Research Paper

By how much has the Cedi Depreciated

The recent depreciation of the cedi is a topic that has engaged both the Ghanaian public and international observers of Ghana’s economy. Unfortunately, there does not seem to be a consensus the rate of cedi depreciation. In my daily perusal of the press, I have seen a wide variety numbers on the depreciation of the cedi for 2014 ranging from 27% to 41%. It is important that we measure the rate of cedi depreciation accurately because wrong numbers, especially if they exaggerate the rate of depreciation, can exacerbate the rate of depreciation of the currency.


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A Review of SME Financing Schemes In Ghana

In Ghana, available data from the Registrar General indicates that 90% of companies registered are micro, small and medium enterprises. This target group has been identified as the catalyst for the economic growth of the country as they are a major source of income and employment.


A major barrier to rapid development of the SME sector is a shortage of both debt and equity financing. This paper provides a review of SME financing in Ghana. Specifically, the paper covers the following:

  • A review of the various schemes, initiatives and funding mechanisms for facilitating access of SMEs to loan and equity finance
  • An analysis of their effectiveness Finally, we establish some reasons for the ineffectiveness of some of the financing schemes and provide some suggestions for improving the overall effectiveness of SME financing.
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Ghana, A Decade From Now (2022)

Ghana has been outperforming the global average in terms of growth – an average of 6% annual GDP growth in the last 10 years. Achieving robust headline growth is not good enough because it may not lead to desired structural change. It is important to make the distinction between “economic growth” and “economic transformation”. Economic transformation refers to structural changes that accompany the process of economic development.


Our forecast of Ghana in 2022 will be conditional and will depend on:

  • Forecasts of global/external developments
  • Anticipated policy direction within the next 2-3 years
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