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Fitch report creating anxiety among Ghanaians – BoG

The Bank of Ghana (BoG) has condemned a report by international rating agency, Fitch, about the purported printing of money to finance government deficit. The BoG in a statement noted that the report has “generated anxiety among the public and the investor community.” Earlier this week, Fitch disclosed that the BoG was printing money to finance the country’s rising deficit. ...

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Bank of Ghana scraps some of its forex rules

The Bank of Ghana (BOG) has ditched some of the rules it introduced in February this year to save the cedi from further fall against the major foreign currencies especially the dollar. One of the rules introduced in February was that customers were not allowed to make withdrawals of more than US$10,000 without proof of travel over the counter. However ...

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BoG to ease forex controls

The Bank of Ghana (BoG) will today announce measures to ease foreign exchange controls to allow withdrawals up to US$10,000 without proof of travel. The measures come after a thorough review of the controls the central bank introduced in February this year to halt the depreciation of the cedi. The earlier measures limited access to foreign exchange and restricted local ...

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Inflation hits 14.8%, highest since 2010

Inflation for the month of May hit 14.8 percent. This means the average prices of goods and services went up by 14.8 percent between the periods of May 2013 and May 2014. This still continues to be the highest since January 2010. May’s inflation rate was up from the rate of 14.7 percent recorded in April. The monthly inflation rate ...

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Amissah-Arthur rubbishes Fitch report

Vice President Kwesi Amissah-Arthur has rejected the recent assessment of Ghana’s economy by some top international rating agencies. According to the Vice President, ‘in this industry sometimes they have to hit hard for your message to go across so they are making very dramatic statements. The reality may not be as they put out.” He said of the rating agencies. The international rating agencies ...

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Fitch warns BoG against printing money to fix budget deficit

Rating agency Fitch Ratings has disclosed that the Bank of Ghana (BoG) is printing money to finance the country’s rising deficit. A statement released by Fitch on Monday indicated that printing money “will aggravate already high inflation (14.7% in April 2014) and contribute to further cedi weakness.” Ghana has been grappling with the continuous fall of the Cedi against major trading ...

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Massive backlash from business community over new VAT charges

The Importers and Exporters Association of Ghana is demanding a complete halt in the implementation of the 17.5 percent Value Added Tax (VAT) charge on financial services from next month. According to the association the extra tax will cripple businesses and lead to massive job cuts. Some of the 32 fee-based services to be affected include current accounts (foreign/local) for ...

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Bank customers angry over VAT charges in financial sector

Some bank customers have expressed disgust over the latest list of financial services that would attract the new 17.5% VAT charge. The list released by the Ghana Revenue Authority (GRA) last Friday affects nearly all bank charges. The financial services, which hitherto had been exempted from VAT, will now from the first of July this year start charging VAT. Thirty ...

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List of taxable financial services released by GRA

The Ghana Revenue Authority (GRA) has released the list of services that would attract the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL). The GRA in a letter to Bankers and Banks said the 32 fee-based services would attract the tax from July 1, 2014. The amendment of the VAT law last November expanded the scope ...

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Senchi consensus if implemented will save economy – Kwesi Botchwey

A former finance minister Prof Kwesi Botchwey is certain the implementation of the Senchi consensus will save the country from its current crisis. Ghana close to two years now has been facing some economic challenges including high inflation rate, rising budget deficit and increased cost of borrowing among others. Inflation currently stands at 14 .7 percent the highest rate since ...

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