Category: Local Economy
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Ghana now becoming leader in coconut production; ranked 12th globally – GEPA
The Ghana Export Promotion Authority (GEPA) says through various strategic interventions, the country is making significant strides in terms of coconut production and export on the global stage. Dr Afua Asabea Asare, the Chief Executive Officer of GEPA, said currently, Ghana was ranked 12th in world production of coconut and the number one producer in…
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GRA summons 11 shop owners over tax irregularities
Eleven shop managers have been summoned by the Domestic Tax Compliance Taskforce of the Ghana Revenue Authority (GRA) for thorough investigations into their business operations. The shop owners have been involved in issuing selective VAT invoices and have failed to adhere to tax compliance regulations, leading to substantial revenue losses for the state. The GRA…
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Government secures GH₵3.9bn in reopened DDEP
The government has secured GH₵3.9 billion in the reopened domestic debt exchange programme, the Ministry of Finance announced on Tuesday. This represents a significant achievement for the government, which is seeking to fully implement its COVID-19 programme for economic growth in the face of the prevailing economic situation. The Finance Ministry in a statement added…
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Ofori-Atta lauds establishment of independent secretariat to achieve climate prosperity
The Minister for Finance, Ken Ofori-Atta has disclosed that, the decision to establish an Independent Secretariat for Climate Vulnerable Forum and the V20 Group of Finance Ministers was a giant step towards achieving climate prosperity objectives. The Minister, who is the Chair of the V20 – the Finance Ministers of the Climate Vulnerable Forum, made…
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Monetary policy rate held steady at 30%
The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After…
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Ghana’s total exports decline by 9%
Ghana has recorded a nine percentage points drop in its total export earnings. As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022. Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting…
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Cedi depreciates against the dollar by 22.5%
The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023. One will now need GHS 11.07 to exchange a dollar on the interbank market. In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also…
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Financial sector withstood 2022 shocks; positive signs ahead – BoG
The assessment of the country’s financial system has shown strong signs of resilience. Per the Bank of Ghana’s 2022 Financial Stability Review, the financial sector is on the path to recovery with the rebound expected to be sustained further in the short to medium term. The Central Bank in the review maintains that the Domestic…
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Excise tax amendment shows positive signs; rakes in GHS 140m
A revenue of GHS 140,245,004.48 has been collected since the implementation of the Excise Duty Amendment Act, 2023 (ACT1093) from May 1 to September 20, this year as compared to GHS 107,998,254.64 last year. Mr. Edward Bagyiri, Chief Revenue Officer, Import and Export Unit, Ghana Revenue Authority (GRA), Customs Division made this known at a…
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Ghana records over $200m trade surplus in two months
New figures from the Bank of Ghana (BoG) show that, Ghana’s trade balance increased by US$231.9 million between June and August. This means, Ghana’s trade balance grew by about 13 percent from the US$ 1.78 billion recorded in July 2023. It brings the country’s total trade balance to US$ 2.01 billion as at August 2023…