Category: Economy
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Producer Price inflation records 8.9% in October 2019
The Producer Price Inflation reached 8.9 percent in October 2019. The PPI measures the average change in the prices received by domestic producers for their products. The 8.9 percent recorded in October 2019 is 0.2 percentage points lower compared to the 9.1 percent recorded in September 2019. Data released by the Ghana Statistical Service also…
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Robust collection needed to achieve 2020 revenue targets – IFS
The Institute for Fiscal Studies (IFS), says the Finance Minister would have to do more to achieve what it describes as an ambitious revenue target for 2020. The government in its 2020 budget is seeking to raise 67.1 billion cedis in revenue against an expenditure target of about 86 billion cedis. This means the government…
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Deposit Protection Scheme will restore confidence in financial sector—Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia, is optimistic the setting up of the Ghana Deposit Protection Scheme will enhance confidence in the financial sector. He explained that the passage of the Deposit Protection scheme, which will be implemented by the Ghana Deposit Protection Corporation, will also reform the financial sector since there are strict guidelines…
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Ghana Standards Authority to test all products before export – Prof. Dodoo
The Ghana Standards Authority says it is taking steps to ensure that every product the country exports is tested. This has become necessary after the Authority disclosed to Citi Business News that only 5 percent of exported products from Ghana is tested while the remaining 95% is exported out of the country without the necessary…
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Ghanaian firm Springfield makes historic oil discovery of 1.2bn barrels in deepwater
Springfield Exploration and Production Limited (SEP), an independent Ghanaian energy company, has made a discovery of more than 1.2 billion barrels of oil in its deepwater drilling off the coast in the Western Region. The company last month commenced its drilling activity in the West Cape Three Points Block 2 and a little over a…
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4.7 percent budget deficit will be difficult to achieve — Prof. Quartey
Director of the Institute of Statistical, Social And Economic Research (ISSER) of the University of Ghana, Prof. Peter Quartey has cast doubts on the government’s ability to achieve its budget deficit target set for the 2020 election year. The Finance Minister in the presentation of the government’s 2020 budget statement had reiterated the commitment to…
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Tax exemptions plan before Cabinet – Osafo Maafo
Senior Minister Yaw Osafo Maafo says plans are in place to limit the amount of money the government gives out in tax concessions. Speaking on the Citi Breakfast Show, Mr. Osafo Maafo indicated that the Finance Minister viewed the issue with some worry. For example, fiscal data from the Ministry of Finance showed that import exemptions…
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Taxing mobile money transactions will be double taxation — Terkper
A former Finance Minister Seth Terkper says any taxation levied on fees charged by mobile money operators on transactions would amount to double taxation. Mr. Terkper stated that income earned by MoMo operators are already subject to VAT and any separate tax will be duplication and “punitive” on the companies. In a series of posts…
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Financial sector clean-up costs taxpayers GH¢16.4 billion — Ofori-Atta
The Finance Minister Ken Ofori-Atta has opened up about the overall cost of government’s intervention in the financial sector to protect funds of depositors and investors whose companies lost their licenses in bouts of regulatory actions. Mr. Ofori-Atta delivering the 2020 budget statement on the floor of Parliament said more than GH¢16.4 billion of taxpayers…
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KelniGVG’s common platform to save government GH¢1.5 billion — Ursula Owusu-Ekuful
The Communications Minister Ursula Owusu-Ekuful says the implementation of the KelniGVG’s revenue assurance and traffic monitoring centre for Mobile Network Operators should save the country GH¢1.5 billion in “potential tax under declaration”. The Minister addressing the media in Accra stated that prior to the introduction of the KelniGVG’s platform, more than GHS 300 million in…