Category: Local Economy
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Ghanaian traders take on Nigerian engaged in wig sale at Makola
Some Ghanaian traders have taken on a Nigerian who engaged in the sale of human hair extensions at the Makola market in Accra on Monday. Dubbed the ‘Ghana Wig Fair’ the Ghanaian traders accused the Nigerian of disrupting their business by engaging in retailing which is against the laws of Ghana. They accused the Nigerian…
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We’re doing everything possible to resolve economic crisis – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has assured that his government is working tirelessly to deal with the current economic mess. Addressing workers during this year’s May Day celebration in Bolgatanga, the President said his government is assiduously engaging the International Monetary Fund (IMF) to secure board approval for Ghana’s $3 billion bailout request to bring…
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GRA to begin implementing 3 new taxes today
The Ghana Revenue Authority (GRA) will from today implement the new and revised taxes, which were introduced in the 2023 Budget, will be May 1, 2023. The GRA issued a notice stating that businesses have had sufficient time to configure their systems for the taxes since the laws were passed. The new and revised taxes…
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Ghana’s economic growth to suffer slowdown in 2023 – EIU warns
The Economist Intelligence Unit predicts that Ghana’s GDP growth rate will drastically slow to 1.3% in 2023, due to rising prices and monetary tightening leading to a contraction in domestic demand. This is lower than the projections of the World Bank and the International Monetary Fund. The slowdown will result in reduced consumption and sustained…
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EIU predicts delay in IMF Board approval for Ghana
Ghana’s hope of securing an International Monetary Fund board approval soon is expected to delay owing to prolonged external debt-restructuring negotiations, and the involvement of numerous stakeholders in the process. This is according to London-based economic and political analyst, the Economist Intelligence Unit (EIU). The EIU in its 2023 Country Report on Ghana, stated that…
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UN to commit over $500 million to Ghana towards achieving SDG targets
The United Nations Resident Coordinator to Ghana, Charles Abani has disclosed that the UN is set to commit over $500 million dollars to Ghana. According to him, this amount when fully disbursed to the country will help Ghana achieve its targets for the Sustainable Development Goals which will open up the country for growth. Charles…
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WTO DG urges Ghana to ratify agreement on fisheries subsidies
The Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala is urging Ghana to speedily ratify the WTO Agreement on Fisheries Subsidies. The WTO Agreement on Fisheries Subsidies, which includes an agreement to curb Illegal, Unreported and Unregulated (IUU) Fishing on the continent marks a major step to end widespread depletion of the world’s fish…
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WTO Boss hails Ghana for DDEP but warns against fiscal indiscipline
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has applauded Ghana’s Finance team for its efforts to restructure the country’s debts. Speaking at a discussion hosted by the Institute of Economic Affairs on the theme “Making Globalization Work for Africa,” Dr Okonjo-Iweala, who has twice served as Nigeria’s Finance Minister, praised Ghana’s Finance…
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Ghana’s Q4 2022 economic growth slowed down to 3.7% in 2022 – GSS
According to provisional data released by the Ghana Statistical Services (GSS), the economic growth in Q4 2022 slowed down to 3.7 percent compared to 5.6 percent in the same period of 2021. The non-oil GDP also declined from 6.9 percent in 2021 to 4.3 percent in Q4 2022. The government had revised its growth projection…
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We’ve generated over GH¢2bn from revenue mobilisation exercise – ECG
The Electricity Company of Ghana (ECG) is gearing up to provide a detailed report on the revenue generated from its mobilisation exercise, which has so far exceeded 2 billion cedis. Samuel Dubik Mahama, the Managing Director of ECG, shared in an interview with Citi News that the announcement will be made next week. The window…