Category: Government
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Delay in paying contractors worsening govt’s debt position – Construction Chamber
The government’s consistent delay in the payment of contractors is further worsening its debt position. This is according to the Ghana Chamber of Construction industry, which stressed that the government’s non-payment continues to attract penalties which balloon the amount owed them. CEO of the Chamber, Emmanuel Cherry stated that “if a contract is being given…
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‘IMF support will help revive our economy’ – Akufo-Addo
President Nana Akufo-Addo is confident the International Monetary Fund support government is seeking will help restore macroeconomic stability and revive the distressed economy. Nana Akufo-Addo says many countries across the world are suffering from an economic meltdown. Speaking at the swearing-in of some new Ambassadors and High Commissioners at the Jubilee House, Nana Akufo-Addo said…
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IMF programme won’t affect free SHS, other flagship programmes – Gov’t
The Ministry of Finance says government flagship programmes like the free SHS policy, Agenda 111 among others, will not be scrapped following government’s decision to seek an IMF bailout. The Ministry says government will ensure that pro-poor policies are not affected by the IMF conditionalities. Government last Friday announced plans to seek help from the…
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E-Levy won’t be terminated because of IMF bailout – Gov’t assures
As government commences its in-person meetings with the delegation from the International Monetary Fund (IMF) team, led by Mission Chief for Ghana, Carlo Sdralevich, starting, Wednesday July 6, 2022, it is assuring that the controversial Electronic Transfer Levy (E-Levy) will not be terminated. According to the IMF, it stands ready to assist Ghana to restore…
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IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks
A team from the International Monetary Fund (IMF) is set to arrive in Ghana on Tuesday, July 5, 2022, ahead of a discussion with the government of Ghana on a bail-out request made to the fund. President Nana Akufo-Addo on Friday, July 1, 2022, directed the Finance Minister, Ken Ofori-Atta, to commence engagements with the…
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Free SHS and other programs must be redesigned now – Seth Terkper
As the government prepares to commence talks with the International Monetary Fund (IMF) for a bailout program, former Finance Minister Seth Terkper has charged government to candidly assess the sustainability of programs like the Free Senior High School Policy. According to him, some of the flagship programs are a drain on governments’ resources. The announcement…
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Gov’t to commence talks with IMF for bailout
Government is set to commence talks with the International Monetary Fund (IMF) for a bailout following severe challenges with Ghana’s economy. This was announced in a statement issued by the Information Ministry today, Friday, July 1, 2022. “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal…
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“African Risk Premium” makes borrowing expensive for Africa – Akufo-Addo laments
As Ghana continues to be locked out of the international capital market, due to its high debt-to-GDP ratio as well as its poor credit ratings among others, President Akufo-Addo is calling for a scrapping of the “African risk premium” calculated into loans given to African countries. According to him, the phenomenon only makes the cost…
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Seth Terkper cautions government against defaulting on debt repayment
Former Finance Minister, Seth Terkper has warned that the worst thing that could happen to Ghana at this point as the economy strives to rebound will be to default on debt repayments. The remarks were made as part of a dialogue on the state of the Ghanaian economy hosted by the former Finance Minister, on…
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Bank of Ghana receives Central Bank’s Fintech Policy of the Year 2022 Award
The Bank of Ghana has won the Central Banking’s FinTech Policy of the Year Award 2022 under the FinTech and RegTech Global Awards run by Central Banking. Central Banking Institute unveiled the winners of its fifth annual FinTech RegTech Global Awards on June 14, recognising the technological achievements of central banks, supervisors and commercial tech…