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IMF team visits Ghana; rising debt high on agenda

Finance Minister, Ken Ofori Atta with Chief of the IMF Mission on the Article IV consultations, Analisa Fedelino(file photo)

The government is confident that the IMF should be satisfied with efforts to reduce the country’s rising debts even as the Fund’s team makes a visit to Ghana. The optimism follows a visit by an IMF team to Ghana as part of monitoring activities under the program. The latest review of Ghana’s performance under the IMF program largely pointed to ...

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Minister pushes for increased funding for startups

Ibrahim Awal - Minister of Business Development

The Minister for Business Development, Mohammed Awal, has directed managers of the Skills Development Fund (SDF) to prioritize startups in the disbursement of grants. The directive follows what the Minister describes as the over concentration of the fund managers on medium to large scale businesses. The Skills Development Fund, is a government initiative aimed at building the capacity of local ...

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Over 300 proposals on 1 district, 1 factory screened – Alan 

Alan Kyerematen - Trade and Industry Minister

Three hundred and twenty-nine (329) proposals for the construction of factories under the 1 district, 1 factory programme have been successfully screened by the Ministry of Trade and Industry. This is according to the Sector Minister, Alan Kyerematen. Answering questions from the Minority in Parliament on how many factories had been established so far, Mr. Kyerematen also said his Ministry ...

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Analyst backs BoG’s forced retrieval of unpaid Eximbank loans

exim bank 2

Some Financial Analysts have lauded moves by the Central Bank to deduct money from commercial banks whose accounts were used to assess loans from the EXIM Bank. The decision follows Exim Bank’s inability to recover credit facilities channeled through them to the commercial banks for on-lending to customers. But Citi Business News understands most of the customers who took the loans cannot ...

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‘Wholesale’ banking licenses injurious to industry – Nana Otuo

Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong

Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The companies are pursuing the move ...

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Special Import Levy accrues GHS 610m

Ghana Cedi

Government accrued over 610 million cedis from the Special Import Levy in 2017, Deputy Finance Minister, Kwaku Kwarteng has revealed. The figure is up from the previous amount of over 550 million cedis generated in 2016. In 2017, the President Akufo Addo administration through an Act of Parliament abolished the 1% special import levy but maintained the 2 percent special ...

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Gov’t must create enabling environment for innovation—Prof. Atuahene-Gima

GIMA-crop

The Founding President and Executive Dean of Nobel International Business School (NIBS), Professor Kwaku Atuahene-Gima, has challenged the Ministry of Environment, Science, Technology and Innovation, as well as the Ministry of Business Development to spearhead the development of an innovation culture in the country. According to him, Ghana’s challenge of value-addition and industrialization can be solved if an effective system is developed to ...

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Gov’t to introduce new tax measures in July

Kweku-Kwarteng-citifmonline-600x330

The Ministry of Finance has hinted that government may introduce some new tax measures in addition to some social interventions to shore up the revenue of the country during the presentation of the mid-year budget review next month. Even though the ministry did not state the kind tax measures it may be introducing, it however maintained that they are needed ...

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Gov’t defends measures to halt cedi depreciation soon

Gideon Boako - Spokesperson to Vice President, Dr. Mahamudu Bawumia

The government has maintained that it has put in place robust measures to halt the free fall of the cedi in the coming weeks. According to Dr. Gideon Boako, Spokesperson for the Vice President, Dr. Mahamudu Bawumia, efforts to reduce inflation and increase the availability of foreign reserves, point to a foreseeable halt in the depreciation of the cedi against ...

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Cedi depreciation eroding all our profits—GUTA to gov’t

The meeting which was held at the offices of GUTA in Accra had the government team compromising the Finance Minister, Ken Ofori-Atta, Deputy Finance Ministers, Kwaku Kwarteng and Abena Osei Asare, and the Chief Director at the Ministry Patrick Nomo., with GUTA President Dr. Joseph Obeng

The Ghana Union of Traders Association (GUTA) is pleading with government to put in the necessary measures to stabilize the cedi from further depreciation against the dollar. According to the traders, the recent depreciation of the cedi against the dollar has eroded their profits, since imports were made before the depreciation was recorded. The cedi is said to have depreciated ...

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