Category: Local Economy
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Mike Oquaye warns of IMF return if Ghana fails to address import dependency
The former Speaker of Parliament, Professor Aaron Mike Oquaye, has issued a stark warning that Ghana may find itself seeking relief from the International Monetary Fund (IMF) within the next six years if the nation does not address its current import dependency and inefficient utilization of mineral resources. During the 2nd R. S. Blay Memorial…
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Torentco deal best option to revive TOR – Management
The management of the Tema Oil Refinery (TOR) has declared the Torentco deal as the best option to revitalize the refinery and ensure its long-term sustainability. TOR, a crucial entity in Ghana’s energy sector, has faced significant challenges in recent years, including operational inefficiencies, financial constraints, and the need for infrastructure upgrades. Recognizing the urgency…
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Govt to engage IPPs next week over unpaid arrears
The government and the Independent Power Producers (IPPs) are set to have a meeting regarding the outstanding debts owed the producers. This meeting comes in response to a letter from the IPPs to the government, in which they threatened to suspend power supply starting from July 1, 2023, if an interim payment of 30% of…
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Leasing TOR to Torentco bad deal – COPEC cautions
Stakeholders within the oil and energy sector are raising red flags over the government’s proposal to lease the Tema Oil Refinery (TOR) to Torentco Asset Management (TAM). The Executive Secretary of the Chamber of Petroleum Consumers (COPEC) Duncan Amoah is questioning the capacity of the new entity to take over a huge company such as…
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Importers and Exporters Association joins calls for scrapping of taxes on sanitary pads
The Importers and Exporters Association of Ghana has joined calls for the government to scrap taxes on imported sanitary pads to enable purchase by women and adolescent girls in every part of the country. This comes after a group of civil society organisations stormed Parliament House on Thursday, June 22 clad in red, and held…
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African Cocoa Exchange programme can improve Ghana’s cocoa prices – COCOBOD
The Ghana Cocoa Board (COCOBOD) has expressed its commitment to enhancing the livelihoods of cocoa producers by ensuring an improvement in the producer price. This statement was made by the Chief Executive Officer of COCOBOD, Joseph Aidoo, during a stakeholder workshop focused on the feasibility study of an African Cocoa Exchange. COCOBOD has identified the…
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Pensioner Bondholders continue picketing over unpaid coupons
Members of the Pensioner Bondholders Forum have resumed picketing at the Finance Ministry, intensifying their demand for the payment of six outstanding coupons that remain unpaid. After a temporary two-week suspension of their protest, during which the government fulfilled its promise to settle four principles and matured coupons, the bondholders have reassembled to press for…
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Govt expenditure falls by 37.2% despite increase in employee compensation
Government has recorded major decreases in its expenditure line items for the first quarter of 2023. Out of the six expenditure line items, only the compensation of employees increased. The Bank of Ghana in its May 2023 Monetary Policy Report indicated the expenditure performance was partly attributed to a reduced debt service due to the…
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BoG projects inflation to remain above 10% until 2025
The Bank of Ghana (BoG) is projecting a downward trend of inflation until the end of the 2025 barring any unanticipated shocks. However, it anticipates the upper band of 8±2 to remain percent during the same period. This means, inflation will remain above 10 percent till the next two years. These projections were captured in…
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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…