Category: Local Economy
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50% reduction in benchmark values crippling agric sector – Rice millers
The Ghana Rice Millers Association of Ghana says the 50% reduction in benchmark values did not benefit the consuming public and is therefore calling for it to be scrapped. According to the group, the rebate government introduced only enriched importers and did not reflect a reduction in the price of goods on the market. Yaw…
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We’re taking stringent measures to stop bird flu in Ghana – Agric Minister
The Minister for Food and Agriculture, Dr. Owusu Akoto Afriyie, has assured that the government is taking stringent measures to contain the spread of the H5N1 avian virus, also known as Bird Flu. He said the flu, which broke out in July, has so far affected nearly 110,000 birds. The Veterinary Services Directorate detected the…
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CalBank has lowest average lending rate in Ghana – BoG
As average lending rates across Universal Banks continue to drop in the country, albeit marginally, some banks appear to have far lower average lending rates compared to their peers. In the past year, the country’s monetary policy rate, which informs the rate at which financial institutions lend to consumers and businesses, dropped from 14.5% in…
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RACE to help increase tax-to-GDP ratio to 20% – Oppong Nkrumah
Information Minister, Kojo Oppong Nkrumah, says the newly-launched Revenue Assurance and Compliance Enforcement (RACE) initiative is expected to increase Ghana’s revenue mobilization ratio to 20% of Ghana’s Gross Domestic Product. Ghana’s tax to GDP has, over the years, performed lower than the current average percentage in Sub-Saharan Africa. Currently, the country is doing a tax…
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Government confirms receipt of IMF’s $1 billion SDR cash to boost COVID-19 recovery
Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries. On 2nd August 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to US$650 billion out…
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GRA to clamp down on tax defaulters after September 2021
The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah says the authority will descend heavily on taxpayers who continue to default after the recent amnesty period elapses by the end of September 2021. Tax defaulters who have failed to pay taxes due the state for the past years or failed to file their…
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Capacity, quality concerns in fashion industry must be addressed – International fashion designer
Ghanaian International fashion designer, Sally Torpey, says attention must be given to production capacity while addressing quality concerns in the country to court international attention. She argues that the African Continental Free Trade Area also presents opportunities for local brands to expand if these issues are addressed. The African Continental Free Trade Area (AFCFTA) agreement…
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COPEC blames recent fuel price hikes on cedi depreciation
The Chamber of Petroleum Consumers says the current increase in fuel prices is largely due to the recent depreciation of the Ghana Cedi. Fuel prices at the pumps of major oil marketing companies shot up from about GH¢6.28 to GH¢6.35 over the weekend, an increase that many consumers have expressed concern over. In an interview…
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53% of SSNIT beneficiaries receive less than GH¢1000 — NPRA
More than half (53 per cent) of the 233,670 pensioners on the Social Security and National Insurance Trust (SSNIT) payroll currently receive less than GH¢1000 per month, Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority (NPRA), Mr. Ernest Amartey-Vondee, has disclosed. Out of this number, he said 1,669 people were…
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Artisanal Palm Oil Producers want 50% reduction in benchmark values reversed
While the Ghana Union of Traders Association, GUTA is calling for the maintenance of the 50% benchmark values reduction policy, Artisanal Palm Oil Millers and Outgrowers say the policy is deepening their woes amidst the Covid-19 pandemic. According to the Artisanal Palm Oil Millers and Outgrowers Association, the policy is rendering locally produced crude palm oil…