Category: Economy
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Moody’s must review Ghana’s appeal against Caa1 credit downgrade – APRM
The African Peer Review Mechanism (APRM) an autonomous entity of the African Union that supports African countries in the area of credit ratings, has denounced the recent downgrade of Ghana’s rating by international agency Moody’s from B3 to Caa1, with a stable outlook. The downgrade which the APRM says threatens Ghana’s debt sustainability efforts follows…
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Economist urges Gov’t to signal its readiness to sacrifice as E-Levy debate continues
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming says it’s time for the government to send signals of its willingness to sacrifice some perks if it wants the citizenry to consider accepting the Electronic Transfer Levy (E-Levy). There continues to be opposition to the E-Levy from different quarters…
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Rely on digitization to plug expenditure loopholes – Economist to gov’t
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming has charged the government to hasten efforts at leveraging its digitization agenda to plug any revenue and expenditure loopholes while focusing on property taxation and tax exemptions to raise more revenue. The remarks follow the downgrades of Ghana’s credit rating…
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Government rejects Moody’s downgrade of Ghana’s credit rating
The government is unhappy with credit rating agency, Moody’s, for downgrading Ghana’s Long-Term Issuer and Senior unsecured bond ratings to Caa1 from B3. According to government, it believes that the recent fiscal consolidation measures announced by the Finance Minister and the 2022 budget, which are anchored on debt sustainability and a positive primary balance, largely…
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Gov’t urged to ensure stable fiscal regime to attract more investments
Executives of leading mining company, Gold Fields, say businesses and investors will appreciate stability in the country’s fiscal regime. According to them, a stable fiscal regime helps with the effective running of businesses. Different stakeholders have for some time now been raising issues with the trend of policy inconsistencies from the government especially when it…
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Banks likely to give more loans if Ghana card policy takes effect – Bankers Assoc.
The Ghana Association of Bankers, says it is confident banks will be willing to give out more loans after the Ghana Card becomes the only card accepted for all financial transactions. The Bank of Ghana has directed all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions…
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Seth Terkper advises against e-levy; urges government to run to IMF
A former Finance Minister, Seth Terkper, is asking the government to heed to calls by stakeholders to return to the International Monetary Fund (IMF) to finance the country’s deficit instead of taxing Ghanaians through the electronic transfer levy. Mr. Terkper who has already registered his opposition to the idea of the e-levy, believes the government…
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‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah
Former Chairman of the Finance Committee of Parliament Dr. Mark Assibey Yeboah is asking the government to reconsider its decision not to go back to the International Monetary Fund (IMF) in the face of the country’s dwindling revenues. He maintains that the government’s insistence on passing the Electronic Transfer Levy (E-levy) to shore up its…
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Airport workers call for sanctioning of operators who flout regulations
The Divisional Union of the Public Services Workers Union (PSWU) at the Ghana Airport Company Limited (GACL) has called for the sanctioning of operators who violate the standards and regulations of the airport. This follows the directive by the GACL for McDan Aviation to suspend its use of Terminal One at the Kotoka International Airport…
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Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP
Latest data put out by the Bank of Ghana puts Ghana’s total public debt stock, as of November 2021, at US$ 58.2 billion or GH¢344.5 billion. In Cedi terms, the total debt stock increased marginally from GH¢341.8 billion in September by about GH¢3 billion to the GH¢344.5 recorded in November. In Dollar terms however the…