Category: Economy
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Hike in policy rate will affect lending rates – Banking Consultant
The recent hike in the monetary policy rate by 250 basis points to 17% by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), will inevitably lead to an upward adjustment in average lending rates to businesses and individuals. The Monetary Policy Rate, which is of keen interest to businesses, signals the rate…
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Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant
Technology Consultant and Digital Lead of Pop Out, Maximus Ametorgoh says consumers in Ghana are likely to pay a little bit more for products purchased on E-commerce platforms as the Ghana Revenue Authority (GRA’s) prepares to introduce a non-resident E-commerce and Digital Service Registration Portal, to help with the taxation of e-commerce platforms operating in…
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GRA launches new non-resident registration portal to mobilize GHC 1.7 billion
The Ghana Revenue Authority (GRA) has launched a non-resident E-commerce and Digital Service Registration Portal, which it says will help it collect about GH¢1.7 billion in revenue from online businesses like Netflix, Jumia, Alibaba, and Amazon among others. The operation of the portal is expected to commence from 1st April 2022. The launch of the…
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Ghana may not need the IMF if authorities take needed fiscal measures – Pierre Laporte
The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Mr. Pierre Laporte, says Ghana stands to benefit from going to the International Monetary Fund (IMF) if the country plans on going on an aggressive debt rescheduling program. President Nana Akufo-Addo and the Minister of Finance Ken Ofori-Atta, have on multiple occasions shot down…
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Thorough examination of govt’s full expenditure package necessary – Prof. Botchwey
A former Minister of Finance, Prof. Kwesi Botchwey, has called for a thorough examination of all of government’s expenditure package. The remarks follow government’s decision to cut down on its expenditure, by up to 20 percent in the 2022 fiscal year. The 2022 budget puts Ghana’s total expenditure at GHc135.63 billion, with 20% of that…
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Transparency with public on economic situation is key – World Bank Country Director
The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Mr. Pierre Laporte says it is key that government is transparent with the general public on the current economic situation the country finds itself in. Government recently expressed its unhappiness with credit rating agencies, especially after Moody’s downgraded Ghana’s long-term foreign currency sovereign rating…
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Workers union of GACL urge new MD to desist from privatizing the company
Leadership of the workers union at the Ghana Airport Company Limited (GACL) have welcomed government’s swift appointment of Pamela Djamson-Tettey as the company’s new Managing Director. Her appointment comes after the company’s previous Managing Director, Yaw Kwakwa, submitted his resignation effective close of day February 17, 2022, according to a statement from the company. The…
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World Bank assures of increased support for climate action in developing countries
The World Bank says it will ensure that countries that want to access facilities from it from 2023 show commitment in tackling climate change as well as compliance with the Paris Agreement. This forms part of the World Bank Group’s new Climate Change Action Plan that aims to deliver record levels of climate finance to…
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Economist predicts inflation driven hike in Ghana’s monetary policy rate.
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming is confident the Bank of Ghana will soon increase its Monetary Policy Rate above the current 14.5%. This, according to him, is due to the rising inflation in the country and developments on the global scene especially the likelihood of…
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We’re monitoring Ghana’s recovery; a program request has not been made – IMF
The International Monetary Fund (IMF) has indicated that Ghana is yet to request a financial program from the institution. This comes on the back of calls, by some stakeholders, for Ghana to seek a bailout from the IMF to address its current economic challenges. Despite harsh criticisms, the government continues to maintain that the most…