Author: Edna Agnes Boakye
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Anti-LGBTQ+ bill could impact Ghana’s trade and investment opportunities – US Ambassador warns
The US Ambassador to Ghana, Virginia Palmer, has cautioned that the approval of the Anti-LGBTQ+ law might have repercussions on trade and investment within the nation. Ambassador Palmer emphasised that discriminatory legislation against LGBTQ+ individuals could tarnish Ghana’s reputation and discourage potential investors. Speaking in Accra, she remarked that the diverse communities contribute to Ghana’s…
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Inflation rises for the third consecutive month; hits 43.1% from 42.5%
Ghana’s inflation continues to surge as it rises for the third consecutive month, reaching a new high of 43.1% for the month of July from the previous mark of 42.5%. The new figures were announced on Wednesday, August 9, by the government Statistician Prof. Samuel Kobina Annim. Food prices rose significantly to 55.0%, whereas non-food…
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ISSER calls for limits on Bank of Ghana’s government financing
The Institute of Statistical, Social and Economic Research (ISSER) has called for a decrease in the Bank of Ghana’s (BoG) funding of the government budget, emphasising that such deficit financing by the central bank has significant implications for money supply, inflation, and the exchange rate. In its assessment of the government’s Mid-Year Budget, ISSER highlighted…
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Finance Ministry launches Emergency Expenditure Guidelines, Audit recommendations instructions
In a bid to enhance Ghana’s financial resilience and accountability, the Finance Ministry has launched the Emergency Expenditure Management Guidelines (EEMG) in conjunction with the Audit Recommendations Implementation and Follow-up Instructions (ARI&FIP), focusing keenly on bolstering Public Institutions. The EEMG, introduced as a solution to the nation’s often inflexible Public Financial Management (PFM) system, is…
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Govt targets conclusion of key aspects of DDEP by September 2023
Government is making efforts to finalize the domestic debt restructuring by September 2023, according to sources familiar with the matter Their plan Citi Business News has gathered includes concluding the dollar-denominated domestic debt exchange program, cocoa bills exchange program, and pension funds by the end of next month. Furthermore, the government is actively pursuing a…
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Fitch affirms Ghana’s rating at ‘RD’; expects agreement with official creditor to be reached by end-2023
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDR) at ‘RD’. Fitch on February 21, 2023, downgraded Ghana’s LTFC IDR to ‘RD’ from ‘C’ due to a missed Eurobond coupon payment. According to Fitch, Ghana has since made progress with official creditors for external debt restructuring, aiming to…
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Govt revises macroeconomic targets downwards: Real GDP growth adjusted to 1.5%
Finance Minister, Ken Ofori-Atta, during the presentation of the 2023 mid-year budget review today, July 31, announced significant revisions to the country’s macroeconomic and fiscal frameworks. The revision aims to align with the targets of the IMF-supported PC-PEG due to recent developments and global economic conditions. Notable revisions include a decrease in overall Real GDP…
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GCB Capital research predicts sluggish economic activity despite impressive Q1 2023 growth
Analysts at GCB Capital Research have predicted that despite an impressive 4.2 percent real Gross Domestic Product (GDP) growth recorded in the first quarter of 2023, economic activity is expected to remain unimpressive for the rest of the year. Several key factors contribute to this subdued outlook, including the composite index of economic activity, which…
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There’s a need to revisit structure, nature of taxes – Ken Ofori-Atta
In a crucial meeting with the business community ahead of the mid-year budget review, the Finance Minister, Ken Ofori-Atta addressed pressing issues concerning the country’s fiscal situation. The minister began by acknowledging the challenges faced by the government in recent times, particularly in regard to funding decisions. “To make a turnaround after the government declared…
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Finance Minister unveils Ghana’s mutual prosperity dialogue framework to address investment challenges
Finance Minister, Ken Ofori-Atta, on Monday, July 24, 2023, held a crucial meeting with the Business Community in preparation for the highly anticipated mid-year budget review, scheduled for tomorrow. During the meeting, the Minister unveiled the Ghana mutual prosperity dialogue framework, aimed at fostering a conducive environment for investments from various sectors, including telecommunications and…