Category: Government
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September inflation falls to 38.1% from 40.1%
Ghana’s inflation rate fell to 38.1% in September 2023, from 40.1% in August, according to the Ghana Statistical Service (GSS). The GSS said the decline in inflation was due to a decrease in the prices of food and non-food items. Food inflation fell from 51.9% in August to 49.4% in September, while non-food inflation fell…
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IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout
The International Monetary Fund (IMF) says it is waiting for the outcome of Ghana’s engagement with its bilateral creditors before releasing the next tranche of the $3 billion bailout package. This was disclosed by the IMF Managing Director, Kristalina Georgieva, in a tweet on Wednesday after meeting Ghanaian officials to discuss the way forward. Ghana…
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IMF bailout: Quickly agree on debt relief terms – Ofori-Atta begs bilateral creditors
The Ministry of Finance has appealed to its bilateral creditors to quickly agree on the debt relief terms to help Ghana secure the second tranche of the $3 billion International Monetary Fund (IMF) bailout package. He expressed appreciation to the IMF for giving Ghana the needed support in its quest to help the economy turn…
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Government Exceeds Auction Target by GHS 466m, Pushing 364-day Bill Yields to 33%
In the latest auction of treasury bills with maturities of 91, 182, and 364 days, the Government of Ghana has exceeded its initial target of raising GHS 2.10 billion. During the auction of these short-term securities, the Government surpassed its target by a notable GHS 466 million, successfully raising GHS 2.57 billion from the debt…
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Finance Minister Announces Successful First Review of IMF-Supported Program for Economic Growth
In a joint press conference with the International Monetary Fund (IMF), Ghana’s Minister for Finance, Hon. Ken Ofori-Atta, declared the successful conclusion of the first review of the IMF-supported post-COVID-19 program for economic growth. The program, which commenced on May 17, 2023, was approved as a 36-month IMF program under a $3 billion Extended Credit…
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IMF Reaches Staff-Level Agreement on Economic Policies and Reforms with Ghana
The International Monetary Fund (IMF) staff, led by Mr. Stéphane Roudet, Mission Chief for Ghana, has successfully reached a staff-level agreement with Ghanaian authorities. This is a step towards concluding the first review of Ghana’s 36-month Extended Credit Facility (ECF)-supported program. The performance in meeting the program’s targets and reform objectives, according to IMF staff,…
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Government spends GH¢2.9 Billion on PFJ while Agric sector growth stagnates at 0.7% – Minority
Government spending on its flagship agricultural program, Planting for Food and Jobs (PFJ), introduced in 2017, has reached an estimated GH¢2.9 billion, according to statements made by the minority in Parliament. A breakdown of the expenditure reveals that the government allocated GH¢400 million in 2018, GH¢380 million in 2019, and GH¢400 million in 2020. Additionally,…
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AGI warns against removal of taxes on imported sanitary pads
The Association of Ghana Industries (AGI) has expressed concern over the potential removal of taxes on imported sanitary pads and its detrimental impact on local manufacturers. The AGI in a recent press release, emphasized that while the intention to make sanitary pads more affordable for young women is commendable, such a policy measure would severely…
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Gold for Oil has doubled Ghana’s gold reserves – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison says the country’s gold reserves have doubled following the gold for oil deal. Ghana’s gold reserves according to the Governor would have been low if the gold for oil policy was not rolled out. The program was initiated by the government as a response…
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Africa loses $88bn annually through illicit financial flows – Akufo-Addo
President Nana Akufo-Addo has called for the use of tax policies, among others to check illicit financial flows out of the continent. The president said illicit financial flows cost Africa close to 100 billion dollars which denies the continent the needed resources to facilitate growth and development. Speaking during the closing session of the maiden…