Author: citibusinessnews
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GRA reverses 30% discount on imported goods, vehicles effective January 1
The Ghana Revenue Authority (GRA) has announced the reversal of 30% discount on import values of general goods and 10% discount on Home Delivery Value of vehicles effective January 1, 2023. The reversal according to GRA follows the government’s 2023 budget statement and economic policy. In a statement issued by the GRA, it said, “following…
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Elegant Homes wins Best Residential Developer Middle Income Luxurious
Elegant Homes and General Construction Ltd, one of Ghana’s leading real estate developers was adjudged the “Best Residential Developer Middle Income Luxurious” at the recently organized 14th Ghana Property Awards. The CEO of Elegant Homes and General Construction Ltd, Mr. Samuel Quarshie attributed the company’s success to its hardworking staff and was grateful to their…
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Debt Exchange: Organized labour calls off strike after exemption of pension funds
Organized labour has called off its intended strike which was slated for December 27, 2022. This industrial action was to demand the exemption of pension funds of its workers in the ongoing debt exchange program. Despite assurances of protecting the funds of citizenry, various labour unions were concerned about the impact the debt exchange will…
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S&P cuts Ghana’s sovereign rating to ‘selective default’
Global Ratings agency S&P has lowered the sovereign rating of Ghana to ‘selective default’ from CC, a day after the country announced it would suspend its external debt payments. S&P Ratings said it views the moratorium as a ‘selective default’ and did not issue any outlook. “We expect to lower our ratings on Ghana’s foreign…
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Minority blocks GH¢80m National Cathedral budget
The Minority in Parliament has voted against the approval of budget estimates of GH¢80 million for the construction of the National Cathedral for 2023. The Minority says this follows the failure of the Finance Ministry to account for an amount of GH¢114 million out of the GH¢339 million spent so far on the project. Speaking…
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Debt exchange has contributed to rebound of economy – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has attributed the rebound of the economy to the launch of the debt exchange programme and the staff-level agreement with the International Monetary Fund on a $3 billion bailout. Addressing the public on the suspension of external debt payments on Monday, December 19, Mr Ofori-Atta said the government is willing…
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Economic crisis: 2023 will be our comeback year – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, says the government will put in place stronger foundations in 2023 to change the country’s economy for the better. Mr Ofori-Atta made the comments when he addressed the public on Monday regarding the suspension of the external debt payment. “The ensuing years will focus on building an entrepreneurial and export-driven economy…
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Fast track processes to get IMF Board’s approval on bailout deal – Economist urges
Economist and currency analyst at GC Capital Limited, Courage Boti wants the government to expedite steps aimed at getting International Monetary Fund’s Board approval on the bailout programme. Having reached a Staff Level Agreement with the Fund for a US$ 3 billion bailout, government is eyeing an IMF Board approval in the first quarter of…
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GETFund pays GH¢667M to settle claims of 867 contractors
The Government through the Ghana Education Trust Fund (GETFund) has settled part of outstanding debts owed contractors to the tune of GH¢667,793,936.27 as of November 2022. This was in fulfilment of a promise made by the Administrator of GETFund, Dr. Richard Ampofo Boadu, on Tuesday, November 8, 2022, at the Stakeholder Engagement Forum organised by…
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Prudent financial policies stabilising economy – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has attributed the appreciation of the cedi against the dollar to the prudent financial decisions the government has taken to revive the economy. He said the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results…