Author: Nii Larte Lartey
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Ghana’s economic crisis should be over after 3-year bailout – IMF
Ghana should be able to get out of the current economic quagmire after its three-year extended credit facility with the International Monetary Fund (IMF), Dr. Leandro Medina, the IMF Representative in Ghana has said. When asked specifically on Citi TV‘s The Point of View, if Ghana’s struggles with the economy will be over by the end…
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Govt ensuring fiscal adjustments non-negotiable – IMF
Government will be under pressure to cut down its expenditure following the approval of the country’s US$3 billion deal with the International Monetary Fund (IMF). It is the expectation of the IMF that the government of Ghana under its obligations rolls out a raft of measures aimed at ensuring that the distressed economy is put…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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New taxes, tariff hikes crucial for Ghana’s bailout – IMF
The International Monetary Fund (IMF) has justified the adoption of three mobilization measures as well as the increase in utility costs as Ghana attempts to fix its balance of payment problems. Despite criticisms, the Excise Duty, Growth and Sustainability, and Income Tax Amendment laws aim to generate GHS4 billion for the country each year. These,…
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Utility tariff increase must match services provided – Consumer Protection Agency
The Consumer Protection Agency is pushing for better service delivery from utility service providers after the recent increase in tariffs takes off. Effective June, consumers will be paying extra for both the electricity and water they use as approved by the Public Utilities Regulatory Commission (PURC). But the Agency says, regulators must ensure that the…
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IMF deal: Ghana now an attractive investment destination; investor confidence renewed – Ofori-Atta
Finance Minister, Ken Ofori-Atta says the approval of Ghana’s US$ 3billion bailout from the International Monetary Fund (IMF) signals an era of renewed investor confidence in the country’s economy. The Minister was reacting to the $300 million funding for African countries by the U.S. International Development Finance Corporation (DFC) which Ghana is a beneficiary. DFC…
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Small-scale mining fetched Ghana almost US$1.2 billion in 2022 – Lands Minister
Samuel Abu Jinapor, the Minister of Lands and Natural Resources has stated small-scale mining has been contributing increasingly to the nation’s gold output as the sector produced a total of 712,405 ounces of gold last year. This he said brought the nation almost US$1,200,000,000 in export receipts, adding that all diamonds produced in the country in 2022,…
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Ghana gets $300 million from US to build first-of-its-kind data center
Ghana is set to receive $300 from the United States government as part of the International Finance Corporation (DFC) for African countries. The sum is a private investment to help construct Accra’s first-of-its-kind data center. Ghana is a beneficiary of the facility because of the renewed investor confidence in the economy following the approval of…
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GRA to prosecute 93 companies for various tax offences
The Ghana Revenue Authority is actively investigating and prosecuting approximately 93 companies for a range of tax offences. Joseph Annan, the Accra Area Tax compliance coordinator, has emphasized that defiant non-taxpayers will face legal consequences to ensure compliance with the country’s tax laws. Annan made this statement during a press briefing following a recent VAT…
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Water tariffs go up from June 1
Effective June 1, 2023, the cost of water services will see an upward adjustment for all consumer groups. This follows a review and approval by the Public Utilities Regulatory Commission (PURC) for water tariffs to go up for the second quarter of 2023. “In taking this decision, the commission took cognizance of the cost of electricity,…