide I noticed that you compared GDP growth Exchange rate depreciation & Gross reserves to the same period last year (2023). But on inflation you chose to compare it with Dec-2022.why so To make the drop seem sharper for the unsuspecting reader Infographics of the [----] Mid-Year Budget Review https://t.co/IQ7Tk7QJDB Infographics of the [----] Mid-Year Budget Review https://t.co/IQ7Tk7QJDB" [X Link](https://x.com/GameliMartey/status/1816078828537872799) 2024-07-24T11:51Z [---] followers, [---] engagements "@_edemkojo 😂 The August numbers" [X Link](https://x.com/GameliMartey/status/1823816154923868183) 2024-08-14T20:17Z [---] followers, [--] engagements "It is important for these govt officials to bring their heads from under d sand & accept that d downgrades did not make our debt unsustainable. Rather it is our unsustainable debt that triggered the downgrade. The downgrades exposed we were running the economy like ponzi scheme Bernard Avle did not have mercy on Hon. Kojo Oppong Nkrumah at all. This is journalism👏 https://t.co/52K3qbX7Vx Bernard Avle did not have mercy on Hon. Kojo Oppong Nkrumah at all. This is journalism👏 https://t.co/52K3qbX7Vx" [X Link](https://x.com/GameliMartey/status/1825971594700726351) 2024-08-20T19:02Z [---] followers, [---] engagements "South Africa is too far from Russia and Ukraine to be impacted by the war. Whereas Ghana lies between Russia and Ukraine. So you can already see why Ghana is heavily impacted. 🥸 🙃 .@NAkufoAddo have you seen your mates .@NAkufoAddo have you seen your mates" [X Link](https://x.com/GameliMartey/status/1826286805227815077) 2024-08-21T15:54Z [---] followers, [---] engagements "@_edemkojo Ala fine bwoy Happy birthday bro The LORD bless and keep. The LORD cause His face to shine upon you and be gracious unto you. May this new year bring pleasurable memories and great successes that are deeply satisfying. Stay blessed bro" [X Link](https://x.com/GameliMartey/status/1830518325597614507) 2024-09-02T08:09Z [---] followers, [--] engagements "@RonWechsler @PeterSchiff Exactly 💯 I also thought that was a banana peel of a question for Kamala Harris and a potential springboard start for Trump. So there's no way one can say Kamala wasn't asked "any questions about key economic issues"" [X Link](https://x.com/GameliMartey/status/1833834568106807568) 2024-09-11T11:46Z [---] followers, [---] engagements "As expected. But expect monetary policy rate to stay unchanged this month. Still a long way to go before start of policy easing. In August [----] the headline inflation rate further eased to 32.15% relative to the July [----] headline inflation rate of 33.40%. Month-on-Month headline inflation was 2.22% Food inflation was 37.52% in August [----]. Read the CPI Report for August [----] here: https://t.co/y7vLOsU8Jr https://t.co/tcjRr83I4w In August [----] the headline inflation rate further eased to 32.15% relative to the July [----] headline inflation rate of 33.40%. Month-on-Month headline inflation was" [X Link](https://x.com/GameliMartey/status/1835641091015557198) 2024-09-16T11:25Z [---] followers, [---] engagements "@Kofikoduah Exactly I see FED cut widening the window for a cut in GH MPR as interest rate differential narrows. Recent disinflation puts GH's real MPR at 8.6% vs Kenya (8.35%) & Uganda (6.5%). Forecast disinflation in Sep-24 culd widen ex-ante real MPR and offer more confidence for cut" [X Link](https://x.com/GameliMartey/status/1835717976563069204) 2024-09-16T16:30Z [---] followers, [--] engagements "This is partly the result of politicians infiltrating our university campuses & academic communities with their TESCON and TEIN activities. These activities have corrupted their thought process from engaging in independent thinking with the promise of political influence. The University campuses used to be the heartbeat of democracy. Students will write fierce articles hit the streets to drag governments on track. Nowadays most tertiary students do not care how the country is governed. Its more of relationship podcasts and street quizzes. The University campuses used to be the heartbeat of" [X Link](https://x.com/GameliMartey/status/1839244624998621394) 2024-09-26T10:04Z [---] followers, [---] engagements "Fallacy of Ad Hominem Missing the forest for the trees This is the problem of Ghana right here. The fact that even the youth cannot be party-blind and awaken their nationalistic consciousness for once is the reason for the Ghanaian hopelessness. I give up You people are saying youre disappointed in Cheddar for saying occupy julorbi and fix the country were initiated by NDC folks. Though the fight was for Ghana and was a good course as such but that doesnt change the fact that it was organized by NDC people. Deep down in our You people are saying youre disappointed in Cheddar for saying occupy" [X Link](https://x.com/GameliMartey/status/1839391669458006047) 2024-09-26T19:48Z [---] followers, [---] engagements "Who's doing the projection The gross public debt was already over GHS [---] billion as of July [----]. This is even after domestic debt restructuring which imposed 50% haircut on the BOG's claim on government. Ghanas public debt is projected to reach GHS [---] billion by [----] without major reforms. Ghanas public debt is projected to reach GHS [---] billion by [----] without major reforms" [X Link](https://x.com/GameliMartey/status/1842171324925354403) 2024-10-04T11:54Z [---] followers, [---] engagements "Can someone tell him that Ghanaians have moved on from this vanity activity. We have an existential threat staring us. What we need is to #StopGalamseyNow What we need is for the one in power today to stabilize the economy (prices & exchange rate) Too much talk 😡 The Vice President and flagbearer of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has reiterated that former President John Dramani Mahama is afraid of debating him and has run away. #3NewsGH https://t.co/PEoRwJ2I65 The Vice President and flagbearer of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has reiterated that former" [X Link](https://x.com/GameliMartey/status/1849068657109774738) 2024-10-23T12:41Z [---] followers, [---] engagements "@jyfrimpong @rajjsylvesterr . meaning a country can keep it's currency artificially strong (by fixing it) and that over-valued exchange rate when used to deflate the GDP per capita will have exert a lower discount or deflationary effect on GDP per capita (in USD terms)" [X Link](https://x.com/GameliMartey/status/1849140845145923624) 2024-10-23T17:28Z [---] followers, [--] engagements "@_edemkojo At GHS 12.92/litre even the price floor for the first pricing window in November is higher than the market price for October. So how can anyone even imagine that fuel prices have been reduced" [X Link](https://x.com/GameliMartey/status/1852586813572956609) 2024-11-02T05:41Z [---] followers, [--] engagements "Approximately $410mn sold in the first [--] days of November [----] alone compared to $500mn sold in [--] months from August to end October. But thing with exchange rate is that once it touches a certain high it will definitely creep back up after active FX management recedes. Bank of Ghana is doubling down and flooding the market with dollars. At this point we could reach the mid-15s by year end. My guess is that they want to end the year on a positive note with respect to the rate of depreciation. Bank of Ghana is doubling down and flooding the market with dollars. At this point we could reach the" [X Link](https://x.com/GameliMartey/status/1857024956866986086) 2024-11-14T11:37Z [---] followers, 17.3K engagements "@readJerome I'd imagine a number of things. (1) Inflation prolly running above IMF year-end target and need to trigger remedial actions.FX appreciation influence petrol px non-food and headline inflation. (2) Already exceeded reserve target for the year so can deploy more in the market" [X Link](https://x.com/GameliMartey/status/1857026444947251467) 2024-11-14T11:43Z [---] followers, [----] engagements "@readJerome (3) Gold-for-Reserves has injected significant amount of GHS liquidity into the economy and the market.so need to liquidate some reserves position to elevate the equivalent USD supply on the market to close the imbalance. (4) Won't rule out election-related signalling" [X Link](https://x.com/GameliMartey/status/1857026968069271887) 2024-11-14T11:45Z [---] followers, [----] engagements "@DesmondBredu Absolutely not sustainable bro. I'm actually waiting to hear & see what other complementary measures they have at this November MPC meeting.bcos FX supply at this rate is unsustainable when net reserves is less than 3-months import and you hv external debt service next yr" [X Link](https://x.com/GameliMartey/status/1857159230249214353) 2024-11-14T20:30Z [---] followers, [---] engagements "@_edemkojo @DesmondBredu Bro. This reminds me of a line in M.anifest track "God MC". "Laughing hard till there are tears in a bucket". In Econ [---] when we learnt about tools of monetary policy "Moral Suasion" was taught as part of the tools. So I understand the game he's playing 🤣🤣" [X Link](https://x.com/GameliMartey/status/1857163398116454502) 2024-11-14T20:47Z [---] followers, [--] engagements "@_edemkojo @DesmondBredu Do you remember [----] when they made the USDGHS drop sharply from the [--] area to the [--] area. It immediately climb at the turn of the year in [----]. "If the fundamentals are weak the exchange rate will expose you" "It was true then. And it is true now"" [X Link](https://x.com/GameliMartey/status/1857164192156987563) 2024-11-14T20:50Z [---] followers, [--] engagements "MPC hiked policy rate less than expected But this says little about d MPC's continued hawkishness as d Committee remains concerned about persistent inflation. We think d moderation in pace of rate hike reflects d MPC leanings on transmission lag from d prior cumultv 850bps hike" [X Link](https://x.com/GameliMartey/status/1861477788445753542) 2024-11-26T18:31Z [---] followers, [--] engagements "For FY23 we focused on the fact that govt deficit (on cash basis) was 3.3% of GDP. But one thing we haven't discussed enough is that the govt deficit (on commitment basis) was slightly higher at 3.7% meaning that govt built-up arrears despite IMF target of zero arrears build-up" [X Link](https://x.com/GameliMartey/status/1862020258397118657) 2024-11-28T06:26Z [---] followers, [---] engagements "This November alone BOG has sold $846.5m at its daily FX FWDs forcing the interbank USDGHS down to 15.5/USD as of [--] Nov. I don't think this level of FX sale is sustainable without some complementary squeeze in demand via GHS liquidity tightening. Otherwise watch d FX reverse" [X Link](https://x.com/GameliMartey/status/1862064199750308300) 2024-11-28T09:21Z [---] followers, [----] engagements "This "yenti gyae" posture is one of the reasons for d spectacular failure of d obnoxious E-Levy. So on what basis did d govt accept to reduce the rate to 1% Has d chicken come home to roost On what basis is d VP now promising to abolish it after this "yenti gyae" posture Smh #Throwback: We will pass the E-Levy they Minority cant do anything MP for Nhyiaeso Dr. Stephen Amoah #3NewsGH https://t.co/F3cKRB8Lok #Throwback: We will pass the E-Levy they Minority cant do anything MP for Nhyiaeso Dr. Stephen Amoah #3NewsGH https://t.co/F3cKRB8Lok" [X Link](https://x.com/GameliMartey/status/1862081993875292376) 2024-11-28T10:31Z [---] followers, [---] engagements "@Aayaagayugu I feel there's still some laxity in d fiscal and monetary policy stance. I also feel we need to take a 2nd look at the gold purchase program for it's high GHS liquidity implications. For starters I think we need to tighten GHS liquidity a bit more & post-election is opportunity" [X Link](https://x.com/GameliMartey/status/1862096784870277194) 2024-11-28T11:30Z [---] followers, [--] engagements "The Nov-24 Econs & Fin data is out A quick Thread 🧵 Trade surplus continues to expand (4.6% of GDP as of Oct) helped by Gold export receipt. C/A surplus also widens by 2.6% helped by remittance inflows (+25% YoY) Gold Reserve rose to [----] tons (vs [----] ton last yr)" [X Link](https://x.com/GameliMartey/status/1862467397015191854) 2024-11-29T12:03Z [---] followers, [---] engagements "On persistent strong growth in Monetary Aggregates I see threats & opportunities Currency outside banks grew at a whopping 72% YoY in Oct. This is a risk to price stability and effectiveness of monetary policy. But also opportunity for financial inclusion" [X Link](https://x.com/GameliMartey/status/1862467409560342703) 2024-11-29T12:03Z [---] followers, [--] engagements "We are progressing dangerously on public debt despite benefit of Eurobond debt relief. Seems like we also need d GHS gains to make FY24 debt look better Public debt rose to GH808bn (79% of GDP) in Sep before Eurobond relief brought it down to GH761bn (74.6% of GDP) in Oct" [X Link](https://x.com/GameliMartey/status/1862467423653285892) 2024-11-29T12:03Z [---] followers, [--] engagements "Important to view "reset" mainly frm Governance perspective than macros perspective. Inflation will resultantly drop to single digits but prices will only stabilize at higher levels not decline. FX rate will never drop to 4/USD. It'll stabilize in double digit rates. Etc When the NDC says resetting the economy is it to the [----] level or to [----] Because the performance in [----] was horrible and thats why they lost that election even after all the last minute commissioning of projects. When the NDC says resetting the economy is it to the [----] level or to [----] Because the performance in [----] was" [X Link](https://x.com/GameliMartey/status/1862956172820594858) 2024-11-30T20:25Z [---] followers, [---] engagements "@manlikegaddafi Inflation rises and falls on policy environment. U can strengthen d independence of d Central Bank to prevent it from accommodating d fiscal excesses of govt and fiscal policy can complement monetary policy in a way to achieve synchronized goals of stable prices & growth" [X Link](https://x.com/GameliMartey/status/1863137690167673234) 2024-12-01T08:26Z [---] followers, [--] engagements "It is very hasty for prez Akufo-Addo to say d Ghanaian economy is back to pre-Covid level due to 6.3% 9M growth. Inflation is still over 2x BOG target USDGHS still face uncertainty FX reserves way below 4mnths Even avg GDP growth of 6.3% is 9M not 6.9% 3yrs avg growth" [X Link](https://x.com/GameliMartey/status/1866887132280918086) 2024-12-11T16:45Z [---] followers, [--] engagements "Let's face it. E-Levy is estimated to generate barely over GHS 2.0bn in [----]. That's about 0.2% of GDP in [----]. Are we saying that with strict expenditure control and significant reduction in the 1D1F-related tax exemptions Govt can't save over GHS 2.0bn to replace the E-Levy "Don't cancel E-levy" may seem like a harmless advise to President Mahama since Ghana is broke and needs all the revenue it can mobilise. But have Dr. Asah-Asante and Prophet Sarkodie considered how Ghanaians would react Mahama CANNOT BETRAY THE TRUST of Ghanaians. NO WAY 🚫 "Don't cancel E-levy" may seem like a harmless" [X Link](https://x.com/GameliMartey/status/1878531957513994587) 2025-01-12T19:58Z [---] followers, [----] engagements "@eqamensah Right. But has E-Levy help in bringing them into d tax net if they weren't already Simply put there's nothing E-Levy can do (in terms of coverage) that VAT is not already doing. In fact VAT is a fairer tax than E-Levy. The E-Levy rather discriminates against digital payments" [X Link](https://x.com/GameliMartey/status/1878685727535587336) 2025-01-13T06:09Z [---] followers, [---] engagements "The decline in debt stock was due to [--] factors: Decline in Oct: due to Eurobond exchange concluded in that month which captured d over $4bn principal haircut. Decline in Nov: due to appreciation of d Cedi against d USD which reflected in a lower GHS value of d external debt Ghanas Total Debt Stock reduces again to hit [-----] Billion Ghana cedis ending November [----]. @Joy997FM #JoySMS Ghanas Total Debt Stock reduces again to hit [-----] Billion Ghana cedis ending November [----]. @Joy997FM #JoySMS" [X Link](https://x.com/GameliMartey/status/1883035444822372585) 2025-01-25T06:13Z [---] followers, [---] engagements "Meanwhile Ghana once had a slogan known as "PLANTING for FOOD & JOBS". If the government had walked the talk Ghana would be at least self-sufficient in maize production. However food inflation is the main driver of headline inflation in Ghana. Indeed we were scammed Tanzania surpasses Nigeria to become Africas 2nd-largest maize producer harvesting 11.7M tonnes in 2023/24 up from 6.4M tonnes in 2021/22.🌽 https://t.co/XTAGkd8kY8 Tanzania surpasses Nigeria to become Africas 2nd-largest maize producer harvesting 11.7M tonnes in 2023/24 up from 6.4M tonnes in 2021/22.🌽 https://t.co/XTAGkd8kY8" [X Link](https://x.com/GameliMartey/status/1887215663883719124) 2025-02-05T19:04Z [---] followers, [---] engagements "Mixed feelings for me. On the one hand I'm excited that we're refinancing upcoming maturity with longer tenors easing the default risk. On the other hand are we kicking the can down the road by replacing cheaper debt with expensive debt Same thing with the refy done in [----]. UPDATE: Maximum Tender Offer for Kenya's May '27 US$900.0M Eurobond Following the pricing of the US$1.5 billion [----] note at 9.5% coupon Kenya's government has announced it will accept to buyback up to US$900.0M of the [----] note. So there'll be some US$600.0M to 'toy around https://t.co/fKnt16xgyb UPDATE: Maximum Tender" [X Link](https://x.com/GameliMartey/status/1895037173034098867) 2025-02-27T09:04Z [---] followers, [---] engagements "@KwakuBeeee There's a multiplier effect which we need to estimate. But intuitively before & after profit he paid workers & other service providers. Those payments are income to others who also spend in the economy. This creates a chain of earnings leading to higher income (GDP growth)" [X Link](https://x.com/GameliMartey/status/1899184811962413407) 2025-03-10T19:45Z [---] followers, [--] engagements "@Fentuo_ Like you said he was counting on the ignorance of the unsuspecting Public. However that strategy undermines his credibility cos for the critical eye the budget specifically mentioned the 10% betting tax. So the public knew what they heard and he cannot confuse the facts" [X Link](https://x.com/GameliMartey/status/1899577714480222561) 2025-03-11T21:46Z [---] followers, [----] engagements "You should also add that the finance minister flagged illegal mining as a key driver of that growth. And the 4Q2024 GDP data from the GSS showed a sharp slowdown in growth to 3.6% after pressure mounted for you to clamp down on illegal mining. The Gold sector actually contracted. Ghanas economy is now valued at an unprecedented [---] trillion cedis with an overall growth rate of 5.7% an increase from [-----] billion cedis and growth rate of 3.4% in [----] according to Ghana Statistical Service. This is the economy bequeathed to @JDMahama which he described https://t.co/JdjyTtHzp1 Ghanas economy is" [X Link](https://x.com/GameliMartey/status/1899637706012987795) 2025-03-12T01:44Z [---] followers, [---] engagements "@CallmeAlfredo 226.2bn is commitment (not cash) + 49.2bn (commitment) + 3.75bn (commitment) = GHS 279.2bn (commitment for FY2024). But there was arrears build up of 31.2bn. This means that for the commitment of 279.2bn they only paid cash Expenditure of GHS 248bn (at the top)" [X Link](https://x.com/GameliMartey/status/1900843556106809639) 2025-03-15T09:36Z [---] followers, [----] engagements "Here's my take on the BOG's policy rate hike and related matters. My earlier call for a 200bps hike in the policy rate in 3rd frame. I believe the combination of a 100bps rate hike + the new 273-day OMO bill suffices for my 200bps call" [X Link](https://x.com/GameliMartey/status/1906238356914110861) 2025-03-30T06:53Z [---] followers, [----] engagements "@That233GuY I agree that the fiscal side probably moved too quickly and this is one reason for the policy rate hike & 273-day OMO bill to avert currency pressure. However "contracting aggregate demand" means demand is weakened. Not enough GHS liquidity paid to investors to demand FX" [X Link](https://x.com/GameliMartey/status/1906244745837310386) 2025-03-30T07:18Z [---] followers, [---] engagements "GRA surpasses Q1 tax revenue target collects GH41bn via @citi973 https://citinewsroom.com/2025/04/gra-surpasses-q1-tax-revenue-target-collects-gh%e2%82%b541bn/ https://citinewsroom.com/2025/04/gra-surpasses-q1-tax-revenue-target-collects-gh%e2%82%b541bn/" [X Link](https://x.com/GameliMartey/status/1910011144112157036) 2025-04-09T16:45Z [---] followers, [---] engagements "I see part of the strategy at play here. The more GHS remains stable/gains the less attractive it would be to go into USD assets bcos GHS asset (T-bill) continues to outperform USD position (on annualized returns). This way they keep getting demand with some room to cut rates. Govt raises GH6.62B in T-Bills on strong investor confidence 91D at 15.32% 182D at 16.03% 364D at 18.37%. Demand remains high as market shows resilience and trust in Ghanas fiscal path. #Forsonomics at work cc. @Cassielforson #Ghana #TreasuryBills #BoG #Investment https://t.co/xidzeGBWng Govt raises GH6.62B in T-Bills" [X Link](https://x.com/GameliMartey/status/1915906529573720156) 2025-04-25T23:11Z [---] followers, [----] engagements "@peagama @SammyGyamfi_ An "Exchange rate band" a.k.a "currency band" I won't be surprised if BOG has an internal exchange rate band. I suspect this band is what triggers the timing size & frequency of interventions. Also likely a crawling band. But it may also create a risk of overvalued FX" [X Link](https://x.com/GameliMartey/status/1916031910213492994) 2025-04-26T07:29Z [---] followers, [---] engagements "@Aayaagayugu Absolutely We shuld also ensure to comply wit all d reforms & fiscal anchors we pass to guide policy operations. If we keep to d cap on BOG financing of Govt deficit. Keep to cap on budget deficit & ensure primary fiscal surplus every year at least FX demand would be restrained" [X Link](https://x.com/GameliMartey/status/1918684941426016476) 2025-05-03T15:11Z [---] followers, [--] engagements "@Mr_Kwei Still simulating a simplified version without "productivity differentials" "Terms of Trade" & "Trade weightings". Just focusing on bilateral relationships & relying on inflation differentials adjusted for current account balance I see equilibrium around [--] area possibly 15" [X Link](https://x.com/GameliMartey/status/1922811695153496217) 2025-05-15T00:30Z [---] followers, [--] engagements "@Mr_Kwei In essence we're likely near equilibrium. Assuming the authorities' target inflation of 11.9%.big question is where I see the current account surplus for this year" [X Link](https://x.com/GameliMartey/status/1922812694987436526) 2025-05-15T00:34Z [---] followers, [--] engagements "Here's my quick take on the Cedi's appreciation and general expectation that renewed government spending will revive the depreciation pressure. 👇🏽👇🏽" [X Link](https://x.com/GameliMartey/status/1923742325479477527) 2025-05-17T14:08Z [---] followers, [----] engagements "Better coordination in the policy environment So far this year the BOG has mopped up over GHS 35bn in excess Cedi liquidity bringing total sterilized amount to 3.5% of GDP (vs 1.7% in 2024) Fiscal policy is also tighter to complement monetary policy unlike [----] over-spending. Former Vice President Dr. Mahamudu Bawumia says the recent appreciation of the Ghana cedi cannot be attributed to the current NDC government #JoyNews https://t.co/Wsed9Kb9TB Former Vice President Dr. Mahamudu Bawumia says the recent appreciation of the Ghana cedi cannot be attributed to the current NDC government" [X Link](https://x.com/GameliMartey/status/1924844354801176795) 2025-05-20T15:07Z [---] followers, [----] engagements "So what has changed now with d domestic gold purchase program (1) BOG is no longer injecting substantial Cedis in purchasing gold aggressively. The GoldBod now uses revolving seed capital from GOG (existing liquidity) to purchase gold. This help to tame excess GHS liquidity.1/4" [X Link](https://x.com/GameliMartey/status/1925481963088965956) 2025-05-22T09:20Z [---] followers, [----] engagements "(4) Only those licensed by the GoldBod can purchase gold domestically. And all Gold purchased must be sold to the GoldBod. Ensuring sanity across the gold purchase value-chain and ensuring that Ghana now benefits more from its natural resource via improved FX Reserves.3/4" [X Link](https://x.com/GameliMartey/status/1925481970424856730) 2025-05-22T09:20Z [---] followers, [---] engagements "(5) The result is a local currency that now has a stronger FX reserve cushion with market confidence & the Cedi's improved performance. The reduced GHS liquidity has further reduced FX demand pressures. This is without recourse to the enhanced fiscal & monetary policy. 4/4🙏🏽" [X Link](https://x.com/GameliMartey/status/1925481977563554126) 2025-05-22T09:20Z [---] followers, [---] engagements "I did a rough estimate & got same expected revenue. In fact also noticed that at current USDGHS FX rate loss on benchmark oil revenue is about GH5.0bn. This suggests that the extra Levy of GH1.0/ltr aims to bridge the revenue shortfall arising from the Cedi's appreciation. In [----] the government generated [---] billion cedis from the e-levy and the COVID-19 levy combined. Based on [----] consumption levels for petrol and diesel (which account for the bulk of petroleum products) the government would generate over [--] billion cedis by imposing an In [----] the government generated [---] billion cedis" [X Link](https://x.com/GameliMartey/status/1930033703142478143) 2025-06-03T22:47Z [---] followers, [----] engagements "The Bank of Ghana mopped up over GHS 15.5bn via 273-day OMO bill yesterday at 27.9%. You know what that means Means GHS 15.5bn has been withheld from the market until at least March [----]. That's a significant amount of liquidity sterilization for the CRR adjustment in one swoop" [X Link](https://x.com/GameliMartey/status/1933265396984942971) 2025-06-12T20:49Z [---] followers, 72.5K engagements "@DzideAL Your concerns are valid actually. But the thing is that BOG bills are used to manage liquidity (in this case use of higher policy rate to drain excess liquidity) as a cost to BOG to restore price stability. But GOG yields are financing cost to Treasury for deficit spending" [X Link](https://x.com/GameliMartey/status/1933274989374955565) 2025-06-12T21:27Z [---] followers, [---] engagements "Absolutely And we shuld add that the higher prices now aligns with budget estimates (esp. if prices stay higher-for-longer). Main pressure now is the FX translation loss relative to the budget FX rate. So they can now afford to wait a bit. The government tried to take advantage of favourable macroeconomic conditions to generate additional revenue to address a problem. Its analysis showed that there wouldnt be a significant impact on consumers in the near term. However global shocks have changed the context and The government tried to take advantage of favourable macroeconomic conditions to" [X Link](https://x.com/GameliMartey/status/1934314042035740970) 2025-06-15T18:16Z [---] followers, [----] engagements "Yes. But let's also add the other reasons (1) Primary fiscal balance was a wide deficit in [----] but now forecast to post a surplus in [----]. (2) Public debt metrics look better due to fiscal consolidation (2) Inflation was sticky at 23% in [----] but now forecast to decline in [----] Good news: Fitch upgrades Ghana's credit rating on account of a successful October [----] restructuring of some $13.1 billion external debt. Good news: Fitch upgrades Ghana's credit rating on account of a successful October [----] restructuring of some $13.1 billion external debt" [X Link](https://x.com/GameliMartey/status/1935262993769525540) 2025-06-18T09:07Z [---] followers, [---] engagements ""In the absence of social control man would live in a state of nature governed by his reasons in the service of his passion. A state of war of all against all in which the life of man becomes solitary poor nasty brutish and short". Thomas Hobbes. #stopgalamseynow" [X Link](https://x.com/GameliMartey/status/1940335589674639528) 2025-07-02T09:03Z [---] followers, [---] engagements "@SportyFM_ @raymondnyamador Masa Only point I'm tempted to agree with is the signing of players mid-tournament. However it's a club competition & transfer windows are opened mid-season. The point on tired PSG is unacceptable. Chelsea didn't just appear to play d final. They also played several games" [X Link](https://x.com/GameliMartey/status/1945070509881757977) 2025-07-15T10:38Z [---] followers, [---] engagements "Masa Only point I'm tempted to agree with is d signing of players mid-tournament. Howeva it's a club competition & transfer windows are opened mid-season. The point on tired PSG is unacceptable. Chelsea didn't just appear to play d final. They also played several grueling games That Chelsea win was against a tired PSG @raymondnyamador. #SportyBreakfast https://t.co/Pu0L0cnBbu That Chelsea win was against a tired PSG @raymondnyamador. #SportyBreakfast https://t.co/Pu0L0cnBbu" [X Link](https://x.com/GameliMartey/status/1945071326391066743) 2025-07-15T10:41Z [---] followers, [---] engagements "The BOG has been very strategic the past 2-weeks. 1st tactical liquidity management operations to create buoyant Cedi conditions in the market. 2nd strategically communicating an "emergency" MPC meeting to get the market expecting deep rate cut leading to aggressive bidding This is HUMONGOUS. The last time such a huge amount was issued was on 24Feb2025 when GHS 9.6bn was issued vs GHS 20.5bn tendered bids on that day. Record setting auction this one. This is HUMONGOUS. The last time such a huge amount was issued was on 24Feb2025 when GHS 9.6bn was issued vs GHS 20.5bn tendered bids on that" [X Link](https://x.com/GameliMartey/status/1946647056598077865) 2025-07-19T19:03Z [---] followers, [----] engagements "NIGERIA UPDATE As expected Nigeria's Central Bank left its Monetary Policy Rate unchanged at 27.5% in today's MPC decision to strengthen disinflation GHANA OUTLOOK Attention shifts to Ghana where we expect Rate cut as real rate of 14.3% shows excessively tight monetary stance" [X Link](https://x.com/GameliMartey/status/1947648126652711320) 2025-07-22T13:21Z [---] followers, [---] engagements "I struggle to believe that 4.6bn is "money printing" by BOG under "zero financing" arrangement. Let's interrogate the data further cos in Dec-2024 IMF approved & disbursed $360mn (3rd review) to BOG. I believe this was on-lent to GOG in early [----] (budget/Eurobond payt in Jan) The current finance minister when he was the ranking member of the parliamentary select committee for finance in [----] said the central bank printed [--] cedis billion to finance the government. This was based on the line under budget financing attributed to the Bank of Ghana in https://t.co/CteOY2Qb2h The current finance" [X Link](https://x.com/GameliMartey/status/1951165900247204322) 2025-08-01T06:19Z [---] followers, [----] engagements "The longer policymakers tolerate inflation above long-run target the more markets start to accept higher inflation as a steady-state. In Ghana inflation has stayed above BOG target for 70% of the time since IT began in [----]. No wonder double digits Interest rates seem normal" [X Link](https://x.com/GameliMartey/status/1960308638301511692) 2025-08-26T11:49Z [---] followers, [---] engagements "The interesting thing is that growth momentum is rather strong despite the tight fiscal and monetary policy regime. With double digits real policy rate monetary stance has been very restrictive this year. Makes me wonder whether real sector really need monetary stimulus 🤔 Ghana's economy expanded by 6.3% year-on-year in the second quarter of [----] up from a revised 5.7% in the same period last year with strong growth in the services sector the country's statistics agency said on Wednesday. https://t.co/xL62rQQgOa Ghana's economy expanded by 6.3% year-on-year in the second quarter of [----] up" [X Link](https://x.com/GameliMartey/status/1965745536214106523) 2025-09-10T11:53Z [---] followers, [---] engagements "Don't get me started on dis one. Who embarked on fiscal recklessness to create debt default dat required debt restructuring Are we now celebrating debt default What is worth celebrating about restructuring wich concentrates debt service in a single month and yrs - [----] & [----] @Citi973 Debt restructuring that the NDC rubbished We told you guys everything they enjoyed eas engineered by Nana and Bawumia. Their own incompetence will fully show from next year @Citi973 Debt restructuring that the NDC rubbished We told you guys everything they enjoyed eas engineered by Nana and Bawumia. Their own" [X Link](https://x.com/GameliMartey/status/1966481180259160074) 2025-09-12T12:37Z [---] followers, [---] engagements "Here we go. A seal of approval from the IMF regarding recent FX market directives by the Bank of Ghana. Ghana / IMF press briefing response to question on Bank of Ghana exchange rate policy: "What I can share is that the Bank of Ghana's latest directives are intended to reinforce the role of the cedi as the sole legal tender in the country. They're meant to tighten controls ." Ghana / IMF press briefing response to question on Bank of Ghana exchange rate policy: "What I can share is that the Bank of Ghana's latest directives are intended to reinforce the role of the cedi as the sole legal" [X Link](https://x.com/GameliMartey/status/1966540459074900404) 2025-09-12T16:32Z [---] followers, [---] engagements "Recent talks of a likely sharp GHS appreciation in 4Q2025 prompted me to come up with this chart to dispel dat expectation. Q4 appreciations only happened 2x (2022 & [----] - the red circles). In these periods the BOG felt the GHS was undervalued. This year it doesn't seem so" [X Link](https://x.com/GameliMartey/status/1966791862720540782) 2025-09-13T09:11Z [---] followers, [---] engagements "@taxlawgh @mslbusiness_sch "The duty also arises if turnover in the last three months suggests the next twelve months will exceed the threshold". Question: Does the law also account for (or envisage) the likely impact of seasonality and/or a one-off positive shock to turnover" [X Link](https://x.com/GameliMartey/status/1967882386974425320) 2025-09-16T09:24Z [---] followers, [--] engagements "Although I called a 300bps cut (base case) I'm not entirely surprised cos of the significantly high real policy rate. Also it appears BOG wants to mitigate the FX risk from this sharp cut as it no longer want banks to hold net long FX positions given the new N.O.P limit. Central Bank of Ghana cut 350bp to 21.5% after a 300bp cut in July eight analysts had forecast a cut of [---] basis points to 23% after a [---] basis point reduction at the previous Monetary Policy Committee (MPC) meeting in July This after a surprise hike earlier this year Central Bank of Ghana cut 350bp to 21.5% after a 300bp" [X Link](https://x.com/GameliMartey/status/1968544285009002757) 2025-09-18T05:15Z [---] followers, [---] engagements "Watch DSTV move a number of the CL games and other EPL channels into premium bouquet in order to retain a lot of GHS [---]. Otherwise there's a risk of downgrades to Compact at GHS [---] since one can get EPL and CL games on Compact+ (via Compact). All what is happening is the psychology of pricing because DSTV has data that majority of customers are on compact + and Champions League is currently ongoing so they will just maintain paying [---] to enjoy premium bouquet All what is happening is the psychology of pricing because DSTV has data that majority of customers are on compact + and Champions" [X Link](https://x.com/GameliMartey/status/1973003546162552924) 2025-09-30T12:34Z [---] followers, [---] engagements "If Arsenal was the one playing PSG in the CWC final would he leave at half time that he's tired of watching too much football Mind you at half time Chelsea had already finished off PSG. His own be jealousy. Nothing else. Thierry Henry says he's tired of watching too much football and left PSG vs Chelsea at half-time: 🗣 "As a fan I'm tired. I didn't watch the Club World Cup I had to do something in the final I left at half-time. It's too much. I love my family and at some points I need a https://t.co/trxiQexRaQ Thierry Henry says he's tired of watching too much football and left PSG vs" [X Link](https://x.com/GameliMartey/status/1973769735537078596) 2025-10-02T15:19Z [---] followers, [---] engagements "Important note Disinflation (slower rise in prices) is NOT deflation (fall in prices). If inflation falls but still positive prices r still rising but slower now Even at low inflation we'd need long period of economic growth to regain purchasing power & start feeling it You are being distracted And the NDC administration is terrible at explaining things. Credit: @CharmainesPosts (tiktok) https://t.co/AC5Y57lF6f You are being distracted And the NDC administration is terrible at explaining things. Credit: @CharmainesPosts (tiktok) https://t.co/AC5Y57lF6f" [X Link](https://x.com/GameliMartey/status/1974368477961167143) 2025-10-04T06:58Z [---] followers, [----] engagements "Wrong We've explained dis severally The FX sales r happening within d framework of d Domestic Gold Purchase Prog: Goldbod brings FX from its export BOG supplies part of it to meet market demand mops GHS to pay Goldbod. BOG keeping d FX & using its own GHS wuld be inflationary BoGs FX sale: Selling US$1.15 billion now is like using your last savings to impress the landlord bold but broke - Prof. Isaac Boadi. #JoyNews https://t.co/KRLbRY49L3 BoGs FX sale: Selling US$1.15 billion now is like using your last savings to impress the landlord bold but broke - Prof. Isaac Boadi. #JoyNews" [X Link](https://x.com/GameliMartey/status/1976699370004529641) 2025-10-10T17:20Z [---] followers, 22.9K engagements "In my inflation note for Sep. I hinted of upside risk to October inflation emerging from higher fuel & utility costs due to GHS depreciation in 3Q25. With the recent GHS rally I wont rule out the BOG trying to curb that risk especially ahead of 1Q2026 utility tariff hike" [X Link](https://x.com/GameliMartey/status/1978843131966574599) 2025-10-16T15:19Z [---] followers, [----] engagements "@citizenyao 😂 (1) Assume banks decide to take ur advise. What will happen Immediately all their bond holdings will b 100% risk-weighted. That'll lead to sharp drop in their capital adequacy ratio below required minimum & they'll hv to recapitalize immediately instead of d 3yr grace period" [X Link](https://x.com/GameliMartey/status/1704370417564078092) 2023-09-20T05:42Z [----] followers, [--] engagements "@citizenyao (2)That's the revised budget attached. I rather see a CUT in Appropriation from GHS 227bn in original budget to GHS [---] in revised budget. If we exclude arrears payt & amortzn Total Expenditure (on commitment basis) was CUT by GHS 7bn to GHS 183bn. Can they do more Yes" [X Link](https://x.com/GameliMartey/status/1704372064386224387) 2023-09-20T05:49Z [----] followers, [--] engagements "We won't fall [--] dis lyrics again. Assume his data is right: (1) JM borrowed $37bn in 7yrs. At FX rate of [----] dat's 141bn. But in less than 7yrs Bawumia added 434bn to current debt stock of 575bn (2) We shall not forget d benefits of HIPC debt relief which helped Kuffour He said he wants to be President of Ghana . These are his words in [----] but suits todays situation he has helped Akufo Addo to plunge us. Hes just a failed lying braggart. https://t.co/25ULI2POyW He said he wants to be President of Ghana . These are his words in [----] but suits todays situation he has helped Akufo Addo to" [X Link](https://x.com/GameliMartey/status/1718617501930594706) 2023-10-29T13:15Z [----] followers, [---] engagements "@annerquaye @ericwallerstein I seriously think the FED pivoted too soon. One thing we shouldn't forget is that at some point the financial market will do part of the work for monetary policy. They just need guidance. So if you guide them hawkishly they'd stay hawkish without additional tightening from you" [X Link](https://x.com/GameliMartey/status/1778475222183608343) 2024-04-11T17:28Z [----] followers, [--] engagements "On the flip side the adverse consequences of withdrawing USAID to developing countries will not be unidirectional. Given the higher return on investment in developing economies US companies have benefited from investment and market opportunities arising from USAID" [X Link](https://x.com/GameliMartey/status/1890373667370029431) 2025-02-14T12:12Z [---] followers, [--] engagements "Recall d decoupling of levies from VAT rate in [----] This is the outcome you'd get when tax policy focuses on the revenue generation lever of taxes ignoring the redistribution effect. Consequently deadweight loss is created in the economy. A case for merger of levies with d VAT" [X Link](https://x.com/GameliMartey/status/1890513611455369295) 2025-02-14T21:29Z [---] followers, [--] engagements "@CallmeAlfredo 226.2bn is commitment (not cash) + 49.2bn (commitment) + 3.75bn (commitment) = GHS 279.2bn (commitment for FY2024). But there was arrears build up of 31.2bn. This means that for the commitment of 279bn they only paid cash Expenditure of GHS 248bn (at the top) Hoping the accountants on here can help explain how the finance minister got to [---] billion cedis in total expenditure on commitment basis for [----] and clarify some inconsistencies. Ive tried and my head is spinning so I need help. In the main budget document the expenditure https://t.co/L4e9rKQqSb Hoping the accountants" [X Link](https://x.com/GameliMartey/status/1900844275585134642) 2025-03-15T09:39Z [----] followers, [---] engagements "@_edemkojo To the extent that they're able to earn a spread on that rate when they lend to commercial banks they should still be policy solvent. If there are losses again it'd most likely come from non-policy-related events on the financials" [X Link](https://x.com/GameliMartey/status/1933294566347620594) 2025-06-12T22:45Z [----] followers, [----] engagements "@CallmeAlfredo Absolutely. I was going to pick your brain on this final bit of deductive analysis before I noticed you had done it. I align perfectly. It appears there's been a slight slowdown in the run rate in last [--] months compared to first 6M2025. But there's a y/y surge in performance" [X Link](https://x.com/GameliMartey/status/1965403602366910814) 2025-09-09T13:15Z [----] followers, [---] engagements "@CallmeAlfredo But in terms of value the stronger world prices slightly pushed up the USD inflows per month cos 5M2025 = $3.9bn = Avg/mnth ($779m) 8M2025 = $6.3bn = avg/mnth ($787.5M) = implied avg/mnth June - Aug ($801.2M) Thus we need gold price to stay high while we sort volumes issues" [X Link](https://x.com/GameliMartey/status/1965410515624362232) 2025-09-09T13:42Z [----] followers, [---] engagements "Let's put the BOG's tight monetary stance into perspective. At end-2024 the BOG had mopped GHS 20bn excess GHS from the market (1.7% of GDP). As of [--] Sep-2025 BOG holds GHS 92bn excess GHS out of the market (6.6% of GDP). That's extra GHS that could hv caused FX pressure" [X Link](https://x.com/GameliMartey/status/1968960104956363084) 2025-09-19T08:47Z [---] followers, [---] engagements "It may seem as though the GHS appreciation has bottomed-out. 🤞🏽" [X Link](https://x.com/GameliMartey/status/1979423178326769939) 2025-10-18T05:43Z [---] followers, [----] engagements "@asaberekwame @_edemkojo Thanks Edem. Fully aligned. Prices are downwardly inflexible. But for d Cedi gains inflation won't be at 9.4% today. This means dat prices aren't rising as fast as last yr. Actually some items have deflated prices y/y. I bought 25litr oil at [----] in [----]. This year it's 570" [X Link](https://x.com/GameliMartey/status/1979528980899267058) 2025-10-18T12:44Z [---] followers, [---] engagements "Why Gold fell sharply today Profit-taking Easing US-China trade tensions A stronger USD and Technical signals showing that Gold is overbought. https://m.economictimes.com/news/international/us/why-is-gold-down-today-gold-price-crashes-over-5-its-worst-single-day-drop-since-2013-silver-plunges-7/articleshow/124724560.cms https://m.economictimes.com/news/international/us/why-is-gold-down-today-gold-price-crashes-over-5-its-worst-single-day-drop-since-2013-silver-plunges-7/articleshow/124724560.cms" [X Link](https://x.com/GameliMartey/status/1980707690390409621) 2025-10-21T18:48Z [---] followers, [----] engagements "I've seen comments that it has not reflected in lower prices which is fair. Prices are downwardly inflexible Howeva if policymakers can sustain d macro stability real income levels will rise over time and we can afford the usual things again and it'd feel reflected in prices" [X Link](https://x.com/GameliMartey/status/1981294644181774396) 2025-10-23T09:40Z [---] followers, [----] engagements "@Teimensah1 Absolutely agree with you. I also recently gave example of cooking oil price this year compared to last year. But was commenting from a macro (aggregate) view. Even that the decline in inflation means prices aren't rising as fast as last year. So we can infer it has reflected" [X Link](https://x.com/GameliMartey/status/1981526668024893645) 2025-10-24T01:02Z [---] followers, [--] engagements "Interesting view. I thought it is very obvious by now that there's a difference between GROSS issuance/borrowing and NET (or ACTUAL) issuance/borrowing. Out of the GHS 75bn only GHS 8bn is expected to be NEW (or ACTUAL) borrowing. The rest is to repay existing T-bills This reckless borrowing must stop. https://t.co/Sst4QZJvGb This reckless borrowing must stop. https://t.co/Sst4QZJvGb" [X Link](https://x.com/GameliMartey/status/1983099297966239823) 2025-10-28T09:11Z [----] followers, [----] engagements "@Kyekyequ @citizenyao @_edemkojo And to be clear you meant "Overall budget surplus" not "primary surplus" @citizenyao I strongly doubt on "overall budget surplus " in 4-yrs. I think there's a lot of deferred or pent-up spending that would gradually be unleashed. Also $10bn BIG PUSH agenda sef dey there" [X Link](https://x.com/GameliMartey/status/1983628347273019553) 2025-10-29T20:13Z [---] followers, [---] engagements "(1) BOG has so far mopped up extra 60bn from the market to reduce GHS-USD imbalance (2) New MPC's first action was a 100bps hike to partly reverse previous cut (3) BOG not injecting excess GHS to buy Gold. (4) BOG tightened the allowable USD balance of banks I could go on. No strange thing has been done by the Bank of Ghana to manage the Cedi Oppong Nkrumah https://t.co/KqjNqlJNXA #BankOfGhana #Cedi #KojoOppongNkrumah No strange thing has been done by the Bank of Ghana to manage the Cedi Oppong Nkrumah https://t.co/KqjNqlJNXA #BankOfGhana #Cedi #KojoOppongNkrumah" [X Link](https://x.com/GameliMartey/status/1985288039166570615) 2025-11-03T10:08Z [---] followers, [----] engagements "@Aayaagayugu @tv3_ghana @konkrumah Absolutely I recall how in the past BOG will be hiking the policy rate signalling that it is trying to control inflation. However it was still financing the Treasury ultimately fueling the same inflation. This is just a lack of policy credibility which market will penalise" [X Link](https://x.com/GameliMartey/status/1985292091757346878) 2025-11-03T10:24Z [---] followers, [--] engagements "Inflation may just end [----] around the lower end of BOG's target range of 6% - 10% (or below the lower end if this momentum continues). Consequently the policy rate may just be landing at between 17% - 18% after the Nov-2025 MPC meeting. But policy stance will still be tight. Inflation cools to 8% from 9.4% @business https://t.co/h4J1CHCrDm Inflation cools to 8% from 9.4% @business https://t.co/h4J1CHCrDm" [X Link](https://x.com/GameliMartey/status/1986076182576615472) 2025-11-05T14:20Z [---] followers, [----] engagements "@TreasuryHubGH Absolutely.We expected the macro landscape to improve but the pace and durability of improvement is jaw-dropping and this has been achieved with little-to-no sacrifice on GDP Growth. Indeed it's a soft landing. Divinity may just have revealed my report sub-title to you 😂" [X Link](https://x.com/GameliMartey/status/1986114754554044878) 2025-11-05T16:53Z [---] followers, [--] engagements "@TreasuryHubGH Absolutely 🤞🏽 At next week Thursday budget reading I can imagine Ato Forson glowing from cheek to cheek when he reads out the section on [----] Macroeconomic Performance.🤣🤣" [X Link](https://x.com/GameliMartey/status/1986542630801453507) 2025-11-06T21:14Z [---] followers, [--] engagements "FX Reserve built without Eurobonds Cocoa loans or FT Bond placement Annual inflation likely to end [----] at lowest level since Aug-2013 BOG Gold purchases without GHS liquidity spike Fiscal austerity coexisting with strong growth Lower interest rate without FX pressure THE COUNTDOWN HAS BEGUN Thursday 13th November [----] Through your resilience and sacrifice we have stabilised the economy. Now its time to grow to transform and to build the Ghana We Want Share your expectations for #Budget2026 https://t.co/cmCmd6C0wu THE COUNTDOWN HAS BEGUN Thursday 13th November [----] Through your resilience and" [X Link](https://x.com/GameliMartey/status/1986789599235002792) 2025-11-07T13:35Z [---] followers, 14.1K engagements "Before you go misleading people I need to correct you. (1) Check the markets. Yields on local bonds fell from c.27% at year start to c.15% currently. That's a rise in value of the bonds.not suffering. (2) Inflation is NOT prices. So lower inflation DOES NOT mean lower prices. @GameliMartey Ghanaian bonds suffering foreign earnings + remittances suffering and prices haven't reduced @GameliMartey Ghanaian bonds suffering foreign earnings + remittances suffering and prices haven't reduced" [X Link](https://x.com/GameliMartey/status/1986905618884796650) 2025-11-07T21:16Z [---] followers, [----] engagements "@asaberekwame I get you Nana But understanding d economic meaning is also important bcos it helps you to distinguish btwn micro-level event & macro-level event. Eg it's a fact that some individual items have seen lower prices. But positive inflation means prices hv risen generally/averagely" [X Link](https://x.com/GameliMartey/status/1986911250929074179) 2025-11-07T21:38Z [---] followers, [---] engagements "@asaberekwame Also individual experiences with inflation differ. Your spending basket may be dominated by high & rising cost items. So you may be experiencing inflation. Another person's may be dominated by falling price items. That person may see deflation. But national average is inflation" [X Link](https://x.com/GameliMartey/status/1986913122779865131) 2025-11-07T21:46Z [---] followers, [---] engagements "@asaberekwame You paaa 😂 Cooking oil is used by everyone. My cooking oil price fell by 52.5% YoY Nana stop buying things from exotic markets where they charge premium for d same satisfaction you'd get from standard market Or am I doing too much utility maximization theory in my shopping 🤔" [X Link](https://x.com/GameliMartey/status/1986915714909777965) 2025-11-07T21:56Z [---] followers, [--] engagements "@asaberekwame 😂😂 be careful next time. But yea. She's right to some extent. If the price drops were across broad Ghana would be recording y/y deflation not inflation. At least utilities are up y/y and they take a lot from the budget. But fuel and transport are also down y/y" [X Link](https://x.com/GameliMartey/status/1986928324233269708) 2025-11-07T22:46Z [---] followers, [--] engagements "@asaberekwame I know right 😂😂 Sincerely that insensitive behavior of drivers deeply annoys me especially at rush hours. They're going Lapaz from Accra Central but they'll insist on only circle first. Give me the IGP position for one day and I'll lock them all in jail for that" [X Link](https://x.com/GameliMartey/status/1987018476049850684) 2025-11-08T04:44Z [---] followers, [--] engagements "In June [----] Fitch upgraded Ghana's credit to "B" category. Now S&P has also upgraded Ghana's credit to "B" category. It makes Moody's now appear too pessimistic on Ghana despite having upgraded the country from Caa2 to Caa1 in October [----]. Ghana needs to prove them wrong. Ghana Upgraded To 'B-/B' On Improving Fiscal And S&P Global Ratings https://t.co/7G0WNpYnu0 Ghana Upgraded To 'B-/B' On Improving Fiscal And S&P Global Ratings https://t.co/7G0WNpYnu0" [X Link](https://x.com/GameliMartey/status/1987186305118122301) 2025-11-08T15:51Z [---] followers, [----] engagements "It's interesting that the government which brought the IMF completely went off track on most of its KPIs. E.g A jaw-dropping primary deficit of 3.9% of GDP instead of a target surplus of 0.5%. Arrears of GHS 68.8bn against a target of zero arrears. A 23.8% inflation vs 18% target You cannot commend government for the economic successes under an IMF programme without commending the government that brought in the IMF Dr. Tiah Mahama. #2026Budget #JoyNews https://t.co/dvJSzZKBre You cannot commend government for the economic successes under an IMF programme without commending the government that" [X Link](https://x.com/GameliMartey/status/1989070730399740301) 2025-11-13T20:39Z [----] followers, [----] engagements "As a result of ECG's improved collections and compliance with the Cash Waterfall Mechanism the amount required from the Treasury to pay energy sector shortfall has now dropped to GHS 15.2bn for [----] (from GHS 28bn in 2025). The government has put the energy sector in a remarkably great shape. Basically taken us off the fiscal cliff. ECG is doing exceedingly well with average monthly revenue up 90%. Yet the government still has privatization as an objective. It just beats my mind. The government has put the energy sector in a remarkably great shape. Basically taken us off the fiscal cliff. ECG" [X Link](https://x.com/GameliMartey/status/1989104627967762620) 2025-11-13T22:54Z [----] followers, [----] engagements "@obiMpenaAustine @MaameEsiGold The thing with the CAPEX budget is that it is a discretionary spending (though important for growth) & tied to oil revenue performance. Lower oil price & FX rate (than budget estimate) meant that CAPEX had to take the hit. Not also prudent to borrow via T-bills to fund CAPEX" [X Link](https://x.com/GameliMartey/status/1989112315967668360) 2025-11-13T23:25Z [----] followers, [---] engagements "Last week GHS 13.4bn worth of BOG bills matured for banks to redeem. But d banks rolled over all that maturity & added extra GHS 3.4bn to make GHS 16.8bn in 56-day BOG bill at 21.5% yield. Same time GOG fell short of T-bill target by GHS 1.7bn. Banks choosing higher safe yield" [X Link](https://x.com/GameliMartey/status/1990473049360249022) 2025-11-17T17:32Z [----] followers, [----] engagements "@Kyekyequ Surely Let's even assume half of d outst. OMO is liquidity mgt and remainder is investment port. That's GHS 50bn. Now add incoming GHS 30bn arrears payment in [----]. That's another that needs placement option. Now add potential offshore risk-on bids (amid a dovish FED in 2026)" [X Link](https://x.com/GameliMartey/status/1990526775466865023) 2025-11-17T21:05Z [----] followers, [---] engagements "@Kyekyequ Our elders say "you don't test the depth of the river with both feet" 😅 I think they'd be cautious with private placements and smaller sizes to test market appetite and build momentum from that. FY26 budget used "strategic" approach. IMF staff report also suggest "caution"" [X Link](https://x.com/GameliMartey/status/1990533105980215342) 2025-11-17T21:30Z [---] followers, [--] engagements "Interesting (1) "Measures implemented in Apr-2024 culd hv brought single digit inflation in 2025" .. But inflation accelerated from 20.4% in Aug-24 to 23.8% in Dec-24. (2) Sterilisation is now defined as "siphoning" When rational banks themselves decided not to take risk" [X Link](https://x.com/GameliMartey/status/1991002645654561218) 2025-11-19T04:36Z [---] followers, [----] engagements "It is important to note that sterilisation is a measure to neutralize the effect of an earlier action that caused an excessive growth in money supply. After excessive injection of money supply to finance govt deficit a more serious Central Bank is now mopping up for stability" [X Link](https://x.com/GameliMartey/status/1991005259812999660) 2025-11-19T04:46Z [---] followers, [---] engagements "Real GDP Growth [----] 1Q2024: 4.5% 2Q2024: 5.7% 1H2024: 5.1% (Average) NB: [----] saw loose fiscal spending. Real GDP Growth [----] 1Q2025: 6.3% 2Q2025: 6.3% 1H2025: 6.3% (Average) NB: [----] saw tight squeeze on fiscal spending. Data source: GSS Judge for yourself. Your excessive fiscal cuts hurting growth Gideon Boako to Finance Minister Follow our WhatsApp channel for all the breaking stories: https://t.co/oCmXdY5bVP #JoyNews https://t.co/oLBdvnXdYw Your excessive fiscal cuts hurting growth Gideon Boako to Finance Minister Follow our WhatsApp channel for all the breaking stories:" [X Link](https://x.com/GameliMartey/status/1991075907692273802) 2025-11-19T09:27Z [----] followers, [----] engagements "@Mike_Amanpene A looser policy (instead of prudent spending) would have put over GHS 12bn of unvalidated claims (out of GHS 68bn inherited arrears) in unproductive hands. This would likely create growth in trades but with associated inflation. And this is called an unaffordable growth" [X Link](https://x.com/GameliMartey/status/1991090480625398064) 2025-11-19T10:25Z [----] followers, [---] engagements "@Mike_Amanpene For [----] total expenditure is programmed to rise by GHS 50.7bn. Out of that amount over 66% is earmarked for CAPEX. This should support growth in construction transport logistics banking insurance and other ancillary activities around infrastructure. subject to revenue" [X Link](https://x.com/GameliMartey/status/1991091086362574910) 2025-11-19T10:28Z [---] followers, [---] engagements "@Mike_Amanpene I get you. And I would even prefer 7% growth. However we need to proceed with caution. CAPEX of 25% GDP would mean significant public outlay (even with PPP). This will renew borrowing pressure for non-commercial projects (low ROI). This will threaten debt sustainability again" [X Link](https://x.com/GameliMartey/status/1991093924770050289) 2025-11-19T10:39Z [---] followers, [---] engagements "@Mike_Amanpene Additionally we need investment in manufacturing and value creation ventures because these ventures create more sustainable jobs than construction which may be casual and transitory even though they form the basis for productivity in other sectors" [X Link](https://x.com/GameliMartey/status/1991094526099009747) 2025-11-19T10:41Z [---] followers, [---] engagements "RESULTS OF OPEN MARKET OPERATION (OMO) by Bank of Ghana this week. BOG Bills maturity (this week): GHS 19.1bn Amount mopped up by BOG (this week): GHS 16.4bn This means banks redeemed (or took back cash) of GHS 2.7bn this week. Total holding outstanding in BOG Bill: GHS 94.6bn" [X Link](https://x.com/GameliMartey/status/1991441399930348026) 2025-11-20T09:40Z [----] followers, [---] engagements "@Kyekyequ Hahaha.Question for the gods bro. But I think that it's likely driven by either or both of two things. (1) Rotation into credit portfolio for higher yields (2) Need for higher cash balances to meet customer withdrawals for the week. Otherwise lock-in OMO bill ahead of MPR cut" [X Link](https://x.com/GameliMartey/status/1991500479508148359) 2025-11-20T13:34Z [---] followers, [--] engagements "In basic macroeconomics we define Govt spending multiplier = 1/(1-b+bt) & Tax multiplier = -b/(1-b+bt). Where b & t are [--]. The results show that govt spending has a higher & contrasting effect on GDP Growth than taxes. But this is only possible with efficient spending" [X Link](https://x.com/GameliMartey/status/1992193739670815063) 2025-11-22T11:29Z [---] followers, [---] engagements "My Highlights and Quick Take from the Bank of Ghana's ongoing Monetary Policy Committee meeting (November 2025)" [X Link](https://x.com/GameliMartey/status/1993296926222270689) 2025-11-25T12:33Z [----] followers, [----] engagements "This is what we call "cutting without cutting" as noted by JP Morgan. A smart move by the CBN to appear hawkish while making a cautiously dovish move. Keeping the MPR unchanged at 27% highlights the CBNs continued concern about near-term inflation pressures especially with the uptick in October month-on-month inflation. The move from a symmetric corridor (+250bps/250bps) to an asymmetric corridor (+50bps/450bps) delivers a https://t.co/pkA1wrvbJ6 Keeping the MPR unchanged at 27% highlights the CBNs continued concern about near-term inflation pressures especially with the uptick in October" [X Link](https://x.com/GameliMartey/status/1993614738232877534) 2025-11-26T09:36Z [----] followers, [---] engagements "@Kyekyequ @TreasuryHubGH @_edemkojo @asaberekwame @Joe_Jackson_GH @mytheoz @MoF_Ghana @NorvanReports Yea. Just as you flagged earlier strategic fine-tuning of money market liquidity to provide a favourable condition for issuances. Thanks for the info on changes to the interest rate corridor. So they opted to implement part of the dovishness thru the interest rates corridor" [X Link](https://x.com/GameliMartey/status/1995588325110153437) 2025-12-01T20:18Z [----] followers, [--] engagements ""It pains me anytime we resort to higher taxes instead of widening compliance and improving collection. We cannot keep piling taxes on an already burdened taxpayer". The Laffer Curve Theory on my mind. Finally a minister that speaks my language and emotion. A while ago I paid a working visit to the Osu Tax Service Centre to engage the dedicated men and women driving our domestic revenue mobilisation. We have done well on expenditure control and the central bank is performing strongly. Now revenue must rise to the challenge. I https://t.co/1ijMT7e5yk A while ago I paid a working visit to the" [X Link](https://x.com/GameliMartey/status/1998125631087755385) 2025-12-08T20:20Z [----] followers, [---] engagements "@NanaK_Baidoo Salaries to teachers & nurses are counted as fiscal cost ideally financed from revenue (or debt). Central Bank FX doesn't finance fiscal operations. The actual word is "intermediate". How about those FX sold directly to the market by GoldBod It wuld still hv same effect" [X Link](https://x.com/GameliMartey/status/1999229463217704974) 2025-12-11T21:27Z [----] followers, [--] engagements "@peagama @yabbanx @konkrumah I'm tempted to strongly believe that politicians know exactly what they're doing when they try to confuse the unsuspecting public. What "alternative use" do you put Central Bank FX reserves to What if GoldBod was allowed to sell all $10bn directly to the market instead of BOG" [X Link](https://x.com/GameliMartey/status/1999232054316159238) 2025-12-11T21:37Z [----] followers, [---] engagements "A lot has been said about d eye-popping rally of d Ghana Stock Exchange in [----] with a YTD gain of 77%. But d domestic bond market has also seen a remarkable surge over d same period. As shown in the IC Govt Bond Index chart below +62% YTD Investors are in the money this year🥂" [X Link](https://x.com/GameliMartey/status/1999569428912976030) 2025-12-12T19:57Z [----] followers, [---] engagements "@mytheoz Thanks for sharing doc. especially the link. There's something funny happening on the IMF website. You search under Ghana and you'd see Article IV consultations for Malaysia. You search under Zambia and you'd see Article IV consultations for Ecuador" [X Link](https://x.com/GameliMartey/status/2004161580473503960) 2025-12-25T12:05Z [----] followers, [---] engagements "Great job Sir. Strategic debt mgt. Recall that [----] had Eurobond obligation at USD700m while [----] had Eurobond obligation at USD1.4bn (2x 2025) But this strategy effectively means that we've taken the [----] hit in [----] to soften the [----] pressure as though it's [----] payment size GOVERNMENT OF GHANA SETTLES US$709 MILLION EUROBOND OBLIGATION The Ministry of Finance has successfully settled a US$709 million Eurobond obligation on 30th December [----] ahead of its due date marking another significant milestone in Ghanas economic recovery and https://t.co/azsWqzKUSQ GOVERNMENT OF GHANA SETTLES" [X Link](https://x.com/GameliMartey/status/2006269620164960319) 2025-12-31T07:42Z [----] followers, [----] engagements "It's an annual payment involving coupon + principal each yr (based on the restructured payment schedule). The schedule ends in [----]. But note: (1) [----] - [----] requires $1.0bn per yr. (2) Ghana may return to Eurobond issuance in future with maturities longer than [----] @GameliMartey When does it end and what is left Any idea @GameliMartey When does it end and what is left Any idea" [X Link](https://x.com/GameliMartey/status/2006277924190564513) 2025-12-31T08:15Z [----] followers, [----] engagements "@NanaK_Baidoo This is the restructured Eurobonds (concluded in Oct-2024). Also Eurobond issuances are typically marked for budget deficit financing & the GHS-equivalent proceeds lodged in the consolidated fund. Since money is fungible it's difficult to do attribution analysis from the fund" [X Link](https://x.com/GameliMartey/status/2006292188552908987) 2025-12-31T09:11Z [----] followers, [---] engagements Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing
@GameliMartey Gameli K. Martey
Gameli K. Martey posts on X about ghana, inflation, debt, liquidity the most. They currently have [------] followers and [---] posts still getting attention that total [------] engagements in the last [--] hours.
Engagements: [------] #
- [--] Week [-----] -91%
- [--] Month [------] +1,424%
- [--] Months [-------] +34%
- [--] Year [-------] +1,122%
Mentions: [--] #
- [--] Week [--] +208%
- [--] Month [--] +345%
- [--] Months [---] +255%
- [--] Year [---] +125%
Followers: [------] #
- [--] Week [-----] +0.58%
- [--] Month [-----] +2.80%
- [--] Months [-----] +12%
- [--] Year [-----] +66%
CreatorRank: [---------] #
Social Influence
Social category influence finance currencies countries technology brands celebrities us election social networks stocks travel destinations
Social topic influence ghana, inflation, debt, liquidity, money, gdp, finance, bank of, market, has been
Top assets mentioned Frontier (FRONT)
Top Social Posts
Top posts by engagements in the last [--] hours
"Why do people say "currency devaluation" when they actually meant "currency depreciation" The two are similar but differentiated by the exchange rate regime"
X Link 2020-07-06T21:42Z [---] followers, [--] engagements
"Proper striker. Modern day striker. Hybrid of number [--] and [--]. @ChelseaFC is the final piece in your glittering personal achievements. Come home @HKane Delighted to win these awards Not possible without the team and staff throughout the season. 💙 https://t.co/12kfT4LOfL Delighted to win these awards Not possible without the team and staff throughout the season. 💙 https://t.co/12kfT4LOfL"
X Link 2021-05-23T18:21Z [---] followers, [--] engagements
"There's no reason [--] move d policy rate in either direction said Courage Martey an economist at Accra-based @Databankgroupgh. A rate hike will create d impression dat there was a policy mistake. A further cut will also not allow enough time for d earlier decision [--] take effect Central bankers in six sub-Saharan African countries are likely to leave borrowing costs unchanged over coming weeks amid a resurgence of coronavirus infections https://t.co/xiJvVlG72h Central bankers in six sub-Saharan African countries are likely to leave borrowing costs unchanged over coming weeks amid a resurgence of"
X Link 2021-07-18T18:30Z [---] followers, [--] engagements
"When K.T. Hammond reduced d matter of Ghana's debt stock into a statistical joke by deflating d debt with d higher FX rate to have a lower USD-denominated debt in [----] similar to [----] debt was d point I confirmed that these politicians do not feel d pain of this country. Smh"
X Link 2022-11-18T20:11Z [---] followers, [--] engagements
"Another day of losses for the Nigerian Naira on the official FX window. We're now doing in excess of 470/USD. The journey to a unified FX rate is underway. I see further devaluation ahead in a rather staggered approach. Don't be surprised to see it climb above 600/USD"
X Link 2023-06-08T18:04Z [---] followers, [----] engagements
"Zambian authorities have ruled out restructuring domestic debt due to the nature of the holding structure which is skewed towards banks and pension funds. The authorities believe they've achieved their restructuring targets without touching domestic debt. So no need to touch it"
X Link 2023-07-21T14:04Z [---] followers, [----] engagements
"The authorities have also slashed the non-residents participation at the T-bill auctions to 5% of uptake. The decision was informed by the volatility exerted on the Zambian Kwacha as a result of unexpected foreign capital redemption of short-term maturities"
X Link 2023-07-21T14:06Z [---] followers, [---] engagements
"In [----] GH Govt posted a cash deficit of GH65bn funded with local debt In [----] Govt decided to write off GH55bn of debt it took from d BOG. Basically GH Govt has transferred it's [----] insolvency to d BOG at d stroke of a pen Reason why we need an independent Central Bank"
X Link 2023-08-06T06:15Z [---] followers, [----] engagements
"During d 2nd Qtr tariff hike PURC used 12.7/USD when d going rate was 10.9/USD (on BOG). PURC noted d higher FX rate was to recoup d FX under-recovery from d 1st Qtr sharp depreciation. Given d sizable FX buffer in d 2nd Qtr tariff I'm at a loss where d FX under-recovery of"
X Link 2023-08-22T20:01Z [---] followers, [---] engagements
".0.48/USD is coming from again in "the previous quarters" to warrant FX rate of 11.5/USD for d 3rd Qtr tariff hike (instead of 11.0/USD) And how long is d "previous quarters" Is PURC pricing-in excess capacity charges without revealing d same to end-users We need to know"
X Link 2023-08-22T20:01Z [---] followers, [--] engagements
"Theoretically true. But practically very unlikely. For [--] reasons. (1) The Cedi rather gained against the EUR after ECB rate hike last week. Investors think it'd further weaken d already soft Eurozone economy. (2) GH inflation is more influenced by USDGHS dynamics than EURGHS"
X Link 2023-09-17T07:01Z [---] followers, [---] engagements
"It's [--] September. Kwame Nkrumah memorial day. @NAkufoAddo listen to the lyrics in the dark of the night. Think deeply about it. Would you be counted in this list Do you care at all Just wondering 🤔"
X Link 2023-09-21T13:18Z [---] followers, [---] engagements
"@citizenyao @kobina_awortwe @fx_sosu @citizenyao I agree with you perfectly. Time for d COVID-19 Levy to go. For those arguing dat d effect of past COVID expenditure (b4 d tax) still lingers it's important to remember dat d Govt is doing debt restructuring & dis is blamed on COVID. This shuld offset d fiscal cost"
X Link 2023-09-25T09:24Z [---] followers, [--] engagements
"In [----] GOG spent GH8.1bn on COVID. DDEP write-off hv more than offset d fiscal cost In [----] GOG spent GH3.4bn on COVID. COVID levy has raised GH3.3bn to offset it (Attached). Since [----] there's been no new COVID-related spending. Time for levy to go #OccupyJulorbiHouse"
X Link 2023-09-25T09:43Z [---] followers, [--] engagements
"@kobina_awortwe @citizenyao @fx_sosu (1) See attached how much has been raised vs amount spent since [----]. (2) debt restructuring not yet concluded. But DDEP virtually done. From the DDEP BOG alone sacrificed over GH53bn. Not to mention coupon loss for private investors. Is this not more than COVID-related cost"
X Link 2023-09-25T10:35Z [---] followers, [--] engagements
"So why is Gov't of Ghana depleting d SINKING FUND for budget financing Last time I checked d Sinking Fund was established to support debt service. If we use d Sinking Fund for its intended purpose we'd reduce debt default risk & have d moral right to demand lower risk premium"
X Link 2023-09-27T11:21Z [---] followers, [---] engagements
"Do you remember when Govt re-based the CPI in [----] & took inflation rate to 5.8% at end-2018 Sad thing is current high inflation levels were derived using the same re-based CPI ooo Imagine inflation rate if they had remained with the old CPI series 🤔 Ghana is hot paaaahn"
X Link 2023-09-27T13:54Z [---] followers, [----] engagements
"Row [--] of attached fiscal data from MOF. Even though they projected GH11bn for COVID-related expenditure in [----] and mobilized GH19bn (per d Audit report) the fiscal data showed they only spent GH8bn in that year. Less than half d mobilized amount. #OccupyJulorbiHouse"
X Link 2023-10-01T13:54Z [---] followers, [---] engagements
"@premierleague Game week [--] has been a VAR-induced disaster How's a premeditated hit around the neck treated with kids glove"
X Link 2023-10-03T07:09Z [---] followers, [--] engagements
"After COVID in [----] d US FED started withdrawing QE in late [----]. From March [----] FED started raising interest rates. From June [----] FED started shrinking it's balance sheet. But in Ghana BOG balance sheet continued to expand in [----]. Indeed "GH is an interesting country". Ghana is an interesting country. All across the world the economic crisis of the last couple of years has seen central banks stepping in to do what is necessary even if not orthodox under a very difficult situationto rescue national economies. Except in Ghana where Ghana is an interesting country. All across the world the"
X Link 2023-10-05T18:35Z [---] followers, [---] engagements
"Guy thank you. This has been my main point against the BOG's rationalization of its policy stance (and choices) in the past year. An "independent" inflation targeting Central Bank for that matter"
X Link 2023-10-05T18:43Z [---] followers, [---] engagements
"Save us d shameless celebration of hypocrisy. Were we not in this country when d govt turned deaf ears to all rational calls for a quick IMF program Rather branded IMF program as a mark of incompetence Only to go to IMF in a terrible state to impose avoidable debt restructuring"
X Link 2023-10-15T14:22Z [---] followers, [---] engagements
"@ralphgerbs @readJerome @yussif_samed And to think that d macroeconomic data is questionable. Who verified those macro data E.g real GDP growth in [----] was 6.2% not d 8.5% quoted in d video. Growth for [----] has been inflated by 200bps. Per capita income & trade balance were understated etc All for GH100K Smh"
X Link 2023-11-07T21:23Z [---] followers, [--] engagements
"GHS1 trillion GDP. But let's note: (1) Partly achieved through rebasing GDP in [----] (+26% growth) (2) Runaway inflation will always inflate your GDP (3) Large GDP but still unable to service your debt to avoid debt default (4) Large GDP still dominated by raw material exports Smh"
X Link 2023-11-16T05:32Z [---] followers, [---] engagements
"Karma be something ooo Losing a football game a day before the maestro birthday. ostensibly to show us what we're missing. Happy birthday to a Legend"
X Link 2023-11-22T08:50Z [---] followers, [---] engagements
"Please we beg. Ghana has another election next year. Contain this one within your borders please. 🙏🏽🙏🏽"
X Link 2023-11-27T06:25Z [---] followers, [---] engagements
"Sometimes all you need is to let the people experience the benefits of the taxes they pay through quality health care quality education affordable housing quality socio-economic infrastructure etc. Then you'd not need to deploy "paramilitary force" to ensure tax compliance"
X Link 2023-11-28T08:37Z [---] followers, [---] engagements
"IMPLICATIONS OF HIKE IN CASH RESERVE RATIO TO 15% BY BANK OF GHANA We expect extra Cedi liquidity of banks btwn GH3.2bn - GH5.6bn to move from BOG securities into Cash reserve Our checks on liquidity managmt showed dat banks have reduced holding of BOG securities by GH960mn"
X Link 2023-11-30T12:27Z [---] followers, [----] engagements
"@taxlawgh Since it appears the VFRS does not allow input tax deduction as we have under the Standard VAT system does the change to VFRS not increases the risk of creating cascading effect along the price build up to final price And won't this become more painful than standard VAT"
X Link 2023-12-01T04:37Z [---] followers, [---] engagements
"Our latest check on banks' money market fund allocations after the hike in Cash Reserve Ratio by the BOG revealed ongoing reduction in the holding of BOG bills in line with our expectations. Since the CRR hike banks have liquidated GH3.7bn from BOG bills into cash reserves"
X Link 2023-12-07T20:10Z [---] followers, [----] engagements
"This guy dey talk plenty of late paaa ooo Need we remind him that even Victor Moses played for Chelsea during his days. What superior skill or quality did Victor Moses posses that made him play.but for Conte's creativity to use him in a way that concealed his flaws"
X Link 2023-12-11T13:36Z [---] followers, [---] engagements
"These statistics hv an impact on human life & dat's d most important. There's no vindication anywhere Taking inflation to over 50% b4 reducing it to over 26% in a year is equivalent to pple needing to increase their spending budget by 90%. When some pple hv lost their jobs"
X Link 2023-12-16T04:44Z [---] followers, [---] engagements
"This claim is completely false wen compared to d CPI data. According to GSS: Food prices went up an average of 32.2% y/y in Nov-23 Specifically vegetables tubers plantain etc prices rose by 35.9% y/y How can you describe over 30% price increases as stability or price decline"
X Link 2023-12-22T10:21Z [---] followers, [----] engagements
"@jyfrimpong If d "metrics in Dec. wuld prove Gabby wrong regardless" what's your point den [--] things you shuld mind: (1) Even d December CPI will not include price mov'ts in Xmas week (due to how data is captured) (2) Pple do their Xmas shopping before Xmas. So don't discount d Nov-23 data"
X Link 2023-12-22T14:58Z [---] followers, [--] engagements
"Weaker capital for GH banks mainly due to DDEP. BOG confirms capital rebuild plans are credible & executable. Howeva it's interesting that GH banks hv higher NPLs despite lower LDR compared to peers. Could be due to differences in Basel frameworks and/or domestic credit risk Ghanaian banks exhibiting poor financial soundness indicators compared to peers https://t.co/SkK7eC7Y3J #norvanreports @FitchRatings @thebankofghana @BankersGhana @thePOE_T @Joe_Jackson_GH @DodooSnr @norvan986 @StockmanNigeria @Centre4EconsSvy Ghanaian banks exhibiting poor financial soundness indicators compared to peers"
X Link 2023-12-22T15:43Z [---] followers, [---] engagements
"Similarly @icgroupofficial forecasts 3.3% (0.5pp) growth for [----] expecting a modest recovery from its projected 2.4% (0.5pp) in [----]. Improved FX disinflation & a less restrictive fiscal policy (bar election & debt operation uncertainty) are tailwind for growth in [----]. Ghanas GDP growth for [----] revised downwards to 3.5% https://t.co/IgJ0hR624t #norvanreports @FitchSolutions @thePOE_T @Joe_Jackson_GH @DodooSnr @norvan986 @StockmanNigeria @Centre4EconsSvy @IMFNews @IMFAfrica Ghanas GDP growth for [----] revised downwards to 3.5% https://t.co/IgJ0hR624t #norvanreports @FitchSolutions @thePOE_T"
X Link 2023-12-27T07:18Z [---] followers, [---] engagements
"Fair point about the high interest rates environment doc. But I'm not sure a Central Bank can directly do much about cost-push and supply-side forces of inflation. As we'd agree the fear of second-round effect is what keeps the Central Bank hawkish despite supply/cost drivers. Bank of Ghana has a duty to reduce the intetest rate burden on the economy. No business or economy can thrive with over 30% interest rates. The problem lies in the Bank's exclusive reliance on interest rates to control inflation without addressing the supply/cost drivers as well. Bank of Ghana has a duty to reduce the"
X Link 2024-01-14T23:02Z [---] followers, [---] engagements
"So COVID and Russia-Ukraine war tested the "robustness" of the Ghanaian economy. It turns out that the Ghanaian economy was already sleepwalking into Balance of Payments crisis and Debt distress prior to COVID. It's called Karma my friends. And we reject the Null Hypothesis "If you want to test the robustness of an economy you test it in a time of crises"-Bawumia in [----] Don't you all feel stupid when you try to find excuses for this guy His own words will embarass you😂 https://t.co/4v6ha0ouKL "If you want to test the robustness of an economy you test it in a time of crises"-Bawumia in 2016"
X Link 2024-01-15T00:00Z [--] followers, [---] engagements
"It is also important to note that when you have a very tight USD liquidity the unattractively low interest rates (esp. on NTBs) & the heavy Naira supply on the money market will continue to amplify the depreciation pressure We need the CBN to act with jumbo hike in policy rate This is why the Naira is falling uncontrollably. An unbiased and unadorned explanation. If you know Dr. Nnaemeka Obiaraeri you'd drop everything & watch this. No cap.🧢 https://t.co/g5oT05R4tr This is why the Naira is falling uncontrollably. An unbiased and unadorned explanation. If you know Dr. Nnaemeka Obiaraeri you'd"
X Link 2024-01-31T11:13Z [---] followers, [---] engagements
"The penultimate paragraph suggests that d IMF would most likely conditionally approve d authorities' request to raise d program size. However d proposed policy measures that will trigger this approval is still a waiting game.Sign of EGP devaluation ahead Who blinks first🤞🏼👀 https://t.co/8jNaja08Vw End of IMF mission coinciding with 200bps rate hike by the CBE and an imminent devaluation comes as no surprise https://t.co/8jNaja08Vw End of IMF mission coinciding with 200bps rate hike by the CBE and an imminent devaluation comes as no surprise"
X Link 2024-02-02T08:09Z [---] followers, [---] engagements
"I would have thought same. But ideally this should hv been done quietly in the secondary market without the public announcements we saw a long time before the event. A quiet secondary market buyback would have executed the transaction at market level without risk of downgrade Its not right that sovereigns have to buy back bonds at par to avoid ratings downgrades Yet another thing that G20 need to work on to support Africa & other EMs Its not right that sovereigns have to buy back bonds at par to avoid ratings downgrades Yet another thing that G20 need to work on to support Africa & other EMs"
X Link 2024-02-10T19:12Z [---] followers, [---] engagements
"@Fentuo_ Surprisingly Axel Disasi whom I feared Haaland would roast but gave a John Terry-esque defensive performance 👏🏽💪🏼"
X Link 2024-02-18T06:47Z [---] followers, [---] engagements
"@edmendzo @r_isk_y 😂😂😂 I dey tear 😹😹"
X Link 2024-02-22T10:21Z [---] followers, [--] engagements
"After that IMF press statement in early Feb-2024 which was followed by a surprise 200bps hike in key interest rates safe to say it was only a matter of time We already anticipated that this devaluation will be mitigated by another rate hike. so latest 600bps hike not a surprise Egypt says it's floating the currency It'll allow "the exchange rate to be determined by market forces" https://t.co/jqywZo1bcF https://t.co/H2Sie7Y1Cg Egypt says it's floating the currency It'll allow "the exchange rate to be determined by market forces" https://t.co/jqywZo1bcF https://t.co/H2Sie7Y1Cg"
X Link 2024-03-06T09:23Z [---] followers, [---] engagements
"Interestingly I also see technical deficiency in d last [--] points as "root causes of inflation" High nominal interest rates shuld rather squeeze money supply and slow inflation. Not cause inflation. High cost of food in d mkt is rather defining inflation (loosely) not cause Today they say; "Bank of Ghana has reserves and assets". It is true then it is true now. Money printing doesn't have a different term based on who is in government. Today they say; "Bank of Ghana has reserves and assets". It is true then it is true now. Money printing doesn't have a different term based on who is in"
X Link 2024-03-10T09:29Z [---] followers, [---] engagements
"I think prof has raised a very important issue for consideration. However the market is very efficient & one effect I see is that where investors know that the haircut will be equivalent to the secondary market discount distress bonds may never trade at steep discounts again Prof @cpc01 tabled [--] interesting views: Should we really have MDBs enjoying preferred creditor status & spared haircuts in the restructuring process Is there a point to engaging in negotiated haircuts when the markets seem to be pointing us to a direction https://t.co/WIW0UONd8l Prof @cpc01 tabled [--] interesting views:"
X Link 2024-04-01T11:21Z [---] followers, [----] engagements
"@readJerome We should also intensify the enforcement of our laws such as FX retention and repatriation relating to multinationals who export from GH but holds the FX in offshore accounts and deprive the country of needed FX. They pay labor in Cedis to generate FX but keep the FX outside"
X Link 2024-04-14T11:00Z [---] followers, [---] engagements
"@readJerome .and when this middle class labour decides to use their Cedi earnings to buy FX for some foreign obligations there's not enough FX to match the Cedis bcos the export proceeds from their labour have not been repatriated into the country to support balanced supply of currencies"
X Link 2024-04-14T11:03Z [---] followers, [---] engagements
"If African map was a jigsaw puzzle I'd shift Togo and Benin aside and pull Ghana and Nigeria together.bcos what is this Nigeria's grid collapses weeks after tariffs raised for wealthier consumers https://t.co/yxMzZ0andp https://t.co/a0a2kpbCbv Nigeria's grid collapses weeks after tariffs raised for wealthier consumers https://t.co/yxMzZ0andp https://t.co/a0a2kpbCbv"
X Link 2024-04-15T13:39Z [---] followers, [--] engagements
"So what exactly is gov't doing with money Everything concerning this country is either on the brinks or has collapsed. Today's pensioners had their invested funds captured under DDEP. Tomorrow's pensioners risk not receiving their annuity either. What have we done to ourselves Of the GH9.35 billion total indebtedness to SSNIT as of December [--] [----] 73.7% translating to GH6.9 billion was due to late payments of contributions by the government. These delay puts pressure on the private sector contributions. This is not good. https://t.co/o1DIxp57KC Of the GH9.35 billion total indebtedness to"
X Link 2024-04-25T19:00Z [---] followers, [---] engagements
"@peagama @tv3_ghana Ashock sef"
X Link 2024-04-30T06:29Z [---] followers, [--] engagements
"So it's almost one & half year into d 3-year IMF program and the Ghanaian Cedi is yet to find any meaningful stability. The substantial funding gap in the fiscal sector without access to external financing has complicated monetary policy. And the IMF itself appears helpless here"
X Link 2024-05-01T16:18Z [---] followers, [---] engagements
"The FED expectedly left the Fund rate unchanged with a hawkish tone which I believe could have been more hawkish. The FED noted that there's been lack of progress in inflation towards the 2% target in recent months. I guess that means either [--] rate cut or even "no cut" this yr"
X Link 2024-05-01T18:22Z [---] followers, [---] engagements
"@_edemkojo PR league bro. EPL is just a hype machine especially for English or England-born players"
X Link 2024-05-09T10:16Z [---] followers, [--] engagements
"An important point here .on how fairness in debt restructuring requires that creditors benefit from unexpected upturn in the economy but also creditors give up some benefits during unexpected shocks or downturn in the economy Zambia's debt restructuring includes huge increases in debt payments if things go better than expected by the IMF But no fall in payments if Zambia is hit by more shocks Surprise surprise the people of Zambia are now suffering a huge climate disaster https://t.co/f1tzqwWhyz Zambia's debt restructuring includes huge increases in debt payments if things go better than"
X Link 2024-05-10T10:31Z [---] followers, [---] engagements
"So the government of Ghana and it's MPs in Parliament are pushing for tax exemptions worth over $400mn. This is about GHS 5.6bn and is equivalent to almost 3x what they're extorting from poor Ghanaians as E-Levy. Some people are wicked for real"
X Link 2024-05-17T18:58Z [---] followers, [--] engagements
"In Kenya ex-post real interest rates on T-bills range between 10.9% and 11.6%. But in Ghana ex-post real interest rates on T-bills ranged between 0.8% and 3.6% as of Apr-2024. Now check the FX performance of the two countries. It's a rates game Play it well or nurse losses"
X Link 2024-06-07T11:52Z [---] followers, [---] engagements
"@_ohemmanuel Yes. Huge possibility. Main issue was the MOU with the OCC which has been cleared and IMF officially notified. And USD 360mn disbursement mostly like follows in a matter of hours to days (likely over the weekend following the disbursement)"
X Link 2024-06-18T09:02Z [---] followers, [--] engagements
"@_edemkojo It's under external interest payment which was estimated at GHS 19bn (or USD 1.3bn assuming FX rate of GHS [--] per USD). But let's remember that the budget is in GHS while the debt service is in USD. So it means we'll give GHS to BOG and drain reserves by corresponding amount"
X Link 2024-06-24T21:50Z [---] followers, [--] engagements
"To clarify: Ghana's deal with Eurobond holders show dat d holders wuld provide cash flow relief of $4.4bn during d IMF program NOTE This doesn't mean investors wuld give Ghana $4.4bn during IMF program It only means deferred payments. That's why d cash flow bumps in [----] onwards"
X Link 2024-06-25T06:37Z [---] followers, [---] engagements
"Did I hear Ghana's Fin. min. say it's Mar-27 Eurobond price jumped after news of the Eurobond restructuring deal Nothing could be farther from the truth. First 3-weeks of June prices rose average 2.2% across the curve. But after Eurobond news prices fell 2.9% in 1-week"
X Link 2024-07-01T19:41Z [---] followers, [--] engagements
"Took GDP growth at 3.4% in [----] but expect to leave it at 3.1%. Took inflation at 15.4% but expect to leave it 17% Took USDGHS at [---] but likely to leave it near [--] Took Debt ratio at 56% but likely leave it 60% Took Gino coefficient at [---] leaving it 0.4"
X Link 2024-07-10T09:52Z [---] followers, [---] engagements
"From Guyana through Senegal to Namibia it's a race against time to exploit nature's gift before net zero by [----]. As Africa's hottest oil frontier #Namibia's discoveries are adding up and could be on the scale of resources next door across the Atlantic in #Guyana. An energy boom and prosperity beckons for its [---] million people. https://t.co/COhhxt87j9 As Africa's hottest oil frontier #Namibia's discoveries are adding up and could be on the scale of resources next door across the Atlantic in #Guyana. An energy boom and prosperity beckons for its [---] million people. https://t.co/COhhxt87j9"
X Link 2024-07-21T17:58Z [---] followers, [---] engagements
"New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today"
X Link 2024-07-23T12:52Z [---] followers, [---] engagements
"CBN hikes monetary policy rate by 50bps to 26.75% New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today New Minimum wage in Nigeria now at NGN [-----]. I'd be surprised if CBN doesn't hike the policy rate today"
X Link 2024-07-23T13:33Z [---] followers, [---] engagements
"+50bps on the policy rate may appear like only a symbolic hike. However another look at the change to the Asymmetric corridor indicates that the MPC decision is more hawkish than symbolic. #CBNMPC raises MPR by 50bps from 26.25% to 26.75% https://t.co/xPErl1RiNF #CBNMPC raises MPR by 50bps from 26.25% to 26.75% https://t.co/xPErl1RiNF"
X Link 2024-07-23T13:55Z [---] followers, [---] engagements
"In the second frame/slide I noticed that you compared GDP growth Exchange rate depreciation & Gross reserves to the same period last year (2023). But on inflation you chose to compare it with Dec-2022.why so To make the drop seem sharper for the unsuspecting reader Infographics of the [----] Mid-Year Budget Review https://t.co/IQ7Tk7QJDB Infographics of the [----] Mid-Year Budget Review https://t.co/IQ7Tk7QJDB"
X Link 2024-07-24T11:51Z [---] followers, [---] engagements
"@_edemkojo 😂 The August numbers"
X Link 2024-08-14T20:17Z [---] followers, [--] engagements
"It is important for these govt officials to bring their heads from under d sand & accept that d downgrades did not make our debt unsustainable. Rather it is our unsustainable debt that triggered the downgrade. The downgrades exposed we were running the economy like ponzi scheme Bernard Avle did not have mercy on Hon. Kojo Oppong Nkrumah at all. This is journalism👏 https://t.co/52K3qbX7Vx Bernard Avle did not have mercy on Hon. Kojo Oppong Nkrumah at all. This is journalism👏 https://t.co/52K3qbX7Vx"
X Link 2024-08-20T19:02Z [---] followers, [---] engagements
"South Africa is too far from Russia and Ukraine to be impacted by the war. Whereas Ghana lies between Russia and Ukraine. So you can already see why Ghana is heavily impacted. 🥸 🙃 .@NAkufoAddo have you seen your mates .@NAkufoAddo have you seen your mates"
X Link 2024-08-21T15:54Z [---] followers, [---] engagements
"@_edemkojo Ala fine bwoy Happy birthday bro The LORD bless and keep. The LORD cause His face to shine upon you and be gracious unto you. May this new year bring pleasurable memories and great successes that are deeply satisfying. Stay blessed bro"
X Link 2024-09-02T08:09Z [---] followers, [--] engagements
"@RonWechsler @PeterSchiff Exactly 💯 I also thought that was a banana peel of a question for Kamala Harris and a potential springboard start for Trump. So there's no way one can say Kamala wasn't asked "any questions about key economic issues""
X Link 2024-09-11T11:46Z [---] followers, [---] engagements
"As expected. But expect monetary policy rate to stay unchanged this month. Still a long way to go before start of policy easing. In August [----] the headline inflation rate further eased to 32.15% relative to the July [----] headline inflation rate of 33.40%. Month-on-Month headline inflation was 2.22% Food inflation was 37.52% in August [----]. Read the CPI Report for August [----] here: https://t.co/y7vLOsU8Jr https://t.co/tcjRr83I4w In August [----] the headline inflation rate further eased to 32.15% relative to the July [----] headline inflation rate of 33.40%. Month-on-Month headline inflation was"
X Link 2024-09-16T11:25Z [---] followers, [---] engagements
"@Kofikoduah Exactly I see FED cut widening the window for a cut in GH MPR as interest rate differential narrows. Recent disinflation puts GH's real MPR at 8.6% vs Kenya (8.35%) & Uganda (6.5%). Forecast disinflation in Sep-24 culd widen ex-ante real MPR and offer more confidence for cut"
X Link 2024-09-16T16:30Z [---] followers, [--] engagements
"This is partly the result of politicians infiltrating our university campuses & academic communities with their TESCON and TEIN activities. These activities have corrupted their thought process from engaging in independent thinking with the promise of political influence. The University campuses used to be the heartbeat of democracy. Students will write fierce articles hit the streets to drag governments on track. Nowadays most tertiary students do not care how the country is governed. Its more of relationship podcasts and street quizzes. The University campuses used to be the heartbeat of"
X Link 2024-09-26T10:04Z [---] followers, [---] engagements
"Fallacy of Ad Hominem Missing the forest for the trees This is the problem of Ghana right here. The fact that even the youth cannot be party-blind and awaken their nationalistic consciousness for once is the reason for the Ghanaian hopelessness. I give up You people are saying youre disappointed in Cheddar for saying occupy julorbi and fix the country were initiated by NDC folks. Though the fight was for Ghana and was a good course as such but that doesnt change the fact that it was organized by NDC people. Deep down in our You people are saying youre disappointed in Cheddar for saying occupy"
X Link 2024-09-26T19:48Z [---] followers, [---] engagements
"Who's doing the projection The gross public debt was already over GHS [---] billion as of July [----]. This is even after domestic debt restructuring which imposed 50% haircut on the BOG's claim on government. Ghanas public debt is projected to reach GHS [---] billion by [----] without major reforms. Ghanas public debt is projected to reach GHS [---] billion by [----] without major reforms"
X Link 2024-10-04T11:54Z [---] followers, [---] engagements
"Can someone tell him that Ghanaians have moved on from this vanity activity. We have an existential threat staring us. What we need is to #StopGalamseyNow What we need is for the one in power today to stabilize the economy (prices & exchange rate) Too much talk 😡 The Vice President and flagbearer of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has reiterated that former President John Dramani Mahama is afraid of debating him and has run away. #3NewsGH https://t.co/PEoRwJ2I65 The Vice President and flagbearer of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has reiterated that former"
X Link 2024-10-23T12:41Z [---] followers, [---] engagements
"@jyfrimpong @rajjsylvesterr . meaning a country can keep it's currency artificially strong (by fixing it) and that over-valued exchange rate when used to deflate the GDP per capita will have exert a lower discount or deflationary effect on GDP per capita (in USD terms)"
X Link 2024-10-23T17:28Z [---] followers, [--] engagements
"@_edemkojo At GHS 12.92/litre even the price floor for the first pricing window in November is higher than the market price for October. So how can anyone even imagine that fuel prices have been reduced"
X Link 2024-11-02T05:41Z [---] followers, [--] engagements
"Approximately $410mn sold in the first [--] days of November [----] alone compared to $500mn sold in [--] months from August to end October. But thing with exchange rate is that once it touches a certain high it will definitely creep back up after active FX management recedes. Bank of Ghana is doubling down and flooding the market with dollars. At this point we could reach the mid-15s by year end. My guess is that they want to end the year on a positive note with respect to the rate of depreciation. Bank of Ghana is doubling down and flooding the market with dollars. At this point we could reach the"
X Link 2024-11-14T11:37Z [---] followers, 17.3K engagements
"@readJerome I'd imagine a number of things. (1) Inflation prolly running above IMF year-end target and need to trigger remedial actions.FX appreciation influence petrol px non-food and headline inflation. (2) Already exceeded reserve target for the year so can deploy more in the market"
X Link 2024-11-14T11:43Z [---] followers, [----] engagements
"@readJerome (3) Gold-for-Reserves has injected significant amount of GHS liquidity into the economy and the market.so need to liquidate some reserves position to elevate the equivalent USD supply on the market to close the imbalance. (4) Won't rule out election-related signalling"
X Link 2024-11-14T11:45Z [---] followers, [----] engagements
"@DesmondBredu Absolutely not sustainable bro. I'm actually waiting to hear & see what other complementary measures they have at this November MPC meeting.bcos FX supply at this rate is unsustainable when net reserves is less than 3-months import and you hv external debt service next yr"
X Link 2024-11-14T20:30Z [---] followers, [---] engagements
"@_edemkojo @DesmondBredu Bro. This reminds me of a line in M.anifest track "God MC". "Laughing hard till there are tears in a bucket". In Econ [---] when we learnt about tools of monetary policy "Moral Suasion" was taught as part of the tools. So I understand the game he's playing 🤣🤣"
X Link 2024-11-14T20:47Z [---] followers, [--] engagements
"@_edemkojo @DesmondBredu Do you remember [----] when they made the USDGHS drop sharply from the [--] area to the [--] area. It immediately climb at the turn of the year in [----]. "If the fundamentals are weak the exchange rate will expose you" "It was true then. And it is true now""
X Link 2024-11-14T20:50Z [---] followers, [--] engagements
"MPC hiked policy rate less than expected But this says little about d MPC's continued hawkishness as d Committee remains concerned about persistent inflation. We think d moderation in pace of rate hike reflects d MPC leanings on transmission lag from d prior cumultv 850bps hike"
X Link 2024-11-26T18:31Z [---] followers, [--] engagements
"For FY23 we focused on the fact that govt deficit (on cash basis) was 3.3% of GDP. But one thing we haven't discussed enough is that the govt deficit (on commitment basis) was slightly higher at 3.7% meaning that govt built-up arrears despite IMF target of zero arrears build-up"
X Link 2024-11-28T06:26Z [---] followers, [---] engagements
"This November alone BOG has sold $846.5m at its daily FX FWDs forcing the interbank USDGHS down to 15.5/USD as of [--] Nov. I don't think this level of FX sale is sustainable without some complementary squeeze in demand via GHS liquidity tightening. Otherwise watch d FX reverse"
X Link 2024-11-28T09:21Z [---] followers, [----] engagements
"This "yenti gyae" posture is one of the reasons for d spectacular failure of d obnoxious E-Levy. So on what basis did d govt accept to reduce the rate to 1% Has d chicken come home to roost On what basis is d VP now promising to abolish it after this "yenti gyae" posture Smh #Throwback: We will pass the E-Levy they Minority cant do anything MP for Nhyiaeso Dr. Stephen Amoah #3NewsGH https://t.co/F3cKRB8Lok #Throwback: We will pass the E-Levy they Minority cant do anything MP for Nhyiaeso Dr. Stephen Amoah #3NewsGH https://t.co/F3cKRB8Lok"
X Link 2024-11-28T10:31Z [---] followers, [---] engagements
"@Aayaagayugu I feel there's still some laxity in d fiscal and monetary policy stance. I also feel we need to take a 2nd look at the gold purchase program for it's high GHS liquidity implications. For starters I think we need to tighten GHS liquidity a bit more & post-election is opportunity"
X Link 2024-11-28T11:30Z [---] followers, [--] engagements
"The Nov-24 Econs & Fin data is out A quick Thread 🧵 Trade surplus continues to expand (4.6% of GDP as of Oct) helped by Gold export receipt. C/A surplus also widens by 2.6% helped by remittance inflows (+25% YoY) Gold Reserve rose to [----] tons (vs [----] ton last yr)"
X Link 2024-11-29T12:03Z [---] followers, [---] engagements
"On persistent strong growth in Monetary Aggregates I see threats & opportunities Currency outside banks grew at a whopping 72% YoY in Oct. This is a risk to price stability and effectiveness of monetary policy. But also opportunity for financial inclusion"
X Link 2024-11-29T12:03Z [---] followers, [--] engagements
"We are progressing dangerously on public debt despite benefit of Eurobond debt relief. Seems like we also need d GHS gains to make FY24 debt look better Public debt rose to GH808bn (79% of GDP) in Sep before Eurobond relief brought it down to GH761bn (74.6% of GDP) in Oct"
X Link 2024-11-29T12:03Z [---] followers, [--] engagements
"Important to view "reset" mainly frm Governance perspective than macros perspective. Inflation will resultantly drop to single digits but prices will only stabilize at higher levels not decline. FX rate will never drop to 4/USD. It'll stabilize in double digit rates. Etc When the NDC says resetting the economy is it to the [----] level or to [----] Because the performance in [----] was horrible and thats why they lost that election even after all the last minute commissioning of projects. When the NDC says resetting the economy is it to the [----] level or to [----] Because the performance in [----] was"
X Link 2024-11-30T20:25Z [---] followers, [---] engagements
"@manlikegaddafi Inflation rises and falls on policy environment. U can strengthen d independence of d Central Bank to prevent it from accommodating d fiscal excesses of govt and fiscal policy can complement monetary policy in a way to achieve synchronized goals of stable prices & growth"
X Link 2024-12-01T08:26Z [---] followers, [--] engagements
"It is very hasty for prez Akufo-Addo to say d Ghanaian economy is back to pre-Covid level due to 6.3% 9M growth. Inflation is still over 2x BOG target USDGHS still face uncertainty FX reserves way below 4mnths Even avg GDP growth of 6.3% is 9M not 6.9% 3yrs avg growth"
X Link 2024-12-11T16:45Z [---] followers, [--] engagements
"Let's face it. E-Levy is estimated to generate barely over GHS 2.0bn in [----]. That's about 0.2% of GDP in [----]. Are we saying that with strict expenditure control and significant reduction in the 1D1F-related tax exemptions Govt can't save over GHS 2.0bn to replace the E-Levy "Don't cancel E-levy" may seem like a harmless advise to President Mahama since Ghana is broke and needs all the revenue it can mobilise. But have Dr. Asah-Asante and Prophet Sarkodie considered how Ghanaians would react Mahama CANNOT BETRAY THE TRUST of Ghanaians. NO WAY 🚫 "Don't cancel E-levy" may seem like a harmless"
X Link 2025-01-12T19:58Z [---] followers, [----] engagements
"@eqamensah Right. But has E-Levy help in bringing them into d tax net if they weren't already Simply put there's nothing E-Levy can do (in terms of coverage) that VAT is not already doing. In fact VAT is a fairer tax than E-Levy. The E-Levy rather discriminates against digital payments"
X Link 2025-01-13T06:09Z [---] followers, [---] engagements
"The decline in debt stock was due to [--] factors: Decline in Oct: due to Eurobond exchange concluded in that month which captured d over $4bn principal haircut. Decline in Nov: due to appreciation of d Cedi against d USD which reflected in a lower GHS value of d external debt Ghanas Total Debt Stock reduces again to hit [-----] Billion Ghana cedis ending November [----]. @Joy997FM #JoySMS Ghanas Total Debt Stock reduces again to hit [-----] Billion Ghana cedis ending November [----]. @Joy997FM #JoySMS"
X Link 2025-01-25T06:13Z [---] followers, [---] engagements
"Meanwhile Ghana once had a slogan known as "PLANTING for FOOD & JOBS". If the government had walked the talk Ghana would be at least self-sufficient in maize production. However food inflation is the main driver of headline inflation in Ghana. Indeed we were scammed Tanzania surpasses Nigeria to become Africas 2nd-largest maize producer harvesting 11.7M tonnes in 2023/24 up from 6.4M tonnes in 2021/22.🌽 https://t.co/XTAGkd8kY8 Tanzania surpasses Nigeria to become Africas 2nd-largest maize producer harvesting 11.7M tonnes in 2023/24 up from 6.4M tonnes in 2021/22.🌽 https://t.co/XTAGkd8kY8"
X Link 2025-02-05T19:04Z [---] followers, [---] engagements
"Mixed feelings for me. On the one hand I'm excited that we're refinancing upcoming maturity with longer tenors easing the default risk. On the other hand are we kicking the can down the road by replacing cheaper debt with expensive debt Same thing with the refy done in [----]. UPDATE: Maximum Tender Offer for Kenya's May '27 US$900.0M Eurobond Following the pricing of the US$1.5 billion [----] note at 9.5% coupon Kenya's government has announced it will accept to buyback up to US$900.0M of the [----] note. So there'll be some US$600.0M to 'toy around https://t.co/fKnt16xgyb UPDATE: Maximum Tender"
X Link 2025-02-27T09:04Z [---] followers, [---] engagements
"@KwakuBeeee There's a multiplier effect which we need to estimate. But intuitively before & after profit he paid workers & other service providers. Those payments are income to others who also spend in the economy. This creates a chain of earnings leading to higher income (GDP growth)"
X Link 2025-03-10T19:45Z [---] followers, [--] engagements
"@Fentuo_ Like you said he was counting on the ignorance of the unsuspecting Public. However that strategy undermines his credibility cos for the critical eye the budget specifically mentioned the 10% betting tax. So the public knew what they heard and he cannot confuse the facts"
X Link 2025-03-11T21:46Z [---] followers, [----] engagements
"You should also add that the finance minister flagged illegal mining as a key driver of that growth. And the 4Q2024 GDP data from the GSS showed a sharp slowdown in growth to 3.6% after pressure mounted for you to clamp down on illegal mining. The Gold sector actually contracted. Ghanas economy is now valued at an unprecedented [---] trillion cedis with an overall growth rate of 5.7% an increase from [-----] billion cedis and growth rate of 3.4% in [----] according to Ghana Statistical Service. This is the economy bequeathed to @JDMahama which he described https://t.co/JdjyTtHzp1 Ghanas economy is"
X Link 2025-03-12T01:44Z [---] followers, [---] engagements
"@CallmeAlfredo 226.2bn is commitment (not cash) + 49.2bn (commitment) + 3.75bn (commitment) = GHS 279.2bn (commitment for FY2024). But there was arrears build up of 31.2bn. This means that for the commitment of 279.2bn they only paid cash Expenditure of GHS 248bn (at the top)"
X Link 2025-03-15T09:36Z [---] followers, [----] engagements
"Here's my take on the BOG's policy rate hike and related matters. My earlier call for a 200bps hike in the policy rate in 3rd frame. I believe the combination of a 100bps rate hike + the new 273-day OMO bill suffices for my 200bps call"
X Link 2025-03-30T06:53Z [---] followers, [----] engagements
"@That233GuY I agree that the fiscal side probably moved too quickly and this is one reason for the policy rate hike & 273-day OMO bill to avert currency pressure. However "contracting aggregate demand" means demand is weakened. Not enough GHS liquidity paid to investors to demand FX"
X Link 2025-03-30T07:18Z [---] followers, [---] engagements
"GRA surpasses Q1 tax revenue target collects GH41bn via @citi973 https://citinewsroom.com/2025/04/gra-surpasses-q1-tax-revenue-target-collects-gh%e2%82%b541bn/ https://citinewsroom.com/2025/04/gra-surpasses-q1-tax-revenue-target-collects-gh%e2%82%b541bn/"
X Link 2025-04-09T16:45Z [---] followers, [---] engagements
"I see part of the strategy at play here. The more GHS remains stable/gains the less attractive it would be to go into USD assets bcos GHS asset (T-bill) continues to outperform USD position (on annualized returns). This way they keep getting demand with some room to cut rates. Govt raises GH6.62B in T-Bills on strong investor confidence 91D at 15.32% 182D at 16.03% 364D at 18.37%. Demand remains high as market shows resilience and trust in Ghanas fiscal path. #Forsonomics at work cc. @Cassielforson #Ghana #TreasuryBills #BoG #Investment https://t.co/xidzeGBWng Govt raises GH6.62B in T-Bills"
X Link 2025-04-25T23:11Z [---] followers, [----] engagements
"@peagama @SammyGyamfi_ An "Exchange rate band" a.k.a "currency band" I won't be surprised if BOG has an internal exchange rate band. I suspect this band is what triggers the timing size & frequency of interventions. Also likely a crawling band. But it may also create a risk of overvalued FX"
X Link 2025-04-26T07:29Z [---] followers, [---] engagements
"@Aayaagayugu Absolutely We shuld also ensure to comply wit all d reforms & fiscal anchors we pass to guide policy operations. If we keep to d cap on BOG financing of Govt deficit. Keep to cap on budget deficit & ensure primary fiscal surplus every year at least FX demand would be restrained"
X Link 2025-05-03T15:11Z [---] followers, [--] engagements
"@Mr_Kwei Still simulating a simplified version without "productivity differentials" "Terms of Trade" & "Trade weightings". Just focusing on bilateral relationships & relying on inflation differentials adjusted for current account balance I see equilibrium around [--] area possibly 15"
X Link 2025-05-15T00:30Z [---] followers, [--] engagements
"@Mr_Kwei In essence we're likely near equilibrium. Assuming the authorities' target inflation of 11.9%.big question is where I see the current account surplus for this year"
X Link 2025-05-15T00:34Z [---] followers, [--] engagements
"Here's my quick take on the Cedi's appreciation and general expectation that renewed government spending will revive the depreciation pressure. 👇🏽👇🏽"
X Link 2025-05-17T14:08Z [---] followers, [----] engagements
"Better coordination in the policy environment So far this year the BOG has mopped up over GHS 35bn in excess Cedi liquidity bringing total sterilized amount to 3.5% of GDP (vs 1.7% in 2024) Fiscal policy is also tighter to complement monetary policy unlike [----] over-spending. Former Vice President Dr. Mahamudu Bawumia says the recent appreciation of the Ghana cedi cannot be attributed to the current NDC government #JoyNews https://t.co/Wsed9Kb9TB Former Vice President Dr. Mahamudu Bawumia says the recent appreciation of the Ghana cedi cannot be attributed to the current NDC government"
X Link 2025-05-20T15:07Z [---] followers, [----] engagements
"So what has changed now with d domestic gold purchase program (1) BOG is no longer injecting substantial Cedis in purchasing gold aggressively. The GoldBod now uses revolving seed capital from GOG (existing liquidity) to purchase gold. This help to tame excess GHS liquidity.1/4"
X Link 2025-05-22T09:20Z [---] followers, [----] engagements
"(4) Only those licensed by the GoldBod can purchase gold domestically. And all Gold purchased must be sold to the GoldBod. Ensuring sanity across the gold purchase value-chain and ensuring that Ghana now benefits more from its natural resource via improved FX Reserves.3/4"
X Link 2025-05-22T09:20Z [---] followers, [---] engagements
"(5) The result is a local currency that now has a stronger FX reserve cushion with market confidence & the Cedi's improved performance. The reduced GHS liquidity has further reduced FX demand pressures. This is without recourse to the enhanced fiscal & monetary policy. 4/4🙏🏽"
X Link 2025-05-22T09:20Z [---] followers, [---] engagements
"I did a rough estimate & got same expected revenue. In fact also noticed that at current USDGHS FX rate loss on benchmark oil revenue is about GH5.0bn. This suggests that the extra Levy of GH1.0/ltr aims to bridge the revenue shortfall arising from the Cedi's appreciation. In [----] the government generated [---] billion cedis from the e-levy and the COVID-19 levy combined. Based on [----] consumption levels for petrol and diesel (which account for the bulk of petroleum products) the government would generate over [--] billion cedis by imposing an In [----] the government generated [---] billion cedis"
X Link 2025-06-03T22:47Z [---] followers, [----] engagements
"The Bank of Ghana mopped up over GHS 15.5bn via 273-day OMO bill yesterday at 27.9%. You know what that means Means GHS 15.5bn has been withheld from the market until at least March [----]. That's a significant amount of liquidity sterilization for the CRR adjustment in one swoop"
X Link 2025-06-12T20:49Z [---] followers, 72.5K engagements
"@DzideAL Your concerns are valid actually. But the thing is that BOG bills are used to manage liquidity (in this case use of higher policy rate to drain excess liquidity) as a cost to BOG to restore price stability. But GOG yields are financing cost to Treasury for deficit spending"
X Link 2025-06-12T21:27Z [---] followers, [---] engagements
"Absolutely And we shuld add that the higher prices now aligns with budget estimates (esp. if prices stay higher-for-longer). Main pressure now is the FX translation loss relative to the budget FX rate. So they can now afford to wait a bit. The government tried to take advantage of favourable macroeconomic conditions to generate additional revenue to address a problem. Its analysis showed that there wouldnt be a significant impact on consumers in the near term. However global shocks have changed the context and The government tried to take advantage of favourable macroeconomic conditions to"
X Link 2025-06-15T18:16Z [---] followers, [----] engagements
"Yes. But let's also add the other reasons (1) Primary fiscal balance was a wide deficit in [----] but now forecast to post a surplus in [----]. (2) Public debt metrics look better due to fiscal consolidation (2) Inflation was sticky at 23% in [----] but now forecast to decline in [----] Good news: Fitch upgrades Ghana's credit rating on account of a successful October [----] restructuring of some $13.1 billion external debt. Good news: Fitch upgrades Ghana's credit rating on account of a successful October [----] restructuring of some $13.1 billion external debt"
X Link 2025-06-18T09:07Z [---] followers, [---] engagements
""In the absence of social control man would live in a state of nature governed by his reasons in the service of his passion. A state of war of all against all in which the life of man becomes solitary poor nasty brutish and short". Thomas Hobbes. #stopgalamseynow"
X Link 2025-07-02T09:03Z [---] followers, [---] engagements
"@SportyFM_ @raymondnyamador Masa Only point I'm tempted to agree with is the signing of players mid-tournament. However it's a club competition & transfer windows are opened mid-season. The point on tired PSG is unacceptable. Chelsea didn't just appear to play d final. They also played several games"
X Link 2025-07-15T10:38Z [---] followers, [---] engagements
"Masa Only point I'm tempted to agree with is d signing of players mid-tournament. Howeva it's a club competition & transfer windows are opened mid-season. The point on tired PSG is unacceptable. Chelsea didn't just appear to play d final. They also played several grueling games That Chelsea win was against a tired PSG @raymondnyamador. #SportyBreakfast https://t.co/Pu0L0cnBbu That Chelsea win was against a tired PSG @raymondnyamador. #SportyBreakfast https://t.co/Pu0L0cnBbu"
X Link 2025-07-15T10:41Z [---] followers, [---] engagements
"The BOG has been very strategic the past 2-weeks. 1st tactical liquidity management operations to create buoyant Cedi conditions in the market. 2nd strategically communicating an "emergency" MPC meeting to get the market expecting deep rate cut leading to aggressive bidding This is HUMONGOUS. The last time such a huge amount was issued was on 24Feb2025 when GHS 9.6bn was issued vs GHS 20.5bn tendered bids on that day. Record setting auction this one. This is HUMONGOUS. The last time such a huge amount was issued was on 24Feb2025 when GHS 9.6bn was issued vs GHS 20.5bn tendered bids on that"
X Link 2025-07-19T19:03Z [---] followers, [----] engagements
"NIGERIA UPDATE As expected Nigeria's Central Bank left its Monetary Policy Rate unchanged at 27.5% in today's MPC decision to strengthen disinflation GHANA OUTLOOK Attention shifts to Ghana where we expect Rate cut as real rate of 14.3% shows excessively tight monetary stance"
X Link 2025-07-22T13:21Z [---] followers, [---] engagements
"I struggle to believe that 4.6bn is "money printing" by BOG under "zero financing" arrangement. Let's interrogate the data further cos in Dec-2024 IMF approved & disbursed $360mn (3rd review) to BOG. I believe this was on-lent to GOG in early [----] (budget/Eurobond payt in Jan) The current finance minister when he was the ranking member of the parliamentary select committee for finance in [----] said the central bank printed [--] cedis billion to finance the government. This was based on the line under budget financing attributed to the Bank of Ghana in https://t.co/CteOY2Qb2h The current finance"
X Link 2025-08-01T06:19Z [---] followers, [----] engagements
"The longer policymakers tolerate inflation above long-run target the more markets start to accept higher inflation as a steady-state. In Ghana inflation has stayed above BOG target for 70% of the time since IT began in [----]. No wonder double digits Interest rates seem normal"
X Link 2025-08-26T11:49Z [---] followers, [---] engagements
"The interesting thing is that growth momentum is rather strong despite the tight fiscal and monetary policy regime. With double digits real policy rate monetary stance has been very restrictive this year. Makes me wonder whether real sector really need monetary stimulus 🤔 Ghana's economy expanded by 6.3% year-on-year in the second quarter of [----] up from a revised 5.7% in the same period last year with strong growth in the services sector the country's statistics agency said on Wednesday. https://t.co/xL62rQQgOa Ghana's economy expanded by 6.3% year-on-year in the second quarter of [----] up"
X Link 2025-09-10T11:53Z [---] followers, [---] engagements
"Don't get me started on dis one. Who embarked on fiscal recklessness to create debt default dat required debt restructuring Are we now celebrating debt default What is worth celebrating about restructuring wich concentrates debt service in a single month and yrs - [----] & [----] @Citi973 Debt restructuring that the NDC rubbished We told you guys everything they enjoyed eas engineered by Nana and Bawumia. Their own incompetence will fully show from next year @Citi973 Debt restructuring that the NDC rubbished We told you guys everything they enjoyed eas engineered by Nana and Bawumia. Their own"
X Link 2025-09-12T12:37Z [---] followers, [---] engagements
"Here we go. A seal of approval from the IMF regarding recent FX market directives by the Bank of Ghana. Ghana / IMF press briefing response to question on Bank of Ghana exchange rate policy: "What I can share is that the Bank of Ghana's latest directives are intended to reinforce the role of the cedi as the sole legal tender in the country. They're meant to tighten controls ." Ghana / IMF press briefing response to question on Bank of Ghana exchange rate policy: "What I can share is that the Bank of Ghana's latest directives are intended to reinforce the role of the cedi as the sole legal"
X Link 2025-09-12T16:32Z [---] followers, [---] engagements
"Recent talks of a likely sharp GHS appreciation in 4Q2025 prompted me to come up with this chart to dispel dat expectation. Q4 appreciations only happened 2x (2022 & [----] - the red circles). In these periods the BOG felt the GHS was undervalued. This year it doesn't seem so"
X Link 2025-09-13T09:11Z [---] followers, [---] engagements
"@taxlawgh @mslbusiness_sch "The duty also arises if turnover in the last three months suggests the next twelve months will exceed the threshold". Question: Does the law also account for (or envisage) the likely impact of seasonality and/or a one-off positive shock to turnover"
X Link 2025-09-16T09:24Z [---] followers, [--] engagements
"Although I called a 300bps cut (base case) I'm not entirely surprised cos of the significantly high real policy rate. Also it appears BOG wants to mitigate the FX risk from this sharp cut as it no longer want banks to hold net long FX positions given the new N.O.P limit. Central Bank of Ghana cut 350bp to 21.5% after a 300bp cut in July eight analysts had forecast a cut of [---] basis points to 23% after a [---] basis point reduction at the previous Monetary Policy Committee (MPC) meeting in July This after a surprise hike earlier this year Central Bank of Ghana cut 350bp to 21.5% after a 300bp"
X Link 2025-09-18T05:15Z [---] followers, [---] engagements
"Watch DSTV move a number of the CL games and other EPL channels into premium bouquet in order to retain a lot of GHS [---]. Otherwise there's a risk of downgrades to Compact at GHS [---] since one can get EPL and CL games on Compact+ (via Compact). All what is happening is the psychology of pricing because DSTV has data that majority of customers are on compact + and Champions League is currently ongoing so they will just maintain paying [---] to enjoy premium bouquet All what is happening is the psychology of pricing because DSTV has data that majority of customers are on compact + and Champions"
X Link 2025-09-30T12:34Z [---] followers, [---] engagements
"If Arsenal was the one playing PSG in the CWC final would he leave at half time that he's tired of watching too much football Mind you at half time Chelsea had already finished off PSG. His own be jealousy. Nothing else. Thierry Henry says he's tired of watching too much football and left PSG vs Chelsea at half-time: 🗣 "As a fan I'm tired. I didn't watch the Club World Cup I had to do something in the final I left at half-time. It's too much. I love my family and at some points I need a https://t.co/trxiQexRaQ Thierry Henry says he's tired of watching too much football and left PSG vs"
X Link 2025-10-02T15:19Z [---] followers, [---] engagements
"Important note Disinflation (slower rise in prices) is NOT deflation (fall in prices). If inflation falls but still positive prices r still rising but slower now Even at low inflation we'd need long period of economic growth to regain purchasing power & start feeling it You are being distracted And the NDC administration is terrible at explaining things. Credit: @CharmainesPosts (tiktok) https://t.co/AC5Y57lF6f You are being distracted And the NDC administration is terrible at explaining things. Credit: @CharmainesPosts (tiktok) https://t.co/AC5Y57lF6f"
X Link 2025-10-04T06:58Z [---] followers, [----] engagements
"Wrong We've explained dis severally The FX sales r happening within d framework of d Domestic Gold Purchase Prog: Goldbod brings FX from its export BOG supplies part of it to meet market demand mops GHS to pay Goldbod. BOG keeping d FX & using its own GHS wuld be inflationary BoGs FX sale: Selling US$1.15 billion now is like using your last savings to impress the landlord bold but broke - Prof. Isaac Boadi. #JoyNews https://t.co/KRLbRY49L3 BoGs FX sale: Selling US$1.15 billion now is like using your last savings to impress the landlord bold but broke - Prof. Isaac Boadi. #JoyNews"
X Link 2025-10-10T17:20Z [---] followers, 22.9K engagements
"In my inflation note for Sep. I hinted of upside risk to October inflation emerging from higher fuel & utility costs due to GHS depreciation in 3Q25. With the recent GHS rally I wont rule out the BOG trying to curb that risk especially ahead of 1Q2026 utility tariff hike"
X Link 2025-10-16T15:19Z [---] followers, [----] engagements
"@citizenyao 😂 (1) Assume banks decide to take ur advise. What will happen Immediately all their bond holdings will b 100% risk-weighted. That'll lead to sharp drop in their capital adequacy ratio below required minimum & they'll hv to recapitalize immediately instead of d 3yr grace period"
X Link 2023-09-20T05:42Z [----] followers, [--] engagements
"@citizenyao (2)That's the revised budget attached. I rather see a CUT in Appropriation from GHS 227bn in original budget to GHS [---] in revised budget. If we exclude arrears payt & amortzn Total Expenditure (on commitment basis) was CUT by GHS 7bn to GHS 183bn. Can they do more Yes"
X Link 2023-09-20T05:49Z [----] followers, [--] engagements
"We won't fall [--] dis lyrics again. Assume his data is right: (1) JM borrowed $37bn in 7yrs. At FX rate of [----] dat's 141bn. But in less than 7yrs Bawumia added 434bn to current debt stock of 575bn (2) We shall not forget d benefits of HIPC debt relief which helped Kuffour He said he wants to be President of Ghana . These are his words in [----] but suits todays situation he has helped Akufo Addo to plunge us. Hes just a failed lying braggart. https://t.co/25ULI2POyW He said he wants to be President of Ghana . These are his words in [----] but suits todays situation he has helped Akufo Addo to"
X Link 2023-10-29T13:15Z [----] followers, [---] engagements
"@annerquaye @ericwallerstein I seriously think the FED pivoted too soon. One thing we shouldn't forget is that at some point the financial market will do part of the work for monetary policy. They just need guidance. So if you guide them hawkishly they'd stay hawkish without additional tightening from you"
X Link 2024-04-11T17:28Z [----] followers, [--] engagements
"On the flip side the adverse consequences of withdrawing USAID to developing countries will not be unidirectional. Given the higher return on investment in developing economies US companies have benefited from investment and market opportunities arising from USAID"
X Link 2025-02-14T12:12Z [---] followers, [--] engagements
"Recall d decoupling of levies from VAT rate in [----] This is the outcome you'd get when tax policy focuses on the revenue generation lever of taxes ignoring the redistribution effect. Consequently deadweight loss is created in the economy. A case for merger of levies with d VAT"
X Link 2025-02-14T21:29Z [---] followers, [--] engagements
"@CallmeAlfredo 226.2bn is commitment (not cash) + 49.2bn (commitment) + 3.75bn (commitment) = GHS 279.2bn (commitment for FY2024). But there was arrears build up of 31.2bn. This means that for the commitment of 279bn they only paid cash Expenditure of GHS 248bn (at the top) Hoping the accountants on here can help explain how the finance minister got to [---] billion cedis in total expenditure on commitment basis for [----] and clarify some inconsistencies. Ive tried and my head is spinning so I need help. In the main budget document the expenditure https://t.co/L4e9rKQqSb Hoping the accountants"
X Link 2025-03-15T09:39Z [----] followers, [---] engagements
"@_edemkojo To the extent that they're able to earn a spread on that rate when they lend to commercial banks they should still be policy solvent. If there are losses again it'd most likely come from non-policy-related events on the financials"
X Link 2025-06-12T22:45Z [----] followers, [----] engagements
"@CallmeAlfredo Absolutely. I was going to pick your brain on this final bit of deductive analysis before I noticed you had done it. I align perfectly. It appears there's been a slight slowdown in the run rate in last [--] months compared to first 6M2025. But there's a y/y surge in performance"
X Link 2025-09-09T13:15Z [----] followers, [---] engagements
"@CallmeAlfredo But in terms of value the stronger world prices slightly pushed up the USD inflows per month cos 5M2025 = $3.9bn = Avg/mnth ($779m) 8M2025 = $6.3bn = avg/mnth ($787.5M) = implied avg/mnth June - Aug ($801.2M) Thus we need gold price to stay high while we sort volumes issues"
X Link 2025-09-09T13:42Z [----] followers, [---] engagements
"Let's put the BOG's tight monetary stance into perspective. At end-2024 the BOG had mopped GHS 20bn excess GHS from the market (1.7% of GDP). As of [--] Sep-2025 BOG holds GHS 92bn excess GHS out of the market (6.6% of GDP). That's extra GHS that could hv caused FX pressure"
X Link 2025-09-19T08:47Z [---] followers, [---] engagements
"It may seem as though the GHS appreciation has bottomed-out. 🤞🏽"
X Link 2025-10-18T05:43Z [---] followers, [----] engagements
"@asaberekwame @_edemkojo Thanks Edem. Fully aligned. Prices are downwardly inflexible. But for d Cedi gains inflation won't be at 9.4% today. This means dat prices aren't rising as fast as last yr. Actually some items have deflated prices y/y. I bought 25litr oil at [----] in [----]. This year it's 570"
X Link 2025-10-18T12:44Z [---] followers, [---] engagements
"Why Gold fell sharply today Profit-taking Easing US-China trade tensions A stronger USD and Technical signals showing that Gold is overbought. https://m.economictimes.com/news/international/us/why-is-gold-down-today-gold-price-crashes-over-5-its-worst-single-day-drop-since-2013-silver-plunges-7/articleshow/124724560.cms https://m.economictimes.com/news/international/us/why-is-gold-down-today-gold-price-crashes-over-5-its-worst-single-day-drop-since-2013-silver-plunges-7/articleshow/124724560.cms"
X Link 2025-10-21T18:48Z [---] followers, [----] engagements
"I've seen comments that it has not reflected in lower prices which is fair. Prices are downwardly inflexible Howeva if policymakers can sustain d macro stability real income levels will rise over time and we can afford the usual things again and it'd feel reflected in prices"
X Link 2025-10-23T09:40Z [---] followers, [----] engagements
"@Teimensah1 Absolutely agree with you. I also recently gave example of cooking oil price this year compared to last year. But was commenting from a macro (aggregate) view. Even that the decline in inflation means prices aren't rising as fast as last year. So we can infer it has reflected"
X Link 2025-10-24T01:02Z [---] followers, [--] engagements
"Interesting view. I thought it is very obvious by now that there's a difference between GROSS issuance/borrowing and NET (or ACTUAL) issuance/borrowing. Out of the GHS 75bn only GHS 8bn is expected to be NEW (or ACTUAL) borrowing. The rest is to repay existing T-bills This reckless borrowing must stop. https://t.co/Sst4QZJvGb This reckless borrowing must stop. https://t.co/Sst4QZJvGb"
X Link 2025-10-28T09:11Z [----] followers, [----] engagements
"@Kyekyequ @citizenyao @_edemkojo And to be clear you meant "Overall budget surplus" not "primary surplus" @citizenyao I strongly doubt on "overall budget surplus " in 4-yrs. I think there's a lot of deferred or pent-up spending that would gradually be unleashed. Also $10bn BIG PUSH agenda sef dey there"
X Link 2025-10-29T20:13Z [---] followers, [---] engagements
"(1) BOG has so far mopped up extra 60bn from the market to reduce GHS-USD imbalance (2) New MPC's first action was a 100bps hike to partly reverse previous cut (3) BOG not injecting excess GHS to buy Gold. (4) BOG tightened the allowable USD balance of banks I could go on. No strange thing has been done by the Bank of Ghana to manage the Cedi Oppong Nkrumah https://t.co/KqjNqlJNXA #BankOfGhana #Cedi #KojoOppongNkrumah No strange thing has been done by the Bank of Ghana to manage the Cedi Oppong Nkrumah https://t.co/KqjNqlJNXA #BankOfGhana #Cedi #KojoOppongNkrumah"
X Link 2025-11-03T10:08Z [---] followers, [----] engagements
"@Aayaagayugu @tv3_ghana @konkrumah Absolutely I recall how in the past BOG will be hiking the policy rate signalling that it is trying to control inflation. However it was still financing the Treasury ultimately fueling the same inflation. This is just a lack of policy credibility which market will penalise"
X Link 2025-11-03T10:24Z [---] followers, [--] engagements
"Inflation may just end [----] around the lower end of BOG's target range of 6% - 10% (or below the lower end if this momentum continues). Consequently the policy rate may just be landing at between 17% - 18% after the Nov-2025 MPC meeting. But policy stance will still be tight. Inflation cools to 8% from 9.4% @business https://t.co/h4J1CHCrDm Inflation cools to 8% from 9.4% @business https://t.co/h4J1CHCrDm"
X Link 2025-11-05T14:20Z [---] followers, [----] engagements
"@TreasuryHubGH Absolutely.We expected the macro landscape to improve but the pace and durability of improvement is jaw-dropping and this has been achieved with little-to-no sacrifice on GDP Growth. Indeed it's a soft landing. Divinity may just have revealed my report sub-title to you 😂"
X Link 2025-11-05T16:53Z [---] followers, [--] engagements
"@TreasuryHubGH Absolutely 🤞🏽 At next week Thursday budget reading I can imagine Ato Forson glowing from cheek to cheek when he reads out the section on [----] Macroeconomic Performance.🤣🤣"
X Link 2025-11-06T21:14Z [---] followers, [--] engagements
"FX Reserve built without Eurobonds Cocoa loans or FT Bond placement Annual inflation likely to end [----] at lowest level since Aug-2013 BOG Gold purchases without GHS liquidity spike Fiscal austerity coexisting with strong growth Lower interest rate without FX pressure THE COUNTDOWN HAS BEGUN Thursday 13th November [----] Through your resilience and sacrifice we have stabilised the economy. Now its time to grow to transform and to build the Ghana We Want Share your expectations for #Budget2026 https://t.co/cmCmd6C0wu THE COUNTDOWN HAS BEGUN Thursday 13th November [----] Through your resilience and"
X Link 2025-11-07T13:35Z [---] followers, 14.1K engagements
"Before you go misleading people I need to correct you. (1) Check the markets. Yields on local bonds fell from c.27% at year start to c.15% currently. That's a rise in value of the bonds.not suffering. (2) Inflation is NOT prices. So lower inflation DOES NOT mean lower prices. @GameliMartey Ghanaian bonds suffering foreign earnings + remittances suffering and prices haven't reduced @GameliMartey Ghanaian bonds suffering foreign earnings + remittances suffering and prices haven't reduced"
X Link 2025-11-07T21:16Z [---] followers, [----] engagements
"@asaberekwame I get you Nana But understanding d economic meaning is also important bcos it helps you to distinguish btwn micro-level event & macro-level event. Eg it's a fact that some individual items have seen lower prices. But positive inflation means prices hv risen generally/averagely"
X Link 2025-11-07T21:38Z [---] followers, [---] engagements
"@asaberekwame Also individual experiences with inflation differ. Your spending basket may be dominated by high & rising cost items. So you may be experiencing inflation. Another person's may be dominated by falling price items. That person may see deflation. But national average is inflation"
X Link 2025-11-07T21:46Z [---] followers, [---] engagements
"@asaberekwame You paaa 😂 Cooking oil is used by everyone. My cooking oil price fell by 52.5% YoY Nana stop buying things from exotic markets where they charge premium for d same satisfaction you'd get from standard market Or am I doing too much utility maximization theory in my shopping 🤔"
X Link 2025-11-07T21:56Z [---] followers, [--] engagements
"@asaberekwame 😂😂 be careful next time. But yea. She's right to some extent. If the price drops were across broad Ghana would be recording y/y deflation not inflation. At least utilities are up y/y and they take a lot from the budget. But fuel and transport are also down y/y"
X Link 2025-11-07T22:46Z [---] followers, [--] engagements
"@asaberekwame I know right 😂😂 Sincerely that insensitive behavior of drivers deeply annoys me especially at rush hours. They're going Lapaz from Accra Central but they'll insist on only circle first. Give me the IGP position for one day and I'll lock them all in jail for that"
X Link 2025-11-08T04:44Z [---] followers, [--] engagements
"In June [----] Fitch upgraded Ghana's credit to "B" category. Now S&P has also upgraded Ghana's credit to "B" category. It makes Moody's now appear too pessimistic on Ghana despite having upgraded the country from Caa2 to Caa1 in October [----]. Ghana needs to prove them wrong. Ghana Upgraded To 'B-/B' On Improving Fiscal And S&P Global Ratings https://t.co/7G0WNpYnu0 Ghana Upgraded To 'B-/B' On Improving Fiscal And S&P Global Ratings https://t.co/7G0WNpYnu0"
X Link 2025-11-08T15:51Z [---] followers, [----] engagements
"It's interesting that the government which brought the IMF completely went off track on most of its KPIs. E.g A jaw-dropping primary deficit of 3.9% of GDP instead of a target surplus of 0.5%. Arrears of GHS 68.8bn against a target of zero arrears. A 23.8% inflation vs 18% target You cannot commend government for the economic successes under an IMF programme without commending the government that brought in the IMF Dr. Tiah Mahama. #2026Budget #JoyNews https://t.co/dvJSzZKBre You cannot commend government for the economic successes under an IMF programme without commending the government that"
X Link 2025-11-13T20:39Z [----] followers, [----] engagements
"As a result of ECG's improved collections and compliance with the Cash Waterfall Mechanism the amount required from the Treasury to pay energy sector shortfall has now dropped to GHS 15.2bn for [----] (from GHS 28bn in 2025). The government has put the energy sector in a remarkably great shape. Basically taken us off the fiscal cliff. ECG is doing exceedingly well with average monthly revenue up 90%. Yet the government still has privatization as an objective. It just beats my mind. The government has put the energy sector in a remarkably great shape. Basically taken us off the fiscal cliff. ECG"
X Link 2025-11-13T22:54Z [----] followers, [----] engagements
"@obiMpenaAustine @MaameEsiGold The thing with the CAPEX budget is that it is a discretionary spending (though important for growth) & tied to oil revenue performance. Lower oil price & FX rate (than budget estimate) meant that CAPEX had to take the hit. Not also prudent to borrow via T-bills to fund CAPEX"
X Link 2025-11-13T23:25Z [----] followers, [---] engagements
"Last week GHS 13.4bn worth of BOG bills matured for banks to redeem. But d banks rolled over all that maturity & added extra GHS 3.4bn to make GHS 16.8bn in 56-day BOG bill at 21.5% yield. Same time GOG fell short of T-bill target by GHS 1.7bn. Banks choosing higher safe yield"
X Link 2025-11-17T17:32Z [----] followers, [----] engagements
"@Kyekyequ Surely Let's even assume half of d outst. OMO is liquidity mgt and remainder is investment port. That's GHS 50bn. Now add incoming GHS 30bn arrears payment in [----]. That's another that needs placement option. Now add potential offshore risk-on bids (amid a dovish FED in 2026)"
X Link 2025-11-17T21:05Z [----] followers, [---] engagements
"@Kyekyequ Our elders say "you don't test the depth of the river with both feet" 😅 I think they'd be cautious with private placements and smaller sizes to test market appetite and build momentum from that. FY26 budget used "strategic" approach. IMF staff report also suggest "caution""
X Link 2025-11-17T21:30Z [---] followers, [--] engagements
"Interesting (1) "Measures implemented in Apr-2024 culd hv brought single digit inflation in 2025" .. But inflation accelerated from 20.4% in Aug-24 to 23.8% in Dec-24. (2) Sterilisation is now defined as "siphoning" When rational banks themselves decided not to take risk"
X Link 2025-11-19T04:36Z [---] followers, [----] engagements
"It is important to note that sterilisation is a measure to neutralize the effect of an earlier action that caused an excessive growth in money supply. After excessive injection of money supply to finance govt deficit a more serious Central Bank is now mopping up for stability"
X Link 2025-11-19T04:46Z [---] followers, [---] engagements
"Real GDP Growth [----] 1Q2024: 4.5% 2Q2024: 5.7% 1H2024: 5.1% (Average) NB: [----] saw loose fiscal spending. Real GDP Growth [----] 1Q2025: 6.3% 2Q2025: 6.3% 1H2025: 6.3% (Average) NB: [----] saw tight squeeze on fiscal spending. Data source: GSS Judge for yourself. Your excessive fiscal cuts hurting growth Gideon Boako to Finance Minister Follow our WhatsApp channel for all the breaking stories: https://t.co/oCmXdY5bVP #JoyNews https://t.co/oLBdvnXdYw Your excessive fiscal cuts hurting growth Gideon Boako to Finance Minister Follow our WhatsApp channel for all the breaking stories:"
X Link 2025-11-19T09:27Z [----] followers, [----] engagements
"@Mike_Amanpene A looser policy (instead of prudent spending) would have put over GHS 12bn of unvalidated claims (out of GHS 68bn inherited arrears) in unproductive hands. This would likely create growth in trades but with associated inflation. And this is called an unaffordable growth"
X Link 2025-11-19T10:25Z [----] followers, [---] engagements
"@Mike_Amanpene For [----] total expenditure is programmed to rise by GHS 50.7bn. Out of that amount over 66% is earmarked for CAPEX. This should support growth in construction transport logistics banking insurance and other ancillary activities around infrastructure. subject to revenue"
X Link 2025-11-19T10:28Z [---] followers, [---] engagements
"@Mike_Amanpene I get you. And I would even prefer 7% growth. However we need to proceed with caution. CAPEX of 25% GDP would mean significant public outlay (even with PPP). This will renew borrowing pressure for non-commercial projects (low ROI). This will threaten debt sustainability again"
X Link 2025-11-19T10:39Z [---] followers, [---] engagements
"@Mike_Amanpene Additionally we need investment in manufacturing and value creation ventures because these ventures create more sustainable jobs than construction which may be casual and transitory even though they form the basis for productivity in other sectors"
X Link 2025-11-19T10:41Z [---] followers, [---] engagements
"RESULTS OF OPEN MARKET OPERATION (OMO) by Bank of Ghana this week. BOG Bills maturity (this week): GHS 19.1bn Amount mopped up by BOG (this week): GHS 16.4bn This means banks redeemed (or took back cash) of GHS 2.7bn this week. Total holding outstanding in BOG Bill: GHS 94.6bn"
X Link 2025-11-20T09:40Z [----] followers, [---] engagements
"@Kyekyequ Hahaha.Question for the gods bro. But I think that it's likely driven by either or both of two things. (1) Rotation into credit portfolio for higher yields (2) Need for higher cash balances to meet customer withdrawals for the week. Otherwise lock-in OMO bill ahead of MPR cut"
X Link 2025-11-20T13:34Z [---] followers, [--] engagements
"In basic macroeconomics we define Govt spending multiplier = 1/(1-b+bt) & Tax multiplier = -b/(1-b+bt). Where b & t are [--]. The results show that govt spending has a higher & contrasting effect on GDP Growth than taxes. But this is only possible with efficient spending"
X Link 2025-11-22T11:29Z [---] followers, [---] engagements
"My Highlights and Quick Take from the Bank of Ghana's ongoing Monetary Policy Committee meeting (November 2025)"
X Link 2025-11-25T12:33Z [----] followers, [----] engagements
"This is what we call "cutting without cutting" as noted by JP Morgan. A smart move by the CBN to appear hawkish while making a cautiously dovish move. Keeping the MPR unchanged at 27% highlights the CBNs continued concern about near-term inflation pressures especially with the uptick in October month-on-month inflation. The move from a symmetric corridor (+250bps/250bps) to an asymmetric corridor (+50bps/450bps) delivers a https://t.co/pkA1wrvbJ6 Keeping the MPR unchanged at 27% highlights the CBNs continued concern about near-term inflation pressures especially with the uptick in October"
X Link 2025-11-26T09:36Z [----] followers, [---] engagements
"@Kyekyequ @TreasuryHubGH @_edemkojo @asaberekwame @Joe_Jackson_GH @mytheoz @MoF_Ghana @NorvanReports Yea. Just as you flagged earlier strategic fine-tuning of money market liquidity to provide a favourable condition for issuances. Thanks for the info on changes to the interest rate corridor. So they opted to implement part of the dovishness thru the interest rates corridor"
X Link 2025-12-01T20:18Z [----] followers, [--] engagements
""It pains me anytime we resort to higher taxes instead of widening compliance and improving collection. We cannot keep piling taxes on an already burdened taxpayer". The Laffer Curve Theory on my mind. Finally a minister that speaks my language and emotion. A while ago I paid a working visit to the Osu Tax Service Centre to engage the dedicated men and women driving our domestic revenue mobilisation. We have done well on expenditure control and the central bank is performing strongly. Now revenue must rise to the challenge. I https://t.co/1ijMT7e5yk A while ago I paid a working visit to the"
X Link 2025-12-08T20:20Z [----] followers, [---] engagements
"@NanaK_Baidoo Salaries to teachers & nurses are counted as fiscal cost ideally financed from revenue (or debt). Central Bank FX doesn't finance fiscal operations. The actual word is "intermediate". How about those FX sold directly to the market by GoldBod It wuld still hv same effect"
X Link 2025-12-11T21:27Z [----] followers, [--] engagements
"@peagama @yabbanx @konkrumah I'm tempted to strongly believe that politicians know exactly what they're doing when they try to confuse the unsuspecting public. What "alternative use" do you put Central Bank FX reserves to What if GoldBod was allowed to sell all $10bn directly to the market instead of BOG"
X Link 2025-12-11T21:37Z [----] followers, [---] engagements
"A lot has been said about d eye-popping rally of d Ghana Stock Exchange in [----] with a YTD gain of 77%. But d domestic bond market has also seen a remarkable surge over d same period. As shown in the IC Govt Bond Index chart below +62% YTD Investors are in the money this year🥂"
X Link 2025-12-12T19:57Z [----] followers, [---] engagements
"@mytheoz Thanks for sharing doc. especially the link. There's something funny happening on the IMF website. You search under Ghana and you'd see Article IV consultations for Malaysia. You search under Zambia and you'd see Article IV consultations for Ecuador"
X Link 2025-12-25T12:05Z [----] followers, [---] engagements
"Great job Sir. Strategic debt mgt. Recall that [----] had Eurobond obligation at USD700m while [----] had Eurobond obligation at USD1.4bn (2x 2025) But this strategy effectively means that we've taken the [----] hit in [----] to soften the [----] pressure as though it's [----] payment size GOVERNMENT OF GHANA SETTLES US$709 MILLION EUROBOND OBLIGATION The Ministry of Finance has successfully settled a US$709 million Eurobond obligation on 30th December [----] ahead of its due date marking another significant milestone in Ghanas economic recovery and https://t.co/azsWqzKUSQ GOVERNMENT OF GHANA SETTLES"
X Link 2025-12-31T07:42Z [----] followers, [----] engagements
"It's an annual payment involving coupon + principal each yr (based on the restructured payment schedule). The schedule ends in [----]. But note: (1) [----] - [----] requires $1.0bn per yr. (2) Ghana may return to Eurobond issuance in future with maturities longer than [----] @GameliMartey When does it end and what is left Any idea @GameliMartey When does it end and what is left Any idea"
X Link 2025-12-31T08:15Z [----] followers, [----] engagements
"@NanaK_Baidoo This is the restructured Eurobonds (concluded in Oct-2024). Also Eurobond issuances are typically marked for budget deficit financing & the GHS-equivalent proceeds lodged in the consolidated fund. Since money is fungible it's difficult to do attribution analysis from the fund"
X Link 2025-12-31T09:11Z [----] followers, [---] engagements
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