Category: Government
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IMF Staff Mission reiterates calls for measures to reduce Ghana’s debt
The International Monetary Fund (IMF) Staff Mission to Ghana, has charged government to without delay implement the needed measures that will lead to a reduction in government’s overall debt as well as its debt servicing burden. The remarks were contained in a statement by staff of the IMF at the end of an official visit…
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GUTA cautions against reversal of 50% reduction in benchmark values
The Ghana Union of Traders Association (GUTA), is cautioning government against any attempt to reverse the 50% reduction in benchmark values. The warning, according to GUTA, follows attempts by the Association of Ghana Industries (AGI) to get government to cancel it. Benchmark values are reference values that Customs uses in determining taxes and duties on…
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Aker Energy to submit revised plan of development to Government of Ghana
Two years after its initial Plan of Development to facilitate the optimization of the Deepwater Tano/Cape Three Points (DWT/CTP) block was rejected by government, Aker Energy is set to submit a revised plan of development to government by the end of this year. This was disclosed in a press statement issued by Aker Energy Ghana…
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Government focused on creating level playing field for businesses – Nana Addo
President Nana Akufo-Addo has in an interview with CNN highlighted his government’s aim of creating an enabling environment to allow local businesses to thrive while wooing foreign businesses to invest in the Ghanaian economy. This comes on the back of Twitter’s decision to base its African headquarters in Ghana. When asked about measures put in…
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Saglemi Housing project was abandoned due to lack of national policy – ASEPA
The Alliance for Social Equity and Public Accountability (ASEPA) has blamed the current state of the Saglemi Housing project on the lack of a national housing policy in the country. The $200 million project initiated by the erstwhile Mahama government was initially for the construction of 5,000 housing units. Though the first phase of the…
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Risk-averse banks ditch credit advances for government securities
Latest data from the Bank of Ghana shows that Commercial Banks in the country continue to take the less risky route by using their monies on safe government securities like treasury bills and bonds. According to the Central Bank the growth in banks investment holdings in the first two months of the year, contributed to…
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Bank profit growth slows to about 6% in January, February due to COVID-19 – BoG Report
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021.…
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Doubling LPG consumption by 2030 can’t be achieved with new taxes – LPG Marketers
With just a few a days to the implementation of the new taxes announced in the 2021 budget, the LPG Marketing Companies Association of Ghana says the country’s goal of doubling consumption level of LPG by 2030, is now dead. According to the Ghana Revenue Authority (GRA), the new taxes which will take effect from…
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Unresolved power crisis will set Ghana’s economy back by 3 to 5 years – Economist
Economist Dr. Adu Owusu Sarkodie says it will take Ghana 3 to 5 years to recover if authorities allow recent power outages to worsen amid the COVID-19 pandemic. Provisional figures released by the Ghana Statistical Service show that the impact of COVID-19 on the Ghanaian economy was worse than anticipated, as the economy grew by…
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Cap taxes on fuel to prevent introduction of new levies – COPEC to Parliament
The Chamber of Petroleum Consumers (COPEC), is calling on Parliament to pass a legislation that will ensure that the quantum of taxes placed on petroleum products doesn’t exceed a certain threshold. The comments follow notice of the implementation of the new tax policies introduced in the 2021 budget statement from 1st May, which according to…