Category: Economy
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Savings and Loans companies told to stop investing depositors’ funds in real estate
The Executive Secretary of the Ghana Association of Savings and Loans Companies, Tweneboah Kodua Boakye, has cautioned its members to stop investing short-term depositors’ funds into long-term portfolio such as real estate. Commenting on the challenges facing the savings and loans sector, Mr. Boakye explained that the association’s members would have to support each other…
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GETFund contractors welcome efforts to get them paid
The Association of GETFund Contractors has urged the Finance Minister to follow through with his promise to pay monies owed them for work done since 2016. Mr. Ofori-Atta while answering questions in Parliament last week, as to when the contractors will receive their payment, said his outfit has begun validation processes to pay the debts.…
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Ghana Integrity Initiative wants Akufo-Addo to remove new GRA Boardchair
The Ghana Integrity Initiative, an anti-graft institution, has called on the President to revoke the appointment of Kwame Owusu as the Board Chair of the Ghana Revenue Authority (GRA) until he is cleared of previous corruption allegations. In a press statement issued Monday, the anti-corruption watchdog stated that the appointment of the former Managing Director…
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AfCFTA: What is in it for Ghana?
The African Continental Free Trade Area (AfCFTA) is a Single Market (Duty-free, Quota-free) covering the entire African Continent with a total population of 1.2 billion and a combined GDP of almost USD 3 trillion. So far 54 countries out of 55 (with the exception of Eritrea) have signed the AfCFTA and 27 countries have ratified…
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Government pays close to GHS300m judgement debt since 2017
The Government of Ghana has paid over GHS283 million in judgment debts since January 2017. This is according to an answer cited in the order paper of Parliament from the Finance Minister in response to a question filed by MP for Mion, Abdul Aziz Mohammed. “Government continues to pay several millions of cedis in judgment…
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Ofori-Atta to present mid-year budget review on July 24
The Finance Minister Ken Ofori-Atta is expected to present the government’s supplementary budget statement to Parliament on July 24. The presentation was earlier scheduled to be made on July 17 but has now been pushed a week ahead. The Public Financial Management Act, 2016 (PFMA) Act-921, requires that the Finance Minister presents a Mid-Year Review…
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EIU predicts government will overspend its budget in 2020
The Economist Intelligence Unit (EIU) is predicting that the government will struggle to lower its expenditure in the run-up to the 2020 general elections. Despite government passing the Fiscal Responsibility Act last year aiming to limit future budget deficits to a maximum of 5% of GDP, the London-based business advisory firm expects the government to…
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June inflation drops to 9.1 percent
The Consumer Price Index (CPI) for June 2019 has dropped to 9.1 percent. The drop represents a 0.3 percentage decrease relative to the 9.4 percent recorded in May 2019. The Consumer Price Index measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.…
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Develop strong negotiation position to benefit from AfCFTA — TWN-Africa
Third World Network Africa (TWN-Africa), a Pan-African research and advocacy organization, has charged the government to focus on developing a strong negotiation position, in order to benefit from the African Continental Free Trade Agreement (AfCFTA). This comes a day after Ghana was selected as host country for the secretariat at the 12th African Union Extraordinary…
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Ghana-China to construct a $100 million chocolate factory in Sefwi-Wiawso
Government has announced a joint partnership deal with the Chinese to construct a 100 million dollar chocolate factory at Sefwi-Wiaso in the Western North region. The facility is expected to process about 50,000 tonnes of cocoa beans into chocolate in a year. This is expected to help the country add value to its cocoa beans…