Category: Economy
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Ghana needs US$10billion annually to meet infrastructure demand — Ofori-Atta
The government will need up to US$10 billion a year to achieve its infrastructure demand. Finance Minister, Ken Ofori-Atta told the press after the African Caucus Meeting held in Accra. According to him, although Ghana’s debt keeps rising like other African countries, borrowing still remains an alternative for raising funds for development. “The problem is…
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Control expenditure to achieve budget deficit target – Databank CEO tells gov’t
Group Chief Executive Officer at Databank Kojo Addae-Mensah says government’s ability to hold its overall budget deficit to a maximum of 4.5 percent, will depend on a number of factors especially on how the government is able to control its expenditure levels. The Institute for Fiscal Studies (IFS) has already warned that government may record…
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African Governors commit to human capacity and skills development
The African Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) have made commitments to enhance human capacity and skills development to accelerate jobs and economic transformation. The commitments were made in the Accra Declaration, a communique adopted and issued after the 2019 Africa Caucus Meeting held in Accra from July…
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Ghana to be fastest growing economy in 2020 — IFC predicts
Sérgio Pimenta, IFC Vice President for the Middle East and Africa, says Ghana can be one of the fastest-growing economies in the world if the government maintains its prudent economic management system. He noted that looking at the financial performance of Ghana – the numbers, the macro framework and the situation in the country, had…
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Africa’s Transformation Beyond Aid is a must — Akufo-Addo
Africa’s transformation beyond aid is a must, President Nana Addo Dankwa Akufo-Addo has charged. The President addressing the 2019 African Caucus Meeting in Accra said African countries can tap into their youthful and dynamic workforce to drive their economies, and make the continent a powerhouse in the global economy. The annual Africa Caucus meeting brought…
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Courier service operators accuse regulator of stifling growth
The National Courier Association Ghana (NACAGHA), an association that seeks to represent its members on the regulatory issues that may affect their operation in Ghana, is cautioning against the massive unemployment that will hit the growing courier service industry if issues such as exorbitant registration fees along with alleged harassment from the police are not…
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Parliament approves GH¢6.37 billion supplementary budget
Parliament has voted to approve Finance Minister’s request for GH¢6.37 billion as the supplementary budget for the 2019 fiscal year. The Minister had stated that the funds are needed for the government to prosecute its planned programmes and initiatives for the second half of the year. More than GH¢6 billion of the amount approved will…
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Databank CEO urges gov’t to prevent further rise in expenditure
Group Chief Executive Officer at Databank Kojo Addae-Mensah has urged government to take steps to control or better yet reduce the country’s total expenditure going forward. When the GH¢6.37 billion additional money the Finance Minister has requested from Parliament is approved, it will mean that government will now spend GH¢85.1 billion in the 2019 Fiscal year. Commenting on…
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Government commended for abolishing luxury vehicle tax
Some residents of Ho have praised the government for the removal of the luxury vehicle tax. They said the gesture meant the government was listening to the cry of the masses and had withdrawn the tax, as announced at the mid-year review of the budget on Monday. The residents were sharply not happy about the…
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Mid-year budget: New tax measures to yield GH¢349 million
The Finance Minister Ken Ofori-Atta presenting the mid-year budget announced a number of tax measures to make up for the poor revenue performance. According to the Minister, the Communication Service Tax popularly known as Talk Tax has been increased from six to nine percent. There were also increases in the rates of the road fund,…