Category: Local Economy
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Ministry of Finance urges businesses to be tax compliant
A Deputy Minister of Finance, Abena Osei Asare has reiterated calls for businesses and individuals to be tax compliant . She explains that domestic revenue mobilization has become critical given the current economic position of the country. Speaking at the Launch of the National Public Financial Management (PFM) organized by the Institute of Chartered Accountants…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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New taxes, tariff hikes crucial for Ghana’s bailout – IMF
The International Monetary Fund (IMF) has justified the adoption of three mobilization measures as well as the increase in utility costs as Ghana attempts to fix its balance of payment problems. Despite criticisms, the Excise Duty, Growth and Sustainability, and Income Tax Amendment laws aim to generate GHS4 billion for the country each year. These,…
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Ghana’s international reserves up to $5.7bn after IMF deal
The country’s gross international reserves have increased to US$5.7 billion after sealing the US$ 3 billion deal with the International Monetary Fund. These are highlights from data made available by the Bank of Ghana. “With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, the gross international reserves have…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…
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Ghana’s oil production declines for the third consecutive year – PIAC
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report. 71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then…
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BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…
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Monetary policy rate likely to be increased marginally – Economists predict
As the Bank of Bank of Ghana (BoG) prepares to make major pronouncements on its assessment of the Ghanaian economy today [May 22], some economists are forecasting a marginal increase in the policy rate. This comes amid calls from the International Monetary Fund (IMF) for the Bank of Ghana (BoG) to continue tightening monetary policy…
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Ghana’s debt falls to ¢434.6bn; now 71.2% of GDP – BoG
The country’s public debt dropped in December 2022 to end the year as data published by the Bank of Ghana shows debt to GDP is now 71.2 percent. Per the Central Bank’s Summary of Economic and Financial Data (May 2023), the total public debt for December 2022 is now ¢434.6 billion as of the end…
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IMF bailout: Severe hardships await Ghanaians – Economist predicts
An Economist, Dr. Patrick Assuming, is anticipating severe hardships for Ghanaians in the coming months following the country’s receipt of $600 million, being the first tranche of the International Monetary Fund’s (IMF) $3 billion three-year extended credit support. The senior lecturer with the University of Ghana entreated Ghanaians to brace themselves up as they will…