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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

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    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

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Gov’t revises macroeconomic targets; GDP growth rate target reduced to 3.7%

byEllen Dapaah
July 26, 2022
in Economy, Local Economy, Top Stories
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The government has revised this year’s projected economic growth rate target of 5.8% to 3.7%.

According to the Finance Minister, Ken Ofori-Atta, the reason behind the revision includes the heightened global pressures such as the Russia-Ukraine war which has caused the revenue measures to underperform.

He disclosed this during the presentation of the mid-year budget to Parliament for approval on Monday.

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“The macroeconomic environment has significantly changed, prompting the revision of the macroeconomic framework. Furthermore, based on the developments for the first six months of 2022 and the outlook for the rest of the year, we have accordingly revised the macro-fiscal targets for 2022 as follows; Overall GDP Growth rate of 3.7 percent down from 5.8 percent; Non-Oil GDP Growth rate of to 4.3 percent down from 5.9 percent; End period inflation of 28.5 percent up from 8 percent; The overall fiscal deficit of 6.6% of GDP down from 7.4%; Primary surplus of 0.4% of GDP up from a surplus of 0.1% of GDP; and the Gross International Reserves of not less than 3 months import cover.”

Furthermore, Ken Ofori-Atta announced the revenue measures that will shore up the government’s efforts to revive the economy. This includes some proposed amendments and revisions to the collection of Value Added Tax revenue.

“The digitalization of our Revenue Mobilization processes remains a key focus; therefore, the GRA is finalizing all relevant processes to facilitate the effective collection of VAT revenue. This includes a proposed amendment of the Value Added Tax Act 870 to enable its electronic collection, effective 1st October 2022. Also, there will be an introduction of upfront payment of VAT on importers not registered for VAT with the implementation start date of 1st October 2022.”

He continued,  “It is fundamentally important that, together with the Ministry of Local Government, we continue to assist and support the Assemblies, not only to expand their revenue base but to do so with optimal efficiency and effectiveness. Therefore, the collective efforts of the local government, the Assemblies, and the GRA in launching an end-to-end digitalized process will be realized by August.”

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