Category: Local Economy
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Revising BoG Act good for stabilizing fiscal management – Economist
Economist, Courage Boti has stated that the International Monetary Fund’s (IMF) call to revise the Bank of Ghana Act is a step in the right direction. He notes that the move is critical to stabilizing the country’s fiscal management. In an interview with Citi Business News, Courage Boti also explained that, “I don’t think this…
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IMF’s $600 million hits Bank of Ghana’s account
The first tranche of cash from the International Monetary Fund (IMF), meant for budget support and to help stabilize the cedi, has hit the accounts of the Central Bank today, 20th May, 2023. The cash support is the first tranche of the $3 billion bailout package approved by the International Monetary Fund, IMF. A tweet…
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Court gives Ato Essien grace period to settle restitution money
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been given a grace period up to July 4 to redeem his financial obligations under a plea deal he entered with the state. The Attorney General was expected to move an application on whether Ato Essien should be jailed for not paying GH¢20 million…
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BoG’s MPC commences assessment of economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today commence its regular meetings to review developments in the economy. This meeting which is the 112th, will end with a press conference on Monday, 22nd May, 2023. The meeting will also end with a decision on the appropriate positioning of the Central Bank’s…
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Withdrawal of growth and sustainability levy in 2025 unlikely – Tax analyst
Tax Analyst, Francis Timore Boi has indicated that government is unlikely to withdraw the Growth and Sustainability Levy after 2025 as promised. Parliament on March 31 passed the three tax bills including the Growth and Sustainability Levy. President Akufo- Addo has since assented the bills into law. Many in the business community including the Ghana…
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IMF deal: Prof. Gatsi doubts approval of first tranche on Wednesday
Economist Prof. John Gatsi, is doubtful that Ghana would get approval for its first loan tranche of US$600 million from the International Monetary Fund (IMF) by Wednesday, May 17. The government has stated that the first tranche of the US$ 3 billion bailout will hit the account of the Bank of Ghana later this week.…
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Bulk Fish Importers Association of Ghana lament impact of taxes on business
Consumers of fish products should expect a hike in the prices of the products in the coming days. This, according to the Bulk Fish Importers Association of Ghana is as a result of the numerous taxes introduced by government, which is impacting negatively on the cost of doing business in the country. The Association explains…
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IMF likely to approve first $600m tranche for Ghana by Wednesday
Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday. Ghana is seeking $3 billion from the Fund to shore up its battered economy.…
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Fuel prices to decline in second pricing window of May – COPEC
The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a decline in the prices of fuel in the second pricing window of May 2023. COPEC’s projections indicate that the decline is a result of the decrease in the price of crude on the international market and stable to slightly declining forex rates. Petrol is expected…
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Ghana ready to go to IMF Board following financing assurances from Paris Club
Ghana has secured financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China and France. This comes months after Ghana’s bid to get financing assurances from its international lenders to enable it get the necessary bailout support from the International Monetary Fund. By this, the move will pave…