Category: Local Economy
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Restructure Ghana’s finances to wean it off IMF – Pianim
Renowned economist, Kwame Pianim is advocating for the country to restructure its finances and organizations to enable it to develop steadily. He believes this will enable the country to wean itself from dependence on institutions such as the International Monetary Fund (IMF). Pianim made the comment while highlighting the importance of investing in peace in…
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Ghana’s gold production drops by 12% in 2020 – EITI Mining Sector Report
Ghana’s total volume of gold produced fell to 4.023 million ounces in 2020 compared to the 4.577 million ounces produced in 2019. This represents a 12 percent drop in the country’s gold production as contained in the 2022 mining sector report by the Extractive Industries and Transparent Initiative (EITI). Per the report not only did…
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Ghana is the best destination for investment in West Africa – Bawumia
The Vice President, Dr. Mahamudu Bawumia, has stated that despite the existing economic challenges, Ghana remains the most favourable investment destination in the West African Sub-region. In his opinion, the $3 billion support received from the International Monetary Fund (IMF) will contribute to the stabilization of the Ghanaian economy. Dr. Bawumia expressed confidence that investors…
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Ghana sends debt restructuring proposal to official creditors
Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation. The “working proposal” is a crucial first step for the cocoa, gold and oil producer to engage the official creditor…
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IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme
A mission staff from the International Monetary Fund (IMF) will arrive in the country today, Wednesday June 7, 2023, to assess the implementation of Ghana’s Economic Recovery Program. This will be the first-ever visit by the IMF after its Board approved Ghana’s bailout on May 17 as it seeks to examine progress of the agreement.…
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Publish gold-for-oil policy document to improve transparency – Dr. Manteaw
The spokesperson for the Civil Society Organization in the Extractive Industry, Dr. Steve Manteaw, is demanding the immediate publication of the policy document regarding the gold-for-oil policy. Expressing concern over the lack of transparency surrounding the policy, Dr. Manteaw emphasized the need for disclosure of the agreement’s terms and conditions. He made these remarks during…
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Strong payment system needed for smooth operation of free trade in Africa – Zeepay CEO
Founder and Chief Executive Officer of Zeepay, Andrew Takyi-Appiah, is advocating the implementation of a strong payment settlement system to facilitate the smooth operation of the African Continental Free Trade Area, AfCFTA. Citing the benefits that this system will offer to stakeholders in the African private sector, he said a reliable and efficient national and…
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IMF proposes acquisition, mergers of banks to mitigate financial sector instability
The International Monetary Fund (IMF) is asking government to consider a possible acquisition and mergers of banks and other non-bank financial instructions as part of moves to mitigate the country’s financial sector shocks. Under its risk assessment matrix, the IMF in its latest country report in Ghana in said these proposals if adopted will among…
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Five financial bills to be laid before Parliament as MPs return today
The Revenue Administration Regulations, 2023, along with several other financial bills are to be laid before Parliament as the House reconvenes today, Tuesday, June 6. The other Bills are the Customs (Amendment) Act, Income Tax (Amendment) Regulations, VAT (Amendment) Regulations, and the Insurance Regulations, 2023. These were revealed by the Member of Parliament for Nsawam…
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Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss
A Former Director General of the Ghana Civil Aviation Authority, Wing Commander Andy Mensah Retired has reiterated calls for the country to fast-track processes of re-establishing an indigenous commercial airline. He explains that an indigenous airline will reduce the incidence of transferring traveling traffics to other destinations which reduces the inflow of the forex into…