Category: Government
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$23m AFT Fund to support bankable agriculture projects in Sub-Saharan Africa
The African Development Bank is confident a newly secured $ 23 Million grant under the Agriculture Fast Track Fund, will go a long way to improve some aspects of the Agriculture value chain in Ghana. The funds, which will benefit 17 new projects in 8 countries, is expected to be used for feasibility studies, market…
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Ghana’s housing deficit hits two million – Housing Minister
Ghana’s housing deficit has hit 2 million units. This was revealed by the Minister for Works and Housing, Samuel Atta Akyea. By this, government would have to build 190,000 to 200,000 units of houses each year for the next 10 years to bridge the gap. This is expected to cost around US$3.4 billion for the…
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Majority of Rural Banks in stable conditions, only a few in distress—ARB Apex Bank
The parent company of rural banks, ARB Apex Bank has told Citi Business News even though a few of its members are under financial distress majority are solvent hence are able to meet liquidity supply. A newspaper report stated that 21 rural banks out of 143 are completely safe while the rest go through severe…
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Govt misses luxury vehicle tax revenue target
Government has missed its target for the luxury vehicle tax for the first five months of its operation by about 80 percent. The Ghana Revenue Authority was able to rake in about a fifth of the 104 million cedis target from the tax. The Luxury vehicle tax was introduced by government in 2018 to help…
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Ken Thompson downplays IMF, World Bank growth projections for Ghana
The Chief Executive Officer of Dalex Finance, Kenneth Thompson has downplayed the significance of the IMF and World Bank projections for Ghana’s economy. The IMF and the World Bank have projected a growth rate of 8.8 percent and 7.6 percent respectively for Ghana’s Economy, making it one of the fastest growing economy in the world…
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Growth must reflect in livelihoods of Ghanaians – IMF to gov’t
The International Monetary Fund (IMF) has advised the government of Ghana to ensure that the country’s expected economic growth translates into an improvement in the livelihoods of the citizenry. The Fund maintains that this could be achieved if the government ties its policies and programs with the aim of solving issues such as unemployment. The…
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Importers plead with gov’t to extend three month dollar hedging at ports
Some importers have appealed to government to further extend the three months pegging of the dollar rate to the cedi at the ports to six months. Even though they commend government for its decision to peg the local currency at 5 Cedis 8 pesewas to a Dollar at the ports for the next 3 months,…
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GRA to confiscate ECOWAS vehicles for exceeding 90 day entry period
The Customs Division of the Ghana Revenue Authority(GRA) has stated that it will start confiscating vehicles from the ECOWAS region that stay in the country for more than 90 days without legal permission. This the Customs Division says it will do through the full implementation of Article 5 of the ECOWAS Protocol on the Free…
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GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center has expressed disquiet about the increasing rate at which foreign entities presenting forged documents to business regulators in Ghana. According to stakeholders at the 2019 Economic Counsellors Dialogue organized by the Ghana Investment Promotion Center (GIPC), if the situation is not addressed it can negatively impact Ghana’s image in the…
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Drop in benchmark values : Smugglers to face prosecution – GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes the move should help reduce smuggling of goods into…